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Overview
Are you looking for an extremely inexpensive term insurance plan with short coverage? Then Bharti AXA Grameen Jeevan Bima might be the right choice for you. The plan is a micro-term insurance plan, offering a minimal life cover from ₹10,000 up to ₹2 Lakhs. Grameen Jeevan Bima Yojana is a highly affordable plan with monthly premiums as low as ₹85. The plan comes with a return of premium option and is available in two variants: Pure Protection or Protection with Return of Premium.
Bharti AXA Grameen Jeevan Bima offers a range of benefits including:
- Affordable premiums
- Flexible premium payment term
- Advance premium option
- Tax benefits as per prevailing laws
- Surrender value
- Return of premium
Riders Associated with Bharti AXA Grameen Jeevan Bima Plan
You can add the following riders to your Bharti AXA Grameen Jeevan Bima Plan:
Accidental Death Benefit Rider
Get an extra payout on top of the base cover in case of unfortunate death due to an accident.
Premium Waiver Rider
This rider waives off your future premiums if you face an unfortunate event like critical illness, permanent disability, or death.
Hospi Cash Benefit Rider
Get an additional fixed benefit for each day of hospitalization and a lump sum benefit in case of surgery.
Key Features
Flexible Premium Payment Term
The plan provides flexible premium payment terms, allowing you to pay premiums at your convenience.
Choice of Plan Options
The plan offers a choice of two options, allowing you to select the level of protection: Pure Protection or Protection with Return of Premium.
Affordable Premiums
With Bharti AXA Grameen Jeevan Bima, you can get short-term protection for up to 65 years for as low as ₹85.
Exclusions
- Death due to a pandemic is not covered.
- Death due to adventure sports.
- Death due to consumption of drugs and alcohol.
- Death due to any pre-existing disease not disclosed at policy inception.
- If the policyholder commits suicide within the first 12 months of purchasing the policy, no death benefits are paid to the nominee.
Benefits
Death Benefit
In case of the death of the life insured during the policy term, the Bharti AXA Grameen Jeevan Bima term plan immediately pays a death benefit to the nominee.
Survival Benefit
If the life insured survives the entire policy term, the Bharti AXA Grameen Jeevan Bima term plan will return all paid premiums as a maturity benefit. Note that the survival benefit is only available with the Return of Premium option.
Tax Benefit
Bharti AXA Grameen Jeevan Bima term plan offers a tax benefit of up to ₹1.5 Lakhs under Section 80C of the Income Tax Act for premiums paid in the financial year.
Advance Premium Option
With this plan, you can pay three months' premiums in advance on the policy's commencement date.
