Group Insurance 341 views February 1, 2021

Bharti AXA Life Group Term Micro Insurance Plan is a comprehensive group micro term insurance plan that can be suitable for you if you are looking to protect the financial lives of your members or customers. This is a non-linked non-participating life insurance plan with which you can get two death benefit payout options so that your members always get the necessary financial support all the time.

One of the best things about this plan is that you can customize this plan according to your organization and members’ requirements. Want to know more about this plan? Well, on this page, we will discuss some of its key features, benefits, death payout options, etc. Keep reading to know more!

Why Should You Go for Bharti AXA Life Group Term Micro Insurance Plan?

What are those key features with which your members can enjoy their lives peacefully without worrying about the finances with Bharti AXA Life Group Term Micro Insurance Plan? Well, it’s important to understand them better before choosing this plan. That’s why we are showing them below. Please do check!

  1. One of the best features of the Bharti AXA Life Group Term Micro Insurance Plan is that organization provides the overall insurance cover to a large group at an affordable cost. So, you don’t need to worry about the cost when you are going to protect the life of your members.
  2. With this policy from Bharti AXA Life, you will get to enjoy hassle-free insurance coverage that can be chosen by a simple and easy administration process.
  3. When you provide the group term insurance plan to your members or customers, their families will get the much-needed financial support in case of an unfortunate demise. This will ensure that your members don’t need to worry about their financial security in case they are not around.
  4. Coming to the Death Benefit Payout option, you will get the flexibility to choose between lumpsum or lumpsum plus monthly income. With the lump sum plus monthly income option, you will get 50% of the death benefit as a lump sum amount and the remaining 50% will be provided on a monthly basis over a period of 6 months.
  5. You can also choose from different options when it comes to premium payment modes. These modes can be a single payment, annual, semi-annual, quarterly, or monthly.
  6. The tax benefit is also one of the key features of this plan from Bharti AXA Life as individuals can enjoy these benefits on the premium paid and death benefit payout under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
  7. You will also get to enjoy a free look period of 15 days from the inception of the policy for both cases where the master policyholder is paying the premium amount and where the insured member is paying the premium.

What Will be the Policy and Premium Payment Term?

In the case of Bharti AXA Life Group Term Micro Insurance Plan, there are different kinds of policy term that you can choose according to the premium payment term. The first option is the One Year Renewable term that you can renew t after one year. The other option is the Fixed Policy Term. Within this option, if you are choosing Regular Pay, the policy term can range from 2 to 5 years that will be in multiples of one year. On the other hand, if you are choosing Single Pay, the policy term can be 1 month to 60 months that will in the multiples of one month.

Talking about the premium payment term, it can be One Year Renewable Term or Regular Payment, or Single Payment. You can also choose to pay the premium in different frequencies that we are showing below.

FrequencyModal Factors
Annual1
Semi-annual0.51
Quarterly0.26
Monthly0.0867

What is the Sum Assured for Bharti AXA Life Group Term Micro Insurance Plan?

In the case of this Group Term Insurance Plan from Bharti AXA, you can choose a sum assured amount according to your needs that can be as low as INR 5,000, while it can be as high as INR 2,00,000.

What can be the Minimum Group Size for Bharti AXA Life Group Term Micro Insurance Plan?

When you choose this plan from Bharti AXA Life, you can choose a group that can have a minimum of 5 members.

Bharti AXA Life Group Term Micro Insurance Plan Benefits

You can enjoy a wide range of benefits when you choose Bharti AXA Life Group Term Micro Insurance Plan. We are showing them below. Do check!

Death Benefit

The death benefit can be of two types in the case of Single Life and Joint Life option. Let’s talk about the single life option first. In case of the unfortunate demise of the insured member, the company will pay a sum assured to the nominee if all the premium have been paid. Coming to the joint life option, in case of the first death of two lives, the company will pay a sum assured to the beneficiary or nominee. Other than this, the coverage for the second life will be terminated.

Maturity Benefit

You will not get maturity benefits if an individual manages to survive the end of the policy term on this Bharti AXA Life Group Term Micro Insurance Plan.

Bharti AXA Life Group Term Micro Insurance Plan Eligibility Criteria

We are showing all the eligibility conditions related to Bharti AXA Life Group Term Micro Insurance Plan that you should know before choosing this plan. Have a look below!

  1. The minimum entry age stands at 18 years, while the maximum entry age can be as high as 69 years.
  2. The maximum maturity age can be as high as 70 years.

People Also Read