The Loan Secure plan from Bharti AXA Life Insurance Company Ltd. is a customisable, comprehensive credit protection policy that provides joint coverage for various loan segments under a single plan. By purchasing this plan, you can ensure that your family is financially protected and will not be liable to pay off your debts in case of your unfortunate demise.
The Bharti AXA Loan Secure Plan is a single premium policy that covers credit liability such as loans. It is a group credit life insurance policy that covers a variety of loans such as auto loans, home loans, etc. The life insurance cover under the plan reduces in the same proportion as the reduction in liability. The plan also offers tax benefits through which customers can save a good amount of money.
In order to purchase the Bharti AXA Loan Secure Plan, customers must meet a few eligibility criteria which are as follow:
|Minimum Entry Age||18 years|
|Maximum Entry Age||65 years|
|Maximum Maturity Age||75 years|
|Policy Term||Two years to 30 years|
When purchasing the Bharti AXA Loan Secure Plan, customers are expected to select a sum assured and make a single premium payment. Following are some of the important details regarding the sum assured and the premium payments towards the Bharti AXA Loan Secure Plan:
|Minimum Sum Assured||Rs.1 lakh|
|Premium Payment Term||Single Premium|
Following are the key benefits of the Bharti AXA Loan Secure Plan:
|Death Benefit||In case of the unfortunate demise of the life assured, the family of the policyholder will not have the burden to repay any loans they may have taken. The liabilities will be taken care of by the Bharti AXA Loan Secure Plan.|
|Maturity Benefit||The Bharti AXA Loan Secure Plan does not provide any maturity benefits.|
Following are some of the other key features of the Bharti AXA Loan Secure Plan:
|Sum Assured Options||The Bharti AXA Loan Secure Plan offers multiple coverage options on disbursed loan amount that enables you to customise the insurance cover based on your outstanding liabilities. Reducing Sum Assured Benefit: Every eligible member will be insured for a sum assured equivalent to the balance outstanding at the start of each month over the course of the loan term. Level Plus Reducing Sum Assured Benefit (Moratorium Cover): Under the Level Plus Reducing Sum Assured Benefit, the sum assured shall remain fixed over the course of the moratorium period and reduce thereafter at the applicable interest rate.|
|Joint Life Coverage||The Bharti AXA Loan Secure Plan offers customers the option to cover two additional lives along with the primary applicant with a common liability.|
|Limited Coverage Term||Customers who wish to re-pay their liabilities before schedule can select a shorter tenure for the insurance cover. The limited coverage term option can be chosen only at the start of the insurance cover.|
|Continuance of Insurance Cover||The Bharti AXA Loan Secure Plan offers the option to continue the insurance cover regardless of whether or not your liability exists. The nominee of the policyholder will be eligible for the death benefit as per the original repayment schedule.|
|Limited Sum Assured Option||Customers can opt for a coverage amount lower than the amount of loan disbursed, but the option can only be selected at the inception of the policy.|
|Surrender Value||If the life assured does not wish to continue with the coverage post the free look period, he/she can return the policy to the company and the surrender value will be calculated based on the following formula: Surrender Value Factor x Single Premium x unexpired Coverage Term (in months) / Coverage Term for the life insured (in months) x Sum Assured benefit at the time of surrender / Initial Sum Assured. The surrender value factor payable between the first and third policy year will be 45% and for the fourth year and above, it will be 70%.|
The premium payments made towards the Bharti AXA Loan Secure Plan qualify for tax deductions under prevailing tax laws.
The Loan Secure Plan from Bharti AXA Life Insurance Company is a great option for individuals who have taken loans which they are not too confident about repaying and do not want to see their family face the burden of repayment in case of their unfortunate demise. Moreover, Bharti AXA Life Insurance Company has established itself as one of India’s best insurance companies thanks to its provision of quality products and services. The company employs a large number of agents who have the relevant experience and expertise to ensure that you find the policy that best suits your insurance needs. A 24/7 customer service team is also available to help ensure that any queries or concerns you may face with your policies are resolved at the earliest.