Protector of Bajaj Allianz Life Insurance is a mortgage term plan that has been designed to offer insurance cover on the unpaid loan amount. The main aim of this policy is to safeguard the family members of the insured from financial burden that can occur due to uncertain death of the lonee. In this policy the sum insured is equal to the outstanding principal loan amount.
Some of the features and benefits of Protector of Bajaj Allianz Life Insurance are as follows:
- In this policy the minimum sum that is to be assured is Rs. 2, 00,000/- and there is no limit for the maximum sum. Here the sum that needs to be insured must be equal to the principal loan amount.
- The minimum and the maximum age entry for Protector of Bajaj Allianz Life Insurance policy is twenty and fifty-five years. The maximum age at the expiry date of the policy is sixty-five years.
- There are two terms for the payment of premiums. One is the single term and the other one is the regular term. The minimum term for single and regular premium payment is two and five years respectively. The maximum term for both single and regular premium is thirty years.
- The insured is also eligible for getting tax benefit as per the provisions of section 80C and section 10(10D) of the Indian income tax act.
- There is yet another unique feature in this policy known as Joint Life Availability. This feature allows the insured to get death cover in case of death of either life. As a result of this the policy would get terminated immediately.
- The insured can try this policy for fifteen days and within these days he or she must review the policy thoroughly. If the insured doesn’t like the policy then he or she must return this within fifteen days. The insured must also mention the reason for this as well.