Bharti AXA Life eAajeevan Sampatti+ is a non-linked savings plan, which can be applied for, online. This policy is intended to offer your family and you with double advantages that includes guaranteed annual pay-outs. It offers life insurance cover for up to 100 years of age. The plan allows its policyholders to receive additional (non-guaranteed) cash bonuses until the date of the policy maturity.
Eligibility Requirements for Bharti AXA Life eAajeevan Sampatti+ Plan
The following are the basic and most important eligibility criterias for the Bharti AXA Life eAajeevan Sampatti+ plan:
|Minimum entry age||91 days.|
|Maximum entry age||‘To age 100’ Policy: 60 years. ‘To age 85’ Policy: 50 years.|
|Maximum age at maturity||100 or 85 years which is completely based on the Policy Term selected.|
Key Features of Bharti AXA Life eAajeevan Sampatti+ Plan
|Plan type||Non-linked savings plan..|
|Premium paying terms||10 and 15 years.|
|Policy term||Upto the age of 85 years or 100 years of the policyholder.|
|Death Benefits||Amount Assured at the date of maturity OR 11 times of the Annualised Base Premium. (Note:The base annualized premium paid will not include ‘modal factors and underwriting extra’.)|
|Maturity benefits||Sum assured for payment when the policy matures.|
|Premium payment frequency||Monthly and quarterly are payable through autopay only. Annual and half yearly is also available.|
|Guaranteed Additions||5.5% annual payout for the To 85 years policy and 6% for the To 100 years policy|
|No Medicals||No medical examination required for this policy|
|Free-look period||15 days for manually purchased policy 30 days for policies purchased online.|
|Grace period||15 days for all modes of payment and for all policies|
|Policy revival||The policy can revived within 2 years from the date of 1st premium missed. But you would need to provide Bharti AXA the following: A written application from you for the policy revival Satisfactory evidence of insurability based on the company’s discretion. Payment of all overdue premiums with interest as specified by company from time to time.|
|Alterations||The policy allows alteration of premium paying frequency.|
|Nomination||Nomination is accepted under this policy.|
|Sum Assured||Minimum: Rs. 50,000. Maximum: There is no limit.|
|Policy coverage||Death benefits, maturity benefits and guaranteed annual payouts.|
|Loans Against Policy||Loans against this policy can be taken.|
Benefits and Advantages of Bharti AXA Life eAajeevan Sampatti+ Plan
The main advantages of this life insurance plan from Bharti AXA includes:
Life Insurance Cover: This amount will be paid out in the case of unfortunate event of death of the policyholder. The claimant will receive either of the following amounts, whichever is higher:
- Sum Assured on Maturity OR
- 11 x Annualised Premium (excluding any modal factors and underwriting extra premium).
- Maturity Benefit: The Sum or amount that has been assured on the date of maturity.
- Guaranteed annual payout of 5.5% of the Sum Assured on Maturity starting from the end of 10th Policy year for ‘To age 100’ policy term
- Guaranteed annual payout of 6% of the Sum Assured on Maturity paid every year starting from the end of 10th Policy year for ‘To age 85’ policy term.
- Non-guaranteed Cash bonuses paid annually starting from end of 6th Policy year onwards.
- Tax benefits: Tax benefits are available on the premiums paid and also the the benefits received as per the prevailing tax laws under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. The tax benefits are subject to change based on the prevailing tax laws at the time.
- Discounts on Premium: You can avail discounts on premium amounts if your sum assured is Rs. 4 lakhs or more.
- Loans Against Policy: The maximum amount of loan has to be 70% or less of the acquired Surrender Value. The loans given under the Policy are as per the Policy provisions under Bharti AXA Life Insurance.
How Does Bharti AXA Life eAajeevan Sampatti+ Plan Work?
An individual starts paying their premiums from the initiation time of the policy term. From the sixth year, the policyholder starts receiving non-guaranteed bonuses. He or she would finish paying the premiums by the 10 year or 15 year based on the policy term chosen. From then on, the policy holder starts receiving annual payouts which are guaranteed. In case, the policyholder expires before the age of 85 or 100 as mentioned on their term, they will receive 105% of the sum assured on maturity or 11 x times the guaranteed annual payout, whichever is the higher amount. If he survive up to maturity, he will receive the amount assured for maturity.
Riders Applicable on Bharti AXA Life eAajeevan Sampatti+ Plan
The following riders are applicable on this policy:
- Premium Waiver rider: 100% of all future premiums under the base policy are waived and paid by the company on the death & total permanent disability or critical illness of Proposer, depending on the chosen option.
- Bharti AXA Life Accidental Death Benefit Rider:This is a non-linked and regular pay rider that provides 100% Sum Assured in case of death of the Life Insured due to an accident subject to the rider policy being in-force.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017