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.

  • 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.

  • 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 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?

 

Let’s take a look at this case study :

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.

The above example is for illustration purposes only.

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 Term 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.

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:

1. 11 times of Single Premium 
2. 125% of Single Premium
3. Absolute amount assured to be paid on death equal to Sum Assured
4. Sum Assured on Maturity

Sum Assured on Death is the highest of:

1. 11 times of Annualized Premium*
2. 105% of Total Premiums paid# as on date of death
3. Absolute amount assured to be paid on death equal to Sum Assured
4. Sum Assured on Maturity

Protection with Return of Premium option

Sum Assured on Death is the highest of:

1. 11 times of Single Premium (for age <= 45 years) / 5 times of Single Premium (for age > 45 years)
2. 125% of Single Premium
3. Absolute amount assured to be paid on death equal to Sum Assured
4. Sum Assured on Maturity

*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).

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