Bajaj Allianz Group Loan Protector Plan
Bajaj Allianz Group Loan Protector Plan is one of the Bajaj Allianz Group Plan. The Bajaj Allianz life insurance company launched the Group Insurance plans to provide security to the Group members and their families. And the Group Loan Protector Plan is a single premium group term insurance plan. This policy will cover the outstanding amount of loan as per the prefixed loan schedule.
This plan will save the family economical from the burden of the repayment of the loan in case of a death of a loanee. Bajaj Allianz Group Loan Protector plan has a facility of joint life availability. Under this scheme, the insurer can cover the co-applicant loan. This plan is covering the outstanding amount of loan as per the prefixed loan schedule.
- SBI Life Suraksha Plus Plan
- Bajaj Allianz Group Income Protection Plan
- Bajaj Allianz Group Term Life Plan
Eligibility For Bajaj Allianz Loan Protector Plan
|Entry Age||18 years||55 years|
|Sum Assured(Loan Amount)||Rs:1000||Unlimited|
|Age Policy Expire Date||–||65 years|
|Loan Tenure Period||1 year||–|
Key Features of Group Loan Protector Plan
- Protect your family against loan repayment.
- Save family members from unfortunate twists and turns in life.
- Joint life availability.
Bajaj Allianz Group Loan Protector Benefits
The death benefit is equal to the outstanding principal amount of the loan as per the pre-fixed loan schedule, irrespective of changes in interest rate/term at a later stage. The outstanding amount of loan will depend on the loan amount, loan tenure and interest rate as agreed upon at the time of disbursement of the loan.
Any premium paid by a borrower in his/her capacity as an individual will be eligible for the rebate under section 88 and section 10(10) D of the Income Tax Act 1961 as of now. The premiums paid by credit institution can be claimed as business expenses.
General Exclusions of Bajaj Alliance Loan Protector Plan
- No exclusions on death cover if the scheme is compulsory for all loanees.
- If the plan is not mandatory for all loanees, then insurance will not cover death due to suicide during first 12 months.