Bharti AXA launches insurance plan to cover loan liabilities

Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, and AXA, an insurance company, has launched the Bharti AXA Life Group Credit Protection Pro, a single premium group credit protection plan.

The plan aims to provide customers with the ability to protect their loved ones against loan liabilities, it said in an official statement.

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

The Bharti AXA Life Group Credit Protection Pro plan acts as a flexible, convenient and affordable risk solution that offers several coverage options:

Level coverage: Under this option, the sum insured will remain constant for the duration of the cover.

Cover reduction: Under this option, the sum insured is reduced according to the frequency of repayment of the loan chosen over the duration of the coverage.

Parag Raja, Managing Director and CEO of Bharti AXA Life, said, “At Bharti AXA Life, we always believe in designing products that help improve 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 with which you can make payments in manageable installments. However, you must also consider the consequences of not being able to pay the outstanding amount of your loan in the event of the unexpected. Bharti AXA Life Group Credit Protection Pro will enable customers to #DoTheSmartThing and buy their dream home/car, fund children’s education or start their own business with the certainty that their loved ones will be protected from financial debt by case of a tragic event. ”

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

“The plan can be offered for different types of loans such as: home loan, mortgage loan, education 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, agriculture loan, agricultural equipment loan, tractor loan, microfinance loan, and any other loan,” the official statement added.

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