Nothing can be more thoughtful than caring for your members as well as their families, especially during unfortunate situations like, untimely death of your member. Although a death, a critical illness or an accidental disability (permanent) in a family shakes the family members mentally, financial crisis is one of the other practical aspects related to the same. With respect to such unfortunate situations, Bajaj Allianz Group Credit Protection Plus is one of the best options to bank upon. It is a non-participating group product from India’s leading insurance player.
Prominent benefits of the plan
The policy offers monetary protection from the burden loan repayment.
The policy allows you to select level sum insured or reducing sum insured and level cover for loans (interest-only).
The policy allows you to select from single and joint life insurance cover options.
The policy allows you to select from regular and single premium paying options.
The policy offers tenure ranging from 2 years to 30 years.
The policy provides you with the option to include Accelerated Critical Illness (CI) Benefit or Accelerated Accidental PTD (Permanent Total Disability) Benefit coverage.
Benefits payable under the plan
Bajaj Allianz Group Credit Protection Plus offers the following benefits. The same are subject to the member’s insurance cover being active, not lapsed and has not been ended or terminated. Take a quick look at them:
Death Benefit
In case, your member’s insurance cover has not been ended for any reason, and he or she dies (for single life cover) or first demise of any of them 2 members (for joint life cover), then the sum insured would be payable, according to the schedule of the plan.
Upon the payment of the same, all the risk associated with the members or 2 of them would be terminated.
Accelerated Critical Illness (CI) Benefit
If the member (single cover) or any two of the members (joint cover) is diagnosed with a Critical Illness, then the sum insured would be paid as the benefit. Here is the list of critical illnesses covered:
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First Heart Attack (severity as specified in the policy)
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Cancer (severity as specified in the policy)
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Kidney failure needed dialysis regularly
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Open chest CABG
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Stroke leading to occurrence of permanent symptoms
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Alzheimer’s disease
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Aortic surgery
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Bone marrow or major organ transplant
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Permanent paralysis of the limbs
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Primary Pulmonary Hypertension
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Multiple Sclerosis
Accelerated Accidental PTD (Permanent Total Disability) Benefit
In case of accidental PTD, the sum insured would be paid as the benefit.
Eligibility Parameters of the plan
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Eligibility Parameters |
Details |
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Age at Entry |
Minimum – 15 Years |
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Maximum – 68 Years |
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Age at Maturity (Max.) |
70 Years |
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Policy Period of Single Members |
Minimum – Single Premium – 2 Years |
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Minimum – Regular Premium – 5 years (level) and 8 Years (reducing) |
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Maximum – 30 Years |
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Premium Paying term (Regular) |
Reducing Cover – 2/3rd of the policy period of single members rounded in complete years |
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Level Cover – Policy period of single members |
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Sum Insured |
Minimum – Rs. 10, 000 |
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Maximum – No Limit |
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Group Size (Min.) |
50 people |
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Premium Paying Mode |
Monthly, Quarterly, Half-yearly, Yearly, Single |
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P. Freq |
Monthly |
Quarterly |
Half-yearly |
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P. Freq Factors |
0.09 |
0.26 |
0.51 |
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Some frequently asked questions
Is there any tax benefit offered?
Yes, policy benefits as well as premiums are eligible for certain amount of tax benefits. The percentage of tax benefits one can avail depends on the tax benefits according to related tax laws.
What areas are covered under the plan?
This insurance product is formulated to cover different types of loans or financial benefits offered by financial institutions, employers, co-operatives, etc.
