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Bharti AXA Life Grameen Jeevan Bima Yojana

(UIN:130N098V01)
(ADVT II-June-2020-2285)

A Non-Linked, Non-Participating Life Term Micro Insurance Plan which is designed to provide Life Insurance cover in case of death. The plan also offers a return of premium option where 100% of the premiums paid are returned at the end of the policy term as a lump sum.

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4 Reasons to Buy
  • Flexibility to opt for two plan options:
    a. Pure Protection Plan Option – Offers Life Insurance cover throughout the policy term. There is no maturity benefit.
    b. Protection with Return of Premium Option – Offers Life Insurance cover throughout the policy term. On survival till the maturity of the policy, 100% of the premiums paid would be returned.
  • Flexibility in Policy Term/Premium Payment Terms: The product offers the choice of 2 policy terms – 5 years and 10 years. You can choose to pay the premiums once or for the complete duration of the policy term.
  • No medical examination: The plan is available without any medical examination of the Life Insured.
  • Tax benefits: You may be eligible for tax benefits on the premiums paid as well as the benefits received as per the prevailing tax laws. The tax benefits are subject to change as per change in tax laws from time to time.

Plan Details

How Does the Product Work?

Mukesh, a 35-year-old, is worried about the uncertainties in life and realizes the need for protection. He wants to ensure that his family’s needs are taken care of in case of his death and wants an insurance solution to this.

How does the plan work?

Mukesh, a 35-year-old, is worried about the uncertainties in life and realizes the need for protection. He wants to ensure that his family’s needs are taken care of in case of his death and wants an insurance solution to this.


Scenario 1:

Mukesh decides to purchase Bharti AXA Life Grameen Jeevan Bima for a policy term of 10 years regular pay and opts for the ‘Pure Protection’ plan option.

He wants a Sum Assured of Rs. 1,00,000 for which he pays a premium of Rs. 208 p.a. (exclusive of taxes)

In the case of Mukesh's death during the policy term, his family would receive the death benefit of Rs. 1 Lac immediately.

In case Mukesh survives till the maturity of the policy, no benefit would be paid.


Scenario 2 :

Mukesh decides to purchase Bharti AXA Life Grameen Jeevan Bima for a policy term of 10 years regular pay and opts for ‘Protection with Return of Premium’ plan option.

He wants a Sum Assured of Rs. 1,00,000 for which he pays a premium of Rs. 3,015 p.a. (exclusive of taxes)

In the case of Mukesh's death during the policy term, his family would receive the death benefit of Rs. 1 Lac immediately.

In case Mukesh survives till the maturity of the policy, sum assured on Maturity equal to Rs. 30,150 (100% of the premiums paid (exclusive of taxes) for 10 years) will be payable.

The above example is for illustration purposes only.

Parameter Eligibility Criteria
Pure Protection Option Protection with Return of Premium Option

Minimum age at entry

18 years

Policy Term

5 years

10 years

5 years

10 years

Premium Payment Option

Single Pay/Regular Pay

Single Pay/Regular Pay

Single Pay

Single Pay/Regular Pay

Maximum age at entry (in years)

60

55

55

Maximum age at maturity (in years)

65

60

65

Minimum Sum Assured (Rs.)

Rs 10,000

Maximum Sum Assured (Rs.)

Rs 2,00,000

Premium Payment Modes

Single, Annual, semi- annual, quarterly* & monthly*

Minimum Premium

Based on the minimum Sum Assured

1. Death Benefit :

In case of death of the Life Insured during the policy term, provided the policy is in force and all due premiums have been paid till the date of death, the Death Benefit will be payable to the nominee/beneficiary immediately on the death.

Death Benefit is the Sum Assured on Death which is as follows -

Plan Option Premium Payment Option
Single Pay Regular Pay

Pure Protection Plan option

Sum Assured on Death is the highest of:

1. 11 times of Single Premium
2. 125% of Single Premium
3. Absolute amount assured to be paid on death equal to Sum Assured
4. Sum Assured on Maturity

Sum Assured on Death is the highest of:

1. 11 times of Annualized Premium*
2. 105% of Total Premiums paid# as on date of death
3. Absolute amount assured to be paid on death equal to Sum Assured
4. Sum Assured on Maturity

Protection with Return of Premium option

Sum Assured on Death is the highest of:

1. 11 times of Single Premium (for age <= 45 years) / 5 times of Single Premium (for age > 45 years)
2. 125% of Single Premium
3. Absolute amount assured to be paid on death equal to Sum Assured
4. Sum Assured on Maturity

*Annualized Premium shall be the premium payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, underwriting extra premiums, and loadings for modal premiums, if any.

#Total Premiums paid means total of all the premiums received, excluding any extra premium, any rider premium, and taxes.

In case of the death of the Life Insured during the Grace Period, the Death Benefit after deducting the unpaid due Premium and any other amount due shall be payable and the Policy will be terminated.

In case of the death of the Life Insured while the Policy is in lapse status, no benefit shall be payable and the Policy will terminate.

2. Maturity Benefit

a. Pure Protection Plan option: In case the Life Insured survives till the maturity of the policy and all premiums are duly paid, no Maturity Benefit is payable. The Sum Assured on Maturity is zero under this option and hence no benefit shall be payable to the Policyholder.

b. Protection with Return of Premium option: In case the Life Insured survives till the maturity of the policy and all premiums are duly paid, Sum Assured on Maturity is payable. The Sum Assured on Maturity is equal to 100% of the premiums paid (exclusive of taxes) till the end of the policy term.

Sum Assured (Rs.) Age at entry (years)Age at entry (years) Premium Amount (Rs.)#
Single Premium Regular Premium
Policy Term – 5 years Policy Term – 5 years

10,000

30

85

20

40

134

32

45

206

49

#Premium amount is for Pure Protection Option and is exclusive of taxes.