Bharti AXA Life Samriddhi Plan

Type

Non-linked, participating endowment plan.

Basis

Individual.

Coverage

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

The will be the higher of:

1. Sum Assured at Maturity, or
2. 11 times the Annualised Premium.

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

1. Maturity Benefit: On maturity, the policyholder will receive:
   1. 100% of the Sum Assured on maturity.
   2. Accrued non-guaranteed annual simple reversionary bonus.
   3. Non-guaranteed terminal bonus.

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

Sum assured

Depends on minimum premium.

Premium amount

1. For a term of 5 and 10 years, the minimum annual premium is Rs.18,000.
2. For a term of 12 and 15 years, the minimum annual premium is Rs.12,000.
3. For a term of 20 and 25 years, the minimum annual premium is Rs.6,000.
4. 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

Limited Premium Term

10 years, 20 years

Regular Premium Terms

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

Riders

• 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.

Bonuses

1. Bonuses apply as under:
   1. Non-guaranteed annual simple reversionary bonuses gets accrued at the end of each year.
   2. Only possible if all premium payments have been made.
   3. Non-guaranteed annual simple reversionary bonus are paid out on maturity or death, whichever comes first.
   4. 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.

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