Bharti AXA Life - Group Term Micro Insurance Plan

About Plan

At Bharti AXA Life, we understand this and have decided to act. We bring to you, Bharti AXA Life Group Term Micro Insurance Plan, a comprehensive group term life micro insurance plan, which ensures your members can stay peacefully without any worry about life s eventualities. The plan provides the flexibility of choosing between two death benefit payout options Lumpsum for immediate financial assistance for nominee or Lumpsum plus Monthly Income for immediate financial requirements as well as income for income
requirement of the nominee.
Micro Finance Institutions, Self Help Groups, NGOs, co-operative or any other homogeneous groups constantly cater to the financial needs of the socially or economically weaker sections. However, without adequate financial protection, members of these groups are constantly
worried about repaying their financial obligations.

Features

The product has been designed to offer a combination of innovative features and flexibility to best suit your organization and member's requirements.

For Your Organization:

*Low-Cost Insurance: Provides insurance cover at low cost to a large group
*Hassle-free Insurance Coverage: Simple and easy administration process
*Flexible Premium Payment Modes: Single, Annual, Semi-Annual, Quarterly or Monthly

For Your Members/Customers:

*Financial Security: Financial support to the family in case of untimely demise
*Death Benefit Payout Option: Flexibility to choose Death Benefit payout option
*Tax Benefits: Tax benefits may be available as per prevailing tax laws

Entry Age Details

Minimum Entry Age : 18 years
Maximum Entry Age : 69 years

Maturity Age Details

Minimum Maturity Age: years. Maximum Maturity Age depends on the Premium Payment Term(PPT)

Vesting Age Details

Group Size

Minimum Group Size : 5 members

Policy Term

One Year Renewable Term: 1 year (Annually Renewable) Fixed Policy Term:
Regular Pay: 2 5 years (Term will be in multiples of one year)
Single Pay: 1 month 60 months (Term will be in multiples of one month)

Premium Payment Term

One Year Renewable Term/Regular Pay/Single Pay

Premium payment mode

Fixed Policy Term:
*Single
*Regular - Annual/Semi-Annual/Quarterly/Monthly
*One Year Renewable Term
Annual/Semi-Annual/Quarterly/Monthly

Mode (Frequency):

Frequency
Modal Factors

Annual
1

Semi-Annual
0.51

Quarterly
0.26

Monthly
0.0867

Sum Assured Details

Minimum Sum Assured : Rs. 1,000
Maximum Sum Assured : Rs. 2,00,000

Death Benefits

Single Life
In the event of death of the Insured Member, provided all due premiums till the date of death have been paid and the coverage is in force, the company will pay the Sum Assured as specified in the certificate of insurance to the nominee(s)/ beneficiary(ies).
Joint Life

In case of Joint Life coverage, in case of first death of the two lives, provided all due
premiums till the date of death have been paid and the coverage is in force, the Company shall pay the Sum Assured as specified in the Certificate of Insurance to the beneficiary(ies)/Nominee(s) and the coverage for the second life shall be terminated. In Joint Life coverage, only spouses of the member will be covered. This option shall be selected by the Master Policyholder at inception and if selected, shall be available for all members of the group. The Sum Assured for the spouse will be equal to the Sum Assured of the member.

In case of the death of the Life Insured during the Grace Period, the Death Benefit after deducting the unpaid due premium shall be payable and the Policy will be terminated.

In case due premiums have been collected from individual members but have bot been remitted to the insurer before the expiry of the grace period, and in such an event if a death claim arises, the responsibility to pay the Death Benefit as per the coverage schedule rests with the insurer.

Death Benefit Payout Option
The Master Policyholder may choose to enable the Death Benefit Payout option for individual members at the inception of the policy. If enabled, members will have the option to choose between the death benefits payouts. In case the option is not enabled by the Master Policyholder, the default payout will be Lump sum.
Under the Death Benefit Payout option, the following options can be selected:

*Lumpsum :

Under this option, 100% of the Death Benefit will be paid immediately on death as a lump sum to the nominee(s)/beneficiary(ies)

*Lumpsum plus Monthly Income :

Under this option, 50% of the Death Benefit will be paid immediately on death as lumpsum and the balance 50% of the Death Benefit will be paid to the nominee(s)/ beneficiary(ies) over a period of 6 months where each equal monthly installment is calculated as per the below formula.

