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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 NameBharti Axa Life Flexi Term Plan
Policy TypeTerm Insurance
UIN130N072V05

Note: There were earlier variants of this plan with different UINs.

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Tax Benefit
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Death Benefit
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Payment Options
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Key Features

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Multiple Payout Options

Life cover with multiple payout options to suit your family’s needs - lumpsum, increasing monthly income or a combination of both

Illness Cover

Optional Critical Illness Cover

Flexibility

Flexibility in policy term to select the period of cover amount

Payment Options

Premiums can be paid monthly, quarterly, half-yearly or annually

Tax Benefits

Tax Benefits on Premiums paid and Death Benefit

Benefits

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Death Benefit

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.

Payout Options

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
Optional Critical Illness Cover Benefit

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.

Waiver of Premium in case of Critical Illness

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

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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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