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  • Bharti AXA Group Accidental Death Benefit Rider

    Bharti AXA Life Insurance

    Overview

    The Bharti AXA Group Accidental Death Benefit Rider offers life cover in the unfortunate case of death of a group member due to accident. The cover is meant to provide extra protection against accidental death so that the master policyholder (credit institution) can recover their amounts while eliminating financial pressure on the families of the insured. In this Bharti axa life accidental death here is defined as the traumatic death caused by an accident which results in death of the life insured within 90 days of the accident taking place.

    Eligibility Conditions of Bharti AXA Group Accidental Death Benefit Rider

    Entry Age

    Minimum – 18 years

    Maximum – 65 years

    Maturity Age

    • Maximum 75 years

    Minimum group size

    50 members

    Sum Assured

    Minimum – Rs.1 lakh

    Maximum – Rs.50 lakhs



    Key Features of Bharti AXA Group Accidental Death Benefit Rider

    Type

    Group Rider

    Coverage

    Death Benefit: In the unfortunate case of death of the life insured, death benefit will be payable to the beneficiary. The death benefit is a monthly reducing life cover calculated as per the coverage, coverage term and an assumed interest rate.

    For joint policy holders, death benefit will be paid out in case of the first death all benefits will be paid out to the surviving life insured and the policy will lapse.

    Basis

    Group

    Policy term

    • Minimum – 3 years
    • Maximum – 30 years

    Premium paying term

    Single premium

    Premium payment frequency

    Single premium

    Surrender Value

    The surrender value is calculated as per the formula given below:

    Surrender Value = SVF * P * U/T * OS/IS

    Where,

    SVF = Surrender Value Factor

    P = Single Premium amount

    U/T = Ratio of Unexpired Coverage Term to Total Coverage Term

    OS/IS = Ratio of Sum Assured at the time of surrender to Initial Sum Assured.

    Surrender Value Factor is calculated as per the table below:

    Policy term

    Surrender Value Factor

    1-5

    35%

    6-10

    45%

    11-15

    50%

    16-20

    50%

    21-25

    55%

    26-30

    55%

    Renewability

    NA single premium product

    Loans

    NA

    Grace period

    NA single premium product

    Free Look Period

    15 days free look period is offered wherein a policyholder may return the policy if he/she is not agreeable to terms and conditions of the plan. Refund of premium will be processed after adjustments for stamp duty, medical examination and proportionate risk premium for period covered.

    Advantages of Bharti AXA Group Accidental Death Benefit Rider

    Tax Benefits

    Tax benefits are available as per relevant sections under the Income Tax Act, 1961. You should consult your tax advisor for more details.

    Exclusions

    The life insurer will not be liable to pay the cover in case any of the exclusions mentioned below are activated along with the life cover.

    • Suicide or self-inflicted injury
    • War, terrorism, hostilities, act of foreign enemy, civil war, martial law, insurrection, revolution, rebellion, riot, civil commotion military or usurper power.
    • Service in the armed services, police organization or country at war.
    • Committing assault, illegal activity, criminal offence or breach of law.
    • Bodily or mental infirmity or diseases.
    • Hazardous occupation not limited to mining, scuba diving, forestry, deep sea fishing.
    • Taking part in a hazardous hobby, pursuit or any race.
    • Aviation participation not including flying as a fare-paying passenger.
    • Consumption of liquor, drug, narcotic, medicine, poison or sedative except as prescribed by a licensed doctor.
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