Bharti AXA Life Power Kid Plan
Bharti AXA Life Power Kid Insurance Plan is a Unit Linked Child Plan. This is a Non-Traditional Plan without Bonus facility. In this plan, the life of the parent is insured but the plan is for the benefit of the child.
In this plan the premium needs to be paid till the end of the Policy Term. There are 2 options for Death Benefit- with Education Allowance of 10% of the Sum Assured will be paid every year till the end of the policy tenure to take care of school fees, etc and Without Education Allowance.
Thus, 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 and paid by the insurer so as to continue the plan till the end. If Education Allowance Benefit has been opted for, then 10% of the Sum Assured will be paid every year till the end of the policy tenure to take care of school fees, etc. Finally on maturity of the plan, the Fund Value would be paid as Maturity Benefit.
There is an option to take the 15% of the remaining Fund Value every year for the last 5 policy years as partial withdrawal so as to support Career Development of the child. The remaining Fund Value would be paid as Maturity Benefit when the policy tenure ends.
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Bharti AXA Life Power Kid Plan - Key Features
This is a Unit Linked Insurance Plan with both Death and Maturity Benefit. There are 2 options for Death Benefit With Education Allow
Rs 100,000 will be paid within 48 hours of the submission of all the relevant claim documents to take care of immediate requirements. The Fund Valu
To support career development, 15% of the remaining Fund Value can be opted to be paid out at the beginning of each of the last 5 years as Partial
Annual Premium = Rs. 30,000, Policy Term = 20 years, Sum Assured = Rs 7,50,000
Bharti AXA Life Power Kid Plan - Benefits
There are 2 options for Death Benefit:
The Fund Value is paid as Maturity Benefit.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C
There is 1 inbuilt rider available in this policy Accidental Death Benefit Rider
The plan has 6 investment fund options:
...
Not Allowed.
There are 12 free Switches that are allowed in this plan. The minimum Switching amount is Rs 1,000.
You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 1,
Eligibility conditions & other restrictions in Bharti AXA Life Power Kid Policy
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 15 X AP | 20 X AP |
| Policy Term (in years) | 15 | 20 |
| Premium Payment Term (in years) |
Equal to Policy Term |
|
| Entry Age of Policyholder (in years) | 21 | 50 |
| Age at Maturity (in years) | - | 65 for PT=15
70 for PT=20 |
| Premium (in Rs.) | 26,000 | No Limit |
| Payment modes |
Yearly, Half-yearly, Quarterly and Monthly |
|
Bharti AXA Life Power Kid Plan - FAQs
If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
There is no Loan facility in this plan.
If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
