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Bajaj Allianz Protector


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.


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.


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.

Entry Age (years) 
Maximum Maturity Age (years)65
Policy Term (years) 
MinimumSingle Premium: 2; Regular Premium: 5
Sum Assured (Rs) 
MaximumNo limit
Minimum Premium (Rs) 
Premium Payment FrequencySingle, Yearly, Half-Yearly, Quarterly, Monthly(through ECS)
Premium Payment TermSingle, 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 CoverCover remains same throughout the policy term.
Other Features 
Free Look CancellationIn 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 PeriodYou 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 ReinstatementYou 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 BenefitsSection 80C, 10(10D) of the Income Tax Act, 1961 would apply.
ExclusionsIn 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 
AddressBajaj Allianz Life Insurance Company Limited,
G.E. Plaza, Airport Road, Yerawada, Pune - 411 006.
Mail To[email protected]
Call OnBSNL/ MTNL: 1800 22 5858; Others: 1800 209 5858
SMSLIFE to 56070
Annual Premium Option
Policy Term (in years)Age (in years)
Figures indicate premiums on a Rs 20 lakh policy with [email protected] 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)
Figures indicate premiums on a Rs 20 lakh policy with [email protected] 10 - 15% on loan across different age over different policy tenures exclusive of service tax. Premium Payment Term is 2/3rd of Policy term.