Bharti AXA launches credit protection plan to cover credit debts

NEW DELHI: Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and insurer AXA, recently announced the launch of Bharti AXA Life Group Credit Protection Pro, a single premium group credit protection plan that offers clients the possibility of protecting their loved ones against a loan obligation.

“This plan was designed to provide clients with a comprehensive solution that secures their future by providing financial security to their families against unpaid debts resulting from unfortunate and unforeseen life circumstances such as death, terminal illness, total and permanent accidental disability and serious illness. Said the insurer.

This plan acts as a flexible, convenient and affordable risk solution that offers several coverage options:

Coverage level: Under this option, the sum insured will remain constant throughout the duration of the cover.

Degressive cover: In this option, the sum insured decreases according to the frequency of repayment of the credit chosen over the duration of the cover

Degressive cover: In this option, the sum insured decreases according to the frequency of repayment of the credit chosen over the duration of the cover

This plan is primarily aimed at borrowers / co-borrowers, i.e. clients who have taken out loans / credits from regulated entities and others such as banks / financial institutions and other lending organizations offering different types of loans.

Depending on the insurer’s statement, the plan can be offered for various types of loans such as: home loan, mortgage, student loan, loan against property (tower), two-wheel loan / three-wheel loan, loan automobile, credit card. loan, other car loan, personal loan, gold loan, other consumer loans, business loan, utility vehicle loan, commercial equipment loan, business loan, other commercial loan, SME loan, agricultural loan, agricultural equipment loan, tractor loan, loan microfinance and all other loans.

In addition to providing amortization for any outstanding liabilities in the event of unforeseen circumstances, Bharti AXA Life Group Credit Protection Pro also offers the following benefits to a client:

– Life cover

-Choose from different plan benefit options such as Terminal Illness, Critical Illness, Accidental Total and Permanent Disability, Accidental Death coverage to provide a complete solution depending on the option selected

– Choice of level or reduction plan coverage level options

– Loan coverage with a moratorium period ranging from one month to ten years

-Flexibility to include joint borrowers (max up to 4 borrowers)

-Discounts on bonuses for women live and in common

-Option to cover 125% of the loan amount

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