The Bajaj Allianz "Loan Protector" plan is a mortgage term insurance plan that covers the outstanding principal amount of a loan. It is an economical way to protect the family from the burden of repayment of the loan in case of death of the loanee. The plan is designed to pay a sum insured that will be equal to the outstanding principal amount of the loan due.

The “Bajaj Allianz Protector” Plan offers you the convenience of choosing between two premium payment options.

• Regular Premium Payment – Premium payment limited to approximately 2/3rd of the loan tenure, while coverage continues for the full tenure of the loan.
  
• Single Premium Payment – One time premium payment covering you for the full tenure of the loan.
  

Joint life availability
You have the option to cover the co-applicant of the loan under this plan. Under this option, both lives will be covered and the death benefit will be payable in case of death of either life. The policy terminates on death of either life.

Days of Grace
In case of non-payment of premiums, a grace period of 30 days will be allowed for the yearly, half yearly and quarterly modes (15 days for the monthly mode). After that the policy will lapse.

Revival of the Policy
It is possible to revive a policy that has lapsed due to non-payment of premiums within 5 years from the date of lapse. The revival will be effected subject to underwriting. In case of joint life, revival would be subject to underwriting on both lives.

General Exclusion
In case the life assured (in case of joint life, either of the life assured) commits suicide within one year of the date of commencement / reinstatement of the policy, the benefits of the plan would not be payable, and the premiums would be refunded.

Free Look Period
Within 15 days from the date of receipt of the policy, you have the option to review the terms and conditions and return the policy, if you disagree to any of the terms & conditions, stating the reasons for your objections. You will be entitled to a refund of the premium paid, subject only to a deduction of a proportionate risk premium for the period on cover and the expenses incurred on medical examination and stamp duty charges.