Policy Document

Bharti AXA Life Secure Income Plan

Part I
Bharti AXA Life Secure Income Plan is a traditional n) Policy Benefit Period/ Policy Term is the number of
non-participating, limited premium payment policy. Policy Years for which the Policy is in effect,
Non-Participating policy does not participate in the commencing from the Policy Date and ending on the
performance of insurance fund and is not entitled to Maturity Date and is mentioned in the Policy
distribution of Bonus. Annualised Regular Premium payable Specifications.
under the product will be calculated on the basis of policy o) Policy Specifications is the cover page to the Policy
term, age of the life insured, the Guaranteed Income and the containing amongst others, the brief description of the
mode of payment chosen by you as per the proposal form Policy and the Policyholder which forms an integral part
and the policy specifications. of the Policy Document.
1. Definitions: p) Sum Assured is the minimum amount guaranteed to be
a) Age is the Age at last birthday in completed years. paid on maturity of the policy
b) Annualized Regular Premium is aggregate of the q) The Company / Company means Bharti AXA Life
premiums for the Policy in a Policy Year and is payable Insurance Company Limited.
by the policyholder according to the mode of payment r) Total Annual Premium is the amount of premium
chosen by him/her. payable in a Policy Year, provided the chosen mode for
c) Issue Date is the date of issue of the policy by the premium payment is annual.
Company and shall also be the date of commencement s) Total Modal Premium mentioned in the Policy
of risk under this Policy which is specified in Policy Specifications means the premium payable by the
Specifications and in case of any attached supplement or policyholder on the due dates for payment and in any
endorsement, it refers to the date of issue of such case not later than the grace period of 30 days from the
supplement or endorsement. due date, provided the premium payment mode chosen
d) Limited Premium Payment Policy is a Policy wherein by the policyholder is other than annual.
the Premium Payment Term is limited as compared to t) You/Your/Yours refers to the Policyholder and shall
the Policy Term and where the premium is payable at mean and include the Nominee, upon the death of the
regular intervals as per the mode of payment chosen by Life Insured, where the Policyholder and Life Insured is
the policyholder. the same person.
e) Life Insured is the person named in the Policy 2. Benefits Payable
Specifications whose life is covered under the Policy.
2.A Death Benefit
f) Maturity Date is the date on which the Policy Term
concludes and is shown as such in the Policy In case of unfortunate event of death of the Life Insured,
Specifications. the following is paid to the nominee, subject to policy
being in force.
g) Nominee is the person nominated under the Policy to
receive the benefits under the Policy in the event of Higher Of:
death of the Life Insured before maturity. a) Basic Sum Assured plus Guaranteed Additions
h) Policy means and includes the Policy Document, the accrued till date of death
proposal form for insurance submitted by the b) 105% of premiums paid till date of death or
policyholder, the benefit illustration signed by the c) A multiple of Annual Base Premium as provided
policyholder, the Policy Specifications, the first below:
premium receipt , any attached endorsements or
Premium Payment Term Multiple of annual base premium
supplements together with all the addendums provided
by the Company from time to time, the medical 5 years 11
examiner’s report and any other document/s called for 7 years 11
by the Company and submitted by the policyholder to 10 years 13
enable it to process the proposal.
Annual Base Premium excludes any modal factors and
i) Policyholder is the owner of the Policy whose name is underwriting extra
mentioned in the proposal form and may be a person
other than the Life Insured. In case of the death of the Life Insured during the grace
period allowed for payment of due premium, the Death
j) Policy Date/Date of Commencement of Risk is the Benefit, after deducting the unpaid due Premium and
day, month and year the Policy comes into effect and as any other amount due shall be payable.
shown in the Policy Specifications.
Subject to the exclusions as mentioned in the Policy
k) Policy Year is measured from the Policy Date and is a Document, the death benefit shall be payable for death
period of twelve consecutive calendar months. under all situations (including death during declared or
l) Policy Anniversary Date is the date which periodically undeclared war, civil commotion, invasion, terrorism,
falls after every twelve months starting from the Policy Naxalite Operation and hostilities.)
Date whilst the Policy is in force.
2.B Survi val Benefit (Guaranteed Income)
m) Premium Payment Term means the number of Policy Guaranteed Income is a fixed amount which will be
Years for which the policyholder is required to pay the payable on a monthly basis, starting from the Policy
premium. Month falling after the completion of the Premium

