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This plan has been withdrawn by the insurance company and is no longer available for sale.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.

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Joint Life Availability
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Income Tax Benefit
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Mortgage term Insurance Policy
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Key Features

Mortgage term insurance policy

It 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


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.


No riders are available in this policy

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

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






Sum Assured (in Rs.)


No Limit

Policy Term (in years)

2 (Single premium)

5 (Regular premium)


Premium Payment Term (in years)


2/3rd of policy term

Entry Age of Policyholder



Age at Maturity



Single premium (in Rs.)



Payment modes

Single, Yearly, Half-Yearly, Quarterly and Monthly


angle down iconYou 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.

angle down icon You want to surrender the policy

There are no surrender benefits under this term plan.

angle down iconYou want a loan against your policy

Loan facility is not available under this policy.