<section class="blog">
<div class="blog-content">
<p>The most modest and basic <a href="https://www.bhartiaxa.com/life-insurance/types-of-life-insurance-policy" target="_blank" title="type of life insurance">type of life insurance</a> is the term insurance plan. It guarantees the payout of a sum assured in the policyholder's demise within the policy tenure. If the insured survives till the end of the policy term, his coverage will end, and he will get no payment. Besides, we all are aware that unforeseen things occur every day and a serious illness might strike at any time in your life. It is tough to cover the expensive medical costs during certain instances. Furthermore, if you are the family's sole earner and if you are not in a situation to work due to your illness, results in a financial crunch. Therefore, it is recommended that you purchase critical illness riders in a term plan to protect yourself against such catastrophes.</p>

<p>If you are diagnosed with one of the conditions listed in the insurance policy's pre-agreed list, you will get a lump sum payment under a <a href="https://www.bhartiaxa.com/be-smart/term" target="_blank" title="term plan">term plan</a> with critical illness benefit rider. Conditions such as heart failure, cancer, paralysis, heart attack, and lung illnesses fall under critical illness benefit riders list. Although critical illness rider life insurance is accessible as an independent policy, it is most commonly purchased as critical illness riders in a term plan.</p>
</div>
</section>

<section class="blog">
<div class="blog-content">
<h2 class="section-main-heading">What are Riders?</h2>

<p>Riders are optional features that let you tailor your insurance to your specific needs. They are less expensive than <a href="https://www.bhartiaxa.com/life-insurance" target="_blank" title="life insurance">life insurance</a>. They provide coverage in addition to what your insurance policy provides. The fee is usually between 5% and 10% of the base policy. Riders should ideally be purchased at the start of the coverage. The sooner they are booked, the less expensive they will be. The amount paid for a rider cannot exceed 30% of the premium paid for the base insurance policy.</p>

<p>Many people choose it because of the significant advantages of a <a href="/term-insurance" target="_blank" title="term insurance plan">term insurance plan</a> with critical illness riders. Here are few of reason that will help you to enhance your plan by providing you with benefits of <a href="/riders-in-insurance" target="_blank" title="riders in insurance">riders in insurance</a>.</p>

<h2 class="section-main-heading">1. Tax benefits</h2>

<p><a href="/be-smart/tax-savings/income-tax-deduction-under-section-80c" target="_blank" title="Section 80C of the Income Tax Act">Section 80C of the Income Tax Act</a> of 1961 allows premiums paid toward a term plan to be tax-deductible. As a result, you can deduct up to INR 1.5 lakh in premium payments from your taxable income. Furthermore, the benefits obtained from this plan are tax-free under Section 10 (10D) and Section 80C of the Income Tax Act.</p>

<h2 class="section-main-heading">2. Premium remains same throughout the Policy Tenure</h2>

<p>The premium for term insurance with critical illness benefit remains the same during the policy term once you've applied. This means that once you've been diagnosed with a serious disease, your premium won't go up.</p>

<h2 class="section-main-heading">3. Coverage of medical expenses</h2>

<p>Healthcare costs in India are increasing by the day. Given the ever-increasing cost of medical expenses, it only becomes necessary that you are adequately covered through an insurance plan to avoid burning a hole in your pocket. Opting for a <a href="https://www.bhartiaxa.com/health-plans/critical-illness-insurance" target="_blank" title="critical illness rider">critical illness rider</a> with your insurance policy helps you cover large parts of the medical expenses. Besides, the lump sum amount provided by the insurer may be used to cover daily expenses as well.</p>

<h2 class="section-main-heading">4. Increased chances of survival</h2>

<p>Significant medical expenditures will financially strain you if you do not have insurance. Individuals with serious illnesses frequently do not receive treatment owing to a lack of funding. The odds of mortality increase if appropriate therapy is not provided. However, if you have a critical illness rider benefit plan in place, you may be able to get cash on time to receive the treatment you require, enhancing your survival chances.</p>

