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Bharti AXA Life Secure Savings Plan

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Bharti AXA Life Secure Savings Plan

 
Bharti AXA Life Secure Savings Plan is an Endowment Plan with Guaranteed Additions. It is a Traditional Non Participating Plan, i.e. without Bonus facility.
 
How it works – In this plan, premium needs to be paid till the end of the Policy Tenure of 15 or 20 years as selected. Sum Assured is calculated according to the entry age of the individual, the Policy Tenure selected and his health conditions.
 
This Plan offers Guaranteed Additions as a Percentage of Cumulative Base Premium which varies from 8-10% depending in premium amount and policy tenure.
 
On policy Maturity, 100% of the Sum Assured along with Guaranteed Additions is paid as Maturity Benefit and the policy terminates.
 
However, if the Life Insured dies within the policy tenure, then higher of (Base Sum Assured or 105% of Total Premiums Paid) + Guaranteed Additions on premiums paid to the nominee as Death Benefit and the policy terminates.
 
There are 3 additional riders in this plan- Accidental Death & Disability Benefit Rider, Critical Illness Benefit Rider and Critical Illness Benefit Rider.
 


Key Features of Bharti AXA Life Secure Savings Insurance Policy

  • It is an Endowment Plan without Bonus facility
  • This Plan offers Guaranteed Additions as a Percentage of Cumulative Base Premium
  • The Guaranteed Addition varies from 8-10% depending in premium amount and policy tenure
  • Maturity Benefit is 100% of the Sum Assured along with Guaranteed Additions
  • Death Benefit is higher of (Base Sum Assured or 105% of Total Premiums Paid) + Guaranteed Additions
  • There are 3 additional riders in this plan
  • There is a discount in premium if the annual base premium payable is greater than or equal to 100,000
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
 

Benefits you get from Bharti AXA Life Secure Savings Insurance Plan

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets higher of:
  • Base Sum Assured or
  • 105% of Total Premiums Paid
+ Guaranteed Additions on premiums paid as Death Benefit and the policy terminates.
 
Guaranteed Additions— Guaranteed Additions depend on Premium Amount and Policy Tenure.

 

Policy Tenure = 15 years
Policy Tenure = 20 years
Premium
Guaranteed Additions as a % of cumulative base annual premiums
Premium
Guaranteed Additions as a % of cumulative base annual premiums
Rs 18,000 to Rs 24,999
8%
Rs 12,000 to Rs 17,999
9%
Rs 25,000 and More
9%
Rs 18,000 and More
10%
 
Maturity Benefit – On survival till the end of the Policy Tenure, i.e. when the Policy Matures, 100% of the Base Sum Assured + Guaranteed Additions is paid to the policyholder as Maturity Benefit and the policy terminates.
 
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 Secure Savings Policy

 
Minimum
Maximum
Sum Assured (in Rs.)
Depending on Minimum Premium
No Limit
Policy Term (in years)
15
20
Premium Payment Term (in years)
Equal to policy term
Entry Age of Life Insured (in years)
3 for PT= 15
0 for PT=20
55 for PT= 15
50 for PT=20
Age at Maturity (in years)
-
70
Annual Premium (in Rs.)
18000 for PT= 15
12000 for PT=20
No Limit
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
 
 

Sample illustration of premium amount in Bharti AXA Life Secure Savings Plan 

The below illustration is for a healthy Male (non-tobacco user) of opting for a Sum Assured = Rs. 5 lakhs and Policy Term = 20 years

Bharti AXA Life Secure Savigs Plan Sample Premiums


Illustration 2:
35 year old Saurabh chooses our Bharti AXA Life Secure Savings Plan to meet his future expenses. He pays an annual premium of Rs.20,000 for 20 years for a Sum Assured of s.2,30,468. He gets a guaranteed 10% addition of each year’s cumulative base premium.


Additional Features and Benefits of Bharti AXA Life Secure Savings Plan

Riders – There are 3 Additional Riders:
  1. Accidental Death & Disability Benefit Rider
  2. Critical Illness Benefit Rider
  3. Critical Illness Benefit Rider
 

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 policy lapses. If at least 3 years’ premiums have been paid, then the policy is converted into Paid Up Policy. It can be re-instated within 5 years of lapsation by paying up all due premiums with interest.
 
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= 30% of all premiums paid till date – 1st years’ premium
 
You want a loan against your policy – Loan facility is not provided under this policy.



 
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