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  • Bharti AXA Life Elite Advantage Plan

    Bharti AXA Life Insurance

    Overview

    This is an insurance product with more benefits than life insurance coverage – it also offers Guaranteed Payouts of 8.5% to 9.5% (provided that the policy is in force, these payouts start after the policy term and are dependent upon the premium band and the premium paying term). It also provides 100% of the Sum Assured on maturity, in addition to comprehensive protection right to the end of the policy term.

    Eligibility Conditions of Bharti AXA Life Elite Advantage Plan

    Entry age

    • The minimum entry age is
      • 8 years old for 10 year policy term.
      • 6 years old for 7/12 year policy term.
    • The maximum entry age is
      • 65 years.

    Maximum maturity age

    • 75 years for 10 year policy term.
    • 77 years for 7/12 years policy term.



    Key Features of Bharti AXA Life Elite Advantage Plan

    Type

    Traditional non-linked, non-participating, endowment plan.

    Sum assured

    100% of the Sum Assured on maturity is paid at the end of the 20th year.

    Coverage

    Death benefits: The death benefit of this policy is the higher of:

    • Sum Assured on Maturity, or
    • 11 times the base annualized premium, or
    • 105% of the premiums paid up till date.
    • During the grace period for payment of overdue premiums, the Death Benefit will be payable after deducting the unpaid overdue premium.
    • No benefit payable when the policy is in lapsed status.
    • Paid up value on death will be payable if the policy is in paid up status.
    • No death benefit will be payable of the life insured dies during the maturity payout period.

    Maturity benefits: If the life insured duly pays all premiums on time and survives till the end of the policy term, he/she is entitled to:

    • Guaranteed Payout of a percentage of the Sum Assured on Maturity, which I paid during the maturity payout period.
    • 100% of the Sum Assured on Maturity is paid at the end of the 20th year.

    Basis

    Individual.

    Premiums

    The premiums are determined by your age, premium payment mode, policy term and Sum Assured option chosen.

    Minimum Annualized Premium

    - 24,000 for 5 year Premium Payment Term

    - 15,000 for 7 year Premium Payment Term

    - 12,000 for 12 year Premium Payment Term

    Premium payment term

    • 5 years for 10 year policy term.
    • 7 years for 12 year policy term.
    • 12 years for 12 year policy term.

    Premium paying modes

    There are four premium paying modes to choose from:

    • Monthly
    • Quarterly
    • Half-yearly
    • Yearly

    Policy term

    10 years or 12 years, depending on the premium payment term you choose.

    Policy validity

    It is valid for the tenure of the policy provided all the premiums are paid.

    Reinstatement

    All policy benefits can be reinstated within 2 years of the defaulted premium. Bharti AXA requires the following, before the policy can be reinstated:

    • A written application for reinstatement.
    • Evidence of insurability.
    • All overdue premiums to be paid up, plus an interest rate which the company will decide from time to time.

    Bonuses

    N/a.

    Other features

    • Freelook period: The freelook period is 15 days within which a policy can be cancelled and the premium paid can be refunded (subject to certain deductions).
    • Grace period: The grace period for this policy is 30 days from the due date of the premium.
    • Quarterly and monthly payments can only be made through ECS.
    • A policy can be reinstated within 2 years of it lapsing.
    • Once the policy has acquired Surrender Value, a loan can be taken from the company. These loans are as per provisions contained in the policy. The maximum loan amount can’t exceed 70% of the Surrender Value.

    Add-on covers / Riders

    This policy offers the possibility of adding on the Hospi Cash rider.



    Benefits and Advantages of Bharti AXA Life Elite Advantage Plan

    • The premiums paid towards this policy are eligible for tax benefits under section 80C of the IT Act.
    • The monthly income received is eligible for benefits under section 10(10D) of the IT Act.
    • Once the policy has achieved a surrender value, policyholders can take a loan of up to 70% of surrender value.
    • Guaranteed payout:

    Policy Term

    Premium Payment Term

    Guaranteed Payout

    Annualized Premium

    Guaranteed Payout as a % of Sum Assured on Maturity

    10 years

    5 years

    End of 10th year to the end of the 19th year.

    Rs.24,000 – Rs.49,999.

    8.5%

         

    Rs.50,000 – Rs.99,999.

    9%

         

    Rs.1,00,000 and above.

    9.5%

    12 years

    7 years

    End of 12th year to the end of the 19th year

    Rs.15,000 – Rs.49,999.

    8.5%

         

    Rs.50,000 – Rs.99,999.

    9%

         

    Rs.1,00,000 and above.

    9.5%

    12 years

    12 years

    End of 12th year to the end of the 19th year

    Rs.12,000 – Rs.49,999.

    8.5%

         

    Rs.50,000 – Rs.99,999.

    9%

         

    Rs.1,00,000 and above

    9.5%

    How Does The Plan Work?

    Once you start paying premiums for the chosen Premium Payment Term, your policy and life insurance cover is in effect. At the end of your Policy Term, your Maturity Benefit period will begin, in which you will be paid regular Guaranteed Payouts until the end of the 19th year, and after this at the end of the 20th year, you will receive 100% of the Sum Assured at Maturity as a lump sum.

    Let’s Understand This With an Example

    Mr. Babu, a 35 year old software developer, wants a supplementary income and insurance cover in case the worst should come to pass. He plans to purchase a really nice dream car by the time he’s 55 (in 20 years) and requires a large cash infusion at that time.

    Mr. Babu opts for the Bharti AXA Life Elite Advantage Plan, and pays his premiums regularly. He’s in good health, and chooses a 12 year Policy Term and 12 year Premium Paying Term. His annualized premiums is Rs.1,00,000, and the company decides that his Sum Assured on Maturity is Rs.12,29,256 (considering his age and other factors).

    He will receive guaranteed life cover and his family will receive financial protection in the event of his death, which is equal to the higher of 100% of the Sum Assured, or 105% of the Premiums Paid, or 11 times the annualized base premium.

    If he survives till the end of the Policy Term, he will be given a Guaranteed Payout of Rs.1,16,779 every year, till the end of the 19th year after the policy has come into force.

    At the end of the 20th year, he will receive 100% of the Sum Assured, which is Rs.12,29,256, more than enough to make a down payment on his dream car.

    Life cover till the end of the Policy Term, guaranteed payouts after that and a huge lump sum payment at the end of the 20th year – Mr.Babu has achieved his goals of a regular supplementary income and a huge cash infusion – and also gives his family peace of mind against financial instability.

    Riders

    • Hospi Cash Rider: The Hospi Cash rider provides the dual benefit of daily cash in case the policyholder is hospitalised and it also pays out a lump sum in such a case.
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