Why Choose Bharti AXA Life POS Saral Jeevan Bima Yojana?

It is a plan that is simple and easy to understand. The plan provides life insurance coverage in case of an unfortunate death so as to provide financial backup to secure your family’s future. One of the key features of the plan is that it does not require any medical examination of the life insured.

Double Sum Assured on Accidental Death
The plan offers a sum assured on death as a lump sum on the death of the Life Insured other than due to accident and double the sum assured on death in case of death due to an accident.
No Medical Examinations
The plan is available without any medical examination of the life insured.
Flexibility to Choose Policy Term
You get the flexibility to choose from 4 policy terms, which are 10, 15, 20, and 25 years.
Tax Benefits
You may be eligible for Tax benefits on the Premiums paid and pay-out benefits received. The tax benefits fall under Income Tax Act, 1961. They are subject to change as per changes in tax laws from time to time.

Key Benefits

Lumpsum Death Benefit

No Medical Examinations

Quick Issuance

Flexible Policy Terms

Tax Benefits**

Double Sum Assured on Accidental Death

How Does the Plan Work?

Following case study will help you understand the plan a little better :

Vijay, 30 years old, is looking for a Life Insurance plan that would ensure he is covered against any unforeseen events and in case of any eventualities, his wife and daughter are well protected against any financial uncertainty.

Vijay decides to purchase Bharti AXA Life POS Saral Jeevan Bima Yojana for a policy term of 10 years for which he has to pay premium for 10 years.

He chooses a sum assured of Rs. 5,00,000, he has to pay an annual premium of Rs. 1,465 (exclusive of applicable taxes).

In case of Vijay's death during the policy term, his nominee would receive benefits as given below:

First Scenario

Death Benefit (other than death due to Accident) during Waiting Period of 90 days.

In case of Vijay's unfortunate death (other than death due to Accident) during the Waiting Period of 90 days, the Death Benefit payable will be 100% of premiums paid (exclusive of applicable taxes) till the date of death, that is, Rs. 1,465.

Second Scenario

Death Benefit (other than death due to Accident) after Waiting Period of 90 days.

In case of Vijay's unfortunate death (other than death due to Accident) after the Waiting Period of 90 days, the Death Benefit payable will be the Sum Assured on Death, that is, Rs. 5,00,000.

Third Scenario

Death Benefit (death due to Accident) – No Waiting Period is applicable

In case of Vijay's unfortunate death due to Accident, the total Death Benefit payable will be equal to two times the Sum Assured on Death, that is, Rs. 10,00,000.

Benefits Payable	Death Benefit
Death Benefit (other than death due to Accident) – During Waiting Period of 90 days	Rs. 1,465 (i.e., 100% of premiums paid till the date of death (excluding any taxes))
Death Benefit (other than death due to Accident) – After Waiting Period of 90 days	Rs. 5,00,000
Death Benefit (death due to Accident) – No Waiting Period is applicable	Rs. 10,00,000

Insurance Jargon Explained

Death Benefit

The payment made to a beneficiary upon the death of the insured person.

-- Whenever an unfortunate event happens, there is both emotional as well as financial loss. An insurance company helps you replace the financial/monetary loss through the Death Benefit, which helps maintain your family’s financial stability. This benefit includes both a guaranteed sum of money called as Sum Assured on Death and also the Accrued Bonuses, if applicable.

Term Insurance

A basic insurance plan which provides a lump sum amount to the family of the person who is insured in case of his/her unfortunate death.

Premium

The payment, or one of the regular periodic payments, that a policyholder makes to an insurer in exchange for the insurer's obligation to pay benefits upon the occurrence of the contractually-specified contingency (e.g., death).