<p>The real benefit of life-long <a href="/protection-plans" target="_blank" title="protection plans">protection plans</a> is that all future premiums are cancelled upon diagnosing any serious condition. Cancer of specified severity, major aorta surgery, open heart replacement or repair of heart valves, open-chest CABG, end-stage liver disease, end-stage lung disease, loss of limbs, major head trauma, benign brain tumour, third-degree burns, and permanent paralysis of the limbs are just a few of the critical illness riders covered under these options.</p>

<p>As a result, you might want to consider a critical illness rider <a href="https://www.bhartiaxa.com" target="_blank" title="life insurance">life insurance</a>, which will protect you at the time of a critical illness. Adding a critical illness rider to your online term insurance policy provides additional security and safeguards your future in the occurrence of a serious illness.</p>
</div>
</section>


<p>The most modest and basic type of life insurance is the term insurance plan. It guarantees the payout of a sum assured in the policyholder's demise within the policy tenure. If the insured survives till the end of the policy term, his coverage will end,</p>


Saral Jeevan Bima Yojana Premium

Critical Illness Rider in Term Insurance Plan | Bharti AXA Life

title

Critical illness rider in term plan is a life insurance policy which is accessible as an independent policy. Know more critical illness coverage at Bharti AXA Life.

description

critical illness rider, critical illness rider in term plan, benefits of riders in insurance, critical illness benefit, critical illness benefit rider, critical illness insurance return of premium, critical illness rider life insurance

keywords

http://prod-cms.bhartiaxa.com/sites/default/files/2021-08/11.jpg

facebook-domain-verification

KkkHxnkKTu3Pk7Ff_BNZUqXLHXeKlWWO-P1ByU6nWXI

google-site-verification

How to Enhance Your Term Plan with a Critical Illness Rider?

<section class="blog">
<div class="blog-content">
<h2 class="section-main-heading">What is group term life insurance?</h2>

<p>Many people are still very much confused when it comes to group term life insurance. In simple words, a group <a href="https://www.bhartiaxa.com/be-smart/term/what-is-term-life-insurance" target="_blank" title="term life insurance">term life insurance</a> can be defined as a contract which is issued to a person to cover more than one person. Usually, it is the companies or brands which opt for such group term life insurance. Group term life insurance given by the employer to the employee offers to cover the family members of the employee. If you think that it is not possible to have group term life insurance and an individual <a href="/life-insurance" target="_blank" title="life insurance policy">life insurance policy</a> at the same time you are wrong as both can exist at a time. The employee of the company becomes eligible for this <a href="https://www.bhartiaxa.com/group-plans/group-term-insurance-plan" target="_blank" title="group term insurance">group term insurance</a> from day one of joining the company/ organization.</p>
</div>
</section>

<section class="blog">
<div class="blog-content">
<h2 class="section-main-heading">How does group term life insurance work?</h2>

<p>According to the research conducted by the Society for Human Resource Management that somewhere around 80% of companies across the globe offer its employees the paid group term life insurance as one of the many benefits. There are a certain set of eligibility requirements which an individual has to meet in the company to become eligible for the same like he/she should be a permanent employee or must have completed at least 30 days in the company, etc. Along with this group term, life insurance can also be adjusted by the employee for qualifying different life events and the time of open-employment.</p>

<p>Usually, the amount of coverage of this group term life insurance is equivalent to the annual salary of the employee. Under this group term insurance, the employees get paid for all the premiums relating to basic coverage by the employer and at times extra premium is also paid to the employees.</p>

<p>Readers should note that once an employee leaves or changes the company, he or she cannot carry forward this group term life insurance with him or her.</p>

<h2 class="section-main-heading">What are the requirements of a group term life insurance?</h2>

<p>In the most common scenario, all the employees of the company/organization become entitled to the coverage of group term life insurance once they meet all the eligibility requirements. However, these requirements of eligibility may vary from one company to another. There will be times when the employee will only become eligible for the cover once he/she has qualified a certain life event.</p>

