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  • Bharti AXA Life Samriddhi Plan

    Bharti AXA Life Insurance

    Overview

    This is a non-linked participating endowment plan that offers insurance cover, and the opportunity to be a part of the profits of the participating funds of the company. The Bharti Axa life insurance plan does this through non-guaranteed bonuses that become payable to you on maturity, or to you nominees in the unfortunate event of your demise.

    Eligibility Conditions of Bharti AXA Life Samriddhi

    Premium Payment Term

    Policy Term

    Minimum Age

    Maximum Age

    5 years

    10 years

    8 years

    55 years

    10 years

    10 years

    8 years

    55 years

    12 years

    20 years

    0 years

    50 years

    15 years

    15 years

    3 years

    55 years

    20 years

    20 years

    0 years

    50 years

    25 years

    25 years

    0 years

    50 years

    30 years

    30 years

    0 years

    45 years

    35 years

    35 years

    0 years

    45 years

    Key Features of Bharti AXA Life Samriddhi

    Type

    Non-linked, participating endowment plan.

    Basis

    Individual.

    Coverage

    • Death Benefit: If the policyholder dies, the following benefits will be payable to the nominee:
      • Basic life insurance cover.
      • Accrued non-guaranteed annual simple reversionary bonus.
      • Non-guaranteed terminal bonus.

    The Basic Life Insurance Cover will be the higher of:

    • Sum Assured at Maturity, or
    • 11 times the Annualised Premium.

    The Death benefit will never be lower than 105% of all premiums paid.

    • Maturity Benefit: On maturity, the policyholder will receive:

      • 100% of the Sum Assured on maturity.
      • Accrued non-guaranteed annual simple reversionary bonus.
      • Non-guaranteed terminal bonus.
    • Potential to receive additional benefits:
      • Non-guaranteed annual simple reversionary bonuses gets accrued at the end of each year.
      • Only possible if all premium payments have been made.
      • Non-guaranteed annual simple reversionary bonus are paid out on maturity or death, whichever comes first.
      • Non-guaranteed terminal bonus are payable along with maturity or death benefit (as applicable)

    Sum assured

    Depends on minimum premium.

    Premium amount

    • For a term of 5 and 10 years, the minimum annual premium is Rs.18,000.
    • For a term of 12 and 15 years, the minimum annual premium is Rs.12,000.
    • For a term of 20 and 25 years, the minimum annual premium is Rs.6,000.
    • For a term of 30 and 35 years, the minimum annual premium is Rs.3,000.

    Premium paying frequency

    Monthly, Quarterly, Semi-annual and Annual.

    Premium Option

    Premium Option

    Policy Term

    Premium Payment Term

    Limited Premium Term

    10 years, 20 years

    5 years, 12 years

    Regular Premium Terms

    10 years, 15 years, 20 years, 25 years, 30 years, 35 years

    Equal to policy term

    Riders

    1. Hospi Cash Rider – gives a fixed benefit for each day of hospitalization and a lump sum benefit in cases of surgeries.
    2. Premium Waiver Rider – 100% of the future premiums under the base policy are paid by the Company in case of the unfortunate event of the death of the policyholder.

    Bonuses

    • Bonuses apply as under:
      • Non-guaranteed annual simple reversionary bonuses gets accrued at the end of each year.
      • Only possible if all premium payments have been made.
      • Non-guaranteed annual simple reversionary bonus are paid out on maturity or death, whichever comes first.
      • Non-guaranteed terminal bonus are payable along with maturity or death benefit (as applicable)

    Surrender Value

    The surrender value is acquired if minimum of 2 years premiums have been paid for a policy term of 5 years.

    Loan

    Not available.

    Free look period

    The plan has a 15 days free look period from the date of receipt of the policy document in the case of offline policy issuance and 30 days if the policy has been given through the IRDA approved guidelines for distance marketing.

    Grace period

    The policyholder will get 30 days grace period from the premium due date.

    Tax benefits

    Tax benefits are as applicable by law, and are subject to change as per the Income Tax Act and applicable laws. Currently, the tax benefits are applicable under Section 80C and 10 (10D) of the Income Tax Act, 1961.

    Exclusion

    Suicide exclusion is applicable. If the insured commits suicide within 1 year of the policy commencement or revival, 80% of the premiums paid or the surrender value (whichever is higher) will be paid to the nominee

    Termination

    The policy will be terminated on surrender of the policy, and if the policy is not reinstated after the reinstatement term.

    Advantages of Bharti AXA Life Samriddhi

    • Life insurance cover will be payable to your family, in case the worst should come to pass.
    • Lump sum pay out at maturity, if you survive till the maturity date.
    • The policy participates in surplus profit distribution, so at any time that surplus profits are declared by the company, a non-guaranteed annual simple revisionary bonus gets accrued to the policy at the end of each year.
    • 8 premium paying terms to choose from.
    • Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    How The Plan Works

    Mr. Babu, a 35 year old software engineer pays an annual premium of Rs.25,000 and his Sum Assured is Rs.6,98,129 for a term of 25 years.

    The bonus and maturity benefit at 4% on accumulated non-guaranteed simple annual reversionary bonuses plus non-guaranteed terminal bonus is Rs.1,72,787.

    The Sum Assured plus accumulated non-guaranteed simple annual reversionary bonuses plus non-guaranteed terminal bonus is Rs.8,70,916.

    The bonus and maturity benefit at 8% on accumulated non-guaranteed simple annual reversionary bonuses plus non-guaranteed terminal bonus is Rs.6,81,548.

    The Sum Assured plus accumulated non-guaranteed simple annual reversionary bonuses plus non-guaranteed terminal bonus is Rs.13,79,677.

    Premium Payment and Riders

    Premiums can be paid on a monthly, quarterly, semi-annual and annual basis, for the following term options:

    • 5 and 10 years, the minimum annual premium is Rs.18,000.
    • 12 and 15 years, the minimum annual premium is Rs.12,000.
    • 20 and 25 years, the minimum annual premium is Rs.6,000.
    • 30 and 35 years, the minimum annual premium is Rs.3,000.

    There are two premium options, Limited Premium Term and Regular Premium Term, under which are various policy terms, as represented below:

    Option

    Limited Premium Term

    Regular Premium Terms

    Policy Term

    10 years, 20 years

    10 years, 15 years, 20 years, 25 years, 30 years, 35 years

    Payment Term

    5 years, 12 years

    Equal to policy term

    There are 2 riders applicable:

    1. Hospi Cash Rider – gives a fixed benefit for each day of hospitalization and a lump sum benefit in cases of surgeries.
    2. Premium Waiver Rider – 100% of the future premiums under the base policy are paid by the Company in case of the unfortunate event of the death of the policyholder.
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