Bharti Axa Life Future Champs
Bharti AXA Life Future Champs is a Traditional Money Back Child Plan where the parent is the Life Insured but the plan is for the benefit of the child. In this plan, if the Life Insured, i.e. the parent dies within the policy tenure, the nominee, i.e. the child would receive the Sum Assured to address the immediate needs of the family. The future premiums are waived but still, the Survival Benefits are paid out as and when it is due so that the parent’s dream about the child’s future is not hampered under any circumstance.
Key Features
In this plan, Guaranteed Pay Back benefit amounting to 105% of promised sum assured
There is also a choice of 2 options where you can choose when you want your money and how much, both totally upto 105% of the Sum Assured
There is an additional 4% of the Sum Assured which is paid as a Guaranteed Welcome Addition, which is paid on maturity or on earlier death along with Annual and Terminal Bonus.
In total the payback is 109% of the Sum Assured
There is an additional rider of the Critical Illness Benefit
There is a discount that is available for higher Sum Assured
There is 1 additional rider available in this policy
- Critical Illness Benefit
Annual Premium = Rs. 25086
Age of Parent = 35 years
Age of Child = 4 years
Policy Term = 15 years
Premium Payment Term = 15 years
Sum Assured = Rs 3,00,000
Total Investment = Rs 25086 X 15 years= Rs 3,76,290
Under Pay Back Option 1:
Guaranteed Pay Back in year 12= Rs 60,000
Guaranteed Pay Back in year 13= Rs 60,000
Guaranteed Pay Back in year 14= Rs 90,000
Guaranteed Pay Back in year 15= Rs 1,05,000
Guaranteed Welcome addition payable at Death/Maturity whichever is earlier = Rs 12,000
Hence, Total Guaranteed Payouts= Rs3,27,000
Benefits
In case of death of the parent (Life Insured), the child (Nominee/Beneficiary) would get Sum Assured + Guaranteed Welcome Addition + Vested Annual Bonuses (if any) + Terminal Bonus (if any) as Immediate Death Benefit. The future premiums would be waived and the child would also receive the future benefits as well.
1. Pay Back Option 1-
- Year 12- 20% of the Sum Assured
- Year 13- 20% of the Sum Assured
- Year 14- 30% of the Sum Assured
- Year 15 (Maturity)- 35% of the Sum Assured
2. Pay Back Option 2-
- Year 10- 10% of the Sum Assured
- Year 12- 20% of the Sum Assured
- Year 14- 35% of the Sum Assured
- Year 15 (Maturity)- 40% of the Sum Assured
The last instalment of the Guaranteed Pay Back Benefit is given + guaranteed Welcome Addition + vested Annual Bonuses + Terminal Bonus (if any) are paid on maturity.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | Rs 1,00,000 | No Limit |
| Policy Term |
15 years |
|
| Premium Payment Term |
15 years |
|
| Entry Age of Policyholder | 18 years | 60 years |
| Age at Maturity | - | 75 years |
| Single Premium (in Rs.) | NA | NA |
| Payment modes |
Yearly, Half-yearly, Quarterly and Monthly |
|
FAQs
What happens if You stop paying the premium ?If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse. If three annual premiums are paid, then it can be converted into a paid up within the period allowed for reinstatement. It can be revived within 5 years from the first unpaid premium
What happens if You want to surrender the policy ?Surrender is allowed after 3 annual premiums are paid.
Guaranteed Surrender Value = 30% of all premiums paid - 1st years premium
What happens if You want a loan against your policy ?There is loan available under this plan.