<p>In case if you are wondering about the process of getting the group term <a href="https://www.bhartiaxa.com/online-insurance-plans" target="_blank" title="insurance cover">insurance cover</a> then let us tells you that it is a quick and easy underwriting process during which the employee has to answer the questions asked to him by the company/organization.</p>

<h2 class="section-main-heading">What are the benefits of having a group term life insurance?</h2>

<p>There is no hiding from the fact that group <a href="https://www.bhartiaxa.com/be-smart/term/top-7-features-of-term-life-insurance-policy" target="_blank" title="term life insurance offer">term life insurance offer</a> employee's proper financial assistance and the much-needed financial independence as well from their employer. If you want to know more about this <a href="https://www.bhartiaxa.com/life-insurance/types-of-insurance" target="_blank" title="type of term insurance">type of term insurance</a>, then read the below-mentioned benefits of having group <a href="https://www.bhartiaxa.com/be-smart/term/importance-of-buying-term-life-insurance-policy-in-india" target="_blank" title="term life insurance policy">term life insurance policy</a>.</p>

<h2 class="section-main-heading">Default insurance cover</h2>

<p>There is no much one has to do to become eligible for the group term insurance because an employee automatically becomes eligible for it by just being part of the company/organization. This group term life insurance is best to provide basic insurance to people who at present do not have a personal life insurance policy.</p>

<h2 class="section-main-heading">Gratuity Funding</h2>

<p>In today's date all thanks to group term insurance that the employees now have access to a systematic method of arranging for funds for the future in the form of gratuity liabilities. The life cover is provided to the employees easily.</p>

<h2 class="section-main-heading">Tax Benefits</h2>

<p>The next benefit of group term life insurance is the <a href="https://www.bhartiaxa.com/term-insurance/term-insurance-tax-benefits" target="_blank" title="tax benefits">tax benefits</a> it gives to both the employer and the employee as well. According to the current Tax Laws and death, benefits are given to the employee is always exempted from the tax under section 10(10D) of the Income Tax Act. This group term insurance is helpful for the employee in two ways- employee welfare as well as retention.</p>

<h2 class="section-main-heading">It can be customized to suit the employee needs</h2>

<p>Another benefit of group term life insurance is that it can be customized to suit the needs of the employee with add-ons for education allowance, repatriation allowance, accidental death and more with the basic cover as well.</p>

<h2 class="section-main-heading">No medical check-ups</h2>

<p>Do you know that once you will have the group term life insurance cover you will be freed from the task of undergoing medical check-ups with your own cost as the company will be paying for the same?</p>

<h2 class="section-main-heading">It is cost-effective</h2>

<p>When we sit to compare the premiums of all the term life insurance, the premium of group term life insurance is way too less than the usual <a href="/term-insurance">term insurance</a>.</p>

<h2 class="section-main-heading">Economic options for both- employer and employee</h2>

<p>The best part about group term life insurance is that every year it is renewed, and it comes with a grace period which is mentioned on the main documents of the policy. With this cover, the employee is able to save a lot on the taxes because the premium which is paid for the same is listed under the business-related expenses. The reason why this group term insurance is great and economic for the employer as well because the cost of insurance cover for every individual is way too costly when compared to the cost of group cover.</p>

<h2 class="section-main-heading">Worldwide coverage</h2>

<p>Last but not the least, another benefit of group life term insurance is that I offer the employee the worldwide coverage. This means that if the policyholder dies in a foreign land then in that case also the nominee will receive the payout of the <a href="https://www.bhartiaxa.com/life-insurance/life-insurance-benefits" target="_blank" title="policy benefits">policy benefits</a> in India.</p>

<h2 class="section-main-heading">Things you should keep in mind while signing your group term life insurance policy</h2>

