Why Choose Bharti AXA Life Loan Secure?

It is a comprehensive group credit protection product that safeguards your family on occurrence of an insured event, by paying an amount to settle your outstanding liability in case of unfortunate event.

  • Death Benefit

    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.

  • Continuance 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.

  • Easy to Sign Up

    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.

  • 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

Death Benefit

Multiple Sum Assured Options

Joint Life Coverage

Convenient Premium Payment

Tax Benefits**

How Does the Product Work?

 

  • Your insurance coverage term will correspond to the loan term (between 2 years to 30 years) at the inception of insurance cover. Loan Secure provides the option to cover sum assured on reducing basis & level + reducing basis.
  • 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.
  • In case the coverage is for Joint life, then the Death Benefit will be payable on the first death of the either of the Joint Life/s and the cover under the Policy will cease immediately. The surviving borrower/s will be eligible for surrender value, as per the applicable surrender value factor.
  • On survival of the Life Insured beyond the Coverage Term, the Coverage under the master policy with the policyholder will be terminated and no benefit will be payable to the Life Insured or the Policyholder.

 

What Do You Gain from the Plan?

Death Benefit

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.

Sum Assured Options

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.

Joint Life Coverage

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.

Limited Coverage Term

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.

Continuance 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.

Optional Accidental Death Benefit

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.

Easy to Sign Up

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.

Convenient Premium Payment

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.

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.

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.

Insurability

Insurability refers to all conditions pertaining to individuals seeking insurance; that affect their health, susceptibility to injury and life expectancy; an individual's risk profile.

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 subjected to change from time to time.