Bharti AXA Life Grameen Jeevan Bima Yojana

(UIN:130N098V01)
(ADVT NO:II-June-2020-2285)

A Non-Linked, Non-Participating Life Term Micro Insurance Plan which is designed to provide Life Insurance cover in case of death. The plan also offers a return of premium option where 100% of the premiums paid are returned at the end of the policy term as a lump sum.

4 Reasons to Buy

  • Flexibility to opt for two plan options: 
    a. Pure Protection Plan Option – Offers Life Insurance cover throughout the policy term. There is no maturity benefit.
    b. Protection with Return of Premium Option – Offers Life Insurance cover throughout the policy term. On survival till the maturity of the policy, 100% of the premiums paid would be returned.
  • Flexibility in Policy Term/Premium Payment Terms: The product offers the choice of 2 policy terms – 5 years and 10 years. You can choose to pay the premiums once or for the complete duration of the policy term.
  • No medical examination: The plan is available without any medical examination of the Life Insured.
  • Tax benefits: You may be eligible for tax benefits on the premiums paid as well as the benefits received as per the prevailing tax laws. The tax benefits are subject to change as per change in tax laws from time to time.

Plan Details

How Does the Product Work?

Mukesh, a 35-year-old, is worried about the uncertainties in life and realizes the need for protection. He wants to ensure that his family’s needs are taken care of in case of his death and wants an insurance solution to this.

How does the plan work?

Mukesh, a 35-year-old, is worried about the uncertainties in life and realizes the need for protection. He wants to ensure that his family’s needs are taken care of in case of his death and wants an insurance solution to this.

 

Scenario 1:

Mukesh decides to purchase Bharti AXA Life Grameen Jeevan Bima for a policy term of 10 years regular pay and opts for the ‘Pure Protection’ plan option.

He wants a Sum Assured of Rs. 1,00,000 for which he pays a premium of Rs. 208 p.a. (exclusive of taxes)

In the case of Mukesh's death during the policy term, his family would receive the death benefit of Rs. 1 Lac immediately.

In case Mukesh survives till the maturity of the policy, no benefit would be paid.

 

Scenario 2 :

Mukesh decides to purchase Bharti AXA Life Grameen Jeevan Bima for a policy term of 10 years regular pay and opts for ‘Protection with Return of Premium’ plan option.

He wants a Sum Assured of Rs. 1,00,000 for which he pays a premium of Rs. 3,015 p.a. (exclusive of taxes)

In the case of Mukesh's death during the policy term, his family would receive the death benefit of Rs. 1 Lac immediately.

In case Mukesh survives till the maturity of the policy, sum assured on Maturity equal to Rs. 30,150 (100% of the premiums paid (exclusive of taxes) for 10 years) will be payable.

The above example is for illustration purposes only.

Parameter Eligibility Criteria
  Pure Protection Option Protection with Return of Premium Option

Minimum age at entry

18 years

Policy Term

5 years

10 years

5 years

10 years

Premium Payment Option

Single Pay/Regular Pay

Single Pay/Regular Pay

Single Pay

Single Pay/Regular Pay

Maximum age at entry (in years)

60

55

55

Maximum age at maturity (in years)

65

60

65

Minimum Sum Assured (Rs.)

Rs 10,000

Maximum Sum Assured (Rs.)

Rs 2,00,000

Premium Payment Modes

Single, Annual, semi- annual, quarterly* & monthly*

Minimum Premium

Based on the minimum Sum Assured