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Payment term and thereafter every subsequent Policy mentioned above, subject to such other terms and
Months, till the end of the Policy Term, provided the conditions, the Sum Assured will be changed on the
policy is in force. The Guaranteed Income will be 8% basis of correct Age, gender and the premium paid.
per annum of the Sum Assu b) If the correct Age of the Life Insured is lower than
2.C Guaranteed Addition the Age declared in the Proposal, the Annualised
A fixed guaranteed addition, declared as a percentage of Regular Premium payable under the Policy shall be
Sum Assured gets added to your policy each year after altered corresponding to the correct Age of Life
the completion of premium payment term, until maturity Insured from the Policy Date and the Company may,
of the policy. These guaranteed additions get paid out at its discretion, refund the accumulated difference
either on death or at maturity, provided the policy is in between the original premium paid and the altered
force and all due premiums have been paid. This premium
Guaranteed Addition percentage, as shown in the table c) If in accordance with the correct Age, it is not
below varies as per the policy term chosen. possible for the Company to alter the terms and
conditions of the Policy or the Life Insured does not
Policy term Premium Annual Guaranteed Addition consent to any alterations proposed by the Company
Payment Term (applicable after premium as mentioned above, the Policy shall stand cancelled
payment term) from the Policy Date and the premium paid shall
15 years 5 years 7% of Sum Assured be refunded subject to the deduction of expenses
incurred and payments already made by the
17 years 7 years 8.5% of Sum Assured Company under the Policy.
20 years 10 years 10% of Sum Assured 2. Grace Period
Grace period is the time extended by the Company to
2.D Maturity Benefit facilitate the policyholder to pay all the unpaid
On Maturity of the policy, the Sum Assured will be paid, premiums, in case the premium/s had not been paid as on
subject to the policy being in force. Additionally the the Premium Due date. The policyholder gets 30 days
Guaranteed Additions as accrued will also be payable. Grace Period to pay the premiums which fell due and the
2.E Surrender Benefit benefits under the policy remain unaltered during this
The policy acquires a surrender value provided that the period.
Premiums have been paid for at least first two Policy 3. Discontinuance of due premi ums
Years (for policy term of 15 and 17 years) and for first 3.A Lapsation of Policy
three years (for policy term of 20 years). On surrender of If the premium is not paid on the due date or during the
the policy a lump sum amount equal to Guaranteed grace period (during first two years for 15 and 17 years
Surrender Value as defined in Section 4 of Part II will be policy term and during first three years for 20 years
paid to the policyholder and the policy gets terminated. policy term), the Policy shall lapse with effect from the
The Company may allow surrender values at such other date of such unpaid premium (‘lapse date’). The
rates not less than the Guaranteed Surrender Values. Company shall notify the policyholder regarding lapse
These rates will be declared by the company from time of the Policy. Lapsation of the Policy shall extinguish all
to time, subject to prior approval from IRDA. the rights and benefits which the policy holder is entitled
Part II to under the Policy.
1. Misstatement of Age and Gender: 3.B Paid Up Policy
Without prejudice to Section 45 of the Insurance Act, If the policy has acquired a surrender value and If you
1938 and other applicable laws in force, if the Life have you have not paid due premiums within the grace
Insured’s Age or gender has been misstated, as declared period, then your policy will automatically be converted
in the proposal, one of the following actions shall be to paid up.
taken: Once the policy becomes paid up the base benefits will
a) If the correct Age is higher than the Age declared in be reduced to paid up value which will be payable either
the Proposal, the Annualised Regular Premium on death or on maturity of the policy. The Guaranteed
payable under the Policy shall be altered Income will be calculated as a percentage of the paid up
corresponding to the correct Age of the Life value and the reduced guaranteed income will be paid on
Insured, from the Policy Date and the Policyholder an annual basis.
shall pay to the Company the accumulated The paid up value will be calculated as follows:
difference between the original premium as Number of Premiums paid X Sum Assured
mentioned in the Proposal and such altered premium
Premium Payment Term
from the Policy Date up to the date of such payment
with interest at such rate and in such manner as per In case of revival of a paid up policy, the differential
the then prevailing internal guidelines of the amount of guaranteed income due (i.e. guaranteed
Company . If the Policyholder fails to pay the income calculated on the full Sum Assured less the
difference of premium with the interest thereon as guaranteed income already paid out on the

