Group Insurance 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!

Key Highlights of the Bharti AXA Life Jan Suraksha Plan

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!

  1. One of the best benefits that this yearly renewable group term life insurance policy provides is the protection of your group members in the event of the death of the life insured. The company will provide death benefits to the nominee or beneficiary in such a condition.
  2. If you want to include your spouse in the life cover under this policy from Bharti AXA Life, you can choose it too as it provides the option of spouse cover as well.
  3. If you are someone who doesn’t like to pay the premium amount on a regular interval – monthly, quarterly or annually, you can choose to pay a single lump sum for the entire year.
  4. If you are dissatisfied with the terms and conditions of the policy, you can return the original policy within a free look period along with a letter stating the reasons for dissatisfaction. This free look period can be either 15 days (offline sales) or 30 days (online sales). The company will return the premium amount after canceling your policy.
  5. If you want to enjoy tax benefits on the lump sum premiums paid towards the policy and on the benefits received, you can get the same with this policy under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

What will be the Coverage Term?

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.

When Does the Coverage Start and When will it End?

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.

  1. The company has provided the receipt of all the particulars of the proposed Life Insured as per the prescribed format
  2. Realization of the premium cheque from the customer

Coming to the coverage end, the policy will stop on the occurrence of any of the following events that happen earlier

  1. On the expiry of the 1-year coverage term of your policy
  2. On the death of the life insured and on the death of either of the lived insured in case of coverage of joint lives insured during the policy coverage term of 1 year
  3. On cancellation of coverage if you choose to return it during the free look period
  4. On foreclosure of the loan by the life insured

What is the Coverage Amount for Bharti AXA Life Jan Suraksha Plan?

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.

What Will be the Premium Amount?

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.

What is the Death Benefit under Bharti AXA Life Jan Suraksha Plan?

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.

Bharti AXA Life Jan Suraksha Plan Eligibility Criteria

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!

  1. The age at entry can be as low as 18 years, while it can go up to 59 years.
  2. When we talk about maximum cover ceasing age, it can be 60 years for all individuals.

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