Bharti AXA Life Monthly Income Plan+

Type

Limited pay traditional participating

Sum assured

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

1. Rs. 1.92 lakhs for a policy term of 15 years.
2. Rs. 2.1 lakhs for a policy term of 20 years.
3. Rs. 1.35 lakhs for a policy term of 30 years.

Coverage

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.

Basis

Individual

Premiums

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.

1. 7 years for a policy term of 15 years.
2. 10 years for a policy term of 20 years and
3. 15 years for a policy term of 30 years

Premium paying modes

There are four premium paying modes to choose from:

1. Monthly
2. Quarterly
3. Half-yearly
4. Yearly

Policy term

There are 3 policy terms to choose from:

1. 15 years
2. 20 years
3. 30 years

Minimum monthly income

1. For 15 year policies it is Rs. 2,000
2. For 20 year policies it is Rs. 1750
3. 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.

Renewability

Not Applicable

Bonuses

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

Other features

1. Freelook period: The freelook period is 15 days within which a policy can be canceled and the premium paid refunded subject to certain deductions.
2. Grace period: The grace period for this policy is 30 days from the due date of the premium.
3. Quarterly and monthly payments can only be made through ECS.
4. 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.

Policy term

Duration of monthly income

15 years

8 years

20 years

15 years

30 years

15 years

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