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reduced Paid Up Value), if applicable, shall be paid to the Company. The revival of the Policy may be on terms
the policyholder. different from those applicable to the Policy before it
In case of surrender of a paid up policy, the surrender lapsed. The revival will take effect only on it being
value will be as follows: Surrender Value = Paid Up specifically communicated by the Company.The
Value * Surrender Value Factor revival rate of interest for FY 19 - 20 is 8.04%.
4. Surrender Benefit A Policy which has lapsed may be revived for full
benefits subject to the following conditions;
4.A Guaranteed Surrender Value:
a) The application for revival is made within two (2)
The Policy acquires a Surrender Value provided that the
years from the date of first unpaid premium
due Premiums have been paid for at least first two Policy
Years (for policy term of 15 and 17 years) and for first b) Satisfactory evidence of insurability of the Life
three Policy years (for policy term of 20 years). Insured is produced,
The guaranteed Surrender Value Factors as a percentage c) Payment of an amount equal to all unpaid premiums
of premiums paid are as defined in the table below: together with interest at such rate as the Company
may charge for such Revival, as decided by the
Premium Payment Company from time to time. The differential amount
5 Years 7 Years 10 Years
Term/ Policy Year of guaranteed income due (i.e. guaranteed income
1 0 0 0 calculated on the full Sum Assured less the
2 30% 30% 0
guaranteed income already paid out on the reduced
Paid Up Value), if applicable, shall be paid to the
3 30% 30% 30% policyholder;
4 50% 50% 50% d) Terms and conditions as may be specified by the
5 50% 50% 50% Company from time to time.
6 55% 50% 50% The effective date of revival is the date on which the
7 60% 55% 55% above conditions are met and approved by the Company.
8 65% 55% 55% If the policy is in lapse status: - In case of death of the
Life Insured during the revival period, no benefit is
9 70% 60% 60%
payable to the nominee.
10 75% 65% 60%
In case of survival at the end of revival period and if the
11 80% 70% 65%
policy is not revived, the policy shall be terminated and
12 85% 75% 65% no benefit is payable
13 90% 80% 70% If the policy is in paid up status: - In case of death
14 95% 85% 70% during the revival period, Paid up
15 100% 90% 75% value will be payable. If the Paid up Policy is not revived
16 - 95% 80% within the period allowed for revival, the Policy shall
continue to be in the paid up status and Paid up Value
17 - 100% 85%
will be paid at maturity or on Death. Paid Up Value will
18 - - 90% be calculated in the manner as shown in Part II sub
19 - - 95% section 3B.
20 - - 100% 6. Termination:
The Policy will terminate on the earliest of the
The sum of all Guaranteed Income paid till the year of following:
surrender shall be deducted from the above mentioned a) The date of confirmation of termination of contract
Surrender Value. by the Company against application of the
4.B Special Surrender Value: policyholder for surrender of the Policy or
The Company may allow surrender values at such other b) The Maturity Date of the Policy or
rates not less than the Guaranteed Surrender Values c) Upon Intimation of Death of the Life Insured or
specified above. These rates will be declared by the
company from time to time, subject to prior approval d) The outstanding loan with interest thereon is equal to
from IRDA. or higher than the Surrender Value of the Policy for
paid up policy.
The Surrender Value payable will be subject to any
statutory or any other restrictions as may be applicable. 7. Loan:
Surrender of the Policy shall extinguish all rights and Loans may be granted by the Company to the
benefits of the Policyholder under the Policy. Policyholder provided all Premiums due till date of loan
5. Revival: application stand paid and had acquired Surrender
Value. The loan which may be granted shall always be
The effective date of revival is the date on which the within the applicable Surrender Value of the Policy and
below conditions are satisfied and the risk is accepted by shall be subject to the terms and conditions as applicable
from time to time:

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 The minimum amount of loan for a Policy is 10. Suicide

Rs.15, 000. The Policy shall be void if the Life Insured, whether
 The maximum amount of loan will not exceed 70% sane or insane, commits suicide resulting in death
of the acquired Surrender Value. directly or indirectly as a result of such suicide within
 The loan shall carry interest at the rate specified by (a) one year of the Issue Date; or
the Company at the time of advancing the loan and (b) one year of the date of the latest revival of the Policy.
as may be modified by the Company from time to In the above cases, the Company shall make the
time; following payouts:
 The Policyholder shall assign the Policy absolutely - in the event of (a) above, refund the Premium paid
to and be held by the Company as security for towards the Policy as on the date of death.
repayment of the loan and interest/allied charges
- in the event of (b) above, pay the higher of the
thereon;
applicable Surrender Value or 80% of premiums
  The loan shall carry interest at the rate specified by paid till the date of death.
the Company at the time of advancing the loan. The
11. Claims
interest rate in a policy loan is not fixed and could be
reviewed by the Company on 1st of July every year. The Company would require the following primary
This interest rate shall not exceed sum of (5% and documents in support of a claim at the stage of claim
the Base lending rate of State Bank of India at the intimation under the Policy:
time of declaration.) The rate of interest on policy
loan as on 1st July 2018 is 10.40% pa. For Death Benefit: Original Policy, Death
 In case the policy is in paid up status, then the Certificate of the Life Insured and Claimant’s
outstanding loan amount together with the interest Statement.
shall not be equal to or exceed the Surrender Value The Company is entitled to call for additional documents,
of the Policy at any point of time. In case the if in the opinion of the Company such additional
outstanding loan amount with interest is greater than documents are warranted to process the claim.
or equal to the surrender value, the policy shall stand
terminated and all future benefits will cease to exist. 12. Free Look Period
 Other terms and conditions as prescribed by the If the policyholder disagrees with any of the terms and
Insurer from time to time. conditions of the Policy then there is an option to return
the original Policy along with a letter stating reason/s for
8. Assignment and Nomination the objection within 15 days of receipt of the Policy in
Assignment: Assignment should be in accordance with case of offline Policy and within 30 days of receipt of the
provisions of sec 38 of the Insurance Act 1938 as Policy in case of Policy sourced through distance
amended from time to time. marketing (i.e. online sales). The Policy will accordingly
[A Leaflet containing the simplified version of the be cancelled and an amount equal to the Premium paid
provisions of Section 38 is enclosed in appendix – I for less stamp duty and medical expenses (if any) incurred
reference] by the company will be refunded to the policyholder. All
rights of the policyholder under this Policy shall stand
Nomination: Nomination should be in accordance with
extinguished immediately on the cancellation of the
provisions of sec 39 of the Insurance Act 1938 as
Policy under the free look option.
amended from time to time.
13. Taxation:
[A Leaflet containing the simplified version of the
provisions of Section 39 is enclosed in appendix – II The tax benefits, if any, on the Policy would be as per the
for reference] prevailing provisions of the tax laws in India. If required
by the relevant legislations prevailing from time to time,
9. Incorrect information and Non Disclosure
the Company will withhold taxes from the benefits
The Policyholder and the Life Insured under the Policy payable under the Policy. The Company reserves the
have an obligation to disclose every fact material for right to recover statutory levies including service tax by
assessment of the risk in connection with issuing the way of adjustment of the premiums paid by the
Policy. However, if any of the information provided is policyholder.
incomplete or incorrect, the Company reserves the right
14. Notices
to vary the benefits, at the time of payment of such
benefit or during the term of the Policy. Further, if there Any notice to be given to the policyholder under the
has/had been non disclosure of a material fact, the Policy will be issued by post or electronic mail or
Company may treat your Policy as void from inception. telephone facsimile transmission to the latest
In case fraud or misrepresentation, the policy shall be address/es/fax number/email of the policyholder
cancelled immediately by paying the surrender value, available in the records of the Company.
subject to the fraud or misrepresentation being Any change in the address of the Policyholder should be
established by the insurer in accordance with Section 45 informed to the Company so as to ensure timely
o f the Insurance Act, 1938. communication of notices and to the correct address.

