Bharti AXA Life Group Loan Protect
A comprehensive group credit protection product that safeguards your customer’s family in unforeseen circumstances, by paying an amount to settle your outstanding liability. This product provides an easy and inexpensive way of providing financial stability along with your existing offerings.
4 Reasons to Buy
- Convenient Premium Payment Terms : The plan offers the choice of three premium payment term options, single pay, limited pay and regular pay to protect the policyholder during the entire coverage term.
- Sum Assured options : Group Loan Protect provides multiple coverage options on loan amount that allow the policyholder to customize the insurance cover requirements as per his outstanding liabilities.
- Joint Life Coverage : Under this product, one additional life along with the primary borrower can also be covered.
- Tax benefits : You may be eligible for the tax benefits on the premiums paid and the benefits received subject to the prevailing provisions. The tax benefits are subject to change as per change in Tax laws from time to time.
|Minimum age at entry||15 years, age last birthday, for Education Loans only
18 years, age last birthday, for all other Loan types
Risk coverage for each life, including minors, will commence immediately on date of commencement of the policy contract. For minors, level Sum Assured will be offered only in case of interest only loans.
|Maximum age at entry||70 years, age last birthday|
|Maximum Age at Maturity||75 years
In case of Joint Life coverage, maximum coverage term will be 75 years less the age of the older member
|Coverage Term (in whole years)||2 years to 30 years|
|Moratorium Cover||Minimum Cover-1 year
Maximum Cover-7 years
For all mortgage and education loan customers, max moratorium i.e. the period of level cover will be 7 years.
|Minimum Sum Assured (₹)||10,000|
|Maximum Sum Assured (₹)||No Limit, subject to underwriting|
|Premium Payment Modes*||Annual, semi- annual, quarterly* & monthly*|
*Through auto pay only