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  • Bajaj Allianz Group Credit Protection Plus Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

     The Bajaj Allianz Group Credit Protection Plus scheme is a non-participating Group Insurance Plan that offers a great amount of peace and relief to the members and their respective families. If the member of the Bajaj Allianz Group Credit Protection Plus plan encounters a critical illness, permanent disability due to an accident or death, the family of the member is protected from the repayment burden.

    Eligibility – Who is the Bajaj Allianz Group Credit Protection Plus for?

    In order to buy the Bajaj Allianz Group Credit Protection Plus Plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

    Parameters Criteria for eligibility
    Minimum age at entry 15 years
    Maximum age at entry 68 years
    Maximum age at maturity 70 years
    Minimum Policy term for all the individual members Single Premium Option – 2 years; Regular Premium Option – 5 years (in case of level cover) and 8 years (in case of reducing cover)
    Maximum Policy term for all the individual members 30 years

    Sum Assured and Premium Range – What you get and what it costs?

    Sum Assured – The amount that is be offered to the family of the member, in case of an event where the member encounters permanent disability, critical illness or death is known as sum assured. The minimum sum assured in case of Bajaj Allianz Group Credit Protection Plus scheme is Rs.10,000. However, there is no limit on the maximum sum assured under Bajaj Allianz Group Credit Protection Plus scheme.

    Maximum Sum Assured No limit
    Minimum Sum Assured Rs.10,000

    Premium – The premiums towards the Bajaj Allianz Group Credit Protection Plus scheme can be paid on a monthly, quarterly, half yearly, single and annual basis.

    Premium Frequency Monthly, Quarterly, Half Yearly, Annually, Single
    Premium Frequency Factors 0.9 for monthly premium frequency, 0.26 for quarterly premium frequency and 0.51 for half yearly premium frequency
    Minimum size of the group 50 members
    Payment term of premiums for the regular premium option Level cover – Policy term for all the individual members Reducing cover – 2/3rd policy term of the individual members rounded up to complete years

    Disclaimer – Premiums vary based on age, location, plan term and other factors.

    Plan Coverage – What the Bajaj Allianz Group Credit Protection Plus scheme covers?

    The list of critical illnesses covered under this plan are mentioned below:

    • Alzheimer’s disease – Diagnosis should confirm that there is a permanent failure of the brain functions that resulted in cognitive impairment significantly. However, if Alzheimer’s disease is caused due to drug abuse, alcohol or diseases like psychiatric illness or neurosis, then it is not covered under Bajaj Allianz Group Credit Protection Plus scheme.
    • Pulmonary Primary Hypertension – This is associated with the enlargement of the right ventricle resulting in permanent physical impairment to Class 3 as per classification of heart impairment given by the New York Heart Association. The member must have this condition for a period of three months to avail the cover under Bajaj Allianz Group Credit Protection Plus scheme.
    • Aortic surgery – This particular surgery is carried out for correcting the aneurysm, obstruction, dissection or narrowing of the abdominal or thoracic aorta, but not the branches of it. This surgery should be mentioned as a medical necessity by a cardiologist from a recognized health care unit. The Bajaj Allianz Group Credit Protection Plus scheme does not offer cover for aorta congenital narrowing or its traumatic injury.
    • Multiple Sclerosis along with persisting symptoms – The diagnosis of this disease should be supported by the following things:
      • Investigations that include CSF and MRI findings, which confirm that case is of multiple sclerosis.
      • The member must be suffering from impairment (clinical) of sensory or motor function. The conditions must have been there for a period of six months.
      • Clinical history of remissions and exacerbations must be documented properly.

    However, neurological damage like HIV and SLE are not covered by the Bajaj Allianz Group Credit Protection Plus scheme.

