Bajaj Allianz Life Insurance
Bajaj Allianz Life Group Credit Protection Plus Policy

Bajaj Allianz Life Group Credit Protection Plus

Bajaj Allianz Life Group Credit Protection Plus is a non-participating single and regular premium payment life group pure risk insurance plan. This plan is intended to cover a variety of loans provided by employers as well as borrowers and co-borrowers from a range of financial institutions, co-ops, etc. This plan is designed to cover a variety of employer-provided loans as well as borrowers and co-borrowers from different kinds of financial institutions, co-ops, etc.

The family of the member of the Bajaj Allianz Group Credit Protection Plus plan is shielded from the repayment burden if the member develops a severe illness, suffers a permanent disability as a result of an accident, or passes away.

Eligibility Criteria

Customers who want to purchase the Bajaj Allianz Group Credit Protection Plus Plan must meet certain qualifying requirements about their age and the quantity of insurance they want. These conditions are as shown below:

ParametersDetails
Age at Entry

Minimum: 15 years

Maximum: 75 years

Age at MaturityMaximum: 80 years
Moratorium Period

Minimum: 0 years

Maximum: 8 years

PremiumIt will depend on Sum Assured and other factors such as age, mortality loading, etc.
Sum Assured per member

Minimum: Rs. 10,000

Maximum: No limit

Size of the

Group

Minimum: 50 members

Maximum: No limit

Premium

Payment

Frequency

Single, Yearly, Half Yearly, Quarterly, Monthly

(Where the policy term of a member is expressed in months only a single premium and monthly mode is available)

Key Features & Benefits of Bajaj Allianz Life Group Credit Protection Plus Plan

Listed below are the key features and benefits of the Bajaj Allianz Life Group Credit Protection Plus Plan.

  1. Death Benefit: One of the major benefits of considering the Bajaj Allianz Life Group Credit Protection Plus Plan is that it comes with a “Death Benefit” that ensures that the money promised is payable on the day of death if the member or either of the joint members passes away. If it is a joint life, the member’s or both members’ death benefits will be terminated.
  1. Accelerated Critical Illness Benefit: The sum assured as of the date of diagnosis is paid upon the diagnosis of any critical illness affecting the member’s life. The risk cover must end after this payment is made.
  1. Accelerated Accidental Permanent Total Disability Benefit: The sum assured as of the accident date is paid in the event of permanent disability as a result of the accident. However, the risk advantage will end upon payment.
  1. Surrender Value: The surrender value is determined by the policy choice selected. There is no surrender value if you choose level cover regular premium. The member may cancel their membership after all premiums have been paid if they choose the lowering cover regular premium option. The member may cancel the coverage at any time if you have selected the single premium option.

When a surrender value is offered, the greater, guaranteed, or unique surrender value is paid.

  1. Free Look Period: After receiving the policy copy, there is a 15-day free look period before enrolling in the plan. A formal justification for your complaint must be submitted with the policy document. On the day of allocation, you will receive a refund of less proportionate risk fees, medical examination costs, and any applicable stamp duty charges.
  1. Revival: For a period of two years following the initial delinquent payment due date, the member’s coverage may be reinstated. All outstanding premiums must be paid, as well as interest, along with a formal application. As permitted by the company’s laws, the revival has been approved.
  1. Tax Benefits: The member’s benefits and premium payments will be tax-deductible by current tax rules. Before investing in the insurance, you are suggested to speak with a tax advisor to get the most recent rules because tax laws are occasionally subject to change.

Exclusions Under the Bajaj Allianz Life Group Credit Protection Plus

If a member commits suicide within a year of the risk being assumed or the most recent revival of the policy or membership, whichever comes first, the nominee or beneficiary of the member will be entitled to the greater of 80% of the total premiums paid up to the member’s death or the surrender benefit available on the member’s death date as a death benefit, provided the policy or membership is still in effect.

Other Exclusions:

The following situations will result in the Accidental Permanent Total Disability benefit not being paid, if the member so chooses:

  • Disability brought on by a member(s) breaking any law with criminal intent
  • Members who become disabled due to a conflict, invasion, civil war, insurrection, or unrest.
  • Disability brought on by the member(s) using substances other than those prescribed by and taken as directed by a licenced medical professional when intoxicated by alcohol or other drugs.
  • Due to their participation in any marine, military, or air force activity, the member(s) has/have a disability.
  • Disabilities brought on by participation in or preparation for any risky sport, competition, or use of a vehicle in any type of race or competition;
  • Members who are disabled due to flying, gliding, or any other type of aerial flight other than as paying passengers on a commercial airline operating on regular routes and by a set schedule.
  • Disability caused by attempted self-harm for a member or members
  • Disability of member(s) as a result of failure to obtain or abide by a licenced medical practitioner’s advice about treatment
  • Treatment and diagnosis outside of India
  • If a member elects to receive the Accelerated Critical Illness Benefit, the benefit will not be paid if the member has a critical illness that is either directly or indirectly brought on by, connected to or results from:
    • The member(s) committing or attempting to conduct a criminal act, whether alone or with others, within 180 days of the date of risk’s inception or the date of revival, whichever is later.
    • Actual or attempted self-harm by the member
    • A riot, invasion, civil war, or other conflict
    • Use of alcohol or medicines other than those prescribed by and taken as directed by a licenced medical professional by the member or members
    • Participation by the member in any naval, military, or air force action, as well as any dangerous sport, competition, or race that involves riding a vehicle.

How To Revive Your Bajaj Allianz Life Group Credit Protection Plus?

The following requirements must be met to reinstate a policy or membership that has expired due to unpaid premiums before the grace period expires:

  1. The participant remains a member of the group.
  1. The application for the resurrection of risk coverage is submitted within five years after the first unpaid premium’s due date (the revival period) and before the expiration of the member’s premium payment term.
  1. The Company pays the past-due premiums along with interest at the rate that is determined periodically by the Company.
  1. Upon Member providing satisfactory to the Company evidence of insurability.
  1. Depending on the Company’s current underwriting standards, the risk cover may be reinstated on terms that are different from those that applied to the member before it expired.
  1. Only once the Company specifically notifies the policyholder of its intention to do so will the resurrection of risk coverage become effective. Risk coverage will only be provided following the revive date for losses or insured events.

How to Buy the Bajaj Allianz Life Group Credit Protection Plan?

Though the plan is not available online, you may also purchase the Bajaj Allianz Life Group Credit Protection Plus Plan via the offline method.

To obtain additional assistance, you go to any branch office of Bajaj Allianz Insurance in your area and speak with the employees who are there right now. The salesperson pitching the plan will ask the customer a few questions before assisting with the bundle purchase.

Customers can also call the company’s helpline at 1800 209 7272, which is available from 9:00 AM to 6:00 PM, Monday through Saturday. Instructions on how to purchase the plan from the business will be sent by the executive to the client.

Probus Insurance is always available to assist if a consumer still has problems acquiring the plan despite having access to all of these choices. The staff of the organization will take all necessary steps to help its customers with their issues.

Frequently Asked Questions

There is no maturity benefit in this plan.

No, the policy doesn’t allow you to get loan benefits.

If the member chooses the regular premium option, the master policyholder or the member may seek a change in the frequency of premium payments at any time throughout the membership period.

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