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. 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:

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.

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

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.

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