"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Bharathi AXA Life Smart Bima Plan

    The Bharti Axa Life Smart Bima Plan is a one-year renewable group term insurance plan. The plan aims at taking care of your family needs under a single plan. Safeguard your family against unfortunate events and ensure their future is secure with this group plan.

    Eligibility Conditions for the Bharti Axa Life Smart Bima Plan:

    Minimum Entry Age 18 years
    Maximum Entry Age 50 years
    Maximum Maturity Age 55 years

    Policy Terms for the Bharti Axa Life Smart Bima Plan:

    Annual Premium One year, renewable
    Monthly Premium One year, renewable

    Sum Assured Offered by the Bharti Axa Life Smart Bima Plan:

    Minimum Sum Assured Rs.5,000
    Maximum Sum Assured Rs.5 lakhs

    Premium Payment Options Offered by the Bharti Axa Life Smart Bima Plan:

    Annual Premium One-time payment
    Monthly Premium 12 instalments

    Note the following -

    • The sum assured will be payable upon the death of the life insured.
    • Anyone who is above the age of 50 years (last birthday) cannot be added to the group insurance. If the person is already insured under the plan and crosses 50 years of age, they will be allowed to renew their policy till the age of 55 years (last birthday).
    • New members can be added to the group provided they meet the eligibility criteria.

    Key Features of Bharti Axa Life Smart Bima Plan:

    Type of Plan One-year renewable term insurance plan
    Premium Payment options Monthly or Annually
    Medical Examination No medical examination is required. A declaration of good health will suffice.
    Free-look period The policy has a 15-day free-look period from the date of receipt of the policy where the policyholder has the option to return the policy stating reasons for objection. The policy will be cancelled and the premium amount will be returned after any deductions that may have to be taken into consideration.
    Grace period Applicable only to monthly instalments, any premiums due must be paid within 15 days of the due date
    Reinstatement If the policy has lapsed, an application for reinstatement can be made within 6 months from the first unpaid premium. Application for reinstatement can also be made before the next annual renewal date, whichever is earlier.
    Tax benefit Any proceeds from claims on this plan is exempt from tax under section 10 (10 D). Tax Benefit under section 80C for premiums paid is also applicable.

    Types of Groups Eligible for Bharti Axa Life Smart Bima Plan:

    This Bharti Axa Life Smart Bima policy is applicable to non-employer-employee groups. There should be a clear relationship between the member and group policyholder that does not involve services.

    What you need to know about Bharti Axa Life Smart Bima Plan:

    In the event that the premiums due are collected from the policyholder, but the same has not been remitted to the insurer before the expiry of the grace period, if a death occurs during this time, the payment of the death benefit rests with the insurer.

    Payment Options for the Premiums offered by Bharti Axa Life Smart Bima Plan:

    Under the Bharti Axa Life Smart Bima Plan, the payment can be made by the policyholder or the life insured/member. The premium can be made in one annual instalment or in monthly instalments.

    Advantages and Benefits of Bharti Axa Life Smart Bima Plan:

    The Bharti Axa Life Smart Bima Plan provides the following key benefits:

    Death Benefit:

    Upon the death of the life insured, the sum assured will be payable to the beneficiary or the nominee. Unpaid premiums during the policy term will be deducted from the sum assured before the payout.

    Exclusions under the policy:

    • There is a suicide exclusion in this Bharti AXA Life Insurance policy for the first year of the policy. From the effective date of the policy or the risk commencement date of the life insured, if the person commits suicide, resulting from medically sane or insane reasons, then the nominee will receive 80% of the premium paid.
    • There is no maturity benefit under this plan.
    • There is no benefit payable if the policy is surrendered.

    Revival:

    If the policy has lapsed, an application for reinstatement can be made within 6 months from the first unpaid premium. Application for reinstatement can also be made before the next annual renewal date, whichever is earlier.

    Loan:

    There is no loan available under this policy.

    Assignment:

    Assignment is available under this plan.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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