Bajaj Allianz Protector Plan
This plan has been withdrawn by the insurance company and is no longer available for sale.
Bajaj Allianz Protector Plan Summary
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.
Key Features
It covers the outstanding principal of a loan
Benefits
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.
No riders are available in this policy
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.
There are no maturity benefits under this plan.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
How it works
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
Eligibility
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
2,00,000 |
No Limit |
|
Policy Term (in years) |
2 (Single premium) 5 (Regular premium) |
30 |
|
Premium Payment Term (in years) |
Single |
2/3rd of policy term |
|
Entry Age of Policyholder |
20 |
55 |
|
Age at Maturity |
- |
65 |
|
Single premium (in Rs.) |
NA |
NA |
|
Payment modes |
Single, Yearly, Half-Yearly, Quarterly and Monthly |
|
FAQs
You stop paying the premiumIf 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 policyThere are no surrender benefits under this term plan.
You want a loan against your policyLoan facility is not available under this policy.
