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.
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 – 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.
The list of critical illnesses covered under this plan are mentioned below:
However, neurological damage like HIV and SLE are not covered by 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.|
In case of permanent total disability caused due to an accident, benefit will not be payable for the following cases:
In case of any critical illness, benefit will not be payable for the following cases:
|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:
|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.|
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.
|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:
|Accelerated Critical Illness||Critical Illnesses that are covered under the Bajaj Allianz Group Credit Protection Plus scheme are as follows:
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.
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