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Kindly refer to Part G section 1 of the Bond for • Email: [email protected]

intimating about the change in existing details. • Mail to: Customer Service
15. Currency and Place of Payment Bharti AXA Life Insurance Company Ltd.
All payments to or by the Company will be in Indian Spectrum Towers, 3rd Floor, Malad link road,
rupees and shall be in accordance with the prevailing Malad (west), Mumbai – 400064
Exchange Control regulations and other relevant laws in 22. Grievance Redressal Procedure
force in India.
Step 1: Inform us about your grievance
16. Policy alterati ons / Modifications
In case you have any grievance, you may approach our
Only a duly authorized officer of the Company has the Grievance Redressal Cell at any of the below-mentioned
power to effect changes on the Policy/Plan at the request helplines:
of the Policyholder, subject to the rules of the Company
• Lodge your complaint online at www.bharti-axalife.com
and within the regulatory parameters.
• Call us at our toll free no. 1800 102 4444
17. Advance Premium
• Email us at [email protected]
(i) Collection of advance premium shall be allowed
within the same financial year for the premium due • Write to us at:
in that financial year. However, where the premium Grievance Redressal Cell
due in one financial year is being collected in Bharti AXA Life Insurance Company Ltd.
advance in earlier financial year, the same may be Spectrum Towers, 3rd Floor, Malad link road,
collected for a maximum period of three months in Malad (west), Mumbai – 400064
advance of the due date of the premium. • Visit our nearest branch and meet our Grievance Officer
(ii) The premium so collected in advance shall only be who will assist you to redress your grievance/ lodge your
adjusted on the due date of the premium. complaint.
18. Mode of communication Step 2: Tell us if you are not satisfied
The Company and the policyholder may exchange In case you are not satisfied with the decision of the above
communications pertaining to the Policy either through office you may contact our Grievance Officer within 8 weeks
normal correspondence or through electronic mail and of receipt of the resolution communication at any of the
the Company shall be within its right to seek below-mentioned helplines:
clarifications / to carry out the mandates of the • Write to our Grievance Officer at:
policyholder on merits in accordance with such Bharti AXA Life Insurance Company Ltd.
communications. While accepting requests / mandate Spectrum Towers, 3rd Floor, Malad link road,
from the policyholder through electronic mail, the Malad (west), Mumbai – 400064
Company may stipulate such conditions as deemed fit to
give effect to and comply with the provisions of • Email us at [email protected]
Information Technology Act 2000 and/ or such other You are requested to inform us about your concern (if any)
applicable laws in force from time to time. within 8 weeks of receipt of resolution as stated above,
19. Governing Laws & Jurisdiction failing which it will be constructed the complaint is
satisfactorily resolved.
The terms and conditions of the Policy shall be governed
by and shall be subject to the laws of India. The parties Step 3: If you are not satisfied with the resolution
shall submit themselves to the jurisdiction of the provided by the company
competent court/s of law in India in respect of all matters In case you are not satisfied with the decision/ resolution of
and disputes which may arise out of in connection with the Company, you may approach the Insurance Ombudsman.
the Policy document and/ or relating to the Policy. The complete list of Insurance Ombusdsman is appended
20. Term/s used and its meaning below in Appendix I or please visit:
Any term not otherwise defined in this Policy document • www.bharti-axalife.com
shall have the meaning ascribed to it under Policy as • www.irdaindia.org/ombudsmenlist
defined here in. If a particular term is not defined or For informative purpose and for your ready reference, the
otherwise articulated in the Policy, endeavor shall be to relevant clauses of the Insurance Act,1938 are reproduced
impart the natural meaning to the said term in the below:
context in which it is used. Section 41 of the Insurance Act, 1938:
21. Customer Service: (1) “No person shall allow or offer to allow, either directly
You can seek clarification or assistance on the Policy or indirectly, as an inducement to any person to take out or
from the following: renew or continue an insurance in respect of any kind of risk
• The Agent from whom the Policy was bought relating to lives or property in India, any rebate of the whole
• The Customer Service Representative of The Company or part of the commission payable or any rebate of the
at toll free no. 1800 102 4444 premium shown on the policy, nor shall any person taking
out or renewing or continuing a policy accept any rebate,
• SMS "SERVICE" to 56677 except such rebate as may be allowed in accordance with the

