Bajaj Allianz Protector Plan
Bajaj Allianz Protector is a mortgage term insurance plan which covers the outstanding principal amount of the loan. In this plan, if the Life Insured dies within the policy tenure, then the responsibility of paying the outstanding loan amount lies with the insurance company and not with the deceased policyholder’s family.
Compare Term Insurance Plans 
Key Features of Bajaj Allianz Protector Plan
· Mortgage term insurance policy which covers the outstanding principal of a loan
· Option to pay single premium or regular premium
· Option to cover the co-applicant of the loan under this plan
Benefits you get from Bajaj Allianz Protector Plan
Death Benefit – The death benefit is equal to the outstanding principal amount of the loan due as per the loan schedule, irrespective of changes in interest rate / term at a later stage. The outstanding amount of loan due will depend on the loan amount, loan tenure and interest rate as agreed upon at the time of disbursement of the loan.
Maturity Benefit – There are no maturity benefits under this plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in Bajaj Allianz Protector Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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2,00,000
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No Limit
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Policy Term (in years)
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2 (Single premium)
5 (Regular premium)
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30
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Premium Payment Term (in years)
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Single
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2/3rd of policy term
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Entry Age of Policyholder
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20
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55
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Age at Maturity
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-
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65
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Single premium (in Rs.)
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NA
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NA
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Payment modes
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Single, Yearly, Half-Yearly, Quarterly and Monthly
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Premium Payment Modes
Bajaj Allianz Protector Plan offers a choice between two premium payment options
1. Regular Premium Payment - Premium payment limited to approximately 2/3rd of the loan tenure, while coverage continues for the full tenure of the loan.
2. Single Premium Payment - One time premium payment covering you for the full tenure of the loan
Additional Features and Benefits of Bajaj Allianz Protector Plan
Joint Life Availability - The policy offers the option to cover the co-applicant of the loan under this plan. Under this option, both lives will be covered and the death benefit will be payable in case of death of either life. The policy terminates on death of either life.
Riders – No riders are available in this policy
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period from the due date of the first unpaid premium. You can re-instate the policy within 5 years of lapsation by paying up all due premiums with interest.
You want to surrender the policy – There are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate term plans from different insurance companies
Aviva Life Shield Platinum
AEGON Religare Decreasing Term Plan
SBI Life Smart Shield
Other term insurance plans from Bajaj Allianz Life Insurance
Bajaj Allianz Term Care
Bajaj Allianz New Risk Care II
