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Bharti AXA Life Monthly Advantage Plan

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It is very important to be financially sound as it helps in case of any financial crisis. While you may have some savings to handle immediate financial needs, without regular monthly payments coming in every month, it is difficult to manage emergency expenses. Bharti AXA Life introduces a limited pay traditional participating life insurance plan where a policyholder can choose from 3 premium payment terms and gives guaranteed monthly payouts from the end of the premium payment term till your policy matures. In case of any eventuality, this plan makes sure that your close friends always remain financially secure.

Type of the plan Limited pay traditional non-participating life insurance plan.

Eligibility Conditions for the Bharti AXA Life Monthly Advantage:

Minimum Entry Age
  • 6 years for 12 years policy term
  • 2 years for 16 years policy term
  • 91 days for 24 years policy term
Maximum Entry Age
  • 65 years for 12 and 16 years policy term
  • 60 years for 24 years policy term
Maximum Maturity Age
  • 77 years for 12 years policy term
  • 78 years for 16 years policy term
  • 84 years for 24 years policy term
Minimum Monthly Income
  • Rs.928 for 12 years policy term
  • Rs.642 for 16 years policy term
  • Rs.370 for 24 years policy term
Premium Payment Modes Yearly, half-yearly, quarterly and monthly.
Minimum Premium
  • Rs.10,600 for 12 year policy term
  • Rs.7,000 for 16 year policy term
  • Rs.3,700 for 24 year policy term
Premium Payment Term 6, 8 and 12 years for 12, 16 and 24 years policy term respectively.
Policy Term 12, 16 and 24 years

Please note: The risk coverage is valid immediately from the policy commencement date and all lives including minors are covered. Also note that quarterly and monthly premium payment modes are available through ECS only.

Policy Terms for the Bharti AXA Life Monthly Advantage:

Minimum sum assured Rs.50,000 for all policy terms
Limited pay options  
Policy term Premium paying term
12 6 years
16 8 years
24 12 years
Premium payment mode and modal factor Monthly, quarterly, half-yearly and yearly
Mode Modal factor
Monthly 0.0867 of annualised premium
Quarterly 0.26 of annualised premium
Semi-annual 0.51 of annualised premium
Grace period 30 years for all modes
Loans under policy Available
Additional protection features Available
Maturity benefit Available
Death benefit Available
Surrender benefit Available The following table is used to calculate surrender benefit
Policy term Premium payment plan Guaranteed Monthly Income on Survival as % of (annual premium/12)
12 years 6 years 105%
16 years 8 years 110%
24 years 12 years 120%

What you should know about Bharti AXA Life Monthly Advantage:

  • The premium rates payable by the policyholder will be decided based on the age, gender, premium payment mode, policy term and the chosen monthly income.
  • Paid up sum assured value is calculated by multiplying the number of premiums paid with the sum assured divided by the number of premiums payable.
  • Revival can be done within 2 years from from the date of the first missed premium. Account will be reinstated if all outstanding dues with interest is paid in full.
  • A written letter and satisfactory evidence of insurability should be submitted to reinstate a policy.

Advantages and Benefits of Bharti AXA Life Monthly Advantage:

The features and benefits of the Bharti AXA Life Monthly Advantage are as follows:

Guaranteed Monthly Income

Upon completion of the premium payment term, the policyholder will receive Guaranteed Monthly Income until maturity. The policy must be active to receive the Guaranteed Monthly Income. The premium amount is decided based on the monthly income you choose to pay.

Accidental Total Permanent Disability(ATPD)

In case of any eventuality resulting in death or accidental permanent disability, the nominee is eligible to receive the monthly income. The monthly income will be payable from the next policy month and will continues for the next 6, 8 or 12 years depending on the policy term chosen at the start of the policy.

Death benefit

In case of death, accrued non-guaranteed annual Reversionary bonus, terminal bonus and other benefits if any is paid out immediately. After paying the benefits, the policy is terminated. Please note that this benefit is paid only if the insured is 18 years of age. It is applicable till the life insured attains a maximum age of 70 years. 105% of all premiums paid is payable on the date of death.

Tax benefit

For all the premiums paid under Bharti AXA Life Monthly Advantage and the benefits received thereof, tax benefits is available.

Potential upside through bonuses

At the end of the 1st policy year, non-guaranteed simple annual Reversionary bonuses if available gets accrued and will be paid on maturity or during death or accidental total permanent disability.

Maturity benefit

Upon maturity, a policyholder will get non-guaranteed annual reversionary bonus, non-guaranteed terminal bonus and any other benefits applicable will be paid out.

Survival benefit

If the policy is in force, the guaranteed monthly premium as calculated in the below table will be payable. The payment will be made starting from the end of the next month once the premium payment term is completed. This benefit will be payable for 72 months for 12 year policy term, 96 months for 16 year policy term and 144 months for 24 year policy term.

Policy term Premium payment plan Guaranteed Monthly Income on Survival as % of (annual premium/12)
12 years 6 years 105%
16 years 8 years 110%
24 years 12 years 120%

Surrender value

If a policy has gained at least two annualized premiums for a premium payment period of 6 and 8 years and three annualized premiums for a premium payment period of 12 years. The guaranteed surrender value is calculated as per the table below:

Guaranteed Surrender Value as per % of Premiums Paid
 
Policy term Policy term in years
   
12 16 24
1  
0% 0% 0%
2  
30% 30% 30%
3  
30% 30% 30%
4  
50% 50% 50%
5  
50% 50% 50%
6  
55% 55% 50%
7  
55% 55% 50%
8  
60% 60% 55%
9  
65% 60% 55%
10  
85% 65% 60%
11  
90% 70% 60%
12  
90% 75% 65%
13  
  80% 70%
14  
  90% 70%
15  
  100% 75%
16  
  110% 75%
17  
    80%
18  
    80%
19  
    80%
20  
    85%
21  
    90%
22  
    100%
23  
    110%
24  
    115%

Please refer to the brochure for the calculation table for Guaranteed Surrender Value Bonus Factor as a percentage of accrued bonuses.

Loan option

Nobody is aware of the upcoming emergency financial crisis. To help you during this troubling time, Bharti AXA Life Monthly Advantage gives their policyholder an option to avail loan on their policy. Loan can be obtained if the policy is in active status and has achieved the surrender value. The interest rate changes from year to year. The current interest rate is 10.57% p.a. The minimum loan amount one can avail using this option is Rs.15000 and the maximum loan amount can be up to 70% of the surrender value.

Additional protection features

Policyholders may choose additional protection features if they wish to do so. The additional features available with Bharti AXA Life Monthly Advantage Plan at a nominal fee are as follows:

  • Accidental death benefit rider: Under this additional rider feature, the policyholder will get an additional sum assured which is chosen at the start of the policy in case of unfortunate event of death due to an accident.
  • Hospi cash rider: Under this plan, the rider will receive a fixed benefit for each day of hospitalisation. This rider plan also offers a lump sum benefit in case of surgery.

Free look up option

The policyholder gets upto 15 days to review the terms and conditions mentioned in the policy document. If the policyholder does not agree to any of the terms and conditions mentioned in the policy document, he/she can return the policy within 15 days. 

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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