One-stop solution to plan for all your employees benefits
A comprehensive group credit protection product that safeguards your customer’s family in unforeseen circumstances, by paying an amount to settle your outstanding liability. This product provides an easy and inexpensive way of providing financial stability along with your existing offerings.
Convenient Premium Payment Terms : The plan offers the choice of three premium payment term options, single pay, limited pay and regular pay to protect the policyholder during the entire coverage term.
Sum Assured options : Group Loan Protect provides multiple coverage options on loan amount that allow the policyholder to customize the insurance cover requirements as per his outstanding liabilities.
Joint Life Coverage : Under this product, one additional life along with the primary borrower can also be covered.
Tax benefits : You can avail the tax benefits on the premiums paid and the benefits received subject to the prevailing provisions under Income Tax Act, 1961. The tax benefits are subject to change as per change in Tax laws from time to time.
WHO CAN BUY?
|Minimum age at entry||
15 years, age last birthday, for Education Loans only
18 years, age last birthday, for all other Loan types
Risk coverage for each life, including minors, will commence immediately on date of commencement of the policy contract. For minors, level Sum Assured will be offered only in case of interest only loans.
|Maximum age at entry||70 years, age last birthday|
|Maximum Age at Maturity||
In case of Joint Life coverage, maximum coverage term will be 75 years less the age of the older member
|Coverage Term (in whole years)||2 years to 30 years|
Minimum Cover-1 year
Maximum Cover-7 years
For all mortgage and education loan customers, max moratorium i.e. the period of level cover will be 7 years.
|Minimum Sum Assured (Rs.)||Rs 10,000|
|Maximum Sum Assured (Rs.)||No Limit, subject to underwriting|
|Premium Payment Modes*||Annual, semi- annual, quarterly* & monthly*|
*Through auto pay only
Maturity Benefit :This plan does not offer any maturity benefit
Death Benefit :
In the event of death of the insured member, provided all due premiums till the date of death have been paid, the Death Benefit will be payable immediately on death. In case of Reducing cover, the Death Benefit is equal to the outstanding loan as per the loan reduction schedule fixed at inception.
The outstanding balance at the beginning of the month will be payable for deaths during the month.
In case of Level cover, the death benefit is equal to the sum assured throughout the coverage term.
In case of Joint Life coverage, in case of first death, the death benefit shall be payable to the master policyholder for settling the outstanding loan amount, the balance, if any, will be payable to the beneficiary and the coverage will be terminated.
Tax Benefits : You may avail of tax benefits on the premiums paid as well as the benefits received as per the prevailing tax laws under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. The tax benefits are subject to change as per change in tax laws from time to time.
* Rates are per thousand Sum Assured.
* There is a 3 year setback for female lives
The above rates are for Regular Pay policyholders who have chosen a Reducing Cover Type and have chosen a 0 moratorium period
Bharti AXA Life Group Accidental Death Benefit Rider (UIN: 130B006V02) : Under this group accidental death benefit rider you will receive additional sum assured as chosen in case of unfortunate event of death due to any sudden accident.
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.
Let us help you
The insurance industry is getting digitally savvy giving policyholders the comfort of buying and managing their policy and that too at lower costs.
A regulatory clause makes it mandatory for life insurers to offer guaranteed returns to all its subscribers.