Bajaj Allianz Protector Plan

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Bajaj Allianz Protector

 

	Objective		This policy aims to repay an outstanding loan on death of the policyholder, protecting family members from a loan liability.
What does it do?		This is a simple mortgage term insurance plan that pays sum assured equal to the outstanding loan amount (as per the loan schedule) on death of the life insured. In case the loan was taken jointly, the policy covers both applicants and death benefit is paid on first death of any of the co-borrowers. The policy does not offer any surrender or maturity value.
Pros		A lapsed policy can be revived within 5 years from the date of lapse, a considerably long period as compared to other policies. There is no maximum limit on sum assured in the plan.
Cons		The policy does not factor interest rate changes that affect loan amount during the term of the loan.
Suited for		One can take this policy to protect the family against a specific liability like a home loan.
Our View		Consider this policy if you have to repay an outstanding loan or intend to take one in future. The plan can cover loan amount as low as Rs 2 lakh without any maximum limit. However, the policy does not consider interest rate changes during the loan term, which is a limitation.

 

	Eligibility
Entry Age (years)
Minimum		20
Maximum		55
Maximum Maturity Age (years)		65
Policy Term (years)
Minimum		Single Premium: 2; Regular Premium: 5
Maximum		30
Sum Assured (Rs)
Minimum		200000
Maximum		No limit
Minimum Premium (Rs)
Yearly		1000
Half-Yearly		700
Quarterly		450
Monthly		175
Single		2500
Premium Payment Frequency		Single, Yearly, Half-Yearly, Quarterly, Monthly(through ECS)
Premium Payment Term		Single, Limited (2/3rd of loan term)
Premium Factor (multiply with annual premium)		0.51 for Semi Annual mode, 0.26 for quarterly mode and 0.09 for monthly mode
Policy Cover		Cover remains same throughout the policy term.
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		You are allowed to pay premiums within 30 days from the due date for Yearly, Half yearly and quarterly premium payment modes and 15 days in case of monthly premium payment mode.. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.
Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time (within 5 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.
Tax Benefits		Section 80C, 10(10D) of the Income Tax Act, 1961 would apply.
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.
Customer Service
Address		Bajaj Allianz Life Insurance Company Limited, G.E. Plaza, Airport Road, Yerawada, Pune - 411 006.

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