Bajaj Allianz Life Insurance launches an exclusive traditional micro group insurance plan, Bajaj Allianz Life Group Sampoorna Suraksha Kavach

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Pune, 12 October 2017: Bajaj Allianz Life Insurance, one of India’s leading private life insurer, launched Bajaj Allianz Life Group Sampoorna Suraksha Kavach, a traditional Micro Group Insurance Term Plan. 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.

Targeted at the small income groups in rural parts of the country, the maximum premium under the Plan is capped at Rs 750 per member, annually for Regular premium option. Whereas for single premium option, the premium for each member will be determined based on the variant option chosen, sum assured, age, mortality loading, etc.

Bajaj Allianz Life Group Sampoorna Suraksha Kavach comes with four variants:

  • Variant 1 – Covers Death Benefit
  • Variant 2 – Covers Death Benefit plus Accelerated Accidental Permanent Total Disability Benefit
  • Variant 3 – Covers Death Benefit plus Accelerated Critical Illness Benefit
  • Variant 4 – Covers Death Benefit plus Accelerated Accidental Permanent Total Disability Benefit plus Accelerated Critical Illness Benefit

Depending on the variant chosen, the Plan offers life cover along with critical illness and accidental permanent total disability cover.

Commenting on the new product, Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurancesaid: “Group Sampoorna Suraksha Kavach provides group members with a life insurance cover, and at the same time covers their outstanding loan amount to a financial institution, so that the Group as well as their families’ financial interests are looked after in case of any unfortunate event. Our new product will surely be a game changer in the way loans are currently offered in the micro finance segment vis-à-vis risks covered”.