Insurance Plans January 27, 2021

Bharti AXA Life Grameen Jeevan Bima Yojana is a life insurance plan that provides coverage at affordable premiums, so your family can be secured financially in the event of your death. There are flexible policy and premium payment terms for you. You can also opt for a return of the premium under Bharti AXA Life Grameen Jeevan Bima Yojana if you want. It is up to the policyholder whether he/she wants to make the insurance pure protection or protection with a return of premium. Want to know more about Bharti AXA Life Grameen Jeevan Bima Yojana benefits? Read on!

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Bharti AXA Life Grameen Jeevan Bima Yojana Benefits (Pure Protection)

You can avail only of death benefits under Bharti AXA Life Grameen Jeevan Bima Yojana pure protection plan. So in case of your death, your nominee/beneficiary will be entitled to the following as per your chosen premium payment term.

Single PayRegular Pay
Highest of the following -

  1. 11X the annualized premium

  2. 125% of single premium

  3. Absolute amount assured to be paid on death

  4. Sum assured on maturity


Highest of the following -

  1. 11X the annualized premium

  2. 105% of the total paid premium as on the date of the death

  3. Absolute amount assured to be paid on death

  4. Sum assured on maturity


Note – Single pay means the one-time premium payment, while a regular pay feature means the payment of premium at regular intervals till the end of the policy term

Bharti AXA Life Grameen Jeevan Bima Yojana Benefits (Pure Protection with Return of Premium)

The plan comes with the following benefits –

Death Benefit – If the life assured dies during the policy term, the nominee/beneficiary can avail of –

Single PayRegular Pay
Highest of the following -

  1. 11X the annualized premium if the age of the life assured <=45 years or 5X the annualized premium if the life assured is more than 45 years old

  2. 125% of single premium

  3. Absolute amount assured to be paid on death

  4. Sum assured on maturity


Highest of the following -

  1. 11X the annualized premium

  2. 105% of the total paid premium as on the date of the death

  3. Absolute amount assured to be paid on death

  4. Sum assured on maturity


Maturity Benefit – At the end of the policy term, you can avail of 100% of your paid premiums exclusive of taxes, as a maturity benefit.

Eligibility for Bharti AXA Life Grameen Jeevan Bima Yojana

To purchase Bharti AXA Life Grameen Jeevan Bima Yojana, you need to meet the following –

  1. The minimum entry age should be 18 years
  2. Available policy terms are 5 and 10 years
  3. Available premium payment frequency – single pay and regular pay
  4. The maximum age at entry is 60 years for a pure protection plan and 55 years for protection with the return of a premium plan
  5. Your maximum age at maturity should be 65 years for a pure protection plan and 60-65 years for protection with a return of the premium plan
  6. The minimum sum assured is INR 10,000
  7. The maximum sum assured is INR 2 lakh
  8. The minimum premium amount is based on the minimum sum assured

Free Look on Bharti AXA Life Grameen Jeevan Bima Yojana

You will have 15 days from the date of receipt of the policy document during which you can read the policy terms and conditions. And if the policy is sourced via distance marketing, the free look period will be 30 days instead of 15 days.

On having any disagreement with Bharti AXA Life Grameen Jeevan Bima Yojana terms and conditions as stated in the policy document, you can return the same stating the reason of disagreement.

If you exercise your power of policy cancellation during the free look period, a refund of the paid premiums less the proportionate risk on cover period, medical examination and stamp duty charges.

Grace Period for Bharti AXA Life Grameen Jeevan Bima Yojana

If you have crossed the premium due date of your Bharti AXA Life Grameen Jeevan Bima Yojana, you can have a grace period of 30 days during which you can pay the due premium without any penalty interest to save yourself from a policy lapse or paid-up status.

Note – The grace period will be 15 days for monthly mode premium.

Clause for Suicide Under Bharti AXA Life Grameen Jeevan Bima Yojana

In case the life assured commits suicide within twelve months from inception or revival, nominee/beneficiary shall be entitled to 80% of the paid premiums or surrender value, whichever is high.

What Happens to Bharti AXA Life Grameen Jeevan Bima Yojana on Premium Discontinuance?

If you don’t pay your premiums within the grace period and Bharti AXA Life Grameen Jeevan Bima Yojana has acquired a surrender value, it will convert into paid-up and will affect all your policy benefits such as paid-up sum assured will be payable on death and maturity.

Paid-up sum assured = (number of premiums paid / number of premiums payable) X sum assured.

In case of death

Paid-up sum assured = (number of premiums paid / number of premiums payable) X sum assured on death.

In case of maturity

Paid-up sum assured = (number of premiums paid / number of premiums payable) X sum assured on maturity.

Note – Single pay will acquire a surrender value immediately, whereas regular pay will acquire a surrender value only on protection with a return of premium plan.

The Revival of Bharti AXA Life Grameen Jeevan Bima Yojana

You can revive your Bharti AXA Life Grameen Jeevan Bima Yojana within five years from the date of the first unpaid premium.

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