Bharti AXA Smart Jeevan Saving Insurance Plan and Policy -The Bharti AXA Life Smart Jeevan is a non-linked, non-participating return of premium life insurance plan offered by Bharti AXA Life. The plan offers life coverage for a fixed term of 12 years at a relatively low premium, making it a good choice for those looking for coverage without splurging on premiums. The policy also comes with a return of the premiums paid at the end of the policy term.
Individuals looking to buy the policy will not need to undergo medical tests as there is no medical underwriting, with a declaration of good health being sufficient to buy the policy. Premiums under this policy are also affordable for the coverage being provided, with the minimum amount payable being Rs.323 per annum, excluding taxes.
Individuals purchasing this plan will also benefit from tax benefits in the form of deductions under Sections 80C and 10 (10D) of the Income Tax Act.
Eligibility Details - Bharti AXA Smart Jeevan Saving Insurance Plan and Policy:
Bharti AXA Life Smart Jeevan is the ideal policy for those looking for returns from their life insurance policy without spending a large amount on premiums. Individuals between the ages of 18 and 50 years are eligible to apply for this policy. An individual’s age at policy maturity cannot exceed 62 years.
The plan is an individual plan, with the option to add nominees or benefactors in the event of the policyholder’s demise.
The policy is open to all residents of India only.
The policy is a fixed term policy of 12 years and cannot be renewed on maturity.
|Minimum entry age||18 years|
|Maximum entry age||50 years|
|Maximum maturity age||62 years|
|Policy term||12 years|
|Premium payment term||12 years|
Sum Assured and Premium Range - Bharti AXA Smart Jeevan Saving Insurance Plan and Policy:
The Bharti AXA Life Smart Jeevan policy offers policyholders advantages such as a death benefit. The minimum sum assured amount is Rs.50,000, while the maximum amount that an individual can be insured for is Rs.5 lakh under this policy.
Premiums for this policy can be paid through multiple modes based on the policyholder’s convenience. Premiums can be paid monthly, quarterly, half-yearly or annually. Policyholders can refer to the below table for the minimum premium percentage payable for each of the premium modes:
|Premium payment mode||Premium amount payable|
|Monthly premium||0.09285 of the annual premium|
|Quarterly premium||0.27143 of the annual premium|
|Half-yearly premium||0.52143 of the annual premium|
Additional government taxes such as service tax and cess would be levied on the above amount.
Plan Coverage - Bharti AXA Smart Jeevan Saving Insurance Plan and Policy:
The Bharti AXA Life Smart Jeevan plan covers the following:
- The individual selects the policy and chooses a sum assured amount (between the minimum and maximum sum assured amount laid down by the policy guidelines).
- The individual then chooses a premium payment term based on his/her convenience.
- The premium would be based on the sum assured amount selected and other factors such as policyholder’s age, premium payment mode etc.
- Upon maturity of the plan, the individual will receive 100% of the sum assured amount as maturity benefit.
- The policy does not allow the individual to take a loan out against the policy.
- The policy provides a surrender benefit, which is the guaranteed surrender value factor * the total premium paid till the date of paid-up (when the policy lapses due to non-payment of premiums). The guaranteed surrender factor is as per the table given below:
|Policy year||Guaranteed surrender value factor|
- The coverage provided by Bharti AXA Life Smart Jeevan is as follows:
|Death Benefit||In the event of the death of the policyholder during the policy term, the nominee/nominees stand to receive the higher of the following:
|Maturity benefit||100% of sum assured amount is payable on the policyholder surviving till the policy matures.|
Exclusions - Bharti AXA Smart Jeevan Saving Insurance Plan and Policy:
The exclusions under the Bharti AXA Life Smart Jeevan policy are as under:
Suicide: A policyholder who commits suicide within one year of the policy being issued will result in the policy being null and void, irrespective of whether the policyholder was medically sane or insane. Additionally, the company would pay the nominees only the amount paid as premium till date.
Other Key Features - Bharti AXA Smart Jeevan Saving Insurance Plan and Policy:
The features of the Bharti AXA Life Smart Jeevan policy are as given in the table below:
|Free look period||
The free look period is a period during which the policyholder can choose to return the policy if he/she is not satisfied with the terms and conditions. The free look period is a period of 15 days from the date of receipt of the original policy document. All premiums paid would be refunded and the policy would be cancelled if the policy is returned during the free look period.
|Premium payment flexibility||
The policyholder can choose to pay the policy premium either monthly, quarterly, semi-annually or annually.
In the event the policyholder is unable to make a premium payment on time, he/she receives a grace period consisting of 30 days from the date the premium is to be paid. The premium amount can be paid during this grace period without incurring any charges or penalties.
|Lapse of policy||
If 3 annualised premiums are not paid and the premium due has not been paid within the stipulated time frame, the policy will lapse effective the date of the last unpaid premium. A lapsed premium would result in the immediate termination of all benefits and coverage under the policy.
Policyholders who wish to revive a lapsed policy can do so within 2 years of the policy lapsing. The policyholder is required to inform the company of the same and must meet the below requirements:
Failure to pay premiums within the grace period results in the policy being converted to paid-up. If the policyholder does not revive the policy within 2 years, it will remain in paid-up status and the policyholder stands to receive the following benefits:
|Termination of policy||
The policy stands to be terminated if the policy is not revived during the revival period, and no benefits will be payable to the policyholder or his/her nominees.
Tax Benefits - Bharti AXA Smart Jeevan Saving Insurance Plan and Policy:
Individuals who purchase a Bharti AXA Life Smart Jeevan policy can save in the following ways:
- Premiums that are paid towards the policy are eligible for tax exemptions under Section 80C of the Income Tax Act, 1961.
- Benefits and pay-outs such as maturity benefit, death benefit and bonuses, if any, are eligible for tax exemptions under Section 10 (10D) of the Income tax Act, 1961.
It is to be noted, however, that tax rules are subject to change and it is advisable to consult with the company or an individual conversant with the latest tax laws for the current tax provisions.
Other Benefits - Bharti AXA Smart Jeevan Saving Insurance Plan and Policy:
Bharti AXA Life offers policyholders various amenities and benefits, such as their online portal through which policyholders can log in and check the status of their policies and also renew policies online.
Policyholders can also choose to pay their premiums online, instead of by cheque or physically visiting a company branch, making it more convenient and safe. The various ways policyholders can choose to pay their premiums online is listed in the below table:
|Net banking||Policyholders can choose to pay their premiums through their bank’s net banking facility.|
|Credit cards||Bharti AXA Life accepts credit card payments from all VISA, MasterCard, Maestro, Diners Club and American Express cards.|
|Debit cards||Policyholders can choose to pay their premiums through their RuPay, VISA, MasterCard and Maestro debit cards.|
|Bill Desk||Policyholders can make their premium payments through Bill Desk for certain banks, using their BillPay services.|
In addition, you can call up the 24x7 customer helpline for any assistance relating to your life insurance policy. Policyholders can also request a call back from the company for any insurance related query.
Bharti AXA Life also provides policyholders with a dedicated claims processing team and a 48-hour fund release in case of straightforward claims.
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