<p>Now that you are aware of what is group life term insurance and also about the benefits of the same, we would like to conclude this blog by mentioning a few important things which one should keep in mind before you sign the policy papers.</p>

<div>
<ol class="bhartiaxa-order-list">
	<li>
	<h3 class="section-sub-heading">Always read all the terms and conditions carefully</h3>

	<p>One of the biggest and most common mistakes people make while signing the policy paper is that they don't read the terms and conditions properly and then at the time of filing the claims they are rejected. If you don't want the same happening to you as well, then read the information carefully.</p>
	</li>
	<li>
	<h3 class="section-sub-heading">Be honest with the details you fill in the policy form</h3>

	<p>The second thing which one should keep in mind before signing the final policy papers is that you should be honest about all the details including your health so that there is no confusion later.</p>
	</li>
	<li>
	<h3 class="section-sub-heading">Don't refrain from asking any questions</h3>

	<p>Last, if you want to ask any question then do not refrain from doing the same so that you are aware of everything related to the group term life insurance policy.</p>

	<p>We hope that our readers have enjoyed reading the blog and got all the information they had been looking for. If our readers want to know something more specific, then they can reach us through the comment section given below.</p>
	</li>
</ol>
</div>
</div>
</section>


<p>Many people are still very much confused when it comes to group term life insurance. In simple words, a group term life insurance can be defined as a contract that is issued to a person to cover more than one person. Usually, it is the companies or brands which opt for such group term life insurance.</p>


Types of Investment Plans

Benefits of Group Term Life Insurance Plans | Bharti AXA Life

Group Term Life Insurance Plan given by the employer to the employee offers to cover the family members of the employee. Check the benefits of Group Term Life Insurance Policy.

group term life insurance, group term life insurance policy, group term life

http://prod-cms.bhartiaxa.com/sites/default/files/2021-11/2.png

Benefits of Group Term Life Insurance Plans

<section class="blog">
<div class="blog-content">
<p>Traditional Insurance Plans primarily offer a combination of protection and <a href="https://www.bhartiaxa.com/be-smart/savings/6-features-of-savings-plans" target="_blank" title="savings benefits">savings benefits</a> to customers. Popular Traditional Insurance Plans are the <a href="/savings-plans/super-endowment-plan" target="_blank" title="Endowment Insurance Plans">Endowment Insurance Plans</a> and the <a href="https://www.bhartiaxa.com/be-smart/term/whole-life-insurance-vs-term-insurance-top-differences" target="_blank" title="Whole Life Insurance Plans">Whole Life Insurance Plans</a>. These plans broadly include features such as life insurance cover, guarantees, returns, safety and <a href="https://www.bhartiaxa.com/term-insurance/term-insurance-tax-benefits" target="_blank" title="tax benefits">tax benefits</a>. Traditional policies are considered risk-free, as they provide fixed returns in case of death or maturity of the policy. Investment guidelines given by the regulator (<a href="https://www.bhartiaxa.com/be-smart/life/new-policy-by-irdai-need-to-know-for-insurance-awareness" target="_blank" title="IRDA">IRDA</a>) also ensure safety of funds with a cap on equity investment for the underlying participating fund in which all monies are invested.</p>

<p>Here are some of the reasons that tell you how traditional <a href="/savings-plans">savings insurance plans</a> are beneficial for you:</p>
</div>
</section>

<section class="blog">
<div class="blog-content">
<div>
<ol class="bhartiaxa-order-list">
	<li>
	<h3 class="section-sub-heading">Customer comes first</h3>

	<p>In participating plans, the company can earn margins only when the customer earns margins which means the interest of the company and the customer are aligned.</p>

	<p>As per the insurance law, the company can retain only 1/10th of the profits with 9/10th of the profits being shared with the customers. This is known as the "90/10" rule (As per IRDA (Distribution of Surplus, Regulations 2002) in the insurance industry. For example: If the company makes Rs 100 as profits, Rs 90 has to be given to the customer first.</p>
	</li>
	<li>
	<h3 class="section-sub-heading">Investment risk is borne by the company instead of customer</h3>

