New Delhi, Oct 13 (UNI) Bajaj Allianz Life Insurance, one of India’s leading private life insurer, on Friday launched Bajaj Allianz Life Group Sampoorna Suraksha Kavach, a traditional Micro Group Insurance Term Plan.
According to an official statement issued by the company, Group Sampoorna Suraksha Kavach covers various types of micro loans given by Micro Financial Institutions (MFI), Small Finance banks & Financial Institutions to their customers, along with providing life insurance cover.
The prime objective behind this Plan is to protect families from the burden of repaying an outstanding loan to a financial institution in the event of death / permanent total disability or critical illness of the insured member.
Group Sampoorna Suraksha Kavach is a non-participating, non-linked, single, limited and regular premium payment group micro insurance term plan. The Plan offers financial protection against loan liabilities for up to Rs 2 lakhs, with a flexibility to choose between Level and Reducing Cover. One of the key features of the Plan is that the loan gets covered basis the loan tenure giving policyholders the flexibility to choose between fixed and flexible loan tenure coverage.
An exclusive feature of the plan is that the policy term ranges from as less as 6 months to 120 months. Also, the Plan is available on single life and joint life basis.