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published prospectus or tables of the insurer: (2) Any person making default in complying with the
Provided that acceptance by an insurance agent of provisions of this section shall be liable for a penalty
commission in connection with a policy of life insurance which may extend to ten lakh rupees.”
taken out by himself on his own life shall not be deemed to Section 45 of Insurance Act, 1938:
be acceptance of a rebate of premium within the meaning of Fraud, Misrepresentation and forfeiture would be dealt with
this sub-section if at the time of such acceptance the in accordance with provisions of Sec 45 of the Insurance Act
insurance agent satisfies the prescribed conditions 1938 as amended from time to time. [A Leaflet containing
establishing that he is a bona fide insurance agent employed the simplified version of the provisions of Section 45 is
by the insurer. enclosed in appendix – III for reference]

List of Ombudsman
(For the updated list You may refer to IRDA of India website)
Address & Contact Details of Ombudsmen Centres
Office of The Governing Body of Insurance Council
(Monitoring Body for Offices of Insurance Ombudsman)
3rd Floor, Jeevan Seva Annexe, Santacruz(West), Mumbai – 400054.
Tel no: 26106671/6889. Email id: [email protected] website: www.gbic.co.in
If you have a grievance, approach the grievance cell of Insurance Company first. If complaint is not resolved/ not
satisfied/not responded for 30 days then You can approach The Office of the Insurance Ombudsman (Bimalokpal)
Please visit our website for details to lodge complaint with Ombudsman.

Office of the Ombudsman Contact Details Areas of Jurisdiction

AHMEDABAD Tel.:- 079 - 25501201/02/05/06 Gujarat,

Office of the Insurance Ombudsman, Jeevan Fax: 079 - 27546142 Dadra & Nagar Haveli,
Prakash Building, 6th floor, Tilak Marg, Relief Email: [email protected] Daman and Diu
Road, Ahmedabad – 380 001
BENGALURU Tel.: 080 - 26652048 / 26652049 Karnataka
Office of the Insurance Ombudsman, Email: [email protected]
Jeevan Soudha Building, PID No. 57-27-N-19
Ground Floor, 19/19, 24th Main Road,
JP Nagar, Ist Phase, BENGALURU – 560 078.
BHOPAL Tel.: 0755 - 2769201 / 2769202 Madhya Pradesh
Office of the Insurance Ombudsman, Fax: 0755 - 2769203 Chattisgarh
Janak Vihar Complex, 2nd Floor, 6, Email: [email protected]
Malviya Nagar, Opp. Airtel Office,
Near New Market, BHOPAL- 462 003.
BHUBANESHWAR Tel.: 0674 - 2596461 /2596455 Orissa
Office of the Insurance Ombudsman, Fax: 0674 - 2596429
62, Forest Park, BHUBANESHWAR-751 009. Email:[email protected]
CHANDIGARH Tel.: 0172 - 2706196 / 2706468 Punjab, Haryana,
Office of the Insurance Ombudsman, S.C.O. Fax: 0172 - 2708274 Himachal Pradesh,
No. 101, 102 & 103, 2nd Floor, Batra Building, Email: [email protected] Jammu & Kashmir, Chandigarh.
Sector 17 – D, CHANDIGARH-160 017.

CHENNAI Tel.: 044 - 24333668 / 24335284 Tamil Nadu,

Office of the Insurance Ombudsman, Fax: 044 - 24333664 Pondicherry Town and Karaikal
Fatima Akhtar Court, 4th Floor, 453, Email: [email protected] (which are part of Pondicherry).
Anna Salai, Teynampet, CHENNAI-600 018.

DELHI - Tel.: 011 - 23239633 / 23237532 Delhi

Office of the Insurance Ombudsman, Fax: 011 - 23230858
2/2 A, Universal Insurance Bldg.,Asaf Ali Email: [email protected]
Road, NEW DELHI-110 002.
GUWAHATI Tel.: 0361 - 2132204 / 2132205 Assam, Meghalaya, Manipur,
Office of the Insurance Ombudsman, Jeevan Fax: 0361 - 2732937 Mizoram, Arunachal Pradesh,
Nivesh, 5th Floor, Nr. Panbazar over bridge, Email: [email protected] Nagaland and Tripura.
S.S. Road, GUWAHATI-781 001(ASSAM)

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Bharti AXA Life Secure Income Plan

HYDERABAD. Tel.: 040 - 65504123 / 23312122 Andhra Pradesh,

Office of the Insurance Ombudsman, Fax: 040 - 23376599 Telangana,
6-2-46, 1st floor, "Moin Court", Lane Opp. Email: [email protected] Yanam and
Saleem Function Palace, A. C. Guards, part of Territory of Pondicherry.
Lakdi-Ka-Pool, HYDERABAD-500 004.

