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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.
Table of Contents
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.
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.
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.
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.
You can purchase the Bharti AXA Life Loan Secure plan if you meet the below eligibility criteria –
The claimant should report the death of the insured member to the policyholder and submit the following –
In case of an accidental death
Submit the above-mentioned documents plus the following –
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.
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