Bajaj Allianz Protector Plan

Name: Protector Plan

Type of policy: Term Insurance

For buying policy: No

Bajaj Allianz Protector Plan takes care of home loan liability in the event of untimely death of the insured. Home loan EMIs makes a sizeable chunk of monthly expenses for those who have them.

Under this plan a death benefit equal to the outstanding principal amount of loan is paid. Insurance term is chosen as the home loan term remaining. Premium rate of Protector Plan depends on the rate of interest of the home loan.

Although the idea may sound attractive to some, this is in fact a superfluous policy to have. It does not entirely cover the risk of loss of income on death of the insured rather it only covers risk of loss of income for paying off loan EMIs. Premium on Bajaj Allianz Protector Plan is very high, as you can observe in the illustration below, compared to that of similar policies of other insurers and is any way higher than the premiums on a pure term life insurance policy.

If you are an earning member of your family and have dependants, what you require is a pure term insurance policy that will pay an adequate sum assured to your beneficiaries, to help them continue in the lifestyle, in the unfortunate event of your death until they can find their own means.  We typically recommend an insurance cover of 4-8 times your annual income, for as long a term as is available for your age. Find out the ideal cover for you using this calculator

 Product features:

 

Parameter

Value

Minimum age at entry

20 years

Maximum age at entry

55 years

Maximum age at expiry

65 years

Minimum sum assured

Rs 2 lakhs

Maximum Sum Assured

No Limit

 Illustration:

Below table shows indicative premiums for a male.

 

Your age

Term

Indicative Annual Premium

(For cover of Rs.50 lakh )

25 years

25 years

Rs. 25,225

30 years

25 years

Rs. 26,910

40 years

20 years

Rs. 39,214

50 years

10 years

Rs. 51,686

 Returns: No survival benefit available at the end of the term.

 Better alternatives

Online Term Life Insurance policies are 50% cheaper and will take care of all your protection needs.

Fintotal Product Analysis is the ideal place to seek unbaised and neutral view on all financial products.

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