Bharti Axa True Wealth
This is a unit-linked insurance policy (ULIP) where the premium amount is invested in the markets (debt, equity and cash market instruments). The value of investments may go up or down, hence the risk in ULIPS is borne by the policy holder and not by the insurance company.
Key Features
Highest daily NAV Guarantee for the first 7 years on maturity or a minimum of Rs 12
Equity exposure with a capital guarantee.
5 years payment option available
Male of age 35 years
Premium = Rs.25,000
Policy Term = 10 years
Sum Assured = Rs.2,50,000
Total Investment = Rs. 25,000 x 5 years = Rs.1,25,000
Benefits
In case of death of the policy holder, the nominee gets
- Option A - Sum Assured plus Fund Value
- Option B - The higher of Sum Assured or Fund Value. (Option B is only available for premium of Rs 1,00,000 and above)
If the policy holder survives the policy term, then he gets the Fund Value.
Fund Value is calculated according to the highest of the following:
- NAV at maturity
- Highest NAV achieved during the policy term
- NAV of Rs 12
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity amounts you receive from this plan are exempt from tax under section 10(10D)
Type of Rider |
Available with Policy |
Accidental death benefit |
No |
Permanent/Accidental disability benefit |
No |
Waiver of premium benefit |
No |
Critical illness (or dread diseases) benefit |
No |
Increased death benefit / Term rider |
No |
Hospital cash benefit |
No |
Life Guardian benefit |
No |
The plan has only 1 investment option:
- True Wealth Fund
You are not allowed to top up in this plan.
No switching allowed under this policy as there is only 1 fund option
You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 1,000 such that 120% of annual premium should be maintained after Partial Withdrawal. Maximum partial withdrawal allowed is 20% of Fund Value in any policy year.
Eligibility
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
If age at entry 8-44 years, SA = 10 X Annual Premium If age at entry 45-60 years, SA= 7 X Annual Premium |
|
Policy Term (in years) |
10 years |
|
Premium Payment Term (in years) |
5 years |
|
Lock-in period |
5 years |
|
Entry Age of Policyholder |
8 years |
60 years |
Age at Maturity |
18 years |
70 years |
Regular premium |
Rs 18,000 p.a. |
No Limit |
Single premium |
Not Allowed |
|
Payment modes |
Annual, Semi-annual, quarterly and monthly |
|
Top-up premium |
Not allowed |
FAQs
If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The proceeds from this fund will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
There is no loan facility in this product.