Why Choose Bharti AXA Life Unit Linked Employee Benefits Plan?

A simple, low cost, one-year renewable group term product designed for co-operatives, institutions and NGO’s operating in rural and social sectors.

  • Multiple Fund Options

    Multiple fund options with fund management charge of only 0.55% p.a. The plan lets you choose from 4 fund options with different risk-return potential and option to switch between those Funds depending on your investment strategy without incurring any charges for switch.

  • Separate Funds for Gratuity and Leave Encashment Benefits

    Get an opportunity to set up a separate fund for gratuity and leave encashment benefit.

  • Possible Loyalty Additions

    If the Policy is in force, Loyalty Additions will be credited to the Policy on each Policy Anniversary and will accrue at the beginning of the Policy Year.

  • Life Insurance Cover

    A life insurance cover of ₹ 5,000 for all members under Leave Encashment and Gratuity will be payable to the beneficiary in case of unfortunate death.

Key Benefits

Multiple Fund Options

Life Insurance Cover

Gratuity Benefit

Leave Encashment Benefit

Possible Loyalty Additions

Tax Benefits**

How does the Plan Work?

 

Parameters

Minimum

Maximum

Premium / Contribution per scheme* (in INR)

₹ 1,00,000

No Limit

Age at Entry (Age Last Birthday)

18 years

79 years

Maximum Age at Maturity (Age Last Birthday)

80 years

Policy Term

One Year Renewable

Sum Assured

Flat Sum Assured of INR 5,000 for all members

Number of Members

10

No Limit

*The premium / contribution shall be as per the Actuary's certificate in accordance with AS 15 (Revised) only.

What Do You Gain from the Plan?

Gratuity Benefit

In event of death, resignation, retirement, disability or any such event that may terminate the employment where the policy in is force, we will pay the gratuity benefit in accordance with the scheme rules by cancelling the units of equivalent amount from the unit account at the respective NAV, provided the fund value* is sufficient to pay out such gratuity benefit.

Leave Encashment Benefit

  • Benefits payable on leave encashment, while the member is in service
    This benefit is payable on member encashing leave while in service as per the scheme rules. The amount calculated as per the rules of the scheme rules will be paid by cancellation of units at the prevailing NAV, provided the fund value* is sufficient to pay out leave encashment benefit.

  • Benefits payable of the Member’s exit from the employer’s service
    On a member’s exit from employer’s service as per the scheme rules (applicable exits may include resignation, retirement, termination or ceasing service due to disability), the amount calculated as per the scheme rules shall be paid by cancellation of units at the prevailing NAV, provided the fund value* is sufficient to pay out such leave encashment benefit.

Death Benefit

In case of death of the member (including death due to suicide), while the policy is in force, the Death Benefit is sum of the following :

  • Sum Assured: A life cover of ₹ 5,000 for all members under Leave Encashment and Gratuity will be payable to the beneficiary. No units from the unit account will be redeemed by us for the payment of the Sum Assured.
  • The gratuity / leave encashment benefit will be payable to master policyholder as per the scheme rules by cancelling units of equivalent amount from the fund.

Maturity Benefit

No maturity benefits are payable if this policy is renewed with us. In case you do not renew the policy, we will pay you the fund value* after deducting applicable surrender charges if any.

Tax Benefits

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

*Fund Value means the value of the total number of Units held in the Unit Account of the Funds multiplied by the NAV

Insurance Jargon Explained

Death Benefit

The payment made to a beneficiary upon the death of the insured person.

-- Whenever an unfortunate event happens, there is both emotional as well as financial loss. An insurance company helps you replace the financial/monetary loss through the Death Benefit, which helps maintain your family’s financial stability. This benefit includes both a guaranteed sum of money called as Sum Assured on Death 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.

Survival Benefit

The payment of sum assured to the insured person which becomes due in instalments under a money back policy.

Sum Assured

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

**Tax benefits are in accordance to the current tax laws that are subject to change from time to time.