Bharti AXA Life
Loan Secure

Your family members will not be burdened in case of your untimely death, Loan Secure will protect your family from the trouble of repaying your insured liabilities in case of an insured event.

Loan Secure provides multiple coverage options on disbursed loan amount that allow you to customize the insurance cover requirements as per your outstanding liabilities.

• Reducing Sum Assured Benefit
  Each eligible member shall be insured for a sum insured equivalent to the balance outstanding at the beginning of each month during the tenure of the loan. The balance outstanding will be determined as per the amortization schedule at a rate of interest fixed at the time of inception.


• Level + Reducing Sum Assured Benefit (Moratorium Cover)
  Under moratorium cover, the sum assured will remain fixed (level) during the moratorium period & reduce thereafter at the applicable interest rate. The balance outstanding will be determined as per the amortization schedule at a rate of interest fixed at the time of inception of cover.

Loan Secure provides you the option to cover two additional lives along with the primary applicant with a common liability. All lives will be insured for 100% of the sum assured with a special discount in premium rates made available to all the lives. The death benefit shall be paid on receipt of proof of death of any of the Joint Insured Members dying first and the insurance coverage for the surviving borrowers under the same certificate of insurance shall automatically cease. Surrender value as per the applicable factor will be paid to the surviving borrowers.

In case you plan to re-pay your liabilities earlier than the scheduled repayment; you can choose a shorter tenure for the insurance cover. The sum assured in this scenario, will amortize based on the reduced tenure selected for insurance coverage & not as per the original amortization schedule. The limited coverage term option can be selected only at the inception of insurance cover.

Loan Secure provides you the option to continue your insurance cover even if your liability ceases to exist. The death benefit will be paid to your beneficiary as per your original repayment schedule in case of an eventuality. This option will be available only if a single life is covered.

You have the option of availing an additional death benefit rider at inception with the benefit being payable to the beneficiary/nominee in case of death due to an accident. The accidental death benefit payable reduces on a monthly basis during the Coverage term, as mentioned in your Certificate of Insurance and can be opted along with mortgage loans and LAP only. Please refer to the rider brochure for more details. Group Accidental Death Benefit Rider (UIN: 130B006V02).

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.

The enrolment process is quick and easy. You need to fill and sign the Self Filled Questionnaire cum Enrolment form. You may not require a medical check-up if your proposed coverage is lesser than the underwriting limits defined for your age.

You need to pay a single premium to protect yourself during the entire coverage term. The borrower may choose to pay the premium separately or increase the EMI to cover the premium. In case the borrower does not wish to pay the premium separately; the policyholder has the option of funding the premiums by increasing the loan amount to the extent of premium payable. Option to opt for lower coverage amount: You can opt for a lower coverage amount (lower than the loan disbursed). However, this option can be chosen at inception only.

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.