JAIPUR Tel.: 0141 - 2740363 Rajasthan

Office of the Insurance Ombudsman, Email: [email protected]
Jeevan Nidhi II, Ground Floor,
Bhawani Singh Marg, JAIPUR – 302005.

ERNAKULAM Tel.: 0484 - 2358759 / 2359338 Kerala,

Office of the Insurance Ombudsman, 2nd Floor, Fax: 0484 - 2359336 Lakshadweep,
Pulinat Bldg., Opp. Cochin Shipyard, M. G. Email: [email protected] Mahe-a part of Pondicherry
Road, ERNAKULAM-682 015.

KOLKATA Tel.: 033 - 22124339 / 22124340 West Bengal,

Office of the Insurance Ombudsman, Fax : 033 - 22124341 Sikkim,
Hindustan Building. Annexe, 4th Floor, Email: [email protected] Andaman & Nicobar Islands.
4, C.R.Avenue, KOLKATA - 700072
LUCKNOW Tel.: 0522 - 2231330 / 2231331 Districts of Uttar Pradesh:
Office of the Insurance Ombudsman, Fax: 0522 - 2231310 Laitpur, Jhansi, Mahoba, Hamirpur,
6th Floor, Jeevan Bhawan, Phase-II, Email: [email protected] Banda, Chitrakoot, Allahabad,
Nawal Kishore Road, Hazratganj, Mirzapur, Sonbhabdra, Fatehpur,
LUCKNOW-226 001. Pratapgarh, Jaunpur,Varanasi,
Gazipur, Jalaun, Kanpur, Lucknow,
Unnao, Sitapur, Lakhimpur, Bahraich,
Barabanki, Raebareli, Sravasti,
Gonda, Faizabad, Amethi,
Kaushambi, Balrampur, Basti,
Ambedkarnagar, Sultanpur,
Maharajgang, Santkabirnagar,
Azamgarh, Kushinagar, Gorkhpur,
Deoria, Mau, Ghazipur, Chandauli,
Ballia, Sidharathnagar.
MUMBAI Tel.: 022 - 26106552 / 26106960 Goa,
Office of the Insurance Ombudsman, Fax: 022 - 26106052 Mumbai Metropolitan Region
3rd Floor, Jeevan Seva Annexe,S.V. Road, Email: [email protected] excluding Navi Mumbai & Thane.
Santacruz (W), MUMBAI-400 054.

NOIDA Tel.: 0120-2514250 / 2514252 / 2514253 State of Uttaranchal and the following
Office of the Insurance Ombudsman, Email : [email protected] Districts of Uttar Pradesh:
Bhagwan Sahai Palace, 4th Floor, Agra, Aligarh, Bagpat, Bareilly,
Main Road, Naya Bans, Sector-15, Distt. Bijnor, Budaun, Bulandshehar, Etah,
Gautam Buddh Nagar U.P – 201301. Kanooj, Mainpuri, Mathura, Meerut,
Moradabad, Muzaffarnagar, Oraiyya,
Pilibhit, Etawah, Farrukhabad,
Firozbad, Gautambodhanagar,
Ghaziabad, Hardoi, Shahjahanpur,
Hapur, Shamli, Rampur, Kashganj,
Sambhal, Amroha, Hathras,
Kanshiramnagar, Saharanpur.
PUNE Tel.: 020-41312555 Maharashtra,
Office of the Insurance Ombudsman, Email: [email protected] Area of Navi Mumbai and Thane
Jeevan Darshan Bldg., 3rd Floor, C. T.S No.s excluding Mumbai Metropolitan
195 to198, N.C. Kelkar Road, Narayan Peth, Region.
PUNE – 411030.

PATNA Tel.: 0612-2680952 Bihar, Jharkhand.

Office of the Insurance Ombudsman, 1st Floor, Email id: [email protected].
Kalpana Arcade Building, Bazar Samiti Road,
Bahadurpur, PATNA – 800006.

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 Policy Document
Bharti AXA Life Secure Income Plan

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

IRDA of India clarifies to public that

• IRDA of India or its officials do not involve in activities like sale of any kind of insurance or financial
products nor invest premiums
• IRDA of India does not announce bonus.
• Public receiving such phone calls are requested to lodge a police complaint along with the details of the
phone call, number.

