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  • Bharti AXA Life Secure Savings Plan

    Bharti AXA Life Insurance

    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

    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, endowment life insurance plan.

    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. Bharti AXA 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.
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