Group Insurance 338 views February 2, 2021

Bharti AXA Life Group Suraksha Plan can be the right fit for co-operatives, institutions and NGOs operating in rural and social sectors and wanting to secure the financial future of their members. One of the best things about this group term insurance plan from Bharti AXA Life is its simplicity and affordability. A group of a minimum of 15 members can choose this product for a policy benefit period of 1 year after which it can be renewed. On choosing this plan, families of the insured members in the group will get a sum assured in the case of the unfortunate death of the member.

Here, on this page, you can know more about the important aspects of the Bharti AXA Life Group Suraksha Plan, such as its key features, policy benefits, policy benefit period, eligibility criteria, etc. Do read to know more!

What are the Striking Features of Bharti AXA Life Group Suraksha Plan?

What are some of the exciting features of the Bharti AXA Life Group Suraksha Plan that make it one of the popular products among customers when it comes to financial security? Well, we are showing some of them below that you can check out!

  1. Members of a group can enjoy life insurance coverage on their unfortunate death. So, they don’t need to worry about their family’s future in case of such an unfortunate event.
  2. This policy from Bharti AXA Life is a one-year renewable group term insurance product which means the policy benefit term will be a maximum of 1 year that you can renew every year. It will commence from the policy date or annual renewal date for which the policy is in effect.
  3. One of the most important questions that people ask when choosing a life insurance policy is whether they will need to undergo any medical examination or not. In the case of this policy, you don’t need to present any kind of medical underwriting.
  4. If you are unable to pay the premium amount towards your policy in a single installment, you can choose to pay it in installments from the modes of annual, semi-annual, quarterly or monthly. Do remember that the premium amount will be different for standard and substandard lives under this plan.
  5. Bharti AXA Life provides a free look period of 15 (offline policy) and 30 days (online policy) within which you can return your policy along with the letter stating the reason for cancellation. The company will return the amount equal to the premium towards your policy.
  6. You can also enjoy a grace period of 30 days from the premium due date within which you can pay the premium amount without any impact on your policy benefits. If a policyholder fails to pay the premium amount even after this period, the policy will lapse.

What is the Sum Assured Amount for Bharti AXA Life Group Suraksha Plan?

In the case of Bharti AXA Life Group Suraksha Plan, you can choose a sum assured amount that the nominee or beneficiary will receive in the case of an unfortunate death. This amount can be as low as INR 5,000, while it can go up to as high as INR 25,000. Members of a group can choose the sum assured according to their convenience.

What is the Minimum Size of the Group?

Since this is a group term insurance plan, you must be thinking about how many minimum members should be in a group. Well, the size of a group seeking insurance from Bharti AXA Life should have a minimum of 15 members to choose this plan.

What is the Premium Amount?

For the Bharti AXA Life Group Suraksha Plan, the premium amount depends on several factors such as the size of the group seeking insurance, the average age of the group, and the occupation of members. After receiving the premium from individual members, the policyholder (Co-operative, NGOs, etc.) will be responsible for managing the premiums and forwarding the company in one lump sum.

What are the Benefits of Bharti AXA Life Group Suraksha Plan?

With this group term insurance plan from Bharti AXA Life, members of the group will get a death benefit, which will be the sum assured amount that the nominee will receive in case the insured members die during the policy benefit period. However, you will not get any survival benefits with this policy.

Bharti AXA Life Group Suraksha Plan Eligibility Criteria

When it comes to choosing the Bharti AXA Life Group Suraksha Plan, there are some important conditions that you need to remember. We are showing all of them below. Have a look!

  1. The minimum age for entry for the group member can be as low as 18 years, while it can be a maximum of 54 years.
  2. An individual can be as old as 55 years at the maturity of the policy

What are the Exclusions to Bharti AXA Life Group Suraksha Plan?

There are a few conditions where the group members will not get any policy benefits that we have shown below. Do check!

  1. The company will not pay any death benefits to the nominee if the life insured under the policy (whether medically sane or insane) commits suicide within one year of the policy date and dies as a result of this.
  2. In case the insured member dies due to suicide within 12 months from the date of risk commencement of the policy or the date of revival of the policy, the company will pay at least 80% of the total premiums paid till the death or surrender value as on the date of death (whichever is higher) to the nominee or beneficiary.
  3. When it comes to suicide exclusion, if any member of a group is included as a life insured on any annual renewal date, the policy date will be considered as the annual renewal date concerning that particular life insured member.

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