Axis Max Life Group Credit Life Secure Plan

What is Axis Max Life Group Credit Life Secure Plan?

The Axis Max Life Group Credit Life Secure Plan is a non-linked group life insurance policy that provides death coverage. The amount of coverage is based on the borrower's loan and is intended to pay off any outstanding debts if the insured member passes away during the policy term.

There are two types of coverage available under the plan:

• Decreasing Cover Option: The amount of money you are guaranteed to receive decreases over time, primarily in line with the repayment schedule for the loan. This option is suitable for loans where the amount owed decreases annually. You can choose a moratorium feature, which means that the coverage stays the same for a set amount of time before it starts to decrease.

• Level Cover Option: The amount of money that is guaranteed stays the same for the whole policy term. People usually choose this type when they want to maintain the same level of coverage regardless of the amount owed on the loan.

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What are the Key Features of the Axis Max Life Group Credit Life Secure Plan?

• It is a group-based credit life insurance linked to loan tenure

• Option to choose between decreasing or level sum assured

• Moratorium facility available under decreasing cover

• Coverage available for the primary borrower and the co-borrower

• Surrender value payable if the cover is exited before term completion

• Designed for banks, NBFCs, and other lending institutions

Eligibility Criteria for Axis Max Life Group Credit Life Secure Plan

Group Eligibility Conditions

For a group to be eligible for Axis Max Life Group Credit Life Secure Plan, the following conditions must be met:

• There must be a clear and genuine relationship between the group policyholder and the individual members.

• The group policyholder should be a legally authorised entity with the authority to act on behalf of all members for the group insurance contract.

• Group membership must be clearly defined, with no ambiguity regarding who qualifies as a member.

• Eligibility conditions for insurance coverage should be specified upfront.

• The minimum group size required to initiate the policy is 50 members.

• The commencement and cessation of risk cover for each member must be clearly defined.

• The group must not be formed solely for the purpose of obtaining insurance coverage.

Benefits of Axis Max Life Group Credit Life Secure Plan

• Death Benefit
  If the insured member dies during the policy term, Axis Max Life pays the applicable sum assured as per the chosen cover variant — either Decreasing Cover or Level Cover. The payout helps settle the outstanding loan amount, ensuring the liability does not fall on the borrower’s family or co-borrower. The benefit is payable for both natural and accidental death, subject to policy terms.

• Loan-Linked Cover Benefit
  The Level Cover variant keeps the sum assured the same throughout the term, while the Decreasing Cover variant matches the sum assured with the loan balance that is going down over time. Borrowers have the option to select the variant that aligns most effectively with their loan structure.

• Moratorium Benefit
  Under the Decreasing Cover variant, the moratorium feature allows the sum assured to remain level for an initial period before it begins decreasing. This provides maximum protection during the early high-balance years of the loan.

• Co-Borrower Protection Benefit
  With the Co-Borrower Cover Option, the primary borrower and the co-borrower each have their own life insurance policies that are separate from each other. This is based on the total loan amount and any medical or financial underwriting that applies. Each borrower is looked at separately, and they must meet the requirements to be a member of the plan.

  In the event of the death of either the primary borrower or the co-borrower, the benefit is paid only for the insured life concerned. If death occurs due to suicide, the coverage for the other insured life continues without interruption, as both covers operate independently.

• Surrender Value Benefit
  If the member exits the policy before the end of the term, a surrender value may be payable. The amount is calculated based on the premiums paid, the unexpired risk period, and the sum assured applicable at the time of surrender.

• Rider for enhanced protection
  Axis Max Life Group Credit Life Secure Plan allows adding a Group Critical Illness Secure (Accelerated Benefit) Rider. This rider provides a lump sum payout if the insured member is diagnosed with any of the specified critical illnesses during the rider term. The payout reduces the base sum assured accordingly, while the remaining life cover continues. Rider benefits, term, and premium are subject to policy conditions and underwriting guidelines.

How to Buy Axis Max Life Term Plan From Policybazaar?

The steps to buying the Axis Term Insurance plan are mentioned below:

• Step 1: Visit Policybazaar and go to the 'Term Insurance' page.

• Step 2: Fill in the required details like name, gender, and other information

• Step 3: Answer questions about your annual income, occupation type, education, and smoking habits

• Step 4: Choose the best Axis Max term insurance from the available list and proceed to pay

• Step 5: Pay the premium, and the Axis Bank term insurance policy will be issued and sent to your registered email address and phone number.

What Are The Exclusions In The Axis Max Life Group Credit Life Secure Plan?

The exclusions in the Axis Max Life Group Credit Life Secure Plan is:

Suicide Exclusions: If the policyholder dies by suicide within 12 months from the policy's Date of Commencement of Risk or the date of revival, the policy will immediately terminate. In such cases, the Company will refund the Total Premiums Paid, underwriting extra premiums and loading for modal premiums to the nominee.