Group Insurance 376 views February 3, 2021

Bharti AXA Life Unit Linked Employee Benefits Plan can be suitable for you if you are looking to provide life insurance coverage to the members of your group along with setting a separate fund for gratuity and leave encashment benefits. One of the most exciting things about this plan is that you can choose from as many as 4 fund options according to your risk appetite. Employers who are looking to set up a new gratuity or leave encashment fund for their employees can choose this unit-linked group insurance plan.

Want to know more about this? Let’s read this page further as we will discuss its key features, benefits, eligibility criteria, etc. So, keep reading!

Striking Features of Bharti AXA Life Unit Linked Employee Benefits Plan

When planning for your employees’ gratuity and leave encashment benefits with a unit-linked plan, it is important to look at its striking features to make a better decision. So, we are showing them below. Take a look!

  1. Bharti AXA Life Unit Linked Employee Benefits Plan offers flexibility to customers when it comes to choosing the mutual fund options according to their investment needs. There are four different risk-return potentials for different types of customers — Group Equity Fund, Group Balance Fund, Group Debt Fund, and Group Liquid Fund.
  2. Besides four fund options, you will also get the flexibility to switch between these four investment funds according to your investment strategy without paying any switching charges.
  3. If you are looking to create separate funds that can fulfill your future needs, this plan from Bharti AXA Life can be a good option for you. The reason being it provides an opportunity to set up a separate fund for gratuity and leave encashment benefits. This benefit can make you free from any worries regarding the future.
  4. This unit-linked employee benefits plan also provides you the option of loyalty additions. Your policy will receive these additions on each anniversary year and accumulate at the beginning of each policy year.
  5. The policy term stands at 1-year renewable, which means you can renew the policy every year.
  6. Bharti AXA Life comes with affordable fund management charges (FMC), which stand at 0.55% per annum, for all investment funds.
  7. This plan also provides a life insurance cover in case the insured member of a group dies during the policy term. The cover amount will be INR 5,000 for all members under leave encashment, and gratuity will be payable to the nominee or beneficiary.
  8. You will also get a free look period of either 15 days or 30 days (depending on the online or offline mode), within which you can review the terms and conditions of the policy and return it if found dissatisfactory.
  9. This Bharti AXA Life plan is a non-participating policy which means it does not provide for participation in the distribution of surplus or profits declared by the company.

What is the Premium or Contribution Per Scheme for Unit Linked Employee Benefits Plan?

The minimum premium or contribution per scheme can be as low as INR 1,00,000, while there is no maximum limit decided by the company.

What can be the Minimum Number of Members?

A group seeking insurance from Bharti AXA Life with the Unit Linked Employee Benefits Plan should have a minimum of 10 members. Remember, there is no maximum limit for the group members.

Key Benefit of Bharti AXA Life Unit Linked Employee Benefits Plan

Let’s understand the key benefits of this plan from Bharti AXA Life so that you can make a better decision while choosing.

Gratuity Benefit – The company will pay the gratuity benefit by canceling the units of equal amount from the unit account at the respective Net Asset Value (NAV) if your job gets terminated due to death, resignation, retirement or disability. Also, the policy should be in force to get this benefit.

Leave Encashment Benefits – If the member is in service, he/she can enjoy this benefit on encashing the leave. The amount will be paid by the cancellation of units at the prevailing NAV if the fund value is sufficient to pay out the leave encashment benefit. A similar benefit will be paid when a member is leaving a job.

Death Benefits – The company will pay a sum assured of INR 5,000 to the nominee or beneficiary under leave encashment and gratuity if the insured member dies during the policy term (including death due to suicide). Other than this, the master policyholder will receive the gratuity or leave encashment benefit.

Maturity Benefits – If you do not renew the policy, the company will pay the fund value after deducting applicable surrender charges. However, you will not get any maturity benefits if you choose to renew the policy.

Bharti AXA Life Unit Linked Employee Benefits Plan Eligibility Conditions

There are some conditions related to the Bharti AXA Life Unit Linked Employee Benefits Plan that you need to meet to get this plan. Check out those conditions below.

  1. The minimum age at entry can be as low as 18 years for all individuals, while it can go up to 79 years
  2. On the other hand, an individual can be as old as 80 years at the time of maturity of the policy

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