Tata AIA Life Insurance Group Loan Protect (UIN: 110N132V02)

Non Linked Non Participating Group Credit Life Insurance Plan


Quite often, individuals take loans from financial institutions and entities to provide a comfortable life to their loved ones. Loans can also ease the burden of caregivers in families, enabling them to secure the future of their loved ones, or make their dreams come true. At the same time, it is important for lenders to ensure that their money is secure, while they continue to help individuals and families fulfil their goals and ambitions.

The Tata AIA Life Insurance Group Loan Protect plan gives the peace of mind that comes from knowing that loan is secure. This insurance policy provides coverage against a wide range of uncertainties, such as death, terminal illness, total permanent disability and critical illness. Should any of these eventualities befall the , the outstanding amount is taken care of under this policy, thereby protecting business, while the burden of the loan is taken off the shoulders of the ’s family. The Tata AIA Life Insurance Group Loan Protect plan is offered to banks, financial institutions, and non-banking financial institutions (NBFCs), who are authorized, and have license to disburse loans.

Key
Benefits

Coverage

Comprehensive coverage offered through 9 different plan options

Benefits for women

Differential premium rates for women policyholders

Premium payment term

Multiple Premium payment term options

Multiple covers

Lenders can choose between level coverage, where sum assured is the loan amount, and reduced coverage, where the sum assured will be the outstanding amount

Highlights of Tata AIA Life Insurance Group Loan Protect

Comprehensive benefit plan which offers financial protection in the event of death, terminal illness, total permanent disability and critical illness

Option to cover the co-borrower for entire loan amount, or on loan share basis

Flexibility to choose between single life and joint life coverage

The policy term is flexible, and ranges from 2 to 35 years

Disclaimer

  • Premium for women policyholders would be calculated using an age three years younger than male policyholders.
  • Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
  • This product is underwritten by Tata AIA Life Insurance Company Ltd. This plan is not a guaranteed issuance plan, and it will be subject to Company’s underwriting and acceptance.
  • Insurance cover is available under this product.
  • In case of non-standard lives, and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines.
  • All Premiums, Charges, and interest payable under the policy are exclusive of applicable taxes, duties, surcharge, cesses or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium, charges or interest. Tata AIA Life Insurance Company Ltd. shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
  • For more details on risk factors, benefit exclusions, terms and conditions, please read the sales brochure carefully before concluding a sale.
Frequently asked questions
What are group insurance plans?

Group insurance plans offer insurance cover to members of a group. They can either be members of a specific society, employees of a company, or a group of loan borrowers. Tata AIA Life Insurance group insurance plans extend a myriad of benefits to employer-employee groups, and non employer-employee groups. Members of these groups can get pure term, superannuation, gratuity, and loan cover among others.  

For instance, lending institutions can protect the money they lend to borrowers by purchasing credit life insurance plans, which removes the burden of outstanding debts from the shoulders of the borrowers’ families, in the event of their untimely demise. Similarly, employers can ensure the financial well-being of the families of their employees by purchasing group term insurance plans. It also helps employers retain their workforce, while meeting the statutory obligations via group insurance plans.

What are the benefits of group insurance plans?

Group insurance solutions benefit a variety of groups like employer-employee groups, non-employer-employee groups, and groups of loan borrowers from a common lender.

Benefits for employer-employee groups:

By purchasing group insurance, employers can ensure the financial security and well-being of their employees’ families. This is generally seen as a good practice, which motivates the employees, and increases employee satisfaction. Employers can also meet their statutory obligations by purchasing group insurance, while the premium paid by them can be treated as a business expense. This enables the employer to claim tax deductions.

The employees can also avail tax benefits on the premiums paid, while the funds they invest in are managed by experts.

Benefits for non employer-employee groups:

By purchasing group insurance, members of such groups can avail life cover, while credit life insurance plans provide cover against outstanding debts to the borrowers.

How do these group insurance plans work?

Group insurance policies can be purchased by either employer-employee groups, or non employer-employee groups, in order to ensure the financial well-being of the members’ families.

The non employer-employee groups can include members of a specific society, or can include borrowers from a common lender. Hence, such groups need to have a purpose of existence. Group insurance plans will also have a Master Policyholder, who will serve as the central administrator, and will act on behalf of the members of the group.

Can individuals purchase group insurance plans?

Individuals cannot purchase group insurance plans. In order to avail the benefits of a group insurance policy, one has to be a part of a specific group

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