A plan that enables savings as well as provides 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
Entry age
The minimum entry age is
3 years for 15 years policy term.
0 years old for 20 years policy term.
The maximum entry age is
55 years for 15 years policy term.
50 years for 20 years policy term.
Key Features of Bharti AXA Life Secure Savings Plan
Type
Traditional non-linked, non-participating,
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.
Coverage
Death benefits: The death benefit of this policy is the higher of:
Sum Assured on Maturity plus Guaranteed Additions, or
10 times the base annualized premium, or
105% of the premiums paid up till date (excluding extra premium).
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:
Guaranteed Additions of a percentage of the Sum Assured on Maturity, which I paid during the maturity payout period, and
100% of the Sum Assured on Maturity is paid at the end of the 20th year.
Basis
Individual.
Premiums
The premiums are determined by your age, premium payment mode, policy term and Sum Assured option chosen.
Minimum Annualized Premium
- 18,000 for 15 year Premium Payment Term
- 12,000 for 20 year Premium Payment Term
Premium payment term
15 years for 15 year policy term.
20 years for 20 year policy term.
(Same as policy term)
Premium paying modes
There are four premium paying modes to choose from:
Monthly
Quarterly
Half-yearly
Yearly
Policy term
15 years or 20 years, depending on the premium payment term you choose.
Reinstatement
All policy benefits can be reinstated within 2 years of the defaulted premium. requires the following, before the policy can be reinstated:
A written application for reinstatement.
Evidence of insurability.
All overdue premiums to be paid up, plus an interest rate which the company will decide from time to time.
Bonuses
N/a.
Other features
Freelook period: The freelook period is 15 days within which a policy can be cancelled and the premium paid can be refunded (subject to certain deductions).
Grace period: The grace period for this policy is 30 days from the due date of the premium.
Add-on covers / Riders
This policy offers the possibility of adding on the Bharti AXA Life Hospi Cash rider.
Tax Benefits
The premiums paid towards this policy are eligible for tax benefits under section 80C of the IT Act.
The monthly income received is eligible for benefits under section 10(10D) of the IT Act.
Subject to a maximum of Rs.1,00,000.
Surrender Value
Policy Year
10 years (%)
15 years (%)
1
10
10
2
20
20
3
30
30
4-6
50
50
7
55
50
8
60
50
9
65
55
10
70
55
11
75
60
12
80
65
13
85
70
14
90
70
15
90
75
16
-
80
17-18
-
85
19-20
-
90
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:
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%
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
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On 5 months before taken a life insurance from BHARTI-AXA. The tenure period of 15 years plus 5 years of maturity. My friend has suggested this policy to apply and I received the hard copy on time. The premium amount of 21K need to pay on yearly. The coverage amount of 10L if an emergency or accidental happen other 10Lis applicable. The charge is high when compared to other.
I haven taken life insurance policy directly through Bharti Axa.This was a child plan and the policy tenure is for 15 years only .I am paying the premium on yearly basis through LIC agent. I will reap the benefits after 15 years which will be useful for my child .
I have taken a Life Insurance from BHARTI-AXA, i am happy with their service. Returns are good and i have completed 5 years and i am paying annual premium of Rs. 12,350 . Customer service and response was goods. I have selected the tenure period of 15 years.
I have taken a BHARTI-AXA LIFE INSURANCE more than 2 years. The policy is for 15 years term . I am paying premium on monthly package the amount which is nominal and i will do cheque payment. While getting a policy they given an information about the policy details. It covers myself.
Chosen my term insurance from Bharti Axa. They are giving a sum assured amount of Rs. 1 Cr with the less of premium amount of Rs. 10000 per year and i have chosen the annual payment mode. It was a salary basis covered policy because they have asked for a salary slip.
The life insurance policy is directly linked with the PNB housing loan hence i have chosen them. The entire premium amount of Rs. 3.5 lakhs has taken by them. Its a covers for both life and home. The given coverage amount is equal to loan amount. They have given me a tenure period of 5 years.
I have taken a life insurance in BHARTI-AXA LIFE INSURANCE before 5 years back. The policy is for 8 years which I pay then next 7 years they will credit an amount to my account on monthly basis.I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details.
