Bharti AXA POS Saral Jeevan Bima Yojana

One of the prominent features of Bharti AXA POS Saral Jeevan Bima Yojana is that in case an accident leads to the policyholder’s demise, the beneficiary is paid double the Sum Assured. This insurance also has flexible policy terms ranging from 10 to 25 years. One can also purchase the policy without having to go through an extensive medical examination. 

Prominent Aspects of Bharti AXA POS Saral Jeevan Bima Yojana

*The maximum Sum Assured is subjected to the approval of your insurance company’s Board's Underwriting Policy

**Premiums can only be paid through ECS 

Benefits of Bharti AXA POS Saral Jeevan Bima Yojana

The Bharti AXA POS Saral Jeevan Bima Yojana has plenty of features. The plan has features and preferences tailored explicitly for ordinary folks. A few of the benefits are listed below:

• It can be purchased by any person aged 18 and above without going through any medical examination (although you must carry out a complete body examination to avoid any hassles during policy claim).
• Upon claiming the insurance, a lump sum amount is paid out to the beneficiary.
• Death by accident will pay out double the Sum Assured to the beneficiary
• In the 90-days waiting period, a death that occurs without being involved in an accident will pay out all the premiums to the beneficiary, excluding any applicable taxes.
• If a death occurs after the waiting period without being involved in an accident, the nominee is paid the Sum assured, under the conditions, the SA is highest of:
  • Sum Assured is 11 times the annualized premiums with certain conditions
  • Sum assured is 105% times total premiums paid as on date of death
  • Absolute amount assured to be paid on the death of the policyholder equal to the sum assured under the policy 
  • Sum assured on maturity stands nil  under this insurance plan
• There is no waiting period if death occurs because of an accident. Double the Sum Assured is paid to the nominee under 120 days of the accident under the pretext that the death is not an outcome of any kind of illness.
• In case the accident happens within the policy term such that the death occurs after the policy expires, the nominee is still paid double the Sum assured under this policy within 120 days from the policyholder‘s death. 
• One can opt for tax benefits under the current tax laws for all the premiums and other benefits if applicable.

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

• Flexibility to pay the premiums either monthly, quarterly, semi-annually, or annually
• A grace period of 15 days is open to the policyholder if they opt to pay the premiums in a monthly instalment. For other modes of payment, a grace period of 30 days is available to the policyholder.
• The policy can be revived within a period of 5 years from the default date of the unpaid premium under the prescribed terms and conditions.

Premium Illustration

Considering the benefits and the payment options, examine the following to understand the Bharti AXA POS Saral Jeevan Bima Yojana’s premium calculations.

Assuming Rohit has opted to purchase the policy with a tenure of ten years and has opted for a Sum Assured of INR 10lakhs. Rohit’s annual premium will come around INR 2,860 excluding taxes.

Upon Rohit’s unfortunate demise within the waiting period, his beneficiary will receive all the premiums excluding taxes. If the demise occurs after the waiting period due to natural causes, the beneficiary gets the Sum Assured of INR 10 lakhs.

If Rohit’s death occurs because of an accident, his beneficiary will receive double the Sum assured, a benefit of INR 20 lakhs. 

Additional Riders

Apart from the base policy, Bharti AXA POS Saral Jeevan Bima Yojana has plenty of amazing riders on offer. A brief idea about each rider is explained below:

• Bharti AXA Life Accidental Total and Permanent Disability Rider: covers the policyholder if a mishap leads to partial or permanent disability
• Bharti AXA Life Term Rider: pays out additional Sum Assured to the beneficiary in addition to the policy’s Base Sum Assured.
• Bharti AXA Life Premium Waiver Rider: if the policyholder meets with certain unfortunate events, such as critical illness, permanent disability, or death, future premiums are waived, and the policy continues
• Bharti AXA Life Hospi Cash Benefit Rider: offers a fixed sum as a benefit for each day of hospitalization, even in ICU. A lump sum benefit in case of surgery is also provided
• Bharti AXA Life Accidental Death Benefit Rider: In case of accidental death, this rider provides the beneficiary with an additional Sum Assured.

NOTE: Among the above-mentioned riders, only the Bharti AXA Life Accidental Total and Permanent Disability Rider and Bharti AXA Life Accidental Death Benefit Rider are applicable for this policy. Other riders are subjected to the company's changes in terms and conditions. 

What are the Documents Required to Buy Term Policy?

To purchase any policy from an insurer, a person needs to submit a set of Officially Validated Documents (OVDs). These could be a PAN card, AADHAAR card, passport, etc. All the documents asked by the insurer could be as per the KYC norms, Government-mandated or otherwise specified. The insurer could be within its rights to ask for any other supporting documents. 

Some of the documents required to purchase a policy are: 

• Identity Proof
• Proof of Residence
• Details of Bank Account
• Proof of DOB
• Recent passport size photographs
• Proposal Form

How to Buy the Bharti AXA POS Saral Jeevan Bima Yojana Plan Online?

This plan cannot be bought online. It could be bought offline by visiting the nearest branch of Bharti AXA. The process to buy the policy offline differs slightly, but the overall process remains the same. One needs to visit the nearest branch, consult an advisor, give him the relevant information, fill in a proposal form, submit all the required documents and pay the premium. Once all the formalities are met, the policy documents are mailed to the policyholder’s doorstep. 

Exclusions

To have a seamless policy experience, it is crucial that one is well informed about the policy’s exclusions.

Please refer to the policy brochure to read about all the exclusions.

Major policy exclusions are:

• Suicide: If the policyholder commits suicide within a year of policy commencement or from the policy revival date, the beneficiary is entitled to an amount which is the higher of 80% returns of all the premiums paid or the surrender value as on the policyholder’s death date. 
• Waiting Period: A 90 –days’ waiting period is applicable in the case of the life insured's death unless the cause of death is accidental. The beneficiary gets the death benefit of 100% of the total premiums paid, excluding any taxes. The waiting period is not applicable if the policy has been revived. 
• Exclusions in death by an Accident: The nominee will be denied the benefits of the policy if death occurs due to suicide (actual or attempted), war, terrorism, death due to self-injury, invasion, civil war, riots, indulging in illegal activity, etc.

FAQ's