Bharti AXA Life Grameen Jeevan Bima Yojana

Bharti AXA Life Grameen Jeevan Bima Yojana is a non-linked and non-participating micro-insurance plan. It has a life cover facility. The policy offers two plan options, such as Pure Protection Option and Protection with Return of Premium Option. The individuals can choose either 5 years or 10 years of policy terms. It allows choosing either a regular or single premium payment system.

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Therefore, it offers flexibility to meet the diverse needs of the policyholders in terms of financial constraints. The age of individuals must be at least 18 years to purchase the policy. They can assure a sum amount ranging from INR 10,000 to INR 2,00,000.

Salient Features of Bharti AXA Life Grameen Jeevan Bima Yojana

The key features offered under Bharti AXA Life Grameen Jeevan Bima Yojana are listed in the table below:

Parameters

Particulars

Plan Options

Premium

Minimum

Maximum

Policy Tenure

Pure Protection Option (5 years)

Single

18 years

60 years

Regular

Pure Protection Option (10 years)

Single

18 years

55 years

Regular

Protection With Return of Premium Option (5 years)

Single

18 years

55 years

Protection With Return of Premium Option (10 years)

Single

18 years

55 years

Regular

Premium Paying Term

Pure Protection Option (5 years)

Single

Regular

Pure Protection Option (10 years)

Single

Regular

Protection With Return of Premium Option (5 years)

Single

Protection With Return of Premium Option (10 years)

Single

Regular

Sum Assured

5 years

INR 10,000

INR 2,00,000

10 years

INR 10,000

INR 2,00,000

Premium Payment Frequency

Single, Monthly, Quarterly, Semi-annual, Annual,

Loan Facility

The policy does not have any loan facility.

Core Benefits of Bharti AXA Life Grameen Jeevan Bima Yojana

Bharti AXA Life Grameen Jeevan Bima Yojana offers two key options with different features and benefits to meet the diverse financial needs of the policyholders. They are:

Flexibility

Bharti AXA Life Grameen Jeevan Bima Yojana offers flexibility to choose from two policy options: Pure Protection Plan Option and Protection with Return of Premium Option. They can pay the premiums through single, monthly, quarterly, semi-annual and annual payment mode also. The policyholders can choose from two premium terms available such as 5 years and 10 years. They can select the assured sum amount minimum of INR 10,000 to a maximum of INR 2,00,000 to meet financial needs, however crucial.

Option Number

Option Name

Features

1

Pure Protection Option

It includes life insurance cover. The policy does not offer any maturity benefit.

2

Protection with Return of Premium Option

The policy includes life insurance cover. It returns 100% of premiums paid if the insured individuals survive till the maturity period.

Death Benefit

Bharti AXA Life Grameen Jeevan Bima Yojana offers different death benefits as the policy option and premium mode is chosen. The regular premium mode of either policy provides a death benefit as the highest amount of 11 times the annualized premium, 105% of total premiums paid till date, sum assured on maturity and assured sum amount of the policy.

However, if a single premium payment mode is chosen, the policy will consider death benefit as 125% of the total premium paid. However, in case of a single premium mode of Protection with Return of Premium Option chosen, Bharti AXA Life Grameen Jeevan Bima Yojana would offer 11 times of single premium paid for age less than 45 years. Otherwise, the policy would offer 5 times the single premium paid if insured individuals are more than 45 years.

Maturity Benefit

The Pure Protection Plan Option of Bharti AXA Life Grameen Jeevan Bima Yojana does not include any maturity benefits. However, Protection with Return on Premium option offers maturity benefits such as 100% of the premiums paid until the policy term.

Tax Benefits

Bharti AXA Life Grameen Jeevan Bima Yojana offers tax benefits based on the number of premiums paid and the sum assured. The tax rate and related tax benefits change as per the changes in Income Tax provisions. The tax benefits are offered as per the Income Tax Act 1961.

*Tax benefit is subject to changes in tax laws. Standard T&C apply.

Medical Examination

The individuals do not require undergoing any medical examination procedure to purchase Bharti AXA Life Grameen Jeevan Bima Yojana.

