Bharti AXA Life Invest Once Plan

Overview

Today’s lifestyle demands more out of each and every aspect of life. The same holds true for financial matters too. When looking for a suitable financial product, customers want not only an instrument that will ensure regular savings but also one that would offer optimum capital growth. Bharti AXA Life Invest Once insurance scheme is a great insurance product that ensures not just standard savings but also offers protection against unforeseen events like death of the policyholder. Not just that, you can also avail tax benefits on this scheme which makes it a truly holistic financial product. Bharti AXA Life Invest Once is non-participating, non-linked, single premium endowment plan.

Eligibility Criteria for Bharti AXA Life Invest Once :

Listed below are the minimum and maximum entry age for the Bharti AXA Life Invest Once.

Minimum Entry Age

Maximum Entry Age

Maximum Maturity Age

8 years for policy term 10 years

13 years for policy term 5 years

55 years

60 years for policy term 5 years

65 years for policy term 10 years

Key Features of Bharti AXA Life Invest Once

Listed below are some of the most important features of Bharti AXA Life Invest Once:

The table below depicts the key features of the SBI Life Smart Guaranteed Savings Plan.

Plan type

Non-Participating Non-unit-linked endowment insurance plan.

Plan basis

Individual

Premium paying terms

Single Premium

Policy term

5 years and 10 years

Premium payment Mode

Yearly

Grace period

30 days from the expected date of payment of premium

Free Look Period

15 days from the date of availing the policy

Nomination

Nomination facility is available under section 39 of the Insurance Act, 1938

Minimum Sum Assured

Minimum sum assured depends upon the minimum premium paid by policyholder

Policy coverage

Death benefits and maturity benefits.

Death Benefits:

In the event of death of the policyholder, the higher of below three will be paid to the customer -

  1. Sum assured chosen by policyholder
  2. Sum assured on maturity
  3. 125% of single premium plus mortality premium (for policyholders aged below 45 years at the time of policy inception)

or 110% of single premium plus mortality premium (for policyholders aged above 45 years at the time of policy inception)

Maturity Benefits: In the event of survival of the policyholder beyond the policy term, maturity benefit equal to 100% of the premium paid till maturity plus guaranteed additions accrued shall be payable to the policyholder

Minimum Annual Base Premium Amount

Rs.5000 per annum

Maximum Annual Base Premium Amount

No Limit

Guaranteed Additions as a % of Base Single Premium

7% for 5 year term

9% for 10 years term



Benefits/Advantages of Bharti AXA Life Invest Once

Bharti AXA Life Invest Once offers some unique features and benefits to its customers.

  • Tax benefits: Premium paid under the Bharti AXA Life Invest Once scheme are subject to tax exemption under section 80C of the Income Tax Act, 1961.
  • Guaranteed Additions: Guaranteed additions are applicable of premium paid towards Bharti AXA Life Invest Once policy. These additions are calculated as a percentage of the single premium paid by policyholders. Guaranteed additions are paid at the time of maturity and these vary as per the policy term chosen.
  • Enhanced Life Cover: In case you wish to avail a higher life cover than that offered by the policy, you can make additional premium payments under mortality premium and enjoy enhanced protection.
  • Flexibility to choose policy term: Two options 5 and 10 years are available as policy terms to be chosen from.

How Does the Bharti AXA Life Invest Once Work

Bharti AXA Life Invest Once is a single premium endowment plan that requires you to pay a one-time premium and then enjoy death and maturity benefits throughout the policy term. The scheme also offers you the option to enhance your life cover by paying an extra premium amount over and above your regular insurance premium. This extra amount is known as mortality premium and is dependent upon your age and the policy term.

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

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