India's 1st IRDAI Approved Insurance Web Aggregator

Bharti AXA Life Samriddhi Plan

  •  views
  •  views

Bharti AXA Life Samriddhi Plan Review

Bharti AXA Life Samriddhi is a traditional non-linked, participating, endowment plan that offers lumpsum pay out at Maturity and bonuses at the time of maturity. On Death of life insured within the policy tenure, Basic Sum Assured + accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus will be paid to the nominee.
 

How does the plan works

Criteria:
Age 35/male
Annual Premium: Rs. 25,000
Sum Assured: Rs. 698,129
Policy Term: 25 years

Maturity Benefit

Pay out (in Rs.)

Sum Assured on Maturity

698,129

Bonus and Maturity benefit @ 4 %

Accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus

172,787

Sum assured + Accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus

870,916

Bonus and Maturity benefit @ 8%

Accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus

681,548

Sum assured + Accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus

1,379,677

 

Key Features of Bharti AXA Life Samriddhi Plan

  • Lump sum pay out at maturity
  • Potential to receive additional earnings with Bonuses
  • 8 premium payment term options to choose from 10 to 35 years
  • Tax benefits under Section 80C and 10(10D) as per Income Tax Act
 
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits you get from Bharti AXA Life Samriddhi Plan

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets:
  • Base Sum Assured 
  • Accumulated non-guaranteed simple annual reversionary bonuses
  • Non-guaranteed Terminal Bonus

Where,
Base Sum Assured, will be higher of:
- Sum assured on maturity, or
- 11*Annualised premium
Note, 
The death benefit will always be 105% of the premiums paid.

Maturity Benefit - On Maturity, 100% of the Sum Assured + accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus, will be paid to the life insured.

Profit Booking (non - guaranteed) - Company’s profit/surplus is added every year to the policy, these are Annual Simple Reversionary and Terminal Bonus. These bonuses will be paid at the time of maturity or death, whichever is earlier.

Income Tax Benefit
- Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

 

Eligibility conditions & other restrictions in Bharti AXA Life Samriddhi Plan

Policy Term and Premium Payment Term

Eligibility Criteria

Premium option

Policy Term (in years)

Premium Paying Term (in years)

Limited Premium Term

10,20

5,12

Regular Premium Term

10,15,20,25,30,35

Equal to policy Term


Minimum and Maximum age at entry

Eligibility Criteria

Policy Term (in years)

Minimum (in years)

Maximum (in years)

10

8

55

15

3

55

20 and 25

0

50

30 and 35

0

45


Minimum and Maximum age at Maturity

Eligibility Criteria

Policy Term (in years)

Maximum Maturity Age (in years)

10

65

15

70

20 and 25

70 and 75

30 and 35

75 and 80


Minimum Annual Premium, Sum Assured and Premium Payment Options

Minimum Annual Premium

Premium Payment Term (in years)

Minimum Annual premium (in Rs.)

5 & 10

18000

12 & 15

12000

20 & 25

6000

30 & 35

3000

Sum Assured

Depends on the minimum premium

Premium Payment options

Annual, Semi Annual, Quarterly* and Monthly*

* Through auto deduction only
 


Additional Features and Benefits of Bharti AXA Life Samriddhi Plan

Riders – There are 2 additional riders in this plan to boost your protection, viz;
  1. Bharti AXA life Hospi Cash Rider
  2. Bharti AXA life Premium Waiver Rider     
Reduced Paid up – If the premium is paid for at least 3 years then the policy will be converted to “paid up”. In this case, the accumulated money will be paid on death, maturity or surrender, whichever is earlier.

Free look – In case you are not convinced with Terms and Conditions of the policy, you can cancel the same within 15 days of receipt of the policy document.

 

Plan Details

Let's Understand The Plan With An Example:
35 year old Abhay chooses our Bharti AXA Life Samriddhi to meet his retirement needs and pays Rs.50,000 as annual premium for 25 years for a Sum Assured of Rs.13,96,258. He enjoys a life cover for 25 years.


What happens if?

You stop paying the premium – If the policy holder does not pay the premium within 30 days after the premium due date, then the policy will lapse. 

You want to surrender the policy – There are Surrender Benefits in this plan is at least 3 annual premiums have been paid. Minimum Guaranteed Surrender Value= % of cumulative premiums paid.

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

 

Exclusions

If the life assured, commits suicide, within a year of policy start 80% of the premiums paid, will be given to nominee. In case of suicide within one year from revival date, 80% of premiums paid or surrender value, whichever is higher would be paid and the policy will terminate.
Other Endowment Plans from Bharti AXA Life
Similar Withdrawn Endowment Plans from Bharti AXA Life
Compare Endowment Plans

Leave a Comment

Endowment Plan Calculator