Bharti AXA Life
Unit Linked Employee Benefits Plan
(UIN: 130L074V02)(ADVT No. II-Dec-2019-2013)
A Non-Participating Group Life Insurance Plan
IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER.
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?
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).
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**Tax benefits are in accordance to the current tax laws that are subject to change from time to time.