Bharti AXA Life Secure Savings Plan
Bharti AXA Life Secure Savings Plan is an Endowment Plan with Guaranteed Additions. It is a Traditional Non Participating Plan, i.e. without Bonus facility.
Key Features
- Accidental Death & Disability Benefit Rider
- Critical Illness Benefit Rider
- Critical Illness Benefit Rider
Benefits
On survival till the end of the Policy Tenure, i.e. when the Policy Matures, 100% of the Base Sum Assured + Guaranteed Additions is paid to the policyholder as Maturity Benefit and the policy terminates.
- Base Sum Assured or
- 105% of Total Premiums Paid
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Policy Tenure = 15 years
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Policy Tenure = 20 years
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Premium
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Guaranteed Additions as a % of cumulative base annual premiums
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Premium
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Guaranteed Additions as a % of cumulative base annual premiums
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Rs 18,000 to Rs 24,999
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8%
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Rs 12,000 to Rs 17,999
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9%
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Rs 25,000 and More
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9%
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Rs 18,000 and More
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10%
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How it works
In this plan, premium needs to be paid till the end of the Policy Tenure of 15 or 20 years as selected. Sum Assured is calculated according to the entry age of the individual, the Policy Tenure selected and his health conditions.
This Plan offers Guaranteed Additions as a Percentage of Cumulative Base Premium which varies from 8-10% depending in premium amount and policy tenure.
On policy Maturity, 100% of the Sum Assured along with Guaranteed Additions is paid as Maturity Benefit and the policy terminates.
However, if the Life Insured dies within the policy tenure, then higher of (Base Sum Assured or 105% of Total Premiums Paid) + Guaranteed Additions on premiums paid to the nominee as Death Benefit and the policy terminates.
There are 3 additional riders in this plan- Accidental Death & Disability Benefit Rider, Critical Illness Benefit Rider and Critical Illness Benefit Rider.
Tax Benefit
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
Eligibility
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Minimum
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Maximum
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Sum Assured (in Rs.)
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Depending on Minimum Premium
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No Limit
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Policy Term (in years)
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15
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20
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Premium Payment Term (in years)
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Equal to policy term
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Entry Age of Life Insured (in years)
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3 for PT= 15
0 for PT=20
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55 for PT= 15
50 for PT=20
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Age at Maturity (in years)
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-
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70
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Annual Premium (in Rs.)
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18000 for PT= 15
12000 for PT=20
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No Limit
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Payment modes
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Yearly, Half-Yearly, Quarterly and Monthly
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Sample illustration of premium amount in Bharti AXA Life Secure Savings Plan
The below illustration is for a healthy Male (non-tobacco user) of opting for a Sum Assured = Rs. 5 lakhs and Policy Term = 20 years
Illustration 2:
35 year old Saurabh chooses our Bharti AXA Life Secure Savings Plan to meet his future expenses. He pays an annual premium of Rs.20,000 for 20 years for a Sum Assured of s.2,30,468. He gets a guaranteed 10% addition of each year’s cumulative base premium.
FAQs
What happens if You stop paying the premium ?What happens if You want to surrender the policy ?What happens if You want a loan against your policy ?Loan facility is not provided under this policy.
