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Group Insurance 603 views February 2, 2021
Bharti AXA Life Jan Suraksha Plan is a one-year renewable term group insurance plan specially designed for micro-financial institutions that offer small-ticket loans to self-employed individuals, NGOs, or the same kind of institutions that work towards uplifting the economically weaker section of society. With this insurance plan, the microfinance institution or any similar organization that provides small-ticket loans to individuals can be the policyholders. You would want to know other aspects of this policy. Well, on this page, we will discuss its key features, benefits, coverage term, eligibility conditions, etc. Do read to know more!
Table of Contents
Before choosing Bharti AXA Life Jan Suraksha Plan, you must know its key features so that you can make a better decision. We are showing them below. Please check!
As we mentioned earlier in the key features, this policy is a yearly renewable policy. It means that the coverage term will be 1 year, and you can renew the policy every year until the maximum cover ceasing age is fixed by Bharti AXA Life.
Now that you know about the coverage term, you would want to know when it starts and when it ends. Well, let’s talk about the starting first. All the eligible individuals will start getting coverage with effect from the policy issuance date and subject to the following.
Coming to the coverage end, the policy will stop on the occurrence of any of the following events that happen earlier
In the case of Bharti AXA Life Jan Suraksha Plan, the minimum coverage amount can be as low as INR 2,000, while there is no limit on the maximum coverage amount. The company will make the final decision regarding this.
The premium amount depends on several factors such as the entry age of an individual, gender, and sum assured of the life insured. Also, the premium rates will be different for standard and substandard lives.
If a policy is in force, the company will pay a death benefit to the nominee or beneficiary in case the life insured dies or in the case where either of the insured persons dies (in case of spouse cover option). Do remember that this death benefit will be equal to the coverage amount provided to the life insured.
If you have chosen the Spouse Cover Option, the policy will terminate after the payment of the death benefit of either of the insured lives.
There are some conditions that an individual will need to fulfill to be eligible for Bharti AXA Life Jan Suraksha Plan. We are showing them below. Have a look!