Advance Premium Payment

The policyholders can pay up to three premiums in advance at the policy commencement date. It helps to reduce the chance of missing premium due dates and incur an increased cost of policy management. The advance premiums will be adjusted on the due date of the premium. The policyholders can get commissions if applicable once the advance premium amount is adjusted.

Surrender Benefits

Bharti AXA Life Grameen Jeevan Bima Yojana offers surrender benefits to paid-up policies. The surrender benefits include the higher amount applicable at surrender value of paid-up sum assured or total premiums paid until the date of paid-up.

Premium Illustration

The premium amount varies as per the amount of sum assured, age of the insured, health of insured and others. In that case, an individual of 45 years old non-smoker policyholder who has chosen Pure Protection Option of assured sum INR 10,000 and 5 years term. The person is required to provide the following amount of premium.

  • Single-Premium: INR 206
  • Regular Premium: INR 49

Customers can also make an advance premium payment for policies with monthly premium payment options. They can pay 3 months advance premium only on the policy commencement date.

Eligibility Criteria of Bharti AXA Life Grameen Jeevan Bima Yojana

Parameters

Particulars

Plan Options

Premium

Minimum

Maximum

Entry Age

Pure Protection Option (5 years)

18 years

60 years

Pure Protection Option (10 years)

18 years

55 years

Protection with Return of Premium Option

18 years

55 years

Maturity Age

Pure Protection Option (5 and 10 years)

65 years

Protection with Return of Premium Option (5 years)

60 years

 

Protection with Return of Premium Option (10 years)

65 years

What are the Documents Required to buy the Plan?

The interested individuals must provide the following documents to facilitate the KYC process of Bharti AXA Life Grameen Jeevan Bima Yojana effectively.

  • Proposal form
  • Identity proof
  • Date-of-Birth proof
  • Address proof
  • Income proof
  • Bank statement and other income proof
  • Recent passport-sized photograph

How to Buy Bharti AXA Life Grameen Jeevan Bima Yojana Online?

The interested individuals are required to follow four steps to purchase Bharti AXA Life Grameen Jeevan Bima Yojana online. These are mentioned below:

Step 1: They are required to visit the insurer's website and click the "Get Quote" link. They have to provide personal details such as contact name, age, contact number, annual income, smoking habits etc. It will help to calculate the term insurance quote.

Step 2: The individuals must make an online payment if they find the quoted price is appropriate to meet their financial and family obligations.

Step 3: They must provide other personal details such as family members, further policy details, nominee details, occupational information etc.

Step 4: In this stage, the policyholders must upload necessary documents such as age proof, address proof, bank documents, and others to complete the online purchase process.

The individuals are requested to read all the relevant documents such as policy brochure, policy bond and other information before purchase Bharti AXA Life Grameen Jeevan Bima Yojana successfully.

Key Exclusions of the Plan

Bharti AXA Life Grameen Jeevan Bima Yojana excludes death benefits if death occurs due to a suicidal attempt. However, suppose the incident occurs within 12 months since the policy risk-commencement date or policy revival date. In that case, the nominee will get 80% of the total premiums paid until the policy's date of death or surrender value applies.

FAQs

  • Q1. How many plan options are offered in Bharti AXA Life Grameen Jeevan Bima Yojana?

    A1. The policy offers two options to choose from. These are the Pure Protection Plan option and Protection with Return of Premium option. Both the options include life insurance cover. However, the Pure Protection Plan option does not offer any maturity benefit.

  • Q2. What is the free look period? What is the free look period included in the policy?

    A2. Within the free look period, the policyholders can return the policy if they find any discrepancies with the clauses, norms and other information mentioned in the policy. Bharti Axa Grameen Jeevan Bima Yojna has 15 days free look period. It has 30 days free look period if the policy is purchased through distance marketing mode. The policyholders will get refunds of the premiums paid with charges as applicable if they return the policy.

  • Q3. What is a grace period? What is the grace period included in Bharti Axa Grameen Jeevan Bima Yojana?

    A3. The grace period starts from the due date of the premium payment. The policy includes a grace period of 15 days for monthly and 30 days for quarterly, semi-annual or annual premium mode. The policyholders can pay the premium within the grace period if they miss the due date for premium payment.

  • Q4. When can the policy lapse or be terminated?