    • Paralysis of limbs (permanent) – Irreversible or total loss of the limbs caused due to a disease or injury of the spinal cord or the brain. A specialist must state that this particular conditions will remain forever with little or no hope of recovery. The conditions must be there for at least a period of three months.
    • Bone marrow transplant or major organ transplant – Transplant of a major organ like pancreas, kidney, liver, lung or heart that is suffering from end-stage failure or bone marrow transplant using the haematopoietic stem cells must be stated as a medical necessity by a specialist/practitioner.
    • Permanent symptoms caused due to stroke – A cerebrovascular event that causes a permanent neurological sequelae. Thrombosis in intracranial vessels, brain tissue infarction, and embolization and haemorrhage from any extracranial source. These conditions must be present for at least a period of three months. Traumatic injury of the brain, transient ischemic attacks and vascular diseases affecting the optic nerve or the eye are not covered under the Bajaj Allianz Group Credit Protection Plus scheme.
    • Kidney failure that requires dialysis – Any renal disease at its end-stage or functional failure of both kidneys that makes renal dialysis a must. The diagnosis must be confirmed by a medical practitioner.
    • Open chest CABG – An open chest surgery for correcting one or multiple coronary arteries. Narrowing or blocking of coronary arteries is corrected by CABG or Coronary Artery Bypass Graft. The diagnosis must be confirmed by a medical practitioner. However, any laser surgery, keyhole surgery, angioplasty or intra-arterial procedures are not covered under the Bajaj Allianz Group Credit Protection Plus scheme.
    • First heart attack – The first ever occurrence of the myocardial infarction that refers to the death of a section of the heart muscles. It is caused due to insufficient supply of blood in that area. However, angina pectoris, NSTEMI (Non-ST-segment elevation myocardial infarction) with an elevation of Troponin T or I or other coronary syndromes are not covered under the Bajaj Allianz Group Credit Protection Plus scheme.
    • Cancer – Any malignant tumour that is characterised by uncontrolled spread of the malignant cells with destruction of the normal tissues. Sarcoma, Lymphoma and Leukaemia are all included under cancer. Histological evidence of the malignancy must be confirmed by a certified pathologist. However, tumours with HIV infection, micro carcinoma of bladder, skin cancer expect malignant melanoma are not covered under the Bajaj Allianz Group Credit Protection Plus scheme.
    Death Benefit In case the policy of the member has not been terminated for any reason, sum assured as per the policy schedule will be payable in the event of an unfortunate demise of the member. After the death benefit has been rolled out, members shall not be covered anymore.
    Accelerated Critical Illness Benefit In case the cover under this policy has not been terminated, sum assured as per the policy schedule will be payable upon diagnosis of a critical illness. After the critical illness benefit has been rolled out, members shall not be covered anymore.
    Accelerated Accidental Permanent Total Disability Benefit In case the cover under this policy has not been terminated, sum assured as per the policy schedule will be payable upon an event where the member suffers from permanent disabilities. After the accelerated accidental permanent total disability benefit has been rolled out, members shall not be covered anymore.
    Maturity Benefit No maturity benefit is available under the Bajaj Allianz Group Credit Protection Plus scheme.

    Exclusions – What the Bajaj Allianz Group Credit Protection Plus scheme does not cover?

    Suicide Exclusion:

    • In case a member commits suicide, whether insane or sane, within a period of 1 year from the risk commencement date, 80% of the premium will paid and the cover will be terminated.
    • In case a member commits suicide, whether insane or sane, within a period of 1 year from the latest policy revival date, 80% of the premium or surrender value as on death date will paid and the cover will be terminated.
    • The member’s cover validity is determined as per actual death date of the assured and not intimation date of death.

    Other Exclusions:

    In case of permanent total disability caused due to an accident, benefit will not be payable for the following cases:

    • Disability due to member committing a breach of law.
    • Disability due to rebellion, war, invasion, riot, etc.
    • Disability for being under drugs that have not been prescribed by any practitioner.
    • Disability for taking part in air force, navy or military operations.
    • Disability due to participating in hazardous or dangerous sports.
    • Disability of the member as a result of gliding, aviation, or any other kind of aerial flight expect as a passenger on civilian aircraft.
    • Disability due to self-injury, whether insane or sane.
    • Disability due to failure to fund proper medical advice.
    • Any congenital condition.

