The Group Suraksha Plan offered by Bharti AXA is a group term insurance product that carries multiple benefits at affordable premiums. This plan is a one-year renewable policy designed specially for NGOs, cooperatives and similar institutions that have their operations in the rural and social sectors of the country. An attractive feature of this product is that there is no medical underwriting required to take out this policy. In the event of the unfortunate death of the member, this policy will provide financial security to the family.
The Group Suraksha Plan is a simple policy with easy procedures. There is no medical underwriting required to take this policy. All life insurance policies have certain criteria set out that customers must meet in order to be eligible to avail the policy. Given below are the eligibility requirements of the Group Suraksha Plan:
|Minimum Entry Age||18 years|
|Maximum Entry Age||54 years|
|Maximum Age at Maturity||55 years|
|Minimum group size||15 members|
|Minimum Premium||Based on size of the group, average age and occupation of members|
|Coverage Period||1 year|
*Ages mentioned are ages last birthday
With the Group Suraksha Plan, the minimum sum assured is Rs.5,000. An organisation needs at least 15 members to be a part of this plan in order to be eligible. Listed below are the details pertaining to the sum assured and premiums of this plan:
|Minimum sum assured||Rs.5,000|
|Maximum sum assured||Rs.25,000|
|Policy term||1-year renewable|
|Premium payment frequency||Monthly, quarterly, semi-annually, or annually|
*Premiums vary based on age, location, plan term and other factors
The Bharti AXA Life Group Suraksha Plan is a group term plan designed for groups that seek a common objective of insurance. This non-participating policy offers only death benefits. The policy benefit period is for one year which is renewable annually.
|Death benefit||Upon the death of a life insured member, the beneficiary is entitled to receive the death benefit equal to the sum assured.|
|Maturity benefit||There is no maturity benefit.|
|Tax Benefits||As per the prevailing tax laws.|
There are no riders available with this plan.
If the life insured commits suicide within 1 year from the commencement of the policy, whether medically sane or insane, the policy will terminate and no benefits are payable. The company will refund at least 80% of the premiums to the nominee of the life insured.
Knowing the details mentioned in your life insurance policy document is very important. These details are mentioned in the policy document and you are advised to read it before purchasing it. Given below are some of the important features of the Bharti AXA Life Group Suraksha Plan.
|Grace Period||30 days from the premium due date.|
|Coverage Period||The coverage under this policy will start from the date of issue of the policy subject to the following: Realisation of the premium payment cheque Receipt of all documents and information of the life insured as per the format prescribed by Bharti AXA.|
|Free-look Period||The policyholder has 15 days to review the policy. If he/she disagrees with the terms and provisions, then they can return the policy along with a letter stating reasons for cancellation. The total premium will be refunded to the policyholder|
|Loan facility||Not available under this plan.|
|Surrender Value||There is no surrender option under this plan. Therefore, the plan will not acquire a surrender value at any point of time.|
|Paid-up Value||There is no surrender option under this plan. Therefore, the plan will not acquire a paid-up value at any point of time.|
|Assignment||This policy has no option of assignment.|
|Lapse||The policy will lapse on the due date or on the expiry of the grace period if the due premiums are not paid.|
|Reinstatement||A lapsed policy can be reinstated within 30 days from the first unpaid premium due date and before the expiry date of the policy.
|Termination||The policy will terminate upon the following events:
|Exit||There is no option for a life insured member to exit the policy.|
As per the prevailing tax laws in India, you can claim for tax benefits under Section 80C and Section 10(10 D) of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits. If required, the company will withhold taxes payable from the benefits paid under this policy, as per the prevailing laws.
When you choose Bharti AXA Life Insurance as your insurance provider, you can stand to benefit from the following:
Bharti AXA has earned its position in the Indian market since its inception in 2006. The company offers a wide range of insurance products and wealth management services. Bharti AXA’s foundation lies in innovation, integrity, pragmatism, professionalism, and team spirit. The insurer is a leader and preferred company for financial protection and wealth management in the country.
For cooperatives, NGOs and similar institutions operating in rural and social sectors of the country, this plan is ideal to ensure that the group members are insured. Upon the demise of an insured group member, the sum assured will be payable by the company to the beneficiary of the life insured. This policy is easy to purchase and has flexible premium payment options and sums assured that can be opted for according to the convenience and requirements of the group.
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