	<p>In Unit Linked products the investment risk lies with the customer. On the other hand, in traditional participating products, this risk lies with the company. Traditional <a href="https://www.bhartiaxa.com/online-insurance-plans" target="_blank" title="Insurance Plans">Insurance Plans</a> are apt for customers who are risk averse and do not actively participate in managing the investment.</p>
	</li>
	<li>
	<h3 class="section-sub-heading">Easier to understand</h3>

	<p>Traditional participating plans offer in-built guaranteed benefits hence the 'give and get' equation is simple to comprehend. The product benefits are specified at the outset with lesser dependencies on external factors, making the product extremely simple to understand.</p>

	<p>All in all, Traditional Insurance Plans are an ideal fit for the passive investors as they provide dual benefits of guaranteed returns and protection. If your investment objective is long term savings with safety and guaranteed returns, then Traditional Insurance Plans are the best investment product for you.</p>
	</li>
</ol>
</div>
</div>
</section>


<p>Traditional Insurance Plans primarily offers a combination of protection and savings benefits to customers. Popular Traditional Insurance Plans are the Endowment Insurance Plans and the Whole Life Insurance Plans. These plans broadly include features such as life insurance cover, guarantees, returns, safety, and tax benefits.</p>


A traditional Life Insurance Plans

Demystifying Traditional Insurance Plans - Bharti AXA Life

Take a glance at a article and get to know how how traditional savings insurance plans are beneficial for you at Bharti AXA Life.

traditional insurance, traditional plan in life insurance, traditional plan in life insurance

http://prod-cms.bhartiaxa.com/sites/default/files/2021-12/085-2021.jpg

Demystifying Traditional Insurance Plans

View All

Download Brochure

Policy Bond

Life Insurance

Riders

Group Accidental Death Benefit Rider

Group Accidental Death Benefit Rider | Bharti Axa Life Insurance

This group life Accidental Death Benefit Rider offers better protection for the family, in case of loss of life of the Life Insured due to any sudden accident.

<table>
	<thead>
		<tr>
			<th>Parameter</th>
			<th>Eligibility Criteria</th>
		</tr>
	</thead>
	<tbody>
		<tr>
			<td width="301">
			<p>Minimum Group Size</p>
			</td>
			<td width="301">
			<p>50 members</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Minimum age at entry (in years)(age last birthday)</p>
			</td>
			<td width="301">
			<p>18</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Maximum age at entry(in years)(age last birthday)</p>
			</td>
			<td width="301">
			<p>65</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Maximum cover ceasing age (in years) (age last birthday)</p>
			</td>
			<td width="301">
			<p>75</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Minimum policy term(in years)</p>
			</td>
			<td width="301">
			<p>3</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Maximum policy term(in years)</p>
			</td>
			<td width="301">
			<p>30</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Premium payment term</p>
			</td>
			<td width="301">
			<p>Single</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Minimum sum assured (in Rs.)</p>
			</td>
			<td width="301">
			<p>100,000</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Maximum sum assured (in Rs.)</p>
			</td>
			<td width="301">
			<p>50,00,000</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Self Filled Questionnaire/ Medical check up</p>
			</td>
			<td width="301">
			<p>If Coverage is within the applicable underwriting limits defined as per your age, completion and signing of the Self Filled Questionnaire<br />
			If Coverage exceeds the applicable underwriting limits as per your age, based on medical check up</p>
			</td>
		</tr>
	</tbody>
</table>

<p>The maximum aggregate limit of the benefit for this Rider under all the policies for the same Life Insured shall not exceed Rs.50, 00,000.</p>

<h5>Expiry of the Rider</h5>

<p>Benefits payable under the Rider shall cease to exist, at the occurrence of earliest of the following :</p>

<ul>
	<li>When the Life Insured attains the age of 75 years; or</li>
	<li>When the Base Policy ceases to exist ; or</li>
	<li>Policy anniversary following the intimation by the policyholder in writing to discontinue the Rider; or</li>
	<li>In the event of death of the Life Insured</li>
</ul>


Who can buy?

