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.

 

 

 

• 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.

 

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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

 

 

 

	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

 

                               

 

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.

 

 

 

 

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

 

 

 

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.