Bajaj Allianz
launches a New Group Loan Insurance product: “Group Suraksha”
Pune, 19th Feb 2008, Bajaj Allianz Life Insurance Company,
one of the leading private sector life insurance co. in India adds a new dimension
of MRTA – Loan Insurance for group policies. Bajaj Allianz Group
Suraksha is a Mortgage Reducing Term Assurance (MRTA) group insurance product,
which gives members of groups an economical tool to secure their family against
home loan and other loans repayment worries.
Speaking on this occasion Mr. J K
Bhagat, the Head - Corporate Division of
Bajaj Allianz Life Insurance commented, “This product offers an economical way to protect the family from the
burden of repayment of the loan in case of death of the loanee”.
Some of the key
highlights of this plan are:
- It is a Single
Premium Group Term Insurance Scheme that provides mainly cover to group of
borrowers for protection against credit risk together with basic life
insurance protection to group members.
- You have the
option of a level cover or a cover for the outstanding amount of loan as
per the pre-fixed loan schedule.
- Life insurance benefit for all members
of the Scheme is provided under one policy that is issued to the group
policyholder.
- Groups can constitute of Groups/Associations/Co-operatives/Financial
Institution and other associations having proper rules, records and
registers can set-up the Scheme.
- Additional
benefits include Accidental
Permanent Total Disability Benefit
- Surrender Benefit: An individual member
can surrender due to resignation, ill-health retirement, loan repayment in
case of reducing cover and in case of termination of membership
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