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Bharti AXA Life Aajeevan Sampatti Plan is a Participating Whole Life Limited Pay Life Insurance Plan. Thus, this is a Traditional Plan with Bonus facility where the premiums need to be paid for a limited period and not for the entire policy tenure.
How it works – In this plan, premium needs to be paid for 10 or 15 years as selected at the time of policy inception and the coverage continues till 100 years of age.
In this plan, the Sum Assured would be paid on policy maturity when the life insured is 100 years of age as Maturity Benefit or on earlier death as Death Benefit.
There are guaranteed Survival Benefits in this plan as well. After completion of 10 policy years, 5.5% of the Sum Assured is paid every year to the Life Insured until Maturity or Death, whichever is earlier.
This policy has an additional Premium Waiver rider.
Death Benefit – In case of death of the Life Insured, the nominee gets the entire Sum Assured + the accrued Cash Bonus as Death Benefit and the policy terminates.
Maturity Benefit – When the policy terminates, i.e. the Life Insured is 100 years old, the entire Sum Assured + the accrued cash Bonus would be paid as Maturity Benefit.
Income 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
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
1,00,000 |
No Limit |
|
Policy Term (in years) |
10 |
20 |
|
Premium Payment Term (in years) |
Equal to Policy Term |
|
|
Entry Age of Life Insured (in years) |
91 days |
60 |
|
Age at Maturity (in years) |
- |
100 |
|
Premium (in Rs.) |
15,379 for PPT=10 9,100 for PPT=15 |
No Limit |
|
Payment modes |
Yearly, Half-Yearly. Quarterly and Monthly |
|
Example 1:
The below illustration is for a healthy Male (non-tobacco user) opting for Sum Assured = Rs. 5, 10 and 25 lacs and Premium Paying Term = 15 years for Age = 35 years and 45 years old male respectively.
The premium shown is the base premium.
Example 2:
30 year old Rahul chooses our Bharti AXA Life Aajeevan Sampatti+ for a Sum Assured of Rs.5,00,000 with a coverage until he turns a 100 years. He pays an annual premium of Rs.1,07,310 for 10 years.
Riders – There is 1 additional rider available with this plan:
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period of the unpaid premium due date. The Policy continues in a Paid Up state. However, it can be revived within 5 policy years from the date of first unpaid premium.
You want to surrender the policy – There are Surrender Benefits under this term plan after premiums have been paid for first three policy years.
Guaranteed Surrender Value= 30% of all premiums paid – 1st years’ premium
You want a loan against your policy – Loan facility is not available under this policy.
Bharti AXA Life Monthly Income Plan
Bharti AXA Life Young India Plan
