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A Non-Linked, Non-Participating, Group Pure Risk Credit Life Insurance Plan (UIN: 110N132V03)

Tata AIA Life Insurance Group Loan Protect

The Tata AIA Life Insurance Group Loan Protect plan offers peace of mind by securing loans and providing coverage against a wide range of uncertainties like death, terminal illness, total permanent disability, and critical illness.

This plan is offered to banks, financial institutions, and NBFCs, ensuring that caregivers can safeguard their loved ones’ futures while lenders protect their investments, helping families achieve their financial goals with confidence.

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  • Retirement plans
  • Wealth plans
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Benefits at a glance

  • Comprehensive Coverage

    Comprehensive Coverage

    Get financial protection against death, terminal illness, disability, and critical illness, ensuring complete financial security.

  • Benefits For Women

    Benefits For Women

    Avail lower premium rates for women policyholders1

  • Lender Security

    Lender Security

    Helps banks, financial institutions, and NBFCs ensure that their loans are protected, reducing financial risk.

  • Flexible Coverage

    Flexible Coverage

    Lenders can choose the sum assured amount basis level coverage, matching the loan amount, or reducing coverage, based on the outstanding loan balance.

  • Coverage for Co-Borrowers

    Coverage for Co-Borrowers

    Offers the option to cover co-borrowers for the full loan amount or on loan share basis.

  • Single or Joint Life Coverage

    Single or Joint Life Coverage

    Choose between single life coverage or joint life coverage for you and your co-borrower.

  • Flexible Policy Term

    Flexible Policy Term

    Avail flexibility with policy terms ranging from 2 to 35 years, based on your loan needs.

  • Tax Benefits

    Tax Benefits

    Get income tax2 benefits as per applicable lax laws.

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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 benefits2 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?

As the name suggests, group insurance plans are applicable for specific groups only eg: Employer-employee or Non-Employer Employee affinity groups. Individuals can purchase the retail plans available at Tata AIA Life Insurance.

Looking to buy a new insurance plan? 

Our experts are happy to help you!

+91

Select plan
  • Term plans
  • Saving plans
  • Retirement plans
  • Wealth plans
  • I don't know/I need help

TATA AIA Life Insurance Co. Ltd will send you updates on your policy, new products & services, insurance solutions or related information. Select here to opt-in

Disclaimers

  • Tata AIA Life Insurance Group Loan Protect - A Non-Linked, Non-Participating, Group Pure Risk Credit Life Insurance Plan (UIN: 110N132V03)
  • 1Where the life assured is a female, the premium would be set back by 3 years of male premium rate i.e. premium for female lives would be calculated using an age three years younger than male lives.
  • 2Income 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 implication 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 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
  • L&C/Advt/2024/Oct/2879
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