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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.

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.

Suited for

One can take this policy to protect the family against a specific liability like a home loan.

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.

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.
Mail To
[email protected]
Call On
BSNL/ MTNL: 1800 22 5858; Others: 1800 209 5858
SMS
LIFE to 56070

Cost Details

Annual Premium Option
Policy Term (in years)Age (in years)
25303540455055
56420652072008840115201670024520
106460664075609520129801942028940
15778082009680127201796027140NA
2085209080108601448020640NANA
25914097801178015780NANANA
309140978011840NANANANA
Figures indicate premiums on a Rs 20 lakh policy with interest@ 10 - 15% on loan across different age over different policy tenures exclusive of service tax. Premium Payment Term is 2/3rd of Policy term.
Single Premium Option
Policy Term (in years)Age (in years)
25303540455055
511640118801360017660244203728056320
10194802084025820355405282082100123680
152778031620413005960090600138920NA
2037200447806136090780137420NANA
25482606130086780128760NANANA
306180081860117300NANANANA
Figures indicate premiums on a Rs 20 lakh policy with interest@ 10 - 15% on loan across different age over different policy tenures exclusive of service tax. Premium Payment Term is 2/3rd of Policy term.