<h5>Death caused due to an accident :</h5>

<p>Accidental Death is defined as a traumatic death caused solely by external, violent, unforeseeable and visible means, occurring independently of any other causes and within ninety (90) days of such trauma, proved to the satisfaction of the insurer</p>

<h5>Death Benefit :</h5>

<p>Under this Rider Benefit, if the Life Insured dies due to an accident, the Company shall pay the death benefit to the beneficiary. The Death Benefit is a monthly reducing Coverage calculated on the basis of Coverage, Coverage Term and an assumed interest rate.</p>

<h5>Joint Life Coverage :</h5>

<p>The co-borrower can also be covered by the benefits of this rider by paying a premium in addition to the borrower’s premium. Incase of death of any of the lives insured, the benefit will be paid to surviving Life Insured and all benefits under the Coverage would cease. The premiums can be different for substandard lives</p>

<h5>Free-look Option</h5>

<p>If the Life Insured disagrees with any of the terms and conditions of the Coverage, then he/she can return the original Certificate of Insurance along with a letter stating reasons for the objection within 15 days of the receipt date of the Certificate of Insurance in case of offline policy and within 30days of receipt of the policy in case of policy sourced through distant marketing(i.e online sales). The Coverage will be cancelled and an amount equal to the premium paid less stamp duty costs and underwriting expenses incurred by Bharti AXA Life Insurance in issuing the Coverage will be refunded to you. All your rights under the Coverage shall stand extinguished immediately on the cancellation of the Coverage under the free look option.</p>

<h5>Surrender Benefit :</h5>

<p>In case the life insured seeks to cancel the coverage after the free look period, a refund calculated as per the following formula shall be payable :</p>

<p>SVF X P X U/T, where :</p>

<p>SVF = Surrender Value Factor (as per the table given below)</p>

<p>P = Single premium paid in respect of the Coverage of a Life Insured excluding applicable tax and applicable cess</p>

<p>U = Unexpired Coverage Term (in months)</p>

<p>T = Coverage Term for the Life Insured (in months)</p>


View Details

Ask An Advisor

<p>This group life Accidental Death Benefit Rider offers better protection for the family, in case of loss of life of the Life Insured due to any sudden accident.</p>


<p>A Rider that offers better protection for the family, in case of loss of life of the Life Insured due to any sudden accident.</p>


Bharti AXA Life Group Accidental Death Benefit Rider

Your Personalized quote is one step away

Worried about where to invest your money? Our Financial Advisor will help you basis your goals!

Bharti AXA Life Group Accidental Death Benefit Rider

(UIN:130B006V02)
(ADVT NO:II-Jul-2022-4083)

4 Reasons to Buy

Expiry of the Rider

Parameter	Eligibility Criteria
Minimum Group Size	50 members
Minimum age at entry (in years)(age last birthday)	18
Maximum age at entry(in years)(age last birthday)	65
Maximum cover ceasing age (in years) (age last birthday)	75
Minimum policy term(in years)	3
Maximum policy term(in years)	30
Premium payment term	Single
Minimum sum assured (in Rs.)	100,000
Maximum sum assured (in Rs.)	50,00,000
Self Filled Questionnaire/ Medical check up	If Coverage is within the applicable underwriting limits defined as per your age, completion and signing of the Self Filled Questionnaire If Coverage exceeds the applicable underwriting limits as per your age, based on medical check up

Bharti AXA Life Group Accidental Death Benefit Rider

(UIN:130B006V02) (ADVT NO:II-Jul-2022-4083)

4 Reasons to Buy

Expiry of the Rider

Related Articles

(UIN:130B006V02)
(ADVT NO:II-Jul-2022-4083)