Mumbai: Bharti AXA Life Insurance, a t venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, recently announced the launch of Bharti AXA Life Group Credit Protection Pro, a single group credit protection plan that offers customers the opportunity to safeguard their loved ones against a loan liability.
This plan was designed to provide customers with a comprehensive solution that secures their future by providing financial security to their families against outstanding liabilities from life’s unfortunate and unforeseen circumstances such as Death, Terminal Illness, Accidental Total & Permanent Disability, and Critical Illness.
This plan acts as a flexible, convenient and affordable risk solution that offers multiple coverage options:
· Level Cover: Under this option, the Sum Assured will remain constant throughout the coverage term
· Reducing Cover: Under this option, the Sum Assured reduces as per the loan repayment frequency chosen over the coverage term
This plan is primarily targeted towards borrowers/co-borrowers, namely customers who have taken loans/credit from regulated and other entities such as banks/financial institutions and other lending agencies providing different types of loans.
The plan can be offered to various types of loans such as – Home Loan, Mortgage Loan, Education Loan, Loan against Property (LAP), Two-wheeler Loan/Three-wheeler Loan, Car Loan, Credit Card Loan, other auto vehicle loans, Personal Loan, Gold Loan, other consumer loans, Professional Loan, Commercial Vehicle Loan, Commercial Equipment Loan, Business Loan, other Commercial Loan, SME Loan, Agriculture Loan, Farm Equipment Loan, Tractor Loan, Microfinance Loan and any other loan.
• Life Cover
• Choice of different plan benefit options such as coverage for Terminal Illness, Critical Illness, Accidental Total & Permanent Disability, Accidental Death to provide comprehensive solution based on the option selected
• Choice of level or reducing plan coverage level options
• Coverage for loans with moratorium period ranging from 1 month to 10 years
• Flexibility to include t borrowers (max up to 4 borrowers)
• rebates for women lives and t lives
• Option to cover 125% of the loan amount
Apart from providing a cushioning for any outstanding liabilities in case of unforeseen circumstances, Bharti AXA Life Group Credit Protection Pro also offers the below benefits to a customer, such as:
Speaking on the launch of Bharti AXA Life Group Credit Protection Pro, Mr. Parag Raja, Managing Director & Chief Executive Officer, Bharti AXA Life, said, “At Bharti AXA Life, we always believe in deg products that further help enhance the experience of our valued customers. Over the last 15 years, we have grown to provide customers with innovative and practical risk solutions. When you go out to buy a new house or a new car, you discover that it is critical to manage your finances and the method you may make payments in manageable instalments. However, you must also consider the consequences of not being able to pay the outstanding sum of your loan if something unforeseen occurs. Bharti AXA Life Group Credit Protection Pro will enable customers to #DoTheSmartThing and purchase their dream home/car, fund children’s education, or start their own business with the certainty that their loved ones will be safeguarded from financial liabilities in case of a tragic occurrence.”
