Why Choose 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.

  • 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 can enjoy Tax benefits on the Premiums paid and pay-out benefits received. The Tax benefits fall under Income Tax Act, 1961. They are subject to change as per changes in tax laws from time to time.

Key Benefits

Joint Life Coverage

Multiple Coverage Options

Convenient Premium Payment Modes

Tax Benefits**

How Does the Product Work?

 

1) The coverage term of the Life/ (yes) Insured will correspond to the loan term at the inception of insurance cover. Group Loan Protect provides the option to cover sum assured on reducing basis, level basis & level + reducing basis.

 

2) A Certificate of Insurance (COI) will be issued to Life Insured once you are enrolled under the Coverage. The COI can be used as proof of payment to claim tax benefits, if applicable.

 

3) In case of the unfortunate event of death of the Life Insured during the Coverage Term, Bharti AXA Life shall pay the Death Benefit to the beneficiary.

 

4) In case the coverage is for Joint life, then the Death Benefit will be payable on the first death of either of the Joint Life/s and the cover will be terminated.

What Do You Gain from the Plan?

Death Benefit

In the event of death of the insured member, provided all due premiums till the date of death have been paid, the Death Benefit will be payable immediately on death. In case of Reducing cover, the Death Benefit is equal to the outstanding loan as per the loan reduction schedule fixed at inception.

 

The outstanding balance at the beginning of the month will be payable for deaths during the month.

 

In case of Level cover, the death benefit is equal to the sum assured throughout the coverage term.

 

In case of Joint Life coverage, in case of first death, the death benefit shall be payable to the master policyholder for settling the outstanding loan amount, the balance, if any, will be payable to the beneficiary and the coverage will be terminated.

Tax Benefits

You may be eligible for the tax benefits on the premiums paid along with the benefits received, subject to the prevailing provisions. The tax benefits are subject to change as per the change in tax laws from time to time.

Make your plan with ease

Pick a plan option

Choose one of the options, as per your financial goals.

Single Pay

Limited Pay

Regular Pay

Single Pay

Limited Pay

Regular Pay

Now, add a rider

You may enhance your protection under this Plan by opting for the following rider(s)

Bharti AXA Life Group Accidental Death Benefit Rider (UIN: 130B006V02):

Under this group accidental death benefit rider you will receive additional sum assured as chosen in case of unfortunate event of death due to any sudden accident.

The Premium pertaining to health related or critical illness riders shall not exceed 100% of premium under the Base Policy, the Premiums under all other life insurance Riders put together shall not exceed 30% of premiums under the Base Policy and any benefit arising under each of the above-mentioned Riders shall not exceed the Sum Assured under the Base Policy.

Please refer to the rider brochure for complete details on terms and conditions and exclusions before opting for the rider. Riders are optional and are available at an extra cost.

Insurance Jargon Explained

Death Benefit

The payment made to a beneficiary upon the death of the insured person.

-- Whenever an unfortunate event happens, there is both emotional as well as financial loss. An insurance company helps you replace the financial/monetary loss through the Death Benefit, which helps maintain your family’s financial stability. This benefit includes both a guaranteed sum of money called as Sum Assured on Death and also the Accrued Bonuses, if applicable.

Rider

A provision attached to a policy that adds benefits not available in the original policy or that changes the original policy.

Riders help the Policyholder in enhancing the insurance product to meet specific needs by adding protection benefits to the basic Insurance Plan at a lower additional cost. For example, Bharti AXA Life Hospi cash rider provides fixed per day cash benefit to the Policyholder for each day of hospitalisation, thus providing benefits of a health plan along with base Life Insurance plan.

Premium

The payment, or one of the regular periodic payments, that a policyholder makes to an insurer in exchange for the insurer's obligation to pay benefits upon the occurrence of the contractually-specified contingency (e.g., death).

Sum Assured

Sum assured is the amount that an insurer agrees to pay on the occurrence of a stated contingency (eg: Death).

**Tax benefits are in accordance to current tax laws that are subject to change from time to time.