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Bharti AXA Life Monthly Income Plan+

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Plan Benefits

Payment Options

Policy Coverage

Customer Service


This is a life insurance plan that can be used to provide oneself with a monthly income. It features three different term options and the premiums for this policy are decided by the amount that the policyholder wants to receive as a monthly income. It can even be coupled with a rider to enhance the policy with the waiver of premiums. All investments and returns in this Bharti Axa Life Insurance policy are covered by tax exemptions under various sections of the IT Act. It also offers a limited premium paying term which means that the premiums don’t have to be paid for the entire duration of the policy.

Eligibility Conditions of Bharti AXA Life Monthly Income Plan+

Entry age

  • The minimum entry age is
    • 3 for 15 year policy
    • 0 for 20 and 30 year policies.
  • The maximum entry age is
    • 65 years for a 15 year policy
    • 60 years for a 20 year policy
    • 50 years for a 30 year policy

Maximum maturity age

80 years

Key Features of Bharti AXA Life Monthly Income Plan+


Limited pay traditional participating insurance plan

Sum assured

The minimum sum assured is calculated based on the minimum monthly income multiplied for the duration for which it will be paid.

  • Rs. 1.92 lakhs for a policy term of 15 years.
  • Rs. 2.1 lakhs for a policy term of 20 years.
  • Rs. 1.35 lakhs for a policy term of 30 years.


Death benefits: The death benefit of this policy is the sum of the sum assured and non guaranteed bonuses like the simple reversionary and terminal bonus or 105% of the premiums paid, whichever is higher.

Maturity benefits: The maturity benefits are the sum of the simple reversionary and terminal bonuses but neither are guaranteed.

Reduced paid up benefits: If the premiums are not paid after the surrender value is achieved, the policy is converted to a paid up one based on the premiums that have been paid. Even the monthly income benefits are reduced to match the premiums that have been paid.




The premiums are determined by the amount that is supposed to be the monthly income.

Premium paying term

Being a limited pay policy, the premium paying term is never the same as the policy term. It also depends on the policy term that has been selected.

  • 7 years for a policy term of 15 years.
  • 10 years for a policy term of 20 years and
  • 15 years for a policy term of 30 years

Premium paying modes

There are four premium paying modes to choose from:

  • Monthly
  • Quarterly
  • Half-yearly
  • Yearly

Policy term

There are 3 policy terms to choose from:

  • 15 years
  • 20 years
  • 30 years

Minimum monthly income

  • For 15 year policies it is Rs. 2,000
  • For 20 year policies it is Rs. 1750
  • For 30 year policies it is Rs. 750

Policy validity

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


Not Applicable


This policy offers a simple reversionary and terminal bonus but neither of them are guaranteed.

Other features

  • Freelook period: The freelook period is 15 days within which a policy can be canceled and the premium paid 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.

Add-on covers / Riders

This policy offers the possibility of adding on riders like the Waiver of Premium and Hospi Cash riders.

Benefits/Advantages of Bharti AXA Life Monthly Income 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.
  • The surrender benefits available under this policy will range from 10% 90% of the all the premiums paid and depends on the policy term selected and the number of years that the policy has been in force for.

How the Plan Works?

The way this plan works is simple. The policyholder will pick an amount that they want to receive as a monthly income. Based on the monthly income, the premiums are calculated. The term for which the benefits will be paid is also decided by the term of the policy.

Policy term

Duration of monthly income

15 years

8 years

20 years

15 years

30 years

15 years

Premium Payment

The premium charged can be a sum of the rate per Rs. 1,000 of the sum assured and the service taxes. It also depends on the age of the policyholder at the time of entry into the scheme. The following table illustrates the range of the minimum premium for each policy term.

Policy term

15 years

20 years

30 years

Minimum premium

Rs. 121.08 to Rs. 138.64

Rs. 88.4 to Rs. 101.88

Rs. 58.37 to Rs. 63.54


  • 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.

  • Premium Waiver Rider: The Waiver of Premium rider is applicable to those policies where the policyholder and life insured are not the same and the policy term is either 20 years or 30 years. What this rider does is to waive off all future premiums in case the life insured passes away.

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

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