Bajaj Home Loan Insurance

Bajaj home loan insurance plan, also called as home loan protection plan is an insurance plan that covers your home loan in case of an unfortunate event such as death or disability. It makes sure that your family is not burdened with EMIs, as the insurance company repays the remaining loan amount.

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₹1 Crore loan cover starting from 361/month+

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This plan offers financial security, peace of mind, and protects your house from being repossessed during difficult times.

What is the Bajaj Life Home Loan Insurance?

Bajaj Life home loan insurance, also known as the Bajaj Life loan protection plan, is an insurance plan that provides coverage for the home loan. It makes sure that the home loan does not fall on the family members if the loan holder suffers an untimely death during the loan term.

The structure of the home loan insurance plan is usually the same as the loan. That is, the coverage is usually based on the loan, and the term of the policy is the same as the loan term. Therefore, the plan is useful as a safety measure for the loan holder.

Home Loan Amount

Loan Tenure

5 Years 30 Years

Interest Rate

5% 15%

Loan Tenure Completed

0 40 yrs

Get the coverage you need-quick and easy! Choosing the right Home loan insurance is now effortless. Simply enter your details, hit “Calculate,” and receive a personalized plan designed just for you.

Is Bajaj Home Loan Insurance Mandatory?

No, Bajaj Allianz home loan insurance is not legally mandatory in the case of a home loan. However, it is always advised to purchase a home loan insurance policy because it helps in protecting the loan amount in case of the untimely death of the borrower during the loan tenure. It helps in ensuring that the remaining loan amount does not act as a burden on the family. It is up to the borrower whether or not he wants to purchase the insurance policy.

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Benefits of Home Loan Protection Plans

If you decide to opt for housing loan insurance, the following are the benefits that you can enjoy:

Home Loan Repayment for Borrowers with Critical Illness
If the borrower of the loan falls victim to a critical illness or disability and cannot repay the loan, the insurance helps in managing the loan amount in a specified manner.
Protects Family Members
If the borrower is the main earning member and passes away unexpectedly, the responsibility of repaying the loan can become difficult for the family.
Home loan insurance helps in such situations by providing a payout that can be used to clear the loan balance.
Tax Benefits
In some cases, borrowers may claim tax deductions on the premium paid for a home loan insurance plan under Section 80C, subject to current tax rules.
Easy Premium Payment Options
If paying the premium upfront is difficult, some policies allow it to be added to the loan and repaid through EMIs.

Bajaj Home Loan Insurance Eligibility Conditions

Understanding Bajaj home loan insurance eligibility is important before applying. The policy is generally available to borrowers who meet certain age, loan and documentation requirements.

Active home loan from a recognised lender
Age within the insurer’s entry limits
Completion of KYC formalities
Health declaration or medical tests if required

Bajaj Home Loan Insurance Documents Required

When applying for a mortgage protection policy, certain documents are usually required to complete the process.

Document Type	Purpose
Identity proof	Verifies the applicant’s identity
Address proof	Confirms residential details
Loan sanction letter	Confirms the home loan amount
Income proof	Required in certain cases
Medical information	Needed if underwriting requires it

The actual documents that are needed for Bajaj home loan insurance may vary depending upon the structure of the policy.

Term Plans

LIFE COVER

₹ 1 Crore

STARTS AT

₹ 13/day⁺

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LIFE COVER

₹ 50 Lakh

STARTS AT

₹ 8/day⁺

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LIFE COVER

₹ 75 Lakh

STARTS AT

₹ 12/day⁺

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Features of Bajaj Home Loan Insurance Plan

Some of the important features of a home loan insurance plan are as follows:

Coverage Equivalent to Outstanding Liability:

The amount of a home loan insurance plan is generally equivalent to the outstanding amount of loan that has to be paid. The amount that is outstanding is covered by a home loan insurance plan. The changes that may occur in the home loan rate of interest will be covered by a home loan insurance plan.

Flexible Premium Payment:

Many home loan insurance plans require a single premium payment at the start of the policy. This activates the cover for the full loan tenure. If the premium amount feels high, some lenders allow it to be added to the home loan and paid through EMIs along with the regular loan instalments.

Add Relevent Riders:

Many insurers offer optional riders that help expand the coverage of a home loan protection plan. Common add-ons include the following:

Job loss for a limited period
Accidental death
Disability
Terminal illness

It is important to remember that adding these riders increases the premium amount.

If the premium is included in your home loan EMI, the overall EMI amount may increase. This should be considered when calculating your loan repayment using a Bajaj Home Loan Insurance Calculator online.

How to Apply for Bajaj Home Loan Insurance Online?

Here is how you can apply for Bajaj home loan insurance online:

Step 1: Visit the insurer’s official website and go to their home loan insurance plans section

Step 2: Check out the available home loan insurance plans and select the most suitable option

Step 3: Fill in your basic details like name, gender, etc, in the form

Step 4: Follow the steps on the website to purchase the plan

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FAQs

What are the Bajaj Mortgage Protection Plan Cost and Reviews?

Ans: Before choosing a policy, many borrowers look at the Bajaj mortgage protection plan cost along with customer experiences. Reading Bajaj home loan insurance reviews can help provide insight into aspects such as claim support, service quality and policy clarity. However, reviews should always be considered along with policy details and official documentation.
How Can Get Bajaj Home Loan Insurance Branch Contact?

Ans: Some people may also want to contact their branch in order to service their policies. In this case, they can simply type in “Bajaj home loan insurance near me.” Customers can also contact their branches in order to obtain contact details of their branch regarding their queries.
Is Bajaj home insurance good?

Ans: Bajaj Life home loan insurance is generally considered a useful option for borrowers who want protection for their home loan liability. It helps ensure that the outstanding loan is settled if the insured borrower passes away during the policy tenure.
Is insurance mandatory for home loan Bajaj Finance?

Ans: Borrowers of home loans are curious whether insurance coverage is mandatory or not with Bajaj Home loan insurance. It is not mandatory in most cases. It is always beneficial in terms of financial risks.
What is the coverage of Bajaj home loan insurance?

Ans: The coverage of Bajaj home loan insurance includes the payment of the outstanding home loan amount in case of the death of the insured borrower during the policy period, so that the family is not burdened with the responsibility of paying the home loan.
What is the difference between Bajaj Home Loan Insurance and Home Insurance?

Ans: Bajaj Life mortgage insurance protects the loan liability by helping settle the outstanding home loan in case of the borrower’s death, whereas home insurance protects the property itself against risks like fire, natural disasters, or structural damage.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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