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Bharti AXA Life POS Saral Jeevan Bima Yojana

Bharti AXA Life POS Saral Jeevan Bima Yojana is a non-linked non-participating term insurance plan which is designed to provide life insurance cover to the family in case of death of the policyholder. The plan provides financial backup to secure your family’s future.

Features of Bharti AXA Life POS Saral Jeevan Bima Yojana

The key features of this plan are:

  • Provides death benefit as a lump sum or double the sum assured on death in case of death of the policyholder due to an accident
  • Flexibility to choose from 4 policy terms, that are 10, 15, 20 and 25 years
  • The plan is available without any medical examination of an individual
  • Premiums are eligible for Tax Deduction as per Section 80C and Section 10(10D) of the Income Tax Act, 1961

Benefits of Bharti AXA Life POS Saral Jeevan Bima Yojana

The key benefits of this plan:

Death Benefit

  • Option 1 - In case of the death (other than death due to Accident) during the waiting period of 90 days, the death benefit payable will be 100% of premiums.

  • Option 2 - In case of death (other than death due to Accident) of the policyholder during the policy term post the expiry of waiting period of 90 days, the sum assured on death will be paid to the nominee. The sum assured on death is the highest of:

  • 11 times annualized premium*

  • 105% of all premiums paid as on date of death
  • 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 plan

Annualized premium is the premium amount payable in a single year*

  • Option 3 - In case of death of the policyholder due to an accident during the policy term when no waiting period is applicable, the total death benefit payable will be equal to two times of the sum assured on death. This feature is applicable only if the death was caused directly such an accident, and independently of any physical or mental illness within 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 (120 days from the date of accident), the death benefit i.e. two times the sum assured on death will be paid immediately on death.

Eligibility Criteria

The eligibility criteria for this plan are:

ParameterEligibility Criteria
MinimumMaximum
Age at Entry 18 years55 years
Maturity Age28 years65 years
Policy Term10/15/20/25 years
Premium Payment TermRegular Pay (Same as Policy Term)
Sum AssuredRs. 50,000No such limit
PremiumDepends on Sum Assured

Policy and Premium Payment Details

The premium applicable to the policyholder depends on his/her age, premium payment term and the selected sum assured.

Mode Modal Factor
Modal Factor0.0867 of Annualized Premium
Quarterly0.26 of Annualized Premium
Semi-Annual 0.51 of Annualized Premium
AnnualNA
Premium Payment TermRegular Pay (Same as Policy Term)
Premium Payment ModeAnnual, semi- annual, quarterly & monthly*

Advance Premium - Payment of advance premium is allowed within the same financial year for the premium due in that financial year.

Additional Plan Details

  • Grace Period - The grace period for all premium payment modes is 30 days. In case of death of the policyholder during the grace period, the death benefit minus the unpaid due premium will be paid to the nominee and the policy will be terminated. This policy does not come up with a surrender option.

  • Revival Option - You can revive your lapsed policy within the revival period of five years after the due date of the first unpaid premium. For revival, it is mandatory to pay all the outstanding premiums and interest on the outstanding premiums. The current revival rate of interest is 7.13% p.a.

  • Free-Look Option - The policyholder has a period of 15 days from the date of receipt of the policy document/commencement of risk and a period of 30 days in case of online policies and policies obtained through distance marketing mode.

Documents Required

The following documents are required for this plan:

  • Application Form
  • KYC Details - Proof of ID and Address
  • Proof of Age
  • Bank Statement
  • Medical Test Report, if required
  • SIP/SI/Auto Debit/Bank Mandate Form

Why you should buy Bharti AXA Life POS Saral Jeevan Bima Yojana?

Bharti AXA Life POS Saral Jeevan Bima Yojana is a good term plan for protecting your family. Under this plan, there are multiple death benefit payout options to choose from. In addition, Bharti AXA comprises of an excellent 24x7 customer service team which facilitates easy claim settlements.

Exclusions under Bharti AXA Life POS Saral Jeevan Bima Yojana

Suicide - In case of death of the policyholder due to suicide within 12 months from the date of commencement of risk under or from the date of revival of the policy, as applicable, the nominee/beneficiary/family of the policyholder shall be paid at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death, whichever is higher.

Waiting Period - In case of death of the life insured (other than due to accident), a waiting period of 90 days will be applicable from the date of acceptance of risk.

Exclusions in case of death due to Accident - The following instances are excluded from cover:

  • Suicide or attempted suicide or self-inflicted injury
  • War, terrorism, invasion, act of foreign enemy, hostilities, civil war, martial law, rebellion, revolution, insurrection, military or usurper power, riot or civil commotion
  • Taking part in any naval, military or air force operation
  • Participating in assault, criminal offence, or illegal activity
  • Engaging in hazardous sports/entertainment/pastime activities
  • Intake of alcohol or solvent abuse or taking of drugs, narcotics or psychotropic substances
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