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Bharti AXA Life Group Term Micro Insurance Plan

(UIN 130N099V01)
(ADVT II-Aug-2020-2315)

A comprehensive group micro term insurance plan, which ensures your members/customers can stay peacefully without any worry about life’s eventualities. The plan provides the flexibility of two death benefit payout options to ensure adequate financial support.

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4 Reasons to Buy
  • Low cost Insurance coverage: The plan provides insurance cover at low cost to a large group.

  • Death Benefit Payout Option: You have the flexibility to choose Death Benefit Payout option as Lumpsum or Lumpsum plus Monthly Income.
  • Flexible premium payment modes: Option of paying premium in single, annual, semi - annual, quarterly or monthly modes
  • Tax Benefits: You can enjoy Tax benefits on the Premiums paid and pay-out benefits received. The Tax benefits fall under Income Tax Act, 1961. They are subject to change as per change in tax laws from time to time.

Minimum Entry Age

18 years

Maximum Entry Age

69 years

Maximum Maturity Age

70 years

Minimum Sum Assured

Rs. 5,000

Maximum Sum Assured

Rs. 2,00,000

Policy Term

One Year Renewable Term: 1 year (Annually Renewable)

Fixed Policy Term:

  • Regular Pay: 2 – 5 years (Term will be in multiples of one year)
  • Single Pay: 1 month – 60 months (Term will be in multiples of one month)

Premium Payment Term

One Year Renewable Term/ Regular Pay/ Single Pay

Premium Frequency

Fixed Policy Term:

  • Single
  • Regular - Annual/ Semi-Annual/ Quarterly/ Monthly
One Year Renewable Term – Annual/ Semi-Annual/ Quarterly/ Monthly

Minimum Group Size

5 members

1. Death Benefit:
  • Single Life – In the event of death of the Insured Member, provided all due premiums till the date of death have been paid and the coverage is in force, the company will pay sum assured as specified in the certificate of insurance to the nominee(s)/beneficiary(ies).
  • Joint Life – In case of Joint Life coverage, in case of first death of the two lives, provided all due premiums till the date of death have been paid and the coverage is in force, the Company shall pay sum assured as specified in the Certificate of Insurance to the Beneficiary(ies)/ Nominee(s) and the coverage for the second life shall be terminated.

    In Joint Life coverage only spouses of the members will be covered. This option shall be selected by the Master Policyholder at inception and if selected shall be available for all members of the group. The Sum Assured for spouse will be equal to the Sum Assured of the member.
2. Death Benefit Payout Options

The Master Policyholder may choose to enable the death benefit payout option for individual members at inception of the policy. If enabled, members will have the option to choose between the death benefit payouts. In case the option is not enabled by the Master Policyholder, default payout will be Lumpsum.

Under Death Benefit Payout option, the following options can be selected:

  • Lumpsum : Under this option, 100% of the Death Benefit will be paid immediately on death as lumpsum to the nominee(s)/beneficiary(ies).
  • Lumpsum plus Monthly Income : Under this option, 50% of the Death Benefit will be paid immediately on death as lumpsum and the balance 50% of the Death Benefit will be paid to the nominee(s)/beneficiary(ies) over a period of 6 months where each equal monthly installment is calculated as per the below formula.

    Monthly Installment = Sum Assured x 50% x (1/6) x 1.02

    The monthly instalments will be starting from monthly policy anniversary immediately following the date of death.
3. Maturity Benefit:

No maturity benefit is payable under this plan.

4. Tax Benefits:

Tax benefits may be available as per prevailing tax laws