An optimum life insurance policy acts as a cushion for the family members and dependents of the policyholder in the face of unforeseen incidents in life. Unfortunate events like serious illnesses or death of a breadwinner may plunge his family into a series of financial difficulties. So one should be adequately insured in order to help dependents pay off debts and funeral expenses during the grieving period. An optimum policy also provides the family of the insured financial security for important events, later in life.
Bharti AXA Life Aajeevan Sampatti+ is a savings plan that offers multiple benefits such as life coverage with guaranteed annual payouts up to the age of 100 and additional non-guaranteed cash bonuses till the maturity of the policy.
Eligibility Conditions for the Bharti AXA Life Aajeevan Sampatti+:
|Minimum Entry Age (age closer to birthday)||91 days|
|Maximum Entry Age (age closer to birthday)||60 years for the policy term that goes up to the age of 100 50 years for the policy term that goes up to the age of 85|
|Maximum age at the time of Policy Maturity (age closer to birthday)||100 or 85 years based on the selected policy term|
Premium Payments Offered by Bharti AXA Life Aajeevan Sampatti+:
|Options for premium payment term||10 years and 15 years|
|Minimum Sum Assured at Maturity||Rs. 50,000|
|Minimum Premium Amount||Varies based on minimum sum assured at maturity|
|Premium Payment Modes||Annually, Semi-annually, Monthly (only through Auto Pay), Quarterly (only through Auto Pay)|
What you need to know about Bharti AXA Life Aajeevan Sampatti+ Insurance Plan:
- You have the flexibility to select a policy term that will provide you coverage till the age of 85 or 100.
- You are liable to receive annual guaranteed benefits from the close of the 10th year of policy till maturity. This amount is dependent on the policy term that you have selected.
- You are eligible for an upside bonus from the end of the 6th policy year.
- You are eligible for tax rebates on the paid premiums and benefits availed.
Advantages and Benefits of Bharti AXA Life Aajeevan Sampatti+ Insurance Plan:
The Bharti AXA Life Aajeevan Sampatti+ Insurance Plan provides you the following key benefits:
- Guaranteed Annual Payouts
The plan provides you Guaranteed Annual Payouts until policy maturity, except in the policy year that coincides with maturity. When you have completed the 10th policy year, an annual payout will be offered until the maturity of policy or death, whichever is earlier. However, this is provided only if the policy is in force at that time.
The Guaranteed Annual Payout Percentage depends on the policy term you have chosen:
Policy Term Guaranteed Annual Payout Percentage Up to age 100 5.5% of sum assured at maturity Up to age 85 6% of sum assured at maturity
- Cash Bonuses
If the policy is in force, the policyholder benefits from non-guaranteed cash bonuses. The policy participates in insurance funds and the surplus amount gained through this is distributed as bonus. This non-guaranteed benefit is payable each year, starting from the 6th policy year. The payment continues till the maturity of the policy or the death of the policyholder, whichever comes first. The first 5 policy years will not provide the insured any bonuses.
- Life Insurance Benefits
The insured will be protected under the policy until the end of the policy term chosen by him. If the policyholder loses his life while the policy is in force (and this is relevant for minors as well) the sum assured that will be paid is the highest among the following:
- Sum assured at maturity
- 11 times the annualised premium
Annualised premium is the aggregate of premiums payable in a policy year and it is exclusive of modal factors and underwriting.
The death benefit that is paid to the beneficiary will be the higher amount among the following:
- The sum assured that is payable on death
- 105% of all premiums paid, not inclusive of the underwriting extra premium
If the policyholder succumbs to death during the grace period, the death benefit will be paid after deduction of the unpaid due premium.
In the event of death after the policy is paid-up, the nominee will be given the paid-up value on death.
If the policy lapses, there will be no death benefit paid to the nominee.
- Maturity Benefit
If the policy is in force and the insured survives till policy maturity, the sum assured at maturity is payable.
- Other Discounts
If you choose a sum assured at maturity that is equal to or higher than Rs. 4,00,000, you are eligible for a 2% discount on the rate of your base premium.
- Tax Benefits
Under Section 80C and Section 10 (10D) of the Income Tax Act, 1961, you can avail tax benefits on paid premiums and benefits received, respectively. These tax benefits may vary according to changes in tax laws.
If you are unable to pay future premiums of the policy due to unforeseen circumstances, there is a wide array of flexibilities that can be availed:
- Loans - This scheme allows the policyholder to take a loan from the company. This is allowed only if all due premiums are paid and the policy has been able to acquire surrender value. The maximum amount that can be taken as loan shall not be in excess of 70% of the acquired surrender value.
- Grace Period - This is the time interval provided to the policyholder starting from the premium due date, within which the premium should be paid to not impact the policy benefits. For all modes, this interval is 30 days.
- Lapsation - Surrender value of the policy is acquired after the payment of one annualized premium for the Bharti AXA Life Aajeevan Sampatti+ Plan. If the policyholder does not pay the premium on the due date, he gets a 30 day grace period for the same. All benefits offered by the policy will be unaltered during this time.
- If the surrender value has not been acquired - If your premiums are not paid within the grace period, your policy will lapse with effect from the lapse date. You can revive the policy within the revival period (i.e., 2 years from the date of the first unpaid premium), failing which the policy will be terminated and benefits will not be payable.
- If the surrender value has been acquired - If your premiums are not paid within the grace period, your policy will become paid-up with effect from the lapse date. You can revive the policy within the revival period (i.e., 2 years from the date of the first unpaid premium), failing which the policy will continue to be in paid-up status and the paid-up value will be provided to you, either in the event of death or policy maturity.
- If the policy is reinstated during the reinstatement period, the policyholder is liable to receive all benefits.
Revival of Bharti AXA Life Aajeevan Sampatti+:
You can revive all the benefits that you are eligible for within two years after the defaulted premium due date. However, you would have to furnish the following information for the revival:
- A written application
- Evidence of your insurability
- Payment of a specific amount calculated as the sum of all the unpaid premiums along with the interests that are charged by the insurer.
Reduction in Paid-up Value
Once a policy becomes paid-up, it will not be included in future bonuses proposed by the insurer. In the event of death or policy maturity, the paid-up value given to the policyholder/nominee is calculated as shown below:
Paid up value at Maturity = (Number of Premiums paid x Sum Assured at Maturity)/ Premium Payment Term
Paid up value at Death = (Number of Premiums paid x Sum Assured at death)/ Premium Payment Term
For a paid-up policy, the benefit paid at surrender is identified as follows:
Paid-up value at surrender = Paid-up Value at Maturity x Special surrender value factor/1000
Surrender of policy
If you are unable to pay all premiums and choose to exit the policy, then only the surrender value amount will be paid to you by the insurer. The guaranteed surrender value factors at policy years ranging from 1 to 30 are as shown below:
|Policy Year||Premium Payment Term|
|10 years||15 years|
If any survival benefits have already been paid till date, these will be reduced from this surrender value.
Enhance Your Protection
The following riders will enhance your plan:
- Bharti AXA Life Hospi Cash Rider : This rider provides you a specific amount of money for each day of your hospitalisation. In case you are admitted to an Intensive Care Unit or are scheduled to undergo surgery, you can avail a fixed lump sum benefit.
- Premium Waiver Rider : This Bharti AXA Life Insurance rider allows the waiver of all future premiums at the death, total permanent disability or critical illness of the proposer, based on the option selected. These premiums are then paid by the insurance company.
- Bharti AXA Life Accidental Death Benefit Rider : This rider is non-linked and it provides 100% sum assured in the event of death of the policyholder from an accident. However, the rider policy should be in force at the time of the incident.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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