Appendix I: Section 38 - Assignment and Transfer of Insurer, any person aggrieved by the refusal may prefer
Insurance Policies a claim to IRDAI within 30 days of receipt of the refusal
Assignment or transfer of a Policy should be in accordance letter from the Insurer.
with Section 38 of the Insurance Act, 1938 as amended from 12. The priority of claims of persons interested in an
time to time. The extant provisions in this regard are as insurance Policy would depend on the date on which the
follows: notices of assignment or transfer is delivered to the
01. This Policy may be transferred/assigned, wholly or in insurer; where there are more than one instruments of
part, with or without consideration. transfer or assignment, the priority will depend on dates
of delivery of such notices. Any dispute in this regard as
02. An Assignment may be effected in a Policy by an to priority should be referred to Authority.
endorsement upon the Policy itself or by a separate
instrument under notice to the Insurer. 13. Every assignment or transfer shall be deemed to be
absolute assignment or transfer and the assignee or
03. The instrument of assignment should indicate the fact of transferee shall be deemed to be absolute assignee or
transfer or assignment and the reasons for the transferee, except
assignment or transfer, antecedents of the assignee and
terms on which assignment is made. a. where assignment or transfer is subject to terms and
conditions of transfer or assignment OR
04. The assignment must be signed by the transferor or
assignor or duly authorized agent and attested by at least b. where the transfer or assignment is made upon
one witness. condition that
05. The transfer of assignment shall not be operative as i. the proceeds under the Policy shall become
against an insurer until a notice in writing of the transfer payable to Policyholder or nominee(s) in the
or assignment and either the said endorsement or event of assignee or transferee dying before the
instrument itself or copy there of certified to be correct insured OR
by both transferor and transferee or their duly authorized ii. the insured surviving the term of the Policy Such
agents have been delivered to the insurer. conditional assignee will not be entitled to obtain
06. Fee to be paid for assignment or transfer can be specified a loan on Policy or surrender the Policy. This
by the Authority through Regulations. provision will prevail notwithstanding any law or
custom having force of law which is contrary to
07. On receipt of notice with fee, the insurer should Grant a the above position.
written acknowledgement of receipt of notice. Such
notice shall be conclusive evidence against the insurer of 14. In other cases, the insurer shall, subject to terms and
conditions of assignment, recognize the transferee or
duly receiving the notice.
assigne named in the notice as the absolute transferee or
08. If the insurer maintains one or more places of business, assignee and such person
such notices shall be delivered only at the place where a. shall be subject to all liabilities and equities to which
the Policy is being serviced. the transferor or assignor was subject to at the date
09. The insurer may accept or decline to act upon any of transfer or assignment and
transfer or assignment or endorsement, if it has b. may institute any proceedings in relation to the
sufficient reasons to believe that it is Policy
a. not bonafide or c. obtain loan under the Policy or surrender the Policy
b. not in the interest of the Policyholder or without obtaining the consent of the transferor or
c. not in public interest or assignor or making him a party to the proceedings
d. is for the purpose of trading of the insurance Policy. 15. Any rights and remedies of an assignee or transferee of a
life insurance Policy under an assignment or transfer
10. Before refusing to act upon endorsement, the Insurer effected before commencement of the Insurance Laws
should record the reasons in writing and communicate (Amendment), 2014 shall not be affected by this section.
the same in writing to Policyholder within 30 days from [Disclaimer: This is not a comprehensive list of amendments of
the date of Policyholder giving a notice of transfer or Insurance Laws (Amendment), 2014 and only a simplified version
assignment. prepared for general information. Policy Holders are advised to refer
11. In case of refusal to act upon the endorsement by the to Original Insurance Law (Amendment), 2014. ]

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 Policy Document
Bharti AXA Life Secure Income Plan

