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Bharti AXA Life Young India Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

 

Bharti AXA Life Young India Plan

 

Bharti AXA Life Young India Plan is a Participating Endowment Insurance Plan. Thus, this is a Traditional Plan with Bonus facility.

 

How it works – In this plan, premium needs to be paid till the end of the Policy Tenure. The policy continues till the age of the Life Insured is 60 years. In this plan, a percentage of the Sum Assured is paid twice during the entire policy tenure in any of the events like marriage or child birth as “Good Times Money Back” option. The events option needs to be chosen at the policy inception when the Money Back is paid out.

 

In this plan, there is an option of increasing the life coverage till 20 times the Base Sum Assured in events like marriage or childbirth without additional medical underwriting. The additional premium needs to be paid by the policyholder.

 

In this plan, the Sum Assured + accrued Bonuses would be paid on policy maturity as Maturity Benefit or on earlier death as Death Benefit

 

This policy has an additional Premium Waiver rider called Assured Protection Benefit rider which can be opted at the time of inception, Milestone 1 or Milestone 2.

 

 

Key Features of Bharti AXA Life Young India Insurance Plan

 

  • It is an Insurance Policy with both Death Benefit and Maturity Benefit
  • Premium needs to be paid till the end of the Policy Tenure
  • Money Back is given twice during the entire policy tenure on occasions like marriage and childbirth
  • The Sum Assured can be increases without additional medical underwriting on events like marriage and childbirth
  • There is an additional rider called Assured Protection Benefit rider.
  • In this plan Bonuses accrue from the end of 10th Policy year onwards and are payable on maturity or earlier death
  • The first Cash Back is given after 3 policy years and starts at 10% of the Sum Assured, which increases by 0.5% every year
  • The second Cash Back is given after 4 policy years and starts at 10% of the Sum Assured, which increases by 0.5% every year
  • This policy provides for High Sum Assured discount for Sum Assured more than Rs 5 lacs.

 

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits you get from Bharti AXA Life Young India Policy

 

Death Benefit – There are 2 conditions for payment of Death Benefit.

  1. Without Assured Protection Benefit rider— In case of death of the Life Insured, the nominee gets the Base Sum Assured + Additional Sum Assured (if any) + Accrued Annual Reversionary Bonus (if any) + Terminal Bonuses (if any) + Good Times Money Back (if any outstanding) as on the year of death, and the Policy gets terminated.
  2. With Assured Protection Benefit rider— In case of death of the Life Insured, the nominee gets Base Sum Assured + Additional Sum Assured (if any) + Good Times Money Back (if any outstanding) as on the date of death.

All future premiums would be paid by the Insurance Company such that the Maturity Benefit is paid at the end of the Policy Tenure.

 

Survival Benefit— Under the Good Times Money Back Option, a percentage of the Sum Assured would be paid according to the events chosen.

 

1st Milestone

2nd Milestone

Event Option 1

Marriage

1st Child Birth

Event Option 2

1st Child Birth

2nd Child Birth

Event Option 3

At the end of 5 Policy years

At the end of 10 Policy years

 

Maturity Benefit – If the Life Insured is alive till the end of the Policy tenure, the policyholder gets 200% of base Sum Assured + accrued Annual Reversionary Bonus (if any) + Terminal Bonuses (if any) + Good Times Money Back (if any remaining).

 

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

 

 

Eligibility conditions & other restrictions in Bharti AXA Life Young India Insurance Policy

 

 

Minimum

Maximum

Sum Assured (in Rs.)

For the youngest age is 1,76,991 and for the oldest age is 75,981 p.a.

No Limit

Policy Term (in years)

60 years – Age at Entry

Premium Payment Term (in years)

Equal to Policy Term

Entry Age of Life Insured (in years)

18

40

Age at Maturity (in years)

-

60

Premium (in Rs.)

8,000

No Limit

Payment modes

Yearly, Half-Yearly. Quarterly and Monthly

 

                               

Sample illustration of premium amount in Bharti AXA Life Young India Plan

 

The below illustration is for a healthy Male (non-tobacco user) opting for Sum Assured = Rs. 5 lacs. The premium shown is the base premium.

 

Bharti Axa Life Young India Plan Sample Premiums

 

 

Additional Features and Benefits of Bharti AXA Life Young India Plan

 

Riders – There is 1 additional rider available with this plan:

  1. Assured Protection Benefit rider

 

Increase in Sum Assured – The Sum Assured can increase on any of the events as chosen according the Flexi Cover Multiplying Option selected.

 

 

1st Milestone

2nd Milestone

Flexi Cover Option 1

1 X Base Sum Assured

3 X Base Sum Assured

Flexi Cover Option 2

4 X Base Sum Assured

20 X Base Sum Assured

 

 

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 continues in a Paid Up state. However, the policy can also be revived.

 

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 – There is Loan facility available under this policy once the policy acquires Surrender Value.



 

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