    A4. If the premium of Bharti AXA Life Grameen Jeevan Bima Yojana is not paid within the grace period while the policy is yet to serve the second policy year, the policy can lapse. If it is not revived further within the revival period, the policy will be terminated and cease to exist. If the death of an insured occurs while the policy is in lapsed status, the nominee will not receive any benefits, and the policy will be terminated.

  • Q5. What are the key legal provisions applicable to Bharti AXA Life Grameen Jeevan Bima Yojana?

    A5. The policyholders can follow the legal provisions as per Income Tax Act 1961 and Insurance Act 1938 if they find any issues related to tax benefits or fraudulent activities. The fraudulent activities include misrepresentation of information, hiding essential details, forfeiture and others.

  • Q6. How can Bharti AXA Grameen Jeevan Bima Yojana be revived?

    A6. The policyholders can revive the policy within five years from the due date of the last unpaid premium. They are required to pay all the outstanding premiums to date with applicable charges and deductions. The revival interest rate will be decided based on the BAUP policy of the insurer. Once Bharti AXA Grameen Jeevan Bima Yojana is revived, the policyholders will be entitled to all the benefits applicable under the chosen options.

  • Q7. Do both the plan options include maturity benefit?

    A7. The Pure Protection Option of Bharti AXA Grameen Jeevan Bima Yojana does not offer any maturity benefits. Protection with Return of Premium option returns 100% of premiums paid as maturity benefit.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

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Bharti AXA Life Grameen Jeevan Bima Yojana Reviews & Ratings

4.3 / 5 (Based on 35 Reviews)
(Showing Newest 10 reviews)
Vishaka
, September 02, 2021
Less premium amount
Chosen my term insurance plan that is Bharti Axa. I purchased from policy bazaar website. They are giving a sum assured amount of Rs. 1 Cr with the less of premium amount of Rs. 10000 per year and i have chosen the annual payment mode. It was a salary basis covered policy because they have asked for a salary slip.
Atulya
Gursahaiganj, April 07, 2021
Affordable premiums
The premium amount of bharti axa term insurance is most affordable thing which I have bought. It is one of the safest option for my family and with this they can achieve certain goals. Thanks team.
Amar
Barhi, April 05, 2021
Online purchase
I purchased this bharti axa term insurance plan online and have found a best plan. I did it online through the website of the policybazaar. It is easy to buy online as you don’t have to move anywhere. Great work team.
Satendra
Bareilly, March 30, 2021
Affordable premiums
The premium amount of bharti axa term insurance is most affordable thing which I have bought. It is one of the safest option for my family and with this they can achieve certain goals. Thanks team.
Tapasya
Kothamba, March 23, 2021
Online purchase
I purchased this bharti axa term insurance plan online and have found a best plan. I did it online through the website of the policybazaar. It is easy to buy online as you don’t have to move anywhere. Great work team.
Harsh
Kanpur, February 16, 2021
Completed my insurance needs
My insurance needs has been completed with the help of policybazaar as they suggested me bharti axa term plan. All thanks to team of policybazaar for suggesting such a good plan.
Vibhuti
Attingal, February 16, 2021
Completed my insurance needs
My insurance needs has been completed with the help of policybazaar as they suggested me bharti axa term plan. All thanks to team of policybazaar for suggesting such a good plan.
Utkarsh
Atariya, February 16, 2021
Compare plans online
When I was about to buy a term insurance plan I compared the plan online on the website of policybazaar. I got the bharti axa term plan. It is really nice. Thanks team.
Sachin
Jabalpur, January 23, 2019
Good
Last year, I bought the Bharti Axa Life Flexi Term plan with Bharti Axa term. The process of buying and enrolling into a term plan is very smooth and hassle-free. I was surprised to find out that the enrolment process was done while video recording the whole process to maintain the quality provided by the company. One copy of the tape is kept with the company and the other one was given to me. The claim process with Bharti Axa is also very easy and hassle-free. The customer service team of the company is also very considerate and helpful towards its customers.
Akhil
Jaipur, September 27, 2016
Worth Of Buying
Policy I have is very good in all ways. Premium of it is less and the paybacks are high. Policy covers maximum expenditures and the claims are high which is simple to sanctioned buy the of executives and staff members. Online renewals are possible which is very good facility.
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