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Term Insurance 570 views April 26, 2021
Bharti AXA Life Term Rider is a non-linked non-participating term insurance plan that provides rider sum assured to the nominee in case of unfortunate death of the life insured. With this rider cover, you can get additional protection for your family at an affordable price. It helps you increase the sum assured of your base policy, helping you meet the rising expenses of your family in case of your absence. Keep reading this post to know more about the benefits of the Bharti AXA Life Term Rider Plan.
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If you die during the policy term, provided the rider policy is in force, the insurer will pay the rider sum assured to your policyholder/nominee in addition to the base policy sum assured. When the death benefit is paid to the nominee, the rider policy will terminate immediately.
You can purchase Bharti AXA Life Term Rider Plan if you meet the following –
Bharti AXA Life Term Rider Plan policy tenure is for a minimum and maximum of 5 years and 25 years, respectively. You can pay your rider premium – yearly, half-yearly, quarterly or monthly. The rider policy premium payment term is the same as the policy term. A grace period of 30 days will be provided to you after the premium due date, during which you can pay your premiums without any interest.
Under Bharti AXA Life Term Rider Plan, you’ll get a 15-day free look period from the date of receipt of the policy document to review the terms and conditions of the policy. During the free look period, if you disagree with any of the terms and conditions, you can return the original policy along with a letter stating the reason for the objection.
When the insurer receives such a cancellation request, the policy will be accordingly canceled and you’ll receive a refund of the paid premium. This refund is subject to deduction of the proportionate risk premium for the period on cover and the expenses incurred on medical examination and stamp duty charges if any.
If you have purchased Bharti AXA Life Term Rider Plan through Insurance Repository (IR), the Free Look Period will be as stated below:-
For existing e-Insurance Account: The free look period will start from the date of delivery of email confirming the credit of the insurance policy by IR.
For New e-Insurance Account: The free look period starts from the date of receipt of the ‘welcome kit’ from the IR with the e-Insurance Account (e IA) credentials, the delivery date of the email confirming the eIA account or the delivery date of the email confirming the credit of the insurance policy by the IR to the eIA, whichever is later.
Note – All rights under Bharti AXA Life Term Rider Plan shall stand extinguished on cancellation under the free look period.
Bharti AXA Life Term Rider Plan will be void if you commit suicide within a year from the date of policy inception. In such an unfortunate event, your nominee will be entitled to at least 80% of the paid premiums, provided the policy is in force.
Whereas if you commit suicide within one year from the date of the latest revival of the policy, the company shall make any one of the following payouts, whichever is higher –
If you don’t pay a premium for Bharti AXA Life Term Rider Plan, benefits under this rider policy shall lapse. And you can’t get the rider benefits during the grace period. So, to continue having Bharti AXA Life Term Rider Plan benefits, pay the due premium as soon as possible.
Bharti AXA Life Term Rider Plan can be revived as per the following conditions: