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Bharti AXA Life Group Suraksha Plan

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.

Eligibility - Who is the Bharti AXA Life Group Suraksha Plan for?

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:

Particulars Details
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

Sum Assured and Premium Range - What you get and what the Bharti AXA Life Group Suraksha Plan costs?

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:

Particulars Details
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

Plan Coverage - What the Bharti AXA Life Group Suraksha Plan covers?

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.

Benefits Details
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.

Riders / Add-On Plans – Additional coverage under the Bharti AXA Life Group Suraksha Plan:

There are no riders available with this plan.

Exclusions - What the Bharti AXA Life Group Suraksha Plan doesn’t cover?

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.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

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.

Features Details
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.
  • All unpaid premiums + interest needs to be paid.
  • Satisfactory evidence of insurability is required for all lives insured if the reinstatement is done after 6 months since the due date of the first unpaid premium.
Termination The policy will terminate upon the following events:
  • Date specified in a written notice submitted by the policyholder
  • Annual renewal date if premiums are not paid for renewal
  • In case of any misconduct or contravention of the provisions of the policy, the company can terminate the policy viaa 30 days written notice.
Exit There is no option for a life insured member to exit the policy.

Tax Benefits – How you can save with the Bharti AXA Life Group Suraksha Plan?

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.

Other Benefits – How you can save with the Bharti AXA Life Group Suraksha Plan?

When you choose Bharti AXA Life Insurance as your insurance provider, you can stand to benefit from the following:

  • Renew the policy annually
  • Get coverage for the whole group under one plan
  • Manage the policy online
  • Contact the customer care through various avenues
  • Get a quote easily online for your insurance policy
  • You can send an SMS to Bharti AXA to get advice on a policy
  • Pay premiums online
  • Get policy updates through SMSes
  • You can ask for an advisor to guide you
  • Download brochures and policy bonds online
  • Register and track claims easily online

Why you should buy the Life Group Suraksha Plan from Bharti AXA?

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.