Bharti Axa Wonder Years Retirement Plan

 

  

 

Wonder Years Retirement Plan from Bharti Axa Life Insurance is a traditional pension plan where the policyholder can choose to participate in the bonus that is declared by the company. In this plan, the policyholder would pay premiums in the accumulation phase till the vesting date, i.e. the date from which he would like to receive pension or annuity. If he dies in the accumulation phase before the vesting date, i.e. before he starts to receive pension, then the nominee would receive 108% of the total premiums paid till date as death benefit.

The policyholder would have 2 options in the accumulation phase:

·         To choose Vesting at age 60, such that pension would start when he reaches 60 years of age but he would be required to pay at least Rs 12,000 p.a. as premium till then.

·         To pay for at least 10 years before starting pension. However the policyholder needs to be within 40-70 years of age to avail this option and pay at least Rs 20,000 p.a. as premium.

 

On maturity of the policy he would receive the Vesting Amount along with the Bonus that has been declared by the insurer. Then the policyholder has the following choice:

·         He can withdraw 1/3 of the vesting amount tax free and start receiving pension from the remaining 2/3 of the fund.

·         He may also choose to receive pension from any other insurer in the industry.

 

 

 

• It is a traditional with profits pension plan
• In this policy, the nominee would get 108% of the premiums paid till date as death benefit
• On maturity, the policyholder may choose to receive pension from the present insurer or any other insurer
• Retirement savings are enhanced with non-guaranteed bonuses whenever declared starting from the 1st policy year onwards
• Medical tests or even declaration of good health is not required 

 

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Death Benefit – In case of death of the policy holder, the nominee gets 108% of premiums paid till date.

 

Maturity Benefit – On maturity, the policyholder receives the Vesting Fund along with the declared bonus. He has the option to withdraw 1/3 of the vesting amount tax free and start receiving pension from the remaining 2/3 of the fund. He may also choose to receive pension from any other insurer in the industry.

 

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 80CCC. 1/3 of the Maturity Amount can be withdrawn tax-free under section 10(10)A.

 

 

 

	Minimum	Maximum
Sum Assured (in Rs.)	NA	NA
Policy Term (in years)	60 years less Age at entry for Policy Term To Age 60 10 years for a fixed policy term of 10 years
Premium Payment Term (in years)	Equal to policy term	Equal to policy term
Entry Age of Policyholder	40 Years (10 year policy term) 18years (To Age 60 policy term)	70 Years (10 year policy term) 45 years (To Age 60 policy term)
Age at Maturity	50	70
Single premium (in Rs.)	NA	NA
Payment modes	Annual, Semi-annual, Quarterly & Monthly

 

 

 

Riders – No riders are available in this policy

 

 

 

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 from the due date of the first unpaid premium. You can re-instate the policy within 5 years of lapsation by paying up all due premiums.

If the policy lapses after 3 policy years, then the policy is converted into the paid up form where the benefits are available but in reduced form and no future bonus is payable.

 

You want to surrender the policy – Surrender benefits are payable only after completion of 3 years. Minimum guaranteed surrender value is 30% of the premiums paid except the first years’ premium.

No surrender value is payable if the policy is exited within 3 years of the policy.

 

You want a loan against your policy – Loan facility is available under this policy provided all due premiums are paid and the policy acquires a surrender value.