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Bharti AXA Life Income Protection Plan

Bharti AXA Life Income Protection Plan is a non-linked non-participating life term insurance plan with return of premium. This plan is designed to provide income to your family in case of your unfortunate demise in the near future. The income is in the form of annual instalments for a period of 15 or 20 years. On the other hand, premiums paid are returned at the end of the policy term as a lump sum survival benefit.

Features of Bharti AXA Life Income Protection Plan

The key features of this plan are:

  • Provides an annual pre-planned income for the financially dependent family, in case of death of the policyholder
  • Return of Premium - In case of survival, you will receive all your invested premiums as maturity benefit
  • Two options for receiving death benefit payouts are available
  • Premiums are eligible for Tax Deduction as per Section 80C and Section 10(10D) of the Income Tax Act, 1961

Benefits of Bharti AXA Life Income Protection Plan

The key benefits of this plan are:

Death Benefit - In case of death of the life insured during the policy term, the sum assured on death will be paid to the nominee. The sum assured on death is the highest of:

  1. 10x annualized premium*
  2. 105% of all premiums paid as on date of death
  3. Absolute amount assured to be paid on death equal to the sum assured under the policy
  4. Sum assured on maturity

Annualized premium is the premium amount payable in a single year*

Depending on the payout option selected during the inception of the policy, the death benefit will be paid out in equal annual installments for 15 or 20 years. Your nominee will also have an option to take the annual installments as a lump sum which is equal to the death benefit under the policy.

Maturity Benefit - As mentioned above, the maturity benefit is expressed as a percentage of the premiums paid and is offered as two maturity benefit options under each of the policy terms. The two benefits options are:

Policy Term12 years15 years20 years
Maturity Benefit Option A100%100%100%
Maturity Benefit Option B110%115%120%

Eligibility Criteria

The eligibility criteria for this plan are:

Parameter Eligibility
Minimum age at entry 18 years
Maximum age at entry
58 years for policy term of 12 years
55 years for policy term of 15 years
50 years for policy term of 20 years
Maximum age at Maturity 70 years
Premium Payment Term & Policy Term12 years, 15 years and 20 years
Minimum Sum AssuredRs. 5,00,000
Maximum Sum AssuredNo such limit, subject to underwriting

Policy and Premium Payment Details

The premium applicable to the policyholder depends on his/her age, gender, maturity benefit option, policy term and the selected sum assured. Depending on the sum assured chosen, a discount on premium rates would be applicable.

Advance Premium - Payment of advance premium is allowed within the same financial year for the premium due in that financial year.

ModeModal Factor
Monthly0.0867 of Annualized Premium
Quarterly0.26 of Annualized Premium
Semi-Annual0.51 of Annualized Premium
Minimum Premium
Policy Term of 12 years
Maturity Benefit Option A = Rs. 4,990
Maturity Benefit Option B = Rs. 7,480
Policy Term of 15 years
Maturity Benefit Option A = Rs. 3,565
Maturity Benefit Option B = Rs. 5,530
Policy Term of 20 years
Maturity Benefit Option A = Rs. 2,730
Maturity Benefit Option B = Rs. 3,825

Additional Plan Details

Bharti AXA Life Hospi Cash Rider - This rider provides a payment of a fixed benefit for each day of hospitalization, along with lump sum benefit in case of surgery.

Bharti AXA Life Accidental Death Benefit Rider - Under this benefit, the nominee will receive additional sum assured in case of unfortunate event of death (policyholder) due to an accident.

Bharti AXA Life Term Rider (UIN: 130B009V02): Under this rider, the policyholder can increase the life insurance coverage for a nominal premium.

Loan - The policy gives flexibility to take a loan from the insurer. The loan interest rate is equal to the 10 year GSec* rate prevailing on 1st April plus 3%, and will remain applicable for the financial year. The current rate of interest chargeable on Policy loans is 10.47% p.a.

The minimum loan amount available under the policy is Rs. 15000 and the maximum loan amount should not exceed 70% of Surrender Value.

Grace Period - The grace period for all premium payment modes is 30 days.

Revival Option - You can revive your lapsed policy within the revival period of five years after the due date of the first unpaid premium. For revival, it is mandatory to pay all the outstanding premiums and interest on the outstanding premiums.

Surrender Value - The policy will acquire a surrender value provided if at least two annualized premium have been paid. The guaranteed surrender value is a percentage of cumulative premiums paid. In case of special surrender value, the surrender value payable will be the higher of guaranteed surrender value or special surrender value.

Free-Look Option - The policyholder has a period of 15 days from the date of receipt of the policy document/commencement of risk and a period of 30 days in case of online policies and policies obtained through distance marketing mode.

Documents Required for Bharti AXA Life Income Protection Plan

The following documents are required for this plan:

  • Application Form
  • KYC Details - Proof of ID and Address
  • Proof of Age
  • Bank Statement
  • Medical Test Report