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Insurance Plans India 672 views 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!
Table of Contents
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 Pay | Regular Pay |
---|---|
Highest of the following -
| Highest of the following -
|
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
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 Pay | Regular Pay |
---|---|
Highest of the following -
| Highest of the following -
|
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.
To purchase Bharti AXA Life Grameen Jeevan Bima Yojana, you need to meet the following –
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.
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.
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.
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.
You can revive your Bharti AXA Life Grameen Jeevan Bima Yojana within five years from the date of the first unpaid premium.