According to data released by the National Informatics Centre (NIC), India sees close to 2 lakh accidents each year. While some of these lead to injuries, others tend to be much more and will lead to fatalities. This is one of the reasons why having an accidental benefit rider on top of a life insurance policy becomes important. The Accidental Death Benefit Rider offered by Bharti AXA allows a policyholder to provide their family members with an additional layer of financial protection, in case the person insured succumbs to an accident.
This policy is available for marginally lower premiums and provides coverage for the same period as the base plan.
Any individual with a Bharti AXA life insurance policy can choose to add this rider onto their plan, provided that they pay a small premium. To get this policy, however, there are a few criteria that need to be met. You will find them mentioned below:
|Minimum Age at Entry||18 years|
|Maximum Age at Entry||65 years|
|Minimum Group Size||50 members|
|Plan Type||Group Accidental Death Benefit Rider|
Sum Assured: Sum Assured is the amount an individual’s nominees will receive if he/she succumbs due to an accident. Here’s what the Sum Assured looks like under this rider:
|Minimum Sum Assured||Rs.1 lakh|
|Maximum Sum Assured||Rs.50 lakh|
Premium Range: You will find the premium range for this policy mentioned below:
|Premium Payment Term||Single|
|Minimum Policy Term||3 years|
|Maximum Policy Term||30 years|
Note: Premiums may vary depending on the age, location, plan term, and other factors pertaining to the policyholder and the type of organisation.
The Bharti AXA Accidental Death Benefit Rider comes with a few coverage offerings. They are mentioned below:
|Death Benefit||The ADB rider is liable to pay a Death Sum Assured to a member’s nominees, in case the person dies due to an accident. Note that the death needs to happen within 90 days of the accident for the benefit to be paid. This benefit is a monthly reducing coverage which is calculated based on coverage, terms, and prevailing interest rates.|
|Joint Life Cover||This policy allows a co-borrower to be added into the plan, provided that they pay a small premium. If a life insured dies, the benefit will be paid to the surviving life insured after which the policy will cease to exist.|
There are a few exclusions under this rider, wherein the occurrence of such instances will void the policy. Here’s a list of all the exclusions under this policy:
This plan comes with several other key features. They are as follows:
|Free Look Period||If the policyholder does not find the policy term agreeable, he/she can choose to return the policy within a period of 15 days by stating a valid reason for the same. Upon receiving such a request, the insured will deduct any charges relating to stamp duty and underwriting from the premium paid before refunding the same.|
|Surrender Benefit||If the person insured wants to surrender their policy, a refund will be calculated based on this formula:
(Surrender Value Factor*Premiums Paid excluding taxes *Unused Coverage Terms)/Total Coverage Term chosen by the Person Insured.
Surrender Value Factor differs depending on the term and age of the person insured.
The Bharti Axa Life Accidental Death Benefit Rider Plan offers tax benefits based on the prevailing tax rules. Here’s what they look like at present:
Here are a few reasons why you should opt for Bharti Axa’s Accidental Death Benefit Rider: