Bharti AXA Life Samriddhi Plan
This is a non-linked participating 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 |
The will be the higher of:
The Death benefit will never be lower than 105% of all premiums paid.
| |||||||||
Sum assured | Depends on minimum premium. | |||||||||
Premium amount |
| |||||||||
Premium paying frequency | Monthly, Quarterly, Semi-annual and Annual. | |||||||||
Premium Option |
| |||||||||
Premium Option | Policy Term | |||||||||
Limited Premium Term | 10 years, 20 years | |||||||||
Regular Premium Terms | 10 years, 15 years, 20 years, 25 years, 30 years, 35 years | |||||||||
Riders |
| |||||||||
Bonuses |
| |||||||||
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:
- Hospi Cash Rider – gives a fixed benefit for each day of hospitalization and a lump sum benefit in cases of surgeries.
- 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.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.