Why Choose Bharti AXA Life POS Saral Jeevan Bima Yojana?

It is a plan that is simple and easy to understand. The plan provides life insurance coverage in case of an unfortunate death so as to provide financial backup to secure your family’s future. One of the key features of the plan is that it does not require any medical examination of the life insured.

  • Double Sum Assured on Accidental Death

    The plan offers a sum assured on death as a lump sum on the death of the Life Insured other than due to accident and double the sum assured on death in case of death due to an accident.

  • No Medical Examinations

    The plan is available without any medical examination of the life insured.

  • Flexibility to Choose Policy Term

    You get the flexibility to choose from 4 policy terms, which are 10, 15, 20, and 25 years.

  • Tax Benefits

    You may be eligible for 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

Lumpsum Death Benefit

No Medical Examinations

Quick Issuance

Flexible Policy Terms

Tax Benefits**

Double Sum Assured on Accidental Death

How Does the Plan Work?

 

Following case study will help you understand the plan a little better :

 

Vijay, 30 years old, is looking for a Life Insurance plan that would ensure he is covered against any unforeseen events and in case of any eventualities, his wife and daughter are well protected against any financial uncertainty.

 

Vijay decides to purchase Bharti AXA Life POS Saral Jeevan Bima Yojana for a policy term of 10 years for which he has to pay premium for 10 years.

 

He chooses a sum assured of Rs. 5,00,000, he has to pay an annual premium of Rs. 1,465 (exclusive of applicable taxes).

 

In case of Vijay's death during the policy term, his nominee would receive benefits as given below:

 

First Scenario

 

Death Benefit (other than death due to Accident) during Waiting Period of 90 days.

 

In case of Vijay's unfortunate death (other than death due to Accident) during the Waiting Period of 90 days, the Death Benefit payable will be 100% of premiums paid (exclusive of applicable taxes) till the date of death, that is, Rs. 1,465.

 

In case of Vijay's unfortunate death (other than death due to Accident) during the Waiting Period of 90 days, the Death Benefit payable will be 100% of premiums paid (exclusive of applicable taxes) till the date of death, that is, Rs. 1,465.

 

Second Scenario

 

Death Benefit (other than death due to Accident) after Waiting Period of 90 days.

 

In case of Vijay's unfortunate death (other than death due to Accident) after the Waiting Period of 90 days, the Death Benefit payable will be the Sum Assured on Death, that is, Rs. 5,00,000.

 

Third Scenario

 

Death Benefit (death due to Accident) – No Waiting Period is applicable

 

In case of Vijay's unfortunate death due to Accident, the total Death Benefit payable will be equal to two times the Sum Assured on Death, that is, Rs. 10,00,000.

 

Benefits Payable Death Benefit
Death Benefit (other than death due to Accident) – During Waiting Period of 90 days Rs. 1,465 (i.e., 100% of premiums paid till the date of death (excluding any taxes))
Death Benefit (other than death due to Accident) – After Waiting Period of 90 days Rs. 5,00,000
Death Benefit (death due to Accident) – No Waiting Period is applicable Rs. 10,00,000

 

What Do You Gain from the Plan?

Maturity Benefit

No benefit will be payable on maturity

Death Benefit

In case of death of the Life Insured during the policy term, provided the policy is in force and all due premiums till the date of death have been paid, the Death Benefit will be payable immediately on death.

Death Benefit (other than death due to Accident) :

During Waiting Period of 90 days: Upon death of the Life Insured, provided the Policy is in-force and all due premiums till the date of death have been paid, the Death Benefit payable will be 100% of premiums paid till the date of death, exclusive of applicable taxes. The Sum Assured on Death as defined below in Section B shall not be payable in such scenario.

Death Benefit (other than death due to Accident) :

After Waiting Period of 90 days: Upon death of the Life Insured, provided the Policy is in-force and all due premiums till the date of death have been paid; the Death Benefit payable will be Sum Assured on Death, which is the highest of :

  • 11 times Annualized Premium*; or
  • 105% of all premiums paid as on date of death; or
  • Absolute amount assured to be paid on death equal to the sum assured under the policy
  • Sum assured on maturity which is zero under this product

*Annualized premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwritting extra premiums and loading for model premiums, if any.

Death Benefit (death due to Accident) – No Waiting Period is applicable :

In case of the death of the Life Insured due to Accident during the Policy Term, the total Death Benefit payable will be equal to two times of the Sum Assured on Death (as defined above in 1(b)) provided such death was caused directly by such Accident and independently of any physical or mental illness within one hundred twenty (120) days of the date of Accident.

If the Accident occurs during the Policy Term and the death due to the said Accident happens after the expiry of the Policy Term (but within 120 days from the date of Accident), the Death benefit i.e. two times the Sum Assured on Death (as defined above in 1(b)) will be payable immediately on Death. No benefits are payable, if the death is due to the scenarios mentioned under Terms and Conditions - “Exclusions in case of death due to Accident”.

Accident here means a sudden, unforeseen and involuntary event caused by external, visible and violent means.

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.

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.

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.