Bharti AXA Life Protect Plus Plan

 

 

Bharti AXA Life Protect Plus Plan is an Term Insurance Plan for protection purpose with both Death and Maturity Benefit. This is a Traditional Plan without Bonus facility which can be purchased online.

 

In this plan, premium needs to be paid for 5 years but the Policy continues for the entire period of 10 years.

 

When the Policy Tenure ends, a Maturity Benefit of upto a maximum of 525% of the Annual Premium amount is paid to the Life Insured. The Maturity Benefit gets ascertained according to the age at entry. However, if the Life Insured dies within the Policy Tenure, then the Sum Assured is paid as Death Benefit to the nominee and the policy would be terminated.

 

Compare Term Insurance Plans
 

 

• It is an Insurance Policy with both Death Benefit and Maturity Benefit
• Premium is paid for a period of 5 years only for Policy Term of 10 years
• Sum Assured is paid as Death Benefit if the Life Insured dies within the Policy Tenure
• Upto a maximum of 525% of the Annual Premium is paid as Maturity Benefit.
• The Maturity Benefit is ascertained depending upon age at entry.

 

Have any doubts that need to be clarified?

 

Death Benefit – In case of death of the Life Insured, the nominee gets the Sum Assured as Death Benefit under the plan and the policy is terminated.

 

Maturity Benefit – The Maturity Benefit under this plan is as per the age of entry of the Life Insured

Age at Entry in years	% of Annual Premium as Maturity Benefit
8-25	525%
26-45	500%
46-50	450%
51-54	400%
55-60	350%

 

 

Income Tax 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

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	Depends upon the Age at Entry	No Limit
Policy Term (in years)	10
Premium Payment Term (in years)	5
Entry Age of Policyholder (in years)	8	60
Age at Maturity (in years)	-	70
Premium (in Rs.)	NA	NA
Payment modes	Yearly, Half-Yearly. Quarterly and Monthly

 

 

 

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 10 lacs and Policy Term = 10 years

 

 

 

 

Riders – There are no additional riders available with this plan

 

 

 

You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period of the unpaid premium due date. It can however be re-instated within 2 years of lapsation by paying up all due premiums with interest.

 

You want to surrender the policy – There are Surrender Benefits under this term plan after premiums have been paid for first three policy years.

Guaranteed Surrender Value= 30% of all premiums paid – 1st years’ premium

 

You want a loan against your policy – Loan facility is not available under this policy.