For all those who have a constant worry about existing loans and its financial impact on your family, in case of an unfortunate death; Bajaj Allianz Life Insurance has launched an innovative and new plan ‘iSecure Loan Insurance Plan’.
This refreshingly unique plan is a loan cover that protects your family from the burden of any loan repayment in your absence. It is designed to allow flexibility and to ensure that the policyholder gets complete peace of mind.
iSecure Loan Insurance Plan Highlights:
. Limited premium payment term of 2/3rd of your policy term
. Decreasing Term Insurance Policy where the Sum Assured decreases each year
. Only death benefit. No maturity benefit
. Benefit of low cost of insurance appropriate to your reducing loan liabilities
. Single and joint life cover available
. More value for money with high sum assured rebate
. Flexibility to choose Policy Term ranging from 5 years to 25 years, depending on the loan tenure
. Flexibility to change premium payment frequency
. Flexibility to choose fixed loan interest rate ranging from 5% to 20%
. Flexibility to pay future premiums in advance in lumpsums & get discounts
With such customized features, it helps the policyholder create a safety net for his family to shield them against any loan liabilities.
Read our expert review of Bajaj Allianz iSecure Loan Insurance Plan
How does iSecure Loan Insurance Plan work?
Step 1: Choose between individual or joint life cover
Step 2: Choose your Sum Assured / Life Cover depending on your loan amount
Step 3: Choose your policy term depending upon your loan tenure
Step 4: Choose your loan interest rate
Since this is a death benefit plan, in case of an unfortunate death of the life assured during the policy term; the prevailing sum assured is paid to the nominee or beneficiary and the policy ends. No maturity benefit is payable on survival of the life assured.
