Bharti AXA Life Secure Income Plan
This is an income plan of Bharti Axa Life Insurance that assures an annual income of up to 10% of the sum assured per annum. It comes with 3 along with death, maturity and tax benefits.
The tax benefits available with this plan apply to both the premiums paid and the returns gained (subject to the prevailing provisions). The plan starts paying the monthly income once the premium paying term is over. It also features a reduced paid up feature that can convert policies, for which premiums have not been paid, into paid-up ones.
Eligibility Conditions of Bharti AXA Life Secure Income Plan
Entry age | The minimum and maximum entry age depends on the term of the policy and is:
| ||||||||||||
Term | Min Age | ||||||||||||
15 years | 3 years | ||||||||||||
17 years | 1 year | ||||||||||||
20 years | 0 years | ||||||||||||
Maximum maturity age | 80 years |
Key Features of Bharti AXA Life Secure Income Plan
Type | Traditional non-participating limited pay policy | ||||||||||||||||||||
Sum assured | The minimum sum assured can be 11 to 13 times the base annual premium or 105% of the premiums paid. | ||||||||||||||||||||
Coverage | Death benefits: The death benefits under this plan can be slightly different according to tenure of the policy.
Maturity benefits: The maturity benefits are the sum assured plus the guaranteed additions. Survival benefits: The survival benefit will be the payment of the chosen monthly income from the time the premium paying term get over. | ||||||||||||||||||||
Basis | Individual | ||||||||||||||||||||
Premiums | The minimum premiums payable can differ with the tenure of the policy and the mode selected. They are:
| ||||||||||||||||||||
Term | Monthly | ||||||||||||||||||||
15 years | Rs. 2,700 | ||||||||||||||||||||
17 years | Rs. 2,160 | ||||||||||||||||||||
20 years | Rs. 1,620 | ||||||||||||||||||||
Premium paying term | The premium paying term will depend on the policy terms.
| ||||||||||||||||||||
Premium paying modes | Monthly, quarterly, half-yearly, yearly. | ||||||||||||||||||||
Policy term | There are three policy terms available:
| ||||||||||||||||||||
Guaranteed additions | The guaranteed annual additions will be different for each policy term and will be applicable once the premium payment term is over.
| ||||||||||||||||||||
Policy term | Guaranteed addition | ||||||||||||||||||||
15 years | 7% of sum assured | ||||||||||||||||||||
17 years | 8.5% of the sum assured | ||||||||||||||||||||
20 years | 10% of the sum assured | ||||||||||||||||||||
Policy validity | The validity of the policy will be equal to the tenure of the policy. | ||||||||||||||||||||
Renewability | Not Applicable | ||||||||||||||||||||
Bonuses | There are no bonuses under this policy but it does offer a guaranteed addition. | ||||||||||||||||||||
Other features |
| ||||||||||||||||||||
Add-on covers / Riders | This policy can be coupled with various riders to enhance the protection it provides. |
Benefits/Advantages of Bharti AXA Life Secure Income Plan
- The premiums paid and the income received are eligible for tax benefits under sections 80C and 10(10D) of the IT Act.
- The policy can be surrendered at any time however if it is surrendered after 2 years then 30% to 100% of the premiums paid will be returned depending on the the number of years that it has been in force for.
- Once the policy acquires a surrender value, policyholders can take loans against it to the tune of 70% of the surrender value.
- The guaranteed income will be paid once the premium paying term is over and will be paid every month.
- If the premiums are not paid and the policy has achieved a surrender value, instead of lapsing, it will be converted into a paid-up policy with a reduced value.
- If the premiums are not paid the policy has not achieved its surrender value, the policy will lapse but can be reinstated within 2 years of lapsing.
How the Plan Works?
How this plan works is once the monthly income and the tenure of the policy is selected, the premiums payment begins for a term depending on the policy tenure. Once the policy is in force the following benefits will be available to policyholders.
- Upon the death of the insured the death benefits, as applicable, will be paid.
- Once the premium paying term is over, the payment of the monthly income will begin.
- Once the policy matures, the applicable maturity benefits will become payable.
- The monthly income benefit will be paid for a duration of 10 years for all policy tenures.
Premium Payment
The premium that needs to be paid will depend on the sum assured and the premium paying term and also on the age of the policyholder. The following table illustrates the range of the premium payable for each Rs. 1,000 of the sum assured.
Policy term | Premium paying term | Premium per thousand of sum assured |
15 years | 5 years | Rs. 327.40 to Rs. 384.03 |
17 years | 7 years | Rs. 228.34 to Rs. 272.11 |
20 years | 10 years | Rs. 156.19 to Rs. 184.75 |
* These figures are subject to change according to company policy.
Riders
The rider that can be taken with this policy is the Hospital Cash Rider which pays a fixed daily cash in case of hospitalisation and also a lump sum in case there is a need for a surgery.
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.