Monthly Installment = Sum Assured x 50% x (1/6) x 1.02

The monthly installments will be starting from the monthly policy anniversary immediately following the date of death or from the end of the policy term, whichever is earlier.

In case the nominee(s)/beneficiary(ies) is/are a minor at the time of death of the life insured, the death benefit payout shall be made to the appointee according to the death benefit option chosen at the time of inception.

In the ca se of joint lives, the payout option must be the same for both lives.

Where the Master Policy is issued under Lender-Borrower category and Master Policyholder falls under the Regulated Entities as specified by IRDAI, the Master
Policyholder may submit to the Company, the specific authorizations received from its insured member(s) authorising the Company to make the payment of the claim proceeds to the extent of the outstanding loan amount to the Master Policyholder and the balance, if any, to the nominee(s)/beneficiary(ies). The Company shall under no circumstance, pay an amount more than the outstanding loan balance to the Master Policyholder. The Master Policyholder shall submit a Credit Account Statement in respect of the Insured Member(s) to whom or to whose nominee (s)/ beneficiary(ies) the claim is payable.

Maturity Benefits

No maturity benefit is payable under this plan.

Tax Benefits

Tax benefits may be applicable as per prevailing tax laws.

Free Look Period

1) In case the Master Policyholder is paying the premium:

If Master Policyholder disagrees with any of the terms and conditions of the Policy, there is an option to return the original policy along with a letter stating reason/s for the objection within 15 days of receipt of the policy. The policy will accordingly be cancelled and the Company will refund an amount equal to the premium paid and may deduct a proportionate risk premium for the period on cover and stamp duty charges. All rights under this policy shall stand extinguished immediately on the cancellation of the policy under the free look option.
2) In case the Insured Member is paying the premium:

The Insured Member has the option to return the original Certificate of Insurance along with a letter stating reasons for cancellation within 15 days of receipt of the Certificate of Insurance ( the free look period ). The Coverage will accordingly be cancelled and the Company will refund an amount equal to the premium paid and may deduct a proportionate risk premium for the period on cover, stamp duty and/or the expenses incurred on medical examination of the Life/(Lives) Insured (if any), incurred in the issuance of the coverage.

Grace Period

A grace period of 30 days from the premium due date will be allowed for payment of premiums under annual, half-yearly and quarterly premium payment modes and in the case of monthly mode, a grace period of 15 days from the premium due date will be allowed for payment of premiums. For the one year renewable term, there will be no grace period for the annual premium payment mode. In case of the death of the Insured Member during the grace period, the Death Benefit after deducting the unpaid due premium shall be payable and the Policy will be terminated.
During the grace period, the policy will be in force.

Surrender Details

Surrender Benefit:
The policy will acquire Surrender Value for the Single Premium option only. The policy will acquire Surrender Value immediately after payment of Single Premium. Upon receipt of a written surrender request from the Life/(Lives) Insured any time during the Coverage Term, provided all due premiums till the date of surrender have been paid, the Surrender Value will be payable:
Surrender Value shall be determined as per the formula below:
Surrender Value = (SVF) X (U/T) X SP

Revival Details

A Policy, which has lapsed for non-payment of the premiums, may be revived subject to the following conditions:

The application for revival is made within 90 days of the first unpaid premium or before the next Annual Renewal Date of the Policy, whichever is earlier
Satisfactory evidence of the insurability of the Insured Member(s) is produced
Payment of an amount equal to all unpaid premiums
We shall not be liable to pay for any death claims that occur due to the death of the Insured Member(s) while the Master Policy is in lapsed status.

The Revival shall be as per the board approved underwriting policy. The effective date of Revival is the date on which the above conditions are satisfied and the risk is accepted by the company. We reserve the right to revive the Master Policy at the original terms, with modified terms or decline the revival of the Master Policy, in accordance with the Our board approved underwriting policy. The Revival will take effect only on it being specifically communicated by the company.

General Exclusions

In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the Policyholder shall be entitled to at least 80% of the total premiums paid till the date of death or the Surrender Value available as on the date of death whichever is higher, provided the policy is in force. In the case of coverage on joint lives insured, the term Beneficiary(ies)/Nominee(s) shall mean the surviving Life Insured.
This clause is not applicable in case of renewal of the Policy.

Claim & Solvency Ratio

Claim Ratio	Solvency Ratio
99% (2023-24)	2% (March 2024)

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Frequently Asked Questions About Insurance

Health

Life

Auto

Home

What is health insurance? +

Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It may also provide coverage for other types of health-related costs, such as prescription drugs, mental health services, and preventive care.

Why do I need health insurance? +

Health insurance helps protect you from high medical costs. It provides access to medical care when you need it, helping to pay for doctor visits, hospital stays, surgeries, prescription medications, and other health-related services.

What is a premium? +

A premium is the amount you pay for your health insurance every month. Depending on your plan, the premium may vary based on factors like age, location, and level of coverage.

What is a deductible? +

A deductible is the amount of money you must pay out-of-pocket before your health insurance starts covering your medical expenses. For example, if you have a deductible of $1,000, you must pay $1,000 out-of-pocket before your insurance starts covering your medical bills.

What are copayments and coinsurance? +

Copayment (copay): A fixed amount you pay for a covered health care service, typically when you get the service. Coinsurance: The percentage of the cost you pay for covered health services after you've paid your deductible. For example, if your coinsurance is 20%, you pay 20% of the bill, and the insurance company pays the remaining 80%.

What is an out-of-pocket maximum? +

The out-of-pocket maximum is the maximum amount you can spend on your health insurance. If you exceed this amount, your insurance company will pay 100% of your medical expenses.

What is the difference between in-network and out-of-network providers? +

In-network providers: Health care providers that have a contract with your health insurance plan to provide services at negotiated rates. Out-of-network providers: Providers that don't have a contract with your insurance plan. Services from these providers may cost more or not be covered at all.

What is a Special Enrollment Period (SEP)? +

The Special Enrollment Period (SEP) is a special time during the year when you can sign up for or make changes to your health insurance plan. If you miss this period, you may have to wait until the next one unless you qualify for a Special Enrollment Period (e.g., due to a life event like marriage or having a baby).

Can I keep my doctor with health insurance? +

If you have a preferred doctor, it’s important to check if they are in-network with your insurance plan. If they are not in-network, you may need to pay more out-of-pocket, or you may have to switch to another doctor who is in-network.

What is a Health Savings Account (HSA)? +

A tax-advantaged account for people with high-deductible health plans (HDHPs). The funds roll over from year to year and can be used for qualifying medical expenses.

What is a Flexible Spending Account (FSA)? +

A tax-advantaged account for people with low-deductible health plans (LDHPs). The funds roll over from year to year and can be used for qualifying medical expenses.

What is a Health Maintenance Organization (HMO)? +

An HMO is a type of health insurance plan that requires you to choose a primary care physician (PCP) and get referrals from them to see specialists. HMOs often have lower premiums and out-of-pocket costs but offer less flexibility in choosing providers.

What is a Preferred Provider Organization (PPO)? +

A PPO is a health insurance plan that offers more flexibility in choosing healthcare providers and doesn’t require referrals to see specialists. You can see any doctor, but you’ll pay less if you use in-network providers.

What is the difference between a Health Savings Account (HSA) and a Flexible Spending Account (FSA)? +

HSA: A tax-advantaged account for people with high-deductible health plans (HDHPs) The funds roll over from year to year and can be used for qualifying medical expenses. FSA: A tax-advantaged account for people with low-deductible health plans (LDHPs) The funds roll over from year to year and can be used for qualifying medical expenses.

What does the term "pre-existing condition" mean? +

A pre-existing condition is a medical condition that you had before you got your health insurance. It could include things like diabetes, high blood pressure, or heart disease.

Can I cancel my health insurance at any time? +

Yes, you can cancel your health insurance plan at any time. However, if you cancel outside the open enrollment period, you may not be able to get another plan until the next enrollment period unless you qualify for a Special Enrollment Period.

Are prescription drugs covered by health insurance? +

Many health insurance plans cover prescription medications, but the coverage may vary. Plans typically have a formulary, or list of covered drugs, and different drugs may have different levels of coverage, depending on whether they are generic, brand-name, or specialty drugs.

What is preventive care? +

Preventive care includes health services that help prevent illnesses, such as vaccinations, screenings, and annual checkups. Under the Affordable Care Act, most preventive services are covered by health insurance plans at no additional cost to the policyholder.

What should I do if my health insurance claim is denied? +

If your claim is denied, you can appeal the decision. Review the denial letter for reasons, contact your insurer for assistance, and file a written request for a hearing. If you win the appeal, you may be able to get a refund or other compensation.

How can I choose the best health insurance plan for me? +

When selecting a plan, consider factors like: Your health care needs (e.g., frequent visits, prescriptions) The plan’s network of doctors and hospitals The cost of premiums, deductibles, copays, and out-of-pocket maximums Coverage for specialized care or treatments Compare the different plans and benefits to find one that meets your needs.

What happens if I don't have health insurance? +

If you don’t have health insurance, you can still access some health care services, such as emergency care, in-network doctors, and in-network hospitals. You may be eligible for Medicaid, which provides some health care services at no cost to you.

What is life insurance? +

Life insurance is a contract between you and an insurance company, where you pay regular premiums in exchange for a lump sum payment (death benefit) to your beneficiaries upon your death.

What are the different types of life insurance? +

Term Life Insurance: Provides coverage for a specific period (e.g., 10, 20, or 30 years). If you pass away during this term, your beneficiaries receive the death benefit. It does not build cash value. Whole Life Insurance: Offers lifetime coverage with a death benefit and also builds cash value over time, which you can borrow against or use. Universal Life Insurance: A flexible policy that allows you to adjust the premiums and death benefit while also building cash value.

How much life insurance coverage do I need? +

The amount of coverage you need depends on factors like your income, debts, family needs, and long-term financial goals. A common rule is to have coverage worth 10 to 15 times your annual income, but this can vary based on your individual situation.

What is the difference between beneficiaries and policyholders? +

The policyholder is the person who owns the life insurance policy and pays the premiums, while the beneficiary is the person or group that receives the death benefit when the policyholder passes away.

Can I change my beneficiaries? +

Yes, you can change your beneficiaries at any time during the life of the policy, as long as the policy is in force and you follow the correct procedure with the insurance company.

What is the contestability period? +

The contestability period is the time during which you have the right to contest the decision of the insurer to pay the death benefit. This period varies depending on the type of life insurance policy and the insurer.

Does life insurance cover accidental death? +

Some life insurance policies include accidental death coverage, while others may require a separate rider for this benefit. Be sure to review your policy to understand what’s covered.

Can I cancel my life insurance policy at any time? +

Yes, you can cancel your life insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is cash value? +

Cash value is the accumulated value of the life insurance policy that can be used to pay for expenses, such as medical bills or funeral expenses.

How do I borrow against cash value? +

You can borrow against the cash value of your life insurance policy, but it will need to be repaid, and any unpaid loan will reduce the death benefit.

What is the difference between whole life and universal life insurance? +

Whole life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) and builds cash value over time. Universal life insurance offers lifetime coverage with a death benefit and also builds cash value over time.

How are life insurance premiums determined? +

Life insurance premiums are based on factors like age, health, lifestyle (e.g., smoking), coverage amount, and type of policy. Generally, younger, healthier individuals pay lower premiums.

Can I borrow money from my life insurance policy? +

If you have a whole life or universal life policy, it may build cash value over time. You can borrow against this cash value, but it will need to be repaid, and any unpaid loan will reduce the death benefit.

What happens if I stop paying my life insurance premiums? +

If you stop paying premiums, your policy may lapse. For permanent policies like whole or universal life, the cash value may cover the premiums for a time, but eventually, if premiums are not paid, the policy will end.

