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Group Insurance 568 views February 4, 2021
Business owners often tackle many financial issues, but the secret of building an organisation’s prosperity and growth lies in taking utmost care of the employees and customers. A Bharti AXA Life Group Term Insurance Plan is one of the ways to ensure the same. Using this non-linked non-participating renewable group term insurance, your employees or customers shall get hassle-free life coverage. The reason you should consider Bharti AXA Life Group Term Insurance Plan is because it offers two death benefit options, low-cost insurance, has a simple and easy administration process, and provides flexible premium payment modes such as single, half-yearly, quarterly or monthly. Want to know more about this group insurance, read this page below.
Table of Contents
Financial Security – In case of the insured employee’s death during the policy term, the nominee will receive the sum assured as specified in the certificate of insurance. In case of a joint life cover, if any one of the two insured people dies during the policy term, the company will pay the sum assured as specified in the certificate of insurance to the nominee and the second life will terminate.
Note – If there are any unpaid premiums during the term of the policy, they shall be deducted from the sum assured.
Flexible Death Benefit Payout – The master policyholder of the Bharti AXA Life Group Term Insurance Plan can choose the death benefit payout for the insured members. The following are the options for death payout –
Lump sum – The nominee will get 100% of the sum assured as on the date of death.
Lump sum + Monthly Income – First 50% of the sum assured will be paid in a lump sum as on the date of death while the rest will be payable in equated monthly installments up to 6 months.
Tax Benefits – Insured members can get tax benefits as per the Income Tax Act, 1961.
For Non-employers – Under this, there is an evident relationship between the group members (employees) and the master policyholder for services other than insurance.
For Lender – Here, the group of borrowers will get the life cover under Bharti AXA Life Group Term Insurance Plan, which will not be linked to the loan disbursed to the insured member.
Note – No new lives are added under the policy beyond 69 years of age. However, the insured member aged above 69 years can renew his/her policy till 70 years of age.
In case of death of the insured member, the nominee should report it to the master policyholder and submit the following documents –
Note – If any documentation that the company considers as material and relevant to the claim, the same should also be submitted.
In case of death of the insured member due to suicide within a year from the date of commencement of risk or revival of the policy, the nominee/beneficiary shall get 80% of the total premiums paid or the surrender value as on the date of death, whichever is higher, provided the policy is in force.