Bharti Axa Life Smart Jeevan Plan
Bharti Axa Smart Jeevan Plan is a simple term plan which provides a life cover for 12 years only. In case you survive the policy term, the premiums paid by you will be returned. The maximum sum assured that you can take in this plan is 5 lakhs.
| Plan Name | Bharti Axa Smart Jeevan |
| Policy Type | Term with Return of Premium |
| UIN | 130N069V02 |
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Key Features
This is a term insurance policy offering life cover for low premiums
Maximum life cover of Rs. 5 lakhs can be taken
Cover is available for a fixed tenure of 12 years
Premiums can be paid monthly, quarterly, half-yearly or annually
Tax Benefits on Premiums paid, Death Benefit & Maturity Benefit
Benefits
In case of death of the policyholder, the nominee will be paid the highest of the following:
- Sum Assured on Maturity
- 105% of all premiums paid
- 11 times the Annualised Premium
- Sum Assured
The Death Benefit received by the nominee iis tax free.
If the policyholder survives the policy term of 12 years, the premiums paid (net of taxes) will be paid to the policyholder.
- Sum Assured on Maturity
- 105% of all premiums paid
- 11 times the Annualised Premium
- Sum Assured
The Maturity Benefit received by the policyholder is tax free.
How it works
Let us understand this plan better with the help of an example:
Suppose Rakesh (non-smoker) who is 30 years old buys this plan with the following parameters.
Sum Assured = Rs. 3,00,000 (3 lakhs)
Policy Term = 12 years
Premium Payment Term = 12 years
Based on this the yearly premium will be Rs. 1,938 + Taxes.
Scenario 1 - Rakesh dies after 7 years of paying the premium.
His nominee will get the Death Benefit which is highest of the following:
- Sum Assured on Maturity = Sum of all premiums paid = 12 x 1,938 = Rs. 23,256
- 105% of all premiums paid = 105% x 1,938 x 7 = Rs. 14,244
- 11 times the Annualised Premium = 11 x 1,938 = Rs. 21,318
- Sum Assured = Rs. 3,00,000
Highest of the above being Rs. 3,00,000 which will be paid to the nominee.
Scenario 2 - Rakesh survives the policy term of 12 years and has been paying his premiums regularly. In such a scenario, the sum of all premiums paid till date will be returned to him on maturity.
Maturity Amount - 12 x 1,938 = Rs. 23,256 will be paid to Rakesh
Eligibility
| Criteria | Minimum | Maximum |
| Sum Assured | Rs. 50,000 | Rs. 5,00,000 |
| Age at Entry | 18 years | 50 years |
| Maximum Age at Maturity | 62 years | |
| Policy Term | 12 years | |
| Premium Payment Term | 12 years | |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly | |
Surrender Value
In case you wish to surrender the plan at any time during the policy term, a part of the premiums paid by you till date will be refunded, based on the table shown below.
Guaranteed Surrender Value = Factor x Total Premiums paid
| Policy Year | Guaranteed Surrender Value Factor |
| 1 | 0% |
| 2 | 30% |
| 3 | 35% |
| 4 | 50% |
| 5 | 55% |
| 6 | 60% |
| 7 | 65% |
| 8 | 70% |
| 9 | 75% |
| 10 | 80% |
| 11 | 90% |
| 12 | 90% |
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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