Overview
A plan that enables savings as well as provides comprehensive life insurance cover is a highly beneficial tool. Bharti AXA’s Life Secure Savings Plan is just that, and more, as it increases your maturity benefit with Guaranteed Additions (which are calculated as a percentage of every year’s cumulative Annualised Premium). You get discounts on premiums and can choose between policy terms of 15 or 20 years.
Eligibility Conditions of Bharti AXA Life Secure Savings Plan
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Entry age |
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Key Features of Bharti AXA Life Secure Savings Plan
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Type |
Traditional non-linked, non-participating, endowment life insurance plan. |
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Sum assured |
100% of the Sum Assured on maturity is paid at the end of the 20th year. The minimum Sum Assured depends on the premium option chosen. |
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Coverage |
Death benefits: The death benefit of this policy is the higher of:
Maturity benefits: If the life insured duly pays all premiums on time and survives till the end of the policy term of 15 or 20 years, he/she is entitled to:
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Basis |
Individual. |
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Premiums |
The premiums are determined by your age, premium payment mode, policy term and Sum Assured option chosen. |
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Minimum Annualized Premium |
- 18,000 for 15 year Premium Payment Term - 12,000 for 20 year Premium Payment Term |
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Premium payment term |
(Same as policy term) |
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Premium paying modes |
There are four premium paying modes to choose from:
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Policy term |
15 years or 20 years, depending on the premium payment term you choose. |
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Reinstatement |
All policy benefits can be reinstated within 2 years of the defaulted premium. Bharti AXA requires the following, before the policy can be reinstated:
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Bonuses |
N/a. |
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Other features |
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Add-on covers / Riders |
This policy offers the possibility of adding on the Bharti AXA Life Hospi Cash rider. |
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Tax Benefits |
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Surrender Value |
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Benefits and Advantages of Bharti AXA Life Secure Savings Plan
- Tax Benefits applicable as per prevailing tax laws.
- Comprehensive life insurance cover with a savings option.
- Guaranteed additions.
- Flexibility to choose between 15 and 20 year policy terms.
- Guaranteed additions:
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Premium Band
Premium (in Rs.)
Policy term (in years)
Additions (% of cumulative base annual premiums)
1
18,000- 24,999
15
8%
12,000- 17,999
20
9%
2
25,000 and above
15
9%
18,000 and above
20
10%
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- Premium discount:
On choosing a premium of Rs.1 lakh and above, you will get a 3% discount for 15 years policy term and a 5% discount for 20 years policy term.
How Does The Plan Work?
Mr. Babu, a 35 year old technician, opts for this Bharti Axa life insurance plan, investing Rs.20,000 as annualized premium every year. With a policy term of 20 years, his sum assured (decided after consideration of many factors) is Rs.2,30,468.
He will receive a Guaranteed Additional Percentage of 10% of each year’s cumulative base premium.
His family can rest assured that they will receive financial assistance in the unfortunate event of his death, and if he survives, Mr. Babu will be eligible for the payout of the maturity benefit, which is Rs.6,50,468.
Riders
- 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.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