Appendix II: Section 39 - Nomination by Policyholder a. parents or

Nomination of a life insurance Policy is as below in b. spouse or
accordance with Section 39 of the Insurance Act, 1938 as c. children or
amended from time to time. The extant provisions in this d. spouse and children
regard are as follows:
e. or any of them
01. The Policyholder of a life insurance on his own life may
nominate a person or persons to whom money secured the nominees are beneficially entitled to the amount
by the Policy shall be paid in the event of his death. payable by the insurer to the Policyholder unless it is
proved that Policyholder could not have conferred such
02. Where the nominee is a minor, the Policyholder may beneficial title on the nominee having regard to the
appoint any person to receive the money secured by the nature of his title.
Policy in the event of Policyholder’s death during the
minority of the nominee. The manner of appointment to 14. If nominee(s) die after the Policyholder but before his
be laid down by the insurer. share of the amount secured under the Policy is paid, the
share of the expired nominee(s) shall be payable to the
03. Nomination can be made at any time before the maturity heirs or legal representative of the nominee or holder of
of the Policy. succession certificate of such nominee(s).
04. Nomination may be incorporated in the text of the Policy 15. The provisions of sub-section 7 and 8 (13 and 14 above)
itself or may be endorsed on the Policy communicated to shall apply to all life insurance policies maturing for
the insurer and can be registered by the insurer in the payment after the commencement of Insurance Laws
records relating to the Policy. (Amendment), 2014 (i.e 26.12.2014).
05. Nomination can be cancelled or changed at any time 16. If Policyholder dies after maturity but the proceeds and
before Policy matures, by an endorsement or a further benefit of the Policy has not been paid to him because of
endorsement or a will as the case may be. his death, his nominee(s) shall be entitled to the
06. A notice in writing of Change or Cancellation of proceeds and benefit of the Policy.
nomination must be delivered to the insurer for the 17. The provisions of Section 39 are not applicable to any
insurer to be liable to such nominee. Otherwise, insurer life insurance Policy to which Section 6 of Married
will not be liable if a bonafide payment is made to the Women’s Property Act, 1874 applies or has at any time
person named in the text of the Policy or in the applied except where before or after Insurance Laws
registered records of the insurer. (Amendment) 2014, a nomination is made in favor of
07. Fee to be paid to the insurer for registering change or spouse or children or spouse and children whether or not
cancellation of a nomination can be specified by the on the face of the Policy it is mentioned that it is made
Authority through Regulations. under Section 39. Where nomination is intended to be
08. On receipt of notice with fee, the insurer should grant a made to spouse or children or spouse and children under
written acknowledgement to the Policyholder of having Section 6 of MWP Act, it should be specifically
registered a nomination or cancellation or change mentioned on the Policy. In such a case only, the
thereof. provisions of Section 39 will not apply.
09. A transfer or assignment made in accordance with [Disclaimer: This is not a comprehensive list of amendments of
Section 38 shall automatically cancel the nomination Insurance Laws (Amendment),2014 and only a simplified version
except in case of assignment to the insurer or other prepared for general information. Policy Holders are advised to
transferee or assignee for purpose of loan or against refer to Original Insurance Law (Amendment), 2014.]
security or its reassignment after repayment. In such
case, the nomination will not get cancelled to the extent Appendix III: Section 45 – Policy shall not be called in
of insurer’s or transferee’s or assignee’s interest in the question on the ground of mis-statement after three years
Policy. The nomination will get revived on repayment of Provisions regarding Policy not being called into question in
the loan. terms of Section 45 of the Insurance Act, 1938, as amended
10. The right of any creditor to be paid out of the proceeds of from time to time.
any Policy of life insurance shall not be affected by the 01. No Policy of Life Insurance shall be called in question
nomination. on any ground whatsoever after expiry of 3 yrs from
11. In case of nomination by Policyholder whose life is a. the date of issuance of Policy or
insured, if the nominees die before the Policyholder, the
proceeds are payable to Policyholder or his heirs or legal b. the date of commencement of risk or
representatives or holder of succession certificate. c. the date of revival of Policy or
12. In case nominee(s) survive the person whose life is d. the date of rider to the Policy
insured, the amount secured by the Policy shall be paid whichever is later.
to such survivor(s).
13. Where the Policyholder whose life is insured
nominates his

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 Policy Document
Bharti AXA Life Secure Income Plan

02. On the ground of fraud, a Policy of Life Insurance may 09. The insurer can call for proof of age at any time if he is
be called in question within 3 years from entitled to do so and no Policy shall be deemed to be
a. the date of issuance of Policy or called in question merely because the terms of the Policy
are adjusted on subsequent proof of age of life insured.
b. the date of commencement of risk or So, this Section will not be applicable for questioning
c. the date of revival of Policy or age or adjustment based on proof of age submitted
d. the date of rider to the Policy subsequently.
whichever is later. [Disclaimer: This is not a comprehensive list of
For this, the insurer should communicate in writing to amendments of Insurance Laws (Amendment),2014 and
the insured or legal representative or nominee or only a simplified version prepared for general
assignees of insured, as applicable, mentioning the information. Policy Holders are advised to refer to
ground and materials on which such decision is based. Original Insurance Law (Amendment), 2014. ]
03. Fraud means any of the following acts committed by
insured or by his agent, with the intent to deceive the
insurer or to induce the insurer to issue a life insurance
Policy:
a. The suggestion, as a fact of that which is not true and
which the insured does not believe to be true;
b. The active concealment of a fact by the insured
having knowledge or belief of the fact;
c. Any other act fitted to deceive; and
d. Any such act or omission as the law specifically
declares to be fraudulent.
04. Mere silence is not fraud unless, depending on
circumstances of the case, it is the duty of the insured or
his agent keeping silence to speak or silence is in itself
equivalent to speak.
05. No Insurer shall repudiate a life insurance Policy on the
ground of Fraud, if the Insured / beneficiary can prove
that the misstatement was true to the best of his
knowledge and there was no deliberate intention to
suppress the fact or that such mis-statement of or
suppression of material fact are within the knowledge of
the insurer. Onus of disproving is upon the Policyholder,
if alive, or beneficiaries.
06. Life insurance Policy can be called in question within 3
years on the ground that any statement of or suppression
of a fact material to expectancy of life of the insured was
incorrectly made in the proposal or other document basis
which Policy was issued or revived or rider issued. For
this, the insurer should communicate in writing to the
insured or legal representative or nominee or assignees
of insured, as applicable, mentioning the ground and
materials on which decision to repudiate the Policy of
life insurance is based.
07. In case repudiation is on ground of mis-statement and
not on fraud, the premium collected on Policy till the
date of repudiation shall be paid to the insured or legal
representative or nominee or assignees of insured,
within a period of 90 days from the date of repudiation.
08. Fact shall not be considered material unless it has a
direct bearing on the risk undertaken by the insurer. The
onus is on insurer to show that if the insurer had been
aware of the said fact, no life insurance Policy would
have been issued to the insured.

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