Group Insurance 933 views February 6, 2021

Bharti AXA Life Loan Secure is a traditional non-participating group term insurance that will provide financial protection to your family in case you die and have debts to pay. Under Bharti AXA Life Loan Secure, you will get two different sum assured options – Reducing Sum Assured and Level + Reducing Sum Assured. You can also cover two lives (co-borrowers) under Bharti AXA Life Loan Secure along with yourself (primary borrower). And if you want to enhance your Bharti AXA Life Loan Secure coverage, you can add the optional benefits to your plan as per your need. For more information about Bharti AXA Life Loan Secure, you can read this page further.

Type of Covers Under Bharti AXA Life Loan Secure

You can choose any of the following coverage options for your Bharti AXA Life Loan Secure –

Joint Life Coverage – Cover two lives under Bharti AXA Life Loan Secure along with yourself as per your convenience. The two lives should be the co-borrower of the loan for which you are liable to repay. All lives under a joint life cover will be insured for 100% of the sum assured at a discounted premium rate.

Limited Coverage – If you plan to repay the borrowed loan earlier than its tenure, you can choose this cover. Here, you will get a shorter tenure for the insurance cover. And according to your policy tenure, your sum assured will be decided.

Continuance of Insurance Cover – Opt for this coverage plan if you want to provide financial security to your family under Bharti AXA Life Loan Secure even after your loan closure. In this plan, your family will get a death benefit as per your original repayment schedule in case of your death during the policy term. It means your life cover will continue even if your loan is repaid in full.

Note– Continuance of insurance cover will be available for a single life only.

Lower Coverage – If you want a low premium and have financial protection for your family, you can go for lower coverage. Under this option, your coverage amount will be lower than your disbursed loan.

Death Payout of Bharti AXA Life Loan Secure Plan

If the life assured dies during the policy term; provided the policy is in force and all due premiums are paid, the company will repay the insured liability. The death benefit in case of joint life cover will be payable on receipt of the death certificate of any of the insured members whose death comes first and the insurance coverage for the surviving member will automatically cease.

Sum Assured Options Under Bharti AXA Life Loan Secure

Bharti AXA Life provides you multiple sum assured options as per your loan liability. So choose from the following as per your requirements –

Reducing Sum Assured – Each insured will get the sum insured equivalent to the outstanding loan balance at the commencement of each over during the course of a loan.

Level + Reducing Sum Assured (Moratorium Cover) – Under this option, the sum assured will remain fixed during the moratorium period. And after the expiry of the moratorium period, the sum assured will be determined as per the amortization schedule of the borrowed loan amount.

Optional Cover Under Bharti AXA Life Loan Secure

At inception, you can choose to customize your Bharti AXA Life Loan Secure plan by adding the following optional benefits –

Accidental Death Benefit – In case the insured member dies due to an accident, the nominee will get an accidental death benefit payout. And you should know that this accidental death payout may reduce monthly during the coverage term. The life assured can add this benefit to his/her Bharti AXA Life Loan Secure plan for mortgage loans only.

Health-Related or Critical Illness Benefit – The premium on health-related or critical illness riders won’t exceed 100% of the premium of the base policy. And under this optional benefit, the life assured gets a sum assured whenever he/she is diagnosed with the covered illness during the policy term, as mentioned in the certificate of insurance.

Eligibility for Bharti AXA Life Loan Secure

You can purchase the Bharti AXA Life Loan Secure plan if you meet the below eligibility criteria –

  1. Entry age – 18-65 years (as on the date of last birthday)
  2. Maturity age – 75 years
  3. Minimum group size – 50 members

How to Claim Bharti AXA Life Loan Secure?

The claimant should report the death of the insured member to the policyholder and submit the following –

  1. Certificate of Insurance
  2. Last attending doctor’s certificate
  3. Copy of death certificate
  4. Copy of all medical reports
  5. Death claim form

In case of an accidental death 

Submit the above-mentioned documents plus the following –

  1. First Information Report (FIR)
  2. Post Mortem Report

The policyholder shall submit the documents to get the claim amount from the company at its corporate office address. If the company requests documents other than the above-mentioned, the claimant should submit the same as soon as possible.

Bharti AXA Life Loan Secure Terms and Conditions

  1. Minimum sum assured – INR 10,000
  2. Coverage term – 2-30 years
  3. Moratorium cover – 1-2 years
  4. Free look period – 15 days
  5. If you survive till the end of the policy term, the master policy will be terminated and no benefit shall be payable to you.
  6. Loans covered under Bharti AXA Life Loan Secure are mortgage loans, personal car loans, credit card loans, personal loans, tractors and commercial vehicle loans.
  7. In case of death due to suicide within 1 year from the commencement of risk or revival of the policy, the nominee will get either 80% of the paid premiums or surrender value, whichever is higher.
  8. Bharti AXA Life has the right to change premiums for the policy after getting approval from the Insurance Regulatory Development Authority of India (IRDAI).

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