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.
The key features of this plan are:
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*
Annualized premium is the premium amount payable in a single year*
The eligibility criteria for this plan are:
Parameter | Eligibility Criteria | |
Minimum | Maximum | |
Age at Entry | 18 years | 55 years |
Maturity Age | 28 years | 65 years |
Policy Term | 10/15/20/25 years | |
Premium Payment Term | Regular Pay (Same as Policy Term) | |
Sum Assured | Rs. 50,000 | No such limit |
Premium | Depends on Sum Assured |
The premium applicable to the policyholder depends on his/her age, premium payment term and the selected sum assured.
Mode | Modal Factor |
---|---|
Modal Factor | 0.0867 of Annualized Premium |
Quarterly | 0.26 of Annualized Premium |
Semi-Annual | 0.51 of Annualized Premium |
Annual | NA |
Premium Payment Term | Regular Pay (Same as Policy Term) |
Premium Payment Mode | Annual, 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.
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.
The following documents are required for this plan:
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.
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: