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Bharti AXA Life Guaranteed Income Plan
Bharti AXA Life Guaranteed Income Plan
Part B
1. Definitions: (meaning of technical words used in Policy document/s called for by the Company and submitted
Document) by the Policyholder to enable the Company to process
a) Age is the Age at last birthday in completed years. the proposal.
b) Annual Premium is the premium paid in a year with o) Policy Schedule is the cover page to the Policy,
respect to the Sum Assured chosen by the Policyholder, containing amongst others, the brief description of the
excluding any underwriting extra (if any) and modal Policy, the Policyholder and the Life Insured which
factors. forms an integral part of the Policy.
c) Annualized Premium is aggregate of the premiums for p) Policy Term is the number of Policy Years for which the
the Policy in a Policy Year and is payable by the Policy is in-force, commencing from the Date of
Policyholder according to themode of payment chosen Commencement of Riskand ending on the Maturity
by him/her. It is exclusive of any additional charges / Date as mentioned in the Policy Schedule.
service tax as levied by the Company over and above q) Policy Year is measured from the Date of
the standard premium rates. Commencement of Risk and is a period of twelve
d) Base Policy is the life insurance product chosen by the consecutive calendar months and includes every
Policy holder out of the various products offered by the subsequent twelve consecutive calendar months.
Company. r) Policyholder is the owner of the Policy whose name is
e) Date of Commencement of Risk is the date from mentioned in the proposal form.
which the Life Insurance coverage under this Policy s) Premium Payment Term means the number of Policy
commences, for all lives including minors, and is as Years for which the Policyholder is required to pay the
specified in the Policy Schedule. premium.
f) Date of Inception of Policy is the date on which the t) Revival mean sreviving the Policy after the
Policy is first issued and is as specified in the Policy Policyholder has paid all due premiums.
Schedule. u) Revival Period is the time of 2 years from the date of
g) Life Insured is the person named in the Policy the last unpaid premium and is the period available to
Schedule and whose life is covered under the Policy. the Policyholder to reinstate the Policy
h) Lapse is the status of the Policywhere the Policy has not v) Rider is an optionalinsurance cover which is purchased
acquired a Surrender Value and premium due is not paid alongwith the Base Policy. It provides additional
on the due date or before the expiry of grace period. benefits to the Policyholder/ Life Insured. It is not a
i) Maturity Date is the date on which the Policy Term standalone document and should be read along with
concludes and is shown as such in the Policy Schedule Base Policy.
j) Modal Premium is the amount payable by the w) Rider Premium is the premium payable for the
Policyholder on the due dates in a Policy Year, including Rider/(s) chosen by the Policyholder and is mentioned
modal factors as per the mode chosen by the in the Policy Schedule.
Policyholder x) Sum Assured is the absolute amount chosen by the
k) Nomineeis the person nominated under the Policy to customer at the inception of the Policy.
receive the benefits under the Policy in the event of y) Sum Assured on Death means an absolute amount of
death of the Life Insured before Maturity Date or after benefit which is guaranteed to become payable on death
the Maturity Date but before the payment of proceeds or of the Life Insured in accordance with the terms and
benefits under this Policy as per the provisions of condition of the Policy.
Section 39 of Insurance Act, 1938 as amended from z) Sum Assured on Maturity means an absolute amount
time to time. of benefit which is guaranteed to become payable on the
l) Paid Up is thestatus of the Policyif premiums have been maturity of the Policy in accordance with the terms and
paid for at least 3 full PolicyYears (for Premium conditions of the Policy.
Payment Term of 10, 12 & 15 years) or at least 2 full aa) Surrender means complete withdrawal/ termination of
policy years (for Premium Payment Term of 8 years)and the Policy by the Policyholder thereby resulting in
thereafter premiums are not paid within the grace termination of thePolicy
period. bb) Surrender Value means an amount, if any, that
m) Policy means Bharti AXA Life Guaranteed Income becomes payable in case of Surrender in accordance
Planalong with the unique Policy number issued to You with the terms and conditions of the Policy.
as mentioned in the “Policy Schedule” cc) The Company /Company means Bharti AXA Life
n) Policy Document means and includes the proposal Insurance Company Limited.
form for insurance submitted by the Policyholder, the dd) You/Your/Yours refers to the Policyholder / Life
benefit illustration signed by the Policyholder, the Insured.
Policy Schedule, the first premium receipt, any attached The terms defined above shall also act as a reference
endorsements or supplements together with all the guide to the PolicyDocument in terms of IRDAI of India
addendums provided by the Company from time to Circular No. IRDA/LIFE/CIR/MISC/050/03/2013 dated
time, the medical examiner’s report and any other 12 March 2013'
PART C
Benefits payable
PART D
1. Free Look Period Account(e IA) or the delivery date of the email confirming
The Policyholder has a period of 15 days from the date of the grant of access to the eIA or the delivery date of the email
receipt of the policy document to review the terms and confirming the credit of the Insurance Policy by the IR to the
conditions of the Policy and if Policyholder disagrees with eIA, whichever is later shall be reckoned for the purpose of
any of the terms and conditions of the Policy, there is an computation of the free look period.
option to return the original Policy along with a letter stating 2. Discontinuance of due premiums
reasons for objection. The Policy will accordingly be
a. Lapsation of Policy
cancelled and the Policyholder shall be entitled to a refund of
the premium paid, subject only to a deduction of a If atleast two Annualized Premiums have not been paid for a
proportionate risk premium for the period on cover and the Premium Payment Term of 8 years andthreeAnnualized
expenses incurred by the Company on medical examination Premiums have not been paid for Premiums Payment Terms
of the proposer and the stamp duty charges. All rights under of 10, 12 & 15 years, within the respective Grace Period(as
this Policy shall stand extinguished immediately on defined in Part C Section 5)allowed, then the Policywill Lapse
cancellation of the Policy under the free look option. with effect from the date of such unpaid premium. Lapsation
If the Policy is opted through Insurance Repository (IR), of the Policy shall extinguish all the rights and benefits which
the computation of the said Free Look Period will be as the Policyholder is entitled to under the Policy.
stated below:- b. Paid Up Policy
For existing e-Insurance Account: For the purpose of If at least two Annualized Premiums for a Premium Payment
computation of commencement of free look period, the date of Term of 8 years andthree Annualized Premiums for Premiums
delivery of email confirming the credit of the Insurance Policy Payment Terms of 10, 12 & 15 years,have been paid and the
by IR shall be reckoned as the starting date of 15 days period. further premiums have not been paid due to any reason, the
For New e-Insurance Account: If an application for Policy will automatically be converted into Paid Up. Once the
e-Insurance Account accompanies the proposal for Policy becomes Paid Up, then all the benefits under the Policy
insurance, the date of receipt of the ‘welcome kit’ from the i.e. the SurvivalPayout, Death Benefit and Surrender Value
IR with the credentials to log on to the e-Insurance would be reduced and calculated as given below.
Where,
Paid Up Survival Payout = (Number of Premiums paid X Survival Payout%X Annual Premium*)
Number of Premiums Payable
Paid up Sum Assured on Maturity = (Number of Premiums paid X Sum Assured on Maturity)
Number of Premiums Payable
Paid Up Sum Assured on Death = (Number of Premiums paid X Sum Assured on Death)
Number of Premiums Payable
3. Surrender Benefits Guaranteed Surrender Value factors multiplied by
The Policy acquires a Surrender Value after the payment of cumulative premiums paid till date of Surrender will be
at least two Annualized Premiums for a Premium Payment calculated.
Term of 8 years and three Annualized Premiums for The Survival Benefits already paid till the Surrender date
Premium Payment Terms of 10 years, 12 years and 15 years. would be deducted from the Guaranteed Survival amount
On Surrender of the Policy a lump sum amount equal to calculated based on the GSV factors given
higher of Special Surrender Value or Guaranteed Surrender The Guaranteed Surrender Value factorsas a percentage of
Value will be paid to the Policyholder. cumulative premiums paid are as mentioned in the table
a. Guaranteed Surrender Value below:
On Surrender the Guaranteed Surrender Value equal to
b. Special Surrender Value: charge for such Revival, as decided by the Company from
The Company may declare Special Surrender Values at such time to time. The revival interest rate will be calculated
other rates not less than the Guaranteed Surrender Values as on the 1st of April every year and will be derived as
specified above. These rates are not guaranteed and will be average of last six months 10 year G.Sec* yield of the
declared by the Company from time to time, subject to prior immediate last financial year plus 0.5%. The revival rate
approval from IRDAI. of interest for Financial Year 2017-18’ being 7.13%
The Surrender Value payable will be subject to any statutory d) Terms and conditions as may be specified by the
or any other restrictions as may be applicable. Surrender of Company from time to time.
the Policy shall extinguish all the rights and benefits of the *The source of 10 year G-sec is The Clearing Corporation of
Policyholder under the Policy. India Ltd (ccilindia.com) Negotiated Dealing System –
4. Revival Order Matching (NDS-OM) Platform.
(i) If the Policy is in Lapsed status(Before the Policy
Revival shall be as per the Company’s Boardapproved acquired Surrender Value) :
UnderwritingPolicy.
If a Policy in lapsed status is not revived within the Revival
The effective date of Revival is the date on which the below Period, the Policy shall be terminated and no benefits shall
conditions are satisfied and the risk is accepted by the be payable.
Company. The Revival of the Policy may be on terms
If a Policy in lapsed status is revived within the Revival
different from those applicable to the Policy before it lapsed.
Period, all benefits will be restored.
The Revival will take effect only after it is specifically
communicated by the Company. In case of death of the Life Insured during the Revival
Period, no benefit is payable to the Nominee.
A Policy which has lapsed orPaid up may be Revived for full
benefits under the Policy subject to the following conditions; (ii) If the Policy is in Paid Up status(After the Policy
acquires Surrender Value) : If a Policy in Paid Up status is
a) The application for Revival is made within two (2) years
not revivedwithin the Revival Period, the Policy shall
from the date of first unpaid premium
continue in Paid Up status. The benefits under a Paid up
b) Satisfactory evidence of insurability of the Life Insured Policy shall be reduced to Paid Up benefits. For details, refer
is produced to Part D, Section 2(b)
c) Payment of an amount equal to all unpaid premiums If a Policy in Paid Up status is revived within the Revival
together with interest at such rate as the Companymay Period, all benefits will be restored
PART E
Part E is not applicable to this Policy.
PART F
11. Term used and its meaning otherwise articulated either in the PolicyDocument or under
Any term not otherwise defined in this PolicyDocument the Policy, endeavor shall be to impart the natural meaning to
shall have the meaning ascribed to it under Policy as defined the said term in the context in which it is used.
here in Part B (m). If a particular term is not defined or
PART G
be acceptance of a rebate of premium within the meaning of Section 45 of Insurance Act, 1938 as amended from time to
this sub section if at the time of such acceptance the time:
insurance agent satisfies the prescribed conditions Fraud, Misrepresentation and forfeiture would be dealt with in
establishing that he is a bona fide insurance agent employed accordance with provisions of Sec 45 of the Insurance Act
by the insurer. 1938 as amended from time to time. [A Leaflet containing the
(2) Any person making default in complying with the simplified version of the provisions of Section 45 is enclosed
provisions of this section shall be liable for a penalty which in appendix – III for reference]
may extend to ten lakh rupees.”
List of Ombudsman
(For the updated list Youmay refer to IRDA of India website)
notice shall be conclusive evidence against the insurer assignor or making him a party to the proceedings
of duly receiving the notice. 15. Any rights and remedies of an assignee or transferee of
08. If the insurer maintains one or more places of business, a life insurance Policy under an assignment or transfer
such notices shall be delivered only at the place where effected before commencement of the Insurance Laws
the Policy is being serviced. (Amendment), 2014 shall not be affected by this
09. The insurer may accept or decline to act upon any section.
transfer or assignment or endorsement, if it has [Disclaimer: This is not a comprehensive list of amendments
sufficient reasons to believe that it is of Insurance Laws (Amendment),2014 and only a simplified
a. not bonafide or version prepared for general information. Policy Holders are
b. not in the interest of the Policyholder or advised to refer to Original Insurance Law (Amendment),
c. not in public interest or 2014. ]
d. is for the purpose of trading of the insurance Policy.
10. Before refusing to act upon endorsement, the Insurer Appendix II: Section 39 - Nomination by Policyholder
should record the reasons in writing and communicate Nomination of a life insurance Policy is as below in
the same in writing to Policyholder within 30 days from accordance with Section 39 of the Insurance Act, 1938 as
the date of Policyholder giving a notice of transfer or amended from time to time. The extant provisions in this
assignment. regard are as follows:
11. In case of refusal to act upon the endorsement by the
01. The Policyholder of a life insurance on his own life may
Insurer, any person aggrieved by the refusal may prefer
nominate a person or persons to whom money secured
a claim to IRDAI within 30 days of receipt of the
by the Policy shall be paid in the event of his death.
refusal letter from the Insurer.
02. Where the nominee is a minor, the Policyholder may
12. The priority of claims of persons interested in an
appoint any person to receive the money secured by the
insurance Policy would depend on the date on which
Policy in the event of Policyholder’s death during the
the notices of assignment or transfer is delivered to the
minority of the nominee. The manner of appointment to
insurer; where there are more than one instruments of
be laid down by the insurer.
transfer or assignment, the priority will depend on dates
03. Nomination can be made at any time before the
of delivery of such notices. Any dispute in this regard
maturity of the Policy.
as to priority should be referred to Authority.
04. Nomination may be incorporated in the text of the
13. Every assignment or transfer shall be deemed to be
Policy itself or may be endorsed on the Policy
absolute assignment or transfer and the assignee or
communicated to the insurer and can be registered by
transferee shall be deemed to be absolute assignee or
the insurer in the records relating to the Policy.
transferee, except
05. Nomination can be cancelled or changed at any time
a. where assignment or transfer is subject to terms and
before Policy matures, by an endorsement or a further
conditions of transfer or assignment OR
endorsement or a will as the case may be.
b. where the transfer or assignment is made upon
06. A notice in writing of Change or Cancellation of
condition that
nomination must be delivered to the insurer for the
i. the proceeds under the Policy shall become payable to
insurer to be liable to such nominee. Otherwise, insurer
Policyholder or nominee(s) in the event of assignee or
will not be liable if a bonafide payment is made to the
transferee dying before the insured OR
person named in the text of the Policy or in the
ii. the insured surviving the term of the Policy
registered records of the insurer.
Such conditional assignee will not be entitled to obtain
07. Fee to be paid to the insurer for registering change or
a loan on Policy or surrender the Policy. This provision
cancellation of a nomination can be specified by the
will prevail notwithstanding any law or custom having
Authority through Regulations.
force of law which is contrary to the above position.
08. On receipt of notice with fee, the insurer should grant a
14. In other cases, the insurer shall, subject to terms and
written acknowledgement to the Policyholder of having
conditions of assignment, recognize the transferee or
registered a nomination or cancellation or change
assigne
thereof.
named in the notice as the absolute transferee or
09. A transfer or assignment made in accordance with
assignee and such person
Section 38 shall automatically cancel the nomination
a. shall be subject to all liabilities and equities to which
except in case of assignment to the insurer or other
the transferor or assignor was subject to at the date of
transferee or assignee for purpose of loan or against
transfer or assignment and
security or its reassignment after repayment. In such
b. may institute any proceedings in relation to the Policy
case, the nomination will not get cancelled to the extent
c. obtain loan under the Policy or surrender the Policy
of insurer’s or transferee’s or assignee’s interest in the
without obtaining the consent of the transferor or
PART F
Policy. The nomination will get revived on repayment Appendix III: Section 45 – Policy shall not be called in
of the loan. question on the ground of mis-statement after three years
10. The right of any creditor to be paid out of the proceeds Provisions regarding Policy not being called into question in
of any Policy of life insurance shall not be affected by terms of Section 45 of the Insurance Act, 1938, as
the nomination. amended from time to time.
11. In case of nomination by Policyholder whose life is 01. No Policy of Life Insurance shall be called in question
insured, if the nominees die before the Policyholder, on any ground whatsoeverafter expiry of 3 yrs from
the proceeds are payable to Policyholder or his heirs or a. the date of issuance of Policy or
legal representatives or holder of succession certificate. b. the date of commencement of risk or
12. In case nominee(s) survive the person whose life is c. the date of revival of Policy or
insured, the amount secured by the Policy shall be paid d. the date of rider to the Policy
to such survivor(s). whichever is later.
13. Where the Policyholder whose life is insured nominates 02. On the ground of fraud, a Policy of Life Insurance may
his be called in question within 3 years from
a. parents or a. the date of issuance of Policy or
b. spouse or b. the date of commencement of risk or
c. children or c. the date of revival of Policy or
d. spouse and children d. the date of rider to the Policy
e. or any of them whichever is later.
the nominees are beneficially entitled to the amount For this, the insurer should communicate in writing to the
payable by the insurer to the Policyholder unless it is insured or legal representative or nominee or assignees of
proved that Policyholder could not have conferred such insured, as applicable, mentioning the ground and materials
beneficial title on the nominee having regard to the on which such decision is based.
nature of his title. 03. Fraud means any of the following acts committed by
14. If nominee(s) die after the Policyholder but before his insured or by his agent, with the intent to deceive the
share of the amount secured under the Policy is paid, insurer or to induce the insurer to issue a life insurance
the share of the expired nominee(s) shall be payable to Policy:
the heirs or legal representative of the nominee or a. The suggestion, as a fact of that which is not true and
holder of succession certificate of such nominee(s). which the insured does not believe to be true;
15. The provisions of sub-section 7 and 8 (13 and 14 above) b. The active concealment of a fact by the insured having
shall apply to all life insurance policies maturing for knowledge or belief of the fact;
payment after the commencement of Insurance Laws c. Any other act fitted to deceive; and
(Amendment), 2014 (i.e 26.12.2014). d. Any such act or omission as the law specifically
16. If Policyholder dies after maturity but the proceeds and declares to be fraudulent.
benefit of the Policy has not been paid to him because 04. Mere silence is not fraud unless, depending on
of his death, his nominee(s) shall be entitled to the circumstances of the case, it is the duty of the insured or
proceeds and benefit of the Policy. his agent keeping silence to speak or silence is in itself
17. The provisions of Section 39 are not applicable to any equivalent to speak.
life insurance Policy to which Section 6 of Married 05. No Insurer shall repudiate a life insurance Policy on the
Women’s Property Act, 1874 applies or has at any time ground of Fraud, if the Insured / beneficiary can prove
applied except where before or after Insurance Laws that the misstatement was true to the best of his
(Amendment) 2014, a nomination is made in favor of knowledge and there was no deliberate intention to
spouse or children or spouse and children whether or suppress the fact or that such mis-statement of or
not on the face of the Policy it is mentioned that it is suppression of material fact are within the knowledge
made under Section 39. Where nomination is intended of the insurer. Onus of disproving is upon the
to be made to spouse or children or spouse and children Policyholder, if alive, or beneficiaries.
under Section 6 of MWP Act, it should be specifically 06. Life insurance Policy can be called in question within 3
mentioned on the Policy. In such a case only, the years on the ground that any statement of or
provisions of Section 39 will not apply. suppression of a fact material to expectancy of life of
[Disclaimer: This is not a comprehensive list of amendments the insured was incorrectly made in the proposal or
of Insurance Laws (Amendment),2014 and only a simplified other document basis which Policy was issued or
version prepared for general information. Policy Holders are revived or rider issued. For this, the insurer should
advised to refer to Original Insurance Law (Amendment), communicate in writing to the insured or legal
2014.] representative or nominee or assignees of insured, as
applicable, mentioning the ground and materials on
which decision to repudiate the Policy of life insurance 09. The insurer can call for proof of age at any time if he is
is based. entitled to do so and no Policy shall be deemed to be
07. In case repudiation is on ground of mis-statement and called in question merely because the terms of the
not on fraud, the premium collected on Policy till the Policy are adjusted on subsequent proof of age of life
date of repudiation shall be paid to the insured or legal insured. So, this Section will not be applicable for
representative or nominee or assignees of insured, questioning age or adjustment based on proof of age
within a period of 90 days from the date of repudiation. submitted subsequently.
08. Fact shall not be considered material unless it has a
direct bearing on the risk undertaken by the insurer. The [Disclaimer: This is not a comprehensive list of amendments
onus is on insurer to show that if the insurer had been of Insurance Laws (Amendment),2014 and only a simplified
aware of the said fact, no life insurance Policy would version prepared for general information. Policy Holders are
have been issued to the insured. advised to refer to Original Insurance Law (Amendment),
2014. ]