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1
VILWANATHAN GOPINATHAN
, chennai
Reviewed on Jun 24, 2019
I have been holding my life insurance with BHARTI-AXA LIFE INSURANCE Life Insurance
, they have charged me premium amount on yearly basis, it is nominal for me and their agent had explain me about the policy clearly,as the agent is my friend,so far their service is good.
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0
JAGADEESH KUMAR JANDRA
, hyderabad
Reviewed on May 26, 2019
I have taken a life insurance in BHARTI AXA LIFE INSURANCE. Now I am paying premium in the yearly package for the amount of 10 thousands. While getting a policy my agent has given an information about the policy details. I use to do payment through an online. The coverage up to myself.
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1
MAHENDRA SINGH NEGI
, new delhi
Reviewed on May 21, 2019
I have purchased the EULIP PLAN with the BHARTI-AXA LIFE INSURANCE where i am using it since from last 5yeras. I am paying the premium with this policy for yearly once and through the online. After the 5 years yet to drop the plan but the coverage is for self.
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2
MOHD ZEESHAN ANSARI
, new delhi
Reviewed on Apr 29, 2019
I am holding the TERM PLAN policy with the BHARTI-AXA LIFE INSURANCE where i am using it since from last many years. The sum assured amount with this policy is of 25L for the nominee. The policy maturity period is for long term. The premium paying for monthly once.
I had taken this insurance policy almost six years back and the premium had been paying on an annual basis. The premium amount is not high and the payment method is also convenient. The policy coverage and the plan benefits with this insurance policy has also been good.
I have a life insurance with Bharti Axa and it was purchased long bank,I am paying the premium of through on line, and premium they use to charged me on yearly basis,and the agent had explain me about policy coverage and plan benefits,so far my experience was good.
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4
DINESH CHAUHAN
, faridabad
Reviewed on Apr 02, 2019
I have a life insurance with Bharti Axa and it was purchased 2 years back. I am paying the premium of 20K through online per annum and tenure is 22 years. The benefits are good and sum assured value is 2L. It was taken for taken benefits. I got the insurance paper through post.
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1
KRISHNAREEDY ADINARAYANAREDDY
, bangalore
Reviewed on Apr 01, 2019
I have been using the two wheeler insurance policy with the BHARTI AXA GENERAL INSURANCE and i had no claim experience with this policy but the premium and the IDV value is satisfactory with this insurance policy. I am not aware of the policy coverage.
I have applied for Bharti-Axa Life Insurance .The name of the policy is E- Protect policy .This policy is upto the age of 75 years. The premium mode is yearly .I am paying premium through credit card only .I have received policy documents on time .The agent clearly explained the process .I have applied this insurance directly with Bharti Axa .The Overall Service is good.
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0
NARENDRA SINGH TANK
, udaipur
Reviewed on Mar 18, 2019
BHARTI-AXA LIFE INSURANCE is the life insurance that i have taken it because they are providing with the good returns with this policy. They gives the double the sum assured value with this policy, the maturity period is for 12 years.
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0
NANDKISHOR SATYANDRAPRASAD SINHA
, mumbai
Reviewed on Mar 09, 2019
I have taken this policy long ago , in 2013. Still holding it. Only problem is there customer service is not that good. You need to have patience for everything. Don't know how they behave with the actual persons who are going to claim. I remain in doubt at the time of writing.
I have purchased the life insurance policy policy of MONEY BACK with the BHARTI-AXA LIFE INSURANCE and i am using it from last 6 years. The maturity period for 20 years but premium has to be paid for 5 years with this policy. It gives the life coverage after the maturity.
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PONNIAH ANNATHURAI
, madurai
Reviewed on Feb 28, 2019
I have taken Bharti -Axa Life Insurance policy. This policy is for one year .the premium amount is 42000, I am paying through the credit card ,I have received policy documents on time,The premium is good ,no issues faced till now ,no issues on submitting documents as well .I have taken the policy directly through branch and agent explained the process clearly .The Overall service is good .
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1
SUMIT KUMAR VASHIST
, new delhi
Reviewed on Feb 25, 2019
