Why Choose Bharti AXA Life Group Term Insurance Plan?

A comprehensive group term insurance plan, which ensures your members/customers can stay peacefully without any worry about life’s eventualities. The plan provides the flexibility of two death benefit payout options to ensure adequate financial support.

  • Low-Cost Insurance Coverage

    The plan provides insurance cover at low cost to a large group.

  • Death Benefit Payout Option

    You have the flexibility to choose Death Benefit Payout option as Lumpsum or Lumpsum plus Monthly Income. The option is available if the Master Policyholder has enabled the death benefit payout option for individual members at inception of the policy.

  • Flexible Premium Payment Mode

    Option of paying premium in single, semi - annual, quarterly or monthly modes.

  • Tax Benefits

    You can enjoy Tax benefits on the Premiums paid and pay-out benefits received. The Tax benefits fall under Income Tax Act, 1961. They are subject to change as per changes in tax laws from time to time.

Key Benefits

Low-cost Insurance

Hassle Free Insurance Coverage

Retention Tool

Flexible Premium Payment Modes

Tax Benefits**

How Does the Plan Work?

 

Minimum Entry Age

18 years

Maximum Entry Age

69 years

Maximum Maturity Age

70 years

Minimum Sum Assured

Rs. 5,000

Maximum Sum Assured

No Limit,
Subject to Board Approved Underwriting Policy

Policy Term

1 year

Minimum Group Size

50 members

What Do You Gain from the Plan?

Death Benefit

  • Single Life –
    In the event of death of the Insured Member, provided all due premiums till the date of death have been paid and the coverage is in force, the company will pay sum assured as specified in the certificate of insurance to the nominee(s)/beneficiary(ies). Any unpaid premiums during the term of the Policy shall be deducted from the Sum Assured.

  • Joint Life –
    In case of Joint Life coverage, in case of first death of the two lives, provided all due premiums till the date of death have been paid and the coverage is in force, the Company shall pay sum assured as specified in the Certificate of Insurance to the Beneficiary(ies)/ Nominee(s) and the coverage for the second life shall be terminated. Any unpaid premiums during the term of the Policy shall be deducted from the Sum Assured.


    In Joint Life coverage only spouses of the members will be covered. This option shall be selected by the Master Policyholder at inception and if selected shall be available for all members of the group. The Sum Assured for spouse will be equal to the Sum Assured of the member.

Death Benefit Payout Options

The Master Policyholder may choose to enable the death benefit payout option for individual members at inception of the policy. If enabled, members will have the option to choose between the death benefit payouts. In case the option is not enabled by the Master Policyholder, default payout will be Lumpsum.

 

Under Death Benefit Payout option, the following options can be selected :

 

  • Lumpsum : Under this option, 100% of the Death Benefit will be paid immediately on death as lumpsum to the nominee(s)/beneficiary(ies).
  • Lumpsum plus Monthly Income : Under this option, 50% of the Death Benefit will be paid immediately on death as lumpsum and the balance 50% of the Death Benefit will be paid to the nominee(s)/beneficiary(ies) over a period of 6 months in equal monthly instalments.

 

The monthly instalments will be starting from monthly policy anniversary immediately following the date of death.

Tax Benefits

You may be eligible for the tax benefits on the premiums paid along with the benefits received, subject to the prevailing provisions. The tax benefits are subject to change as per the change in tax laws from time to time.

Make Your Plan with Ease

Pick a Plan Option

Choose one of the options, as per your financial goals.

Single Life

Joint Life

Single Life

Joint Life

Insurance Jargon Explained

Maturity Benefit

It is the amount which the insurance company pays to the policy holder on the completion of the Policy Term, if the Life Insured has survived the entire duration of the Policy. This amount includes the guaranteed sum of money called as Sum Assured on Maturity and also the Accrued Bonuses, if applicable.

Group Insurance

Insurance covering a number of people under a single policy, issued to their employer with whom they are working.

Premium

The payment, or one of the regular periodic payments, that a policyholder makes to an insurer in exchange for the insurer's obligation to pay benefits upon the occurrence of the contractually-specified contingency (e.g., death).

Sum Assured

Sum assured is the amount that an insurer agrees to pay on the occurrence of a stated contingency (eg: Death).