    In case of any critical illness, benefit will not be payable for the following cases:

    • Disability du to AIDS or HIV infection.
    • Member committing crime, alone or in company of others.
    • Disability due to member committing a breach of law.
    • Disability due to rebellion, war, invasion, riot, etc.
    • Disability for being under drugs that have not been prescribed by any practitioner.
    • Disability for taking part in air force, navy or military operations.
    • Disability due to participating in hazardous or dangerous sports.
    • Disability of the member as a result of gliding, aviation, or any other kind of aerial flight expect as a passenger on civilian aircraft.
    • Disability due to self-injury, whether insane or sane.
    • Disability due to failure to fund proper medical advice.
    • Any congenital condition.

    Other Key Features of Bajaj Allianz Group Credit Protection Plus Plan:

    Non-Forfeiture If the premium amount is not received within the grace period, the cover shall cease. However, the membership continues. Revival of the cover should be done within a period of 2 years from the date of the first unpaid premium. When the revival period expires, membership in a group is also terminated if the cover was not reinstated. In case of such a termination, there shall be not payment of residual benefits. If there is a loan transfer or loan foreclosure to a different bank or financial institution, the member may still choose to continue the cover. He/she may also choose to surrender the membership. Upon membership surrender, surrender value will be payable and then membership will be terminated.
    Revival The member’s policy can be revived if the company allows it within a period of 2 years from the first date of unpaid premium. This is subject to receipt of the following by the organisation:
    • All unpaid regular premiums must be paid along with interest.
    • An application for revival.
    • Revival will be according to norms approved by the company’s board
    Free Look If the policyholder is not satisfied with any of terms mentioned in the policy, then he/she can choose to return the policy within a period of 15 days from the receipt of the policy or Insurance Certificate. Written notice along with reasons for not choosing the policy must be given for returning the cover.
    Alteration of the premium payment frequency If the member opts for regular premium option, then the premium payment frequency can be changed as per the request of the master policyholder or member at any given membership anniversary.
    Grace period In case of quarterly, half yearly and yearly premium payment modes, a grace period of 30 days is given to the member. In case of monthly premium payments modes, a grace period of 15 days is given to the member.

    Tax Benefits – How you can save with Bajaj Allianz Group Credit Protection Plus scheme?

    As per prevalent tax laws, premium payments and the benefits received by the member will be getting tax benefits. Since tax rules are subject to change from time to time, you are advised to consult a tax advisor for the updated guidelines before investing in the policy.

    Other Benefits of Bajaj Allianz Group Credit Protection Plus Plan:

    Accelerated Accidental Permanent Total Disability Accidental permanent disability refers to a situation where a member encounters a permanent or total disability. The following cases, if happens, are considered as total or permanent disability under the Bajaj Allianz Group Credit Protection Plus scheme and will be covered as per the policy rules. They are:
    • Loss of sight (both eyes).
    • Loss of both hands and arms.
    • Loss of one leg and one arm.
    • Loss of one arm and one foot.
    • Loss of one foot and one hand.
    • Loss of one leg and one hand.
    • Loss of legs (both).
    • Loss of feet (both).
    • Lower jaw removed.
    Accelerated Critical Illness Critical Illnesses that are covered under the Bajaj Allianz Group Credit Protection Plus scheme are as follows:
    • Alzheimer’s disease.
    • Primary Pulmonary Hypertension.
    • Aortic surgery.
    • Multiple Sclerosis with symptoms.
    • Paralysis of the limbs (Permanent).
    • Major organ transplant or bone marrow transplant.
    • Permanent symptoms caused by stroke.
    • Kidney failure followed by need for dialysis.
    • Open chest CABG.
    • First heart attack.
    • Cancer.

    Why choose the Bajaj Allianz Group Credit Protection Plus scheme from Bajaj Allianz?

    Bajaj Allianz is one of the top insurance provider in this country. It is a joint venture between Allianz SE and Bajaj Finserv Limited. There are several insurance solutions offered by this particular organisation that cater to the growing needs of the customers. Bajaj Allianz has grown to be one of the largest competitors providing great insurance in the market. The solutions offered by them come with a lot of innovation and technical prowess. The claim settlement ratio is also very high for Bajaj Allianz which makes it more trustworthy. This particular plan offered by Bajaj Allianz offers a great amount of peace and relief to the members and their respective families. If the member of the Bajaj Allianz Group Credit Protection Plus plan encounters a critical illness, permanent disability due to an accident or death, the family of the member is protected from the repayment burden.