Grameen Jeevan Bima Yojana Plan
Bharti AXA Life Insurance
Our Verdict
Bharti AXA Grameen Jeevan Bima offers high coverage for rural/semi-urban areas with flexible premiums and riders like critical illness. Limited surrender value in regular/limited pay is a consideration. Ideal for those seeking substantial, accessible protection.
About the Plan
Bharti AXA Grammen Jeevan Bima Yojna is a life insurance plan designed to provide financial security to individuals in rural and semi-urban areas. Offering coverage from ₹50,00,000, it ensures long-term protection with flexible policy terms ranging from 5 to 99 years. The plan allows premium payment through Single, Limited, or Regular Pay options with monthly, half-yearly, or yearly frequencies. It covers Indian residents and NRIs, providing benefits such as accidental death coverage, critical illness riders, and total permanent disability payouts.
About the Plan
Eligibility
• Entry Age :
18 to 65 years
• Maximum Maturity Age :
99 years
• Policy Term :
5 to 99 years (Whole life option available)
• Minimum Sum Assured :
₹50,00,000
• Premium Payment Term :
Single, Limited, or Regular Pay
• Premium Payment Frequency :
Monthly, Half-Yearly, or Yearly
• Citizenship :
Indian residents and NRIs (subject to underwriting)
Eligibility
Features of the Product
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.
Maturity Benefit
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.
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.
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.
Exclusions
Death due to suicide within the first policy year is excluded, with a limited refund of premiums as per policy terms.
Pre-existing illnesses or conditions before policy issuance may not be covered.
Death or disability due to participation in hazardous activities like adventure sports, racing, or extreme professions is excluded.
Claims arising from war, terrorism, civil unrest, or military service are not covered.
Death due to drug abuse, alcohol consumption, or substance misuse is excluded.
Self-inflicted injuries or intentional harm leading to death or disability are not covered.
Death caused by criminal activities or unlawful acts is excluded.
Participation in aviation or flying activities other than as a fare-paying passenger is not covered.
Any fraudulent, misrepresented, or concealed information during policy issuance may void the coverage.
Exclusions
Accidental Death - In case of the policyholder’s accidental death, the nominee receives an extra lump sum payout along with the base sum assured. This benefit ensures enhanced financial security for the family, helping them manage unforeseen expenses due to accidental demise.
Critical Illness - The Critical Illness Rider under the Bharti AXA Grameen Jeevan Bima Yojana provides a lump sum payout if the policyholder is diagnosed with a covered critical illness. This rider helps manage medical expenses and loss of income due to severe health conditions like cancer, heart attack, kidney failure, or stroke. The payout is made upon diagnosis, regardless of actual treatment costs, ensuring financial support during difficult times
Surrender value - Single-Pay Policy: A surrender value is available after the first policy year.
Limited/Regular Pay Policy: Surrender value is available only after a minimum number of premium payments, as per policy terms.
Death benefits - In case of the policyholder’s unfortunate demise during the policy term, the nominee will receive the Sum Assured on Death, which is the highest of:
100% of the Sum Assured
10 times the Annualized Premium (for regular and limited pay)
105% of total premiums paid till the date of death
Add-ons
If you are a woman
The Female Benefits under the Bharti AXA Grameen Jeevan Bima Yojana may include special provisions for women policyholders, such as discounted premium rates, enhanced coverage for maternity-related complications, and additional financial support for critical illnesses specifically affecting women, such as breast or cervical cancer.
If you smoke
The Non-Smoker Benefits under the Bharti AXA Grameen Jeevan Bima Yojana may include lower premium rates or additional coverage for individuals who do not use tobacco.
Note :
Grace period : The grace period is 15 days for monthly mode and 30 days for annual/ semi-annual/ quarterly premium payment modes. In case of the death of the Life Insured during this period, the Death Benefit shall be payable after deducting the unpaid due Premium and the Policy will be terminated.
Free look period : The policy offers a free look period of 15 days (30 days for policies purchased online or via distance mode) from the date of receipt. During this time, the policyholder can review the terms and cancel the policy if unsatisfied, receiving a refund after deducting applicable charges.
Suicide clause : If the life assured dies by suicide within 12 months from the policy commencement or revival date, the nominee is entitled to at least 80% of the total premiums paid or the surrender value, whichever is higher. No other benefits are payable.
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About the Company
Bharti was founded in 1976, by Sunil Bharti Mittal. The company has started its journey in the business of manufacturing bicycle parts. It has evolved into one of the most prominent conglomerates in business groups in India. The group has created world class businesses such as telecommunications, insurance, food.
Bharti AXA life insurance is a joint venture between Bharti enterprises and AXA was established in 2006, the joint venture focuses on offering a variety of policies including traditional, term, unit linked and saving plans.
Bharti AXA General insurance: It is another entity under the joint venture focusing on general insurance products such as health, travel and home insurance.