Group Insurance February 3, 2021

One of the ways to get the best of your organization’s members is to provide them an environment where they are assured of their family’s future. Bharti AXA Life Smart Bima Plan can help ensure the same as this one-year renewable group term insurance plan provides a death benefit to the families of your organization’s members in case they die. One of the best things is the flexibility to pay the premium in monthly installments if someone is unable to pay annually.

We’ll discuss the key features, the sum assured options, eligibility and several other details related to Bharti AXA Life Smart Bima Plan. Read further to know more!

Striking Features of the Bharti AXA Life Smart Bima Plan

Before securing the future of your members, it is essential to look at the key features of a plan that you are going to have. Keeping your needs in the first place, we are showing some of the striking features of the Bharti AXA Life Smart Bima Plan below. Have a look!

  1. One of the best things about the Bharti AXA Life Smart Bima Plan is its one-year renewability. It means an individual can easily renew his or her insurance after a policy benefit period of 1 year.
  2. This group term insurance from Bharti AXA Life is made with a combination of innovative features keeping in mind the customers’ requirements. On the death of the life insured, the company will pay a sum assured to the nominee or beneficiary. The best thing is an individual can ensure this by paying a small premium amount.
  3. Members taking this insurance policy only need to provide a medical declaration of their good health and don’t need to undergo any pre-medical screening.
  4. If you are someone who feels you might struggle to pay the premium amount annually, you can do so in monthly installments too.
  5. This policy from Bharti AXA Life also provides a grace period of 15 days from the premium due date for monthly installment policies. You can pay the premium within this period to save your policy from being lapsed.
  6. Bharti AXA Life Smart Bima Plan also provides a free look period within which members or policyholders can return the policy in case the terms and conditions are not acceptable to them. In case the policyholder is paying the premium, the free look period can be 15 days (offline policy) or 30 days (online policy). On the other hand, if the insured member is paying the premium, the free look will be within 15 days of receipt of the policy certificate.
  7. You can also enjoy tax benefits on the premium paid and maturity benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.

Let’s Look at Sum Assured Options

You can choose a sum assured option ranging from as low as INR 5,000 and to as high as INR 5,00,000 per life insured.

Groups That are Eligible for Insurance Under this Plan

A Non-employer-employee group can choose this group insurance plan where a member and group policyholder holds a clear relationship for services other than insurance. In the case of the lender-borrower group, the life cover under this policy will not be attached to the loan provided to the member.

Let’s Understand the Benefits of Bharti AXA Life Smart Bima

What are those benefits that members of a group can enjoy under the Bharti AXA Life Smart Bima Plan? We are discussing them below. Please check!

Death Benefit – If the life insured dies during the policy term, the company will pay an amount equal to the sum assured to the nominee or beneficiary. If there are any unpaid premiums during the policy term, they will be deducted from the sum assured. Also, each life insured person will be eligible for a single claim under the policy.

Maturity and Surrender Benefit – This policy from Bharti AXA Life doesn’t provide any maturity and surrender benefit to the members of a group.

Bharti AXA Life Smart Bima Plan Eligibility Criteria

You should also know the eligibility criteria of the Smart Bima Plan. We are showing them below. Please check!

  1. The minimum entry age for a member can be 18 years, while the maximum can go up to 50 years. Do remember that no new lives above 50 years of age can be added to the group under the insurance plan.
  2. The maximum age at maturity can be 55 years. It means individuals above 50 years of age can renew their policies till the age of 55 years.
  3. A new member can join the group seeking insurance at any time during the coverage term provided he/she fulfills the eligibility criteria.

Suicide Exclusion Under the Bharti AXA Life Smart Bima Plan

The nominee or beneficiary will receive at least 80% of the total premiums paid till the date of death or the available surrender value as on the date of death (whichever is higher) if the insured member dies due to suicide within 12 months from the date of commencement of risk under the policy or the date of policy revival.

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