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Bharti AXA Life Secure Income Plan

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Bharti AXA Life Secure Income Plan

Bharti AXA Life Secure Income Plan is a Limited Premium payment, Traditional Non-Participating Plan. Thus it is a Guaranteed Income Plan without Bonus Facility.

How it works – In this plan, premium needs to be paid for a specific period and then the Guaranteed Income is paid every year for a period of 10 years. This income is tax free if all requirements of Section 10(10)D is fulfilled.

 

Guaranteed Additions, as a percentage of Sum Assured would accrue every year after the completion of the premium paying term and paid at maturity. On Maturity, the Sum Assured + Guaranteed Additions, depending upon the policy term chosen would be paid as Maturity Benefit. 

However, if the Life Insured dies before the policy matures, then the nominee would immediately receive the Sum Assured on Death and the policy terminates.

 

Key Features of Bharti AXA Life Secure Income Insurance Plan

§  This plan is a Traditional Participating Plan with Limited Payment Option

§  In this Plan, premium is paid for 5,  7 or 10 years only while the policy continues thereafter

§  8% of Sum Assured starts as the Monthly Income starts after the Premium Payment Term for a period of 10 years

§  Guaranteed Additions accrue under this plan every year after the completion of the premium paying term

§  There is an additional rider in this plan


COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS

 

Benefits you get from Bharti AXA Life Secure Income Policy 

 Death Benefit – In case of death of the Life Insured within the policy tenure, the higher of the following is paid to the nominee as Death Benefit:

·         The Sum Assured + Guaranteed Additions

·         105% of total premium paid till date

·         11 times Annualized Premium for a Policy Tenure of 15 or 17 years and 13 times Annualized Premium for a Policy Tenure of 20 years

 

Guaranteed Income Benefit— Monthly Income, as selected, is paid for the following:

Policy Term

Premium Paying Term

Guaranteed Income Benefit Period

Guaranteed Income Benefit

15 years

5 years

10 years or 120 months

8% of Sum Assured p.a.

17 years

7 years

10 years or 120 months

8% of Sum Assured p.a.

20 years

10 years

10 years or 120 months

8% of Sum Assured p.a.

The Guaranteed Income is paid monthly.

 

Maturity Benefit–Sum Assured + Guaranteed Additions are paid as Maturity Benefit under this plan.

 

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 and other restrictions in Bharti AXA Life Secure Income Plan

 

Minimum

Maximum

Policy Term (in years)

15/17

20

Premium Payment Term (in years)

5, 7 and 10 for PPT = 15, 17 and 20 respectively

Payout Tenure (in years)

10

Entry Age of Life Insured (in years)

3 for 15 years Policy

1for 17 years Policy &

0 for 20 years Policy

65 for 15 years Policy

63for 17 years Policy

60 for 20 years Policy

Age at Maturity (in years)

-

80

Premium (in Rs.)

30,000 for 15 years Policy

24,000 for 17 years Policy

18,000 for 20 years Policy

No Limit

Payment  modes

Monthly

 


Additional Features and Benefits of Bharti AXA Life Secure Income Plan                            

Riders – There is 1 additional rideravailable with this plan

·         Hospital Cash Rider

Guaranteed Additions – accrue every year after the completion of the Premium Paying Term as a percentage of the Sum Assured, i.e. for a tenure of 10 years

Policy Term

Premium Paying Term

GA accrue tenure

Annual Guaranteed Addition

15 years

5 years

10 years

8% of Sum Assured p.a.

17 years

7 years

10 years

8% of Sum Assured p.a.

20 years

10 years

10 years

8% of Sum Assured p.a.

 

Plan Details

Let's Understand The Plan With An Example:
30 year old Gaurav chooses our Bharti AXA Life Secure Income Plan with a policy term of 20 years as he wishes to receive a guaranteed monthly income along with a guaranteed amount at maturity. He pays an annual premium of Rs.50,000 for 10 years for a Sum Assured of Rs.3,11,061.
 


What happens if?

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.The policy can however be revived within 2 years from the first unpaid premium due date.

You want to surrender the policy–There are Surrender Benefits under this term planafterat least 2 years’ premium have been paid for a Policy of 15 and 17 years and at least 3 years’ premiums have been paid for a Policy of 20 years. The Surrender Benefit is a percentage of the premiums paid less 1st year’s premium depending upon the year of surrender.

Minimum guaranteed Surrender Value is 30% of allpremiums paid till date, less all guaranteed monthly incomepaid till date and excluding any extra premium paid.

You want a loan against your policy–Loan facility is available under this policyupto a maximum of 70% of the Surrender Value.




 

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