Bharti Axa Life Flexi Term Plan
Bharti Axa Smart Jeevan Plan is a comprehensive term insurance plan which provides flexibility of payment options to the nominee. You can plan payments to the nominee, in lumpsum, increasing monthly payments or a combination of both. You can opt for a critical illness benefit too. We will understand these benefits in detail.
Plan Name | Bharti Axa Life Flexi Term Plan |
Policy Type | Term Insurance |
UIN | 130N072V05 |
Note: There were earlier variants of this plan with different UINs.
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Key Features
Life cover with multiple payout options to suit your family’s needs - lumpsum, increasing monthly income or a combination of both
Optional Critical Illness Cover
Flexibility in policy term to select the period of cover amount
Premiums can be paid monthly, quarterly, half-yearly or annually
Tax Benefits on Premiums paid and Death Benefit
Benefits
In the unfortunate event of the policyholder’s death, the nominee will receive the highest of the following:
At the time of taking the plan, the policyholder has to decide on one of the following payout options. This will determine how the nominee will receive the Death Benefit.
- Sum Assured or the cover amount
- 105% of all premiums paid
- 10 times the Annualised Premium
The Death Benefit received by the nominee iis tax free.
At the time of taking the plan, the policyholder has to decide on one of the following payout options. This will determine how the nominee will receive the Death Benefit.
- Lumpsum - entire death benefit is paid to the nominee
- Increasing Monthly Income - The death benefit will be paid out as a monthly income increasing annually by 10% at a simple rate for a period of 15 years.
- Lumpsum + Increasing Monthly Income - 50% of the death benefit will be paid out as lumpsum immediately, and the remaining 50% in form of monthly income increasing annually by 10% at a simple rate for a period of 15 years.
The monthly payouts for the Increasing Monthly Income & Lumpsum + Increasing Monthly Income will be as shown in the table below. They will be a % of the Sum Assured in the plan.
Year | Increasing Monthly Income | Lumpsum + Increasing Monthly Income |
1 | 5.828% / 12 | 2.914% / 12 |
2 | 6.411% / 12 | 3.206% / 12 |
3 | 6.994% / 12 | 3.497% / 12 |
4 | 7.577% / 12 | 3.789% / 12 |
5 | 8.16% / 12 | 4.080% / 12 |
6 | 8.742% / 12 | 4.371% / 12 |
7 | 9.325% / 12 | 4.663% / 12 |
8 | 9.908% / 12 | 4.954% / 12 |
9 | 10.491% / 12 | 5.246% / 12 |
10 | 11.074% / 12 | 5.537% / 12 |
11 | 11.656% / 12 | 5.828% / 12 |
12 | 12.239% / 12 | 6.120% / 12 |
13 | 12.822% / 12 | 6.411% / 12 |
14 | 13.405% / 12 | 6.703% / 12 |
15 | 13.988% / 12 | 6.994% / 12 |
The policyholder has to decide how much cover he needs for this benefit and then make a choice among the following:
- Comprehensive Critical Illness Cover - List of 34 critical illnesses
- Major Critical Illness Cover - List of 15 Critical Illnesses
In case the policyholder is diagnosed with any of the critical illnesses covered in this plan and survives for 30 days from diagnosis, the amount of cover selected for this benefit is paid out to the policyholder. No further premiums needs to be paid for the plan and the base life cover will continue without any further critical illness benefit.
List of 34 Critical illnesses covered in this plan.
Please refer to the policy document for a detailed understanding on the critical illness benefit under this plan.
In case of occurrence of any of the critical illnesses covered in the plan, the critical illness benefit will be paid and all future premiums will be waived. This waiver is not applicable in case of a claim due to Angioplasty.
Eligibility
Parameter | Life Cover | Life Cover with Critical Illness Benefit |
Min / Max Entry Age | 18 / 65 years | 18 / 65 years |
Max Age at Maturity | 85 years | 85 years |
Min Sum Assured | 10 lakhs | 10 lakhs |
Max Sum Assured | 25 lakhs | 25 lakhs |
Policy Term | 5, 10, 15 20 years or To age 60 & 75 years |
Same as Life Cover Term |
Premium Payment Term | Same of Policy Term | Same of Policy Term |
Premium Payment Mode | Monthly, Quarterly, Half-yearly, Annually |
That pretty much sums up the details of this plan. If you have any questions regarding this plan, please drop a comment and we will be happy to help.
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