What is auto insurance? +

Auto insurance is a contract between you and an insurance company that provides financial protection against damage or injury caused by accidents, theft, or other incidents involving your vehicle. It covers both liability and your vehicle's repair costs depending on the type of policy.

What types of auto insurance coverage are available? +

There are several types of auto insurance coverage, including liability, collision, comprehensive, uninsured/underinsured motorist, and additional coverage like roadside assistance and collision damage waiver.

How much auto insurance do I need? +

The amount of coverage you need depends on factors such as the value of your car, your driving habits, your state's legal requirements, and whether you own or lease your vehicle. A good starting point is to meet your state's minimum required coverage, but you may want additional coverage for added protection.

Can I cancel my auto insurance policy at any time? +

Yes, you can cancel your auto insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is the difference between liability and comprehensive coverage? +

Liability coverage covers the damages and injuries caused by accidents, while comprehensive coverage also covers non-accident damages, such as theft or vandalism.

How do I choose the right auto insurance policy? +

When selecting an auto insurance policy, consider factors such as the type of coverage you need, your driving habits, the value of your vehicle, and your state's legal requirements.

What factors affect my auto insurance premium? +

Several factors impact your insurance premium, including: Your driving history (accidents, tickets), The make, model, and age of your car, Your location (accident rates in your area), Your age, gender, and marital status, The level of coverage you choose, Your credit score (in some states).

What is a deductible? +

A deductible is the amount you must pay out of pocket before your insurance policy starts to cover the remaining cost of repairs or claims. For example, if you have a $500 deductible and incur $2,000 in damages, you will pay $500, and your insurer will pay the remaining $1,500.

What is the difference between comprehensive and collision coverage? +

Collision coverage pays for repairs to your vehicle after a collision with another vehicle or object, regardless of who is at fault. Comprehensive coverage covers non-collision incidents, such as theft, vandalism, or damage from natural disasters.

Can I get uninsured/underinsured motorist coverage? +

Yes, uninsured/underinsured motorist coverage is available in some states. This coverage provides financial protection for you if another driver is uninsured or underinsured.

Is auto insurance required by law? +

Yes, in most states, you are required to have a minimum level of liability insurance. Some states also require additional coverage like Personal Injury Protection (PIP) or uninsured motorist coverage. The requirements vary by state, so it’s important to check your local laws.

What happens if I don’t have auto insurance? +

If you drive without insurance, you risk facing legal penalties, fines, and the possibility of your driver's license being suspended. If you're involved in an accident, you could be held responsible for the damages.

Can I add other drivers to my auto insurance policy? +

Yes, you can add other drivers, such as family members or friends, to your policy. However, their driving record and age may affect your premium. It's important to inform your insurer about all the drivers in your household.

What should I do if I get into an accident? +

If you're in an accident, follow these steps: Ensure safety by moving to a safe location if possible. Call the police and file a report. Exchange contact and insurance information with the other driver(s). Take photos of the accident scene, vehicle damage, and injuries. Notify your insurance company about the accident as soon as possible.

What is home insurance? +

Home insurance is a contract between you and an insurance company that provides financial protection against damage or loss caused by natural disasters, theft, or other incidents.

What types of home insurance coverage are available? +

There are several types of home insurance coverage, including flood, fire, burglary, and liability. You may also have coverage for water damage, mold, and other property damage.

How much home insurance do I need? +

The amount of home insurance coverage you need depends on the value of your property, the type of coverage you want, and your insurance provider. You may also need additional coverage for water damage, mold, and other property damage.

Can I cancel my home insurance policy at any time? +

Yes, you can cancel your home insurance policy at any time, provided you follow the correct procedure with the insurance company.

What is the difference between flood and fire coverage? +

Flood coverage covers damage caused by floods, while fire coverage covers damage caused by fires.

How do I choose the right home insurance policy? +

When selecting home insurance, consider factors such as the type of coverage you need, the value of your property, and your insurance provider.

What factors affect my home insurance premium? +

Factors such as the type of coverage you need, the value of your property, and your insurance provider can significantly impact your premium.