Bharti AXA launches insurance plan to cover loan commitments
Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and AXA, an insurance company, has launched Bharti AXA Life Group Credit Protection Pro, a single premium group credit protection plan.
The plan aims to provide customers with the option of protecting loved ones against loan debt, he said in an official statement.
“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, accidental and permanent total disability and critical illness, ”read the official release.
The Bharti AXA Life Group Credit Protection Pro plan acts as a flexible, convenient and affordable risk solution that offers several coverage options:
Coverage level: Under this option, the insured capital will remain constant throughout the duration of the cover.
Reduction Coverage: As part of this option, the insured capital decreases depending on the repayment frequency of the loan chosen over the duration of the cover.
Parag Raja, Managing Director and CEO of Bharti AXA Life, said, “At Bharti AXA Life, we always believe in designing products that help further enhance the experience of our valued customers. Over the past 15 years, we have grown to provide our clients with innovative and practical risk solutions. When you go out to buy a new house or a new car, you discover that it is essential to manage your finances and the method by which you can make payments in installments. However, you should also consider the consequences of not being able to pay your outstanding loan amount if something unexpected happens. Bharti AXA Life Group Credit Protection Pro will allow customers to #DoTheSmartThing and buy their dream home / car, fund children’s education or start their own business with the confidence that their loved ones will be protected from financial liability in the event of a tragic event. “
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.
“The plan can be offered with various types of loans such as – home loan, mortgage loan, student loan, loan against property (LAP), two-wheeler loan / three-wheeler loan, car loan, credit card loan , other motor vehicle personal loan, gold loan, other consumer loans, business loan, commercial vehicle loan, commercial equipment loan, business loan, other commercial loan, SME loan, agricultural loan, agricultural equipment loan, tractor loan, Microfinance loan, and any other loan, “adds the official statement.