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
DualPlanOptions Flexibility TaxBenefits
Why Choose Bharti AXA Life Grameen Jeevan Bima Yojana?
It is a plan 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.
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Flexibility to opt for two plan options:
1) Pure Protection Plan Option : Offers Life Insurance cover throughout the policy term. There is no maturity benefit.
2) 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.
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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.
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No Medical Examination
The plan is available without any medical examination of the Life Insured.
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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
Death Benefit
Maturity Benefit
Dual Plan Options
No Medical Examination
Tax Benefits
How Does the Plan Work?
What Do You Gain from the Plan?
Death Benefit
In case of death of the Life Insured during the policy term, provided the policy is in force and all due premiums have been paid till the date of death, the Death Benefit will be payable to the nominee/beneficiary immediately on the death.
Death Benefit is the Sum Assured on Death which is as follows :
| Plan Option | Premium Payment Option | |
|---|---|---|
| Single Pay | Regular Pay | |
|
Pure Protection Plan option |
Sum Assured on Death is the highest of: |
Sum Assured on Death is the highest of: |
|
Protection with Return of Premium option |
Sum Assured on Death is the highest of: |
|
*Annualized Premium shall be the premium payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, underwriting extra premiums, and loadings for modal premiums, if any.
#Total Premiums paid means total of all the premiums received, excluding any extra premium, any rider premium, and taxes.
In case of the death of the Life Insured during the Grace Period, the Death Benefit after deducting the unpaid due Premium and any other amount due shall be payable and the Policy will be terminated.
In case of the death of the Life Insured while the Policy is in lapse status, no benefit shall be payable and the Policy will terminate.
Multiple Benefit
Pure Protection Plan Option
In case the Life Insured survives till the maturity of the policy and all premiums are duly paid, no Maturity Benefit is payable. The Sum Assured on Maturity is zero under this option and hence no benefit shall be payable to the Policyholder.
Protection with Return of Premium Option
In case the Life Insured survives till the maturity of the policy and all premiums are duly paid, Sum Assured on Maturity is payable. The Sum Assured on Maturity is equal to 100% of the premiums paid (exclusive of taxes) till the end of the policy term.
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.
Make your plan with ease
Pick a Plana Option
Choose one of the options, as per your financial goals.
Pure Protection Plan Option
Offers Life Insurance Plan throughout the policy term. There is no maturity benefit.
Protection with Return of Premium Option
Pure Protection Plan Option
Offers Life Insurance Plan throughout the policy term. There is no maturity benefit.
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.
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.
Term Insurance
A basic insurance plan which provides a lump sum amount to the family of the person who is insured in case of his/her unfortunate death.
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).
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**Tax benefits are in accordance to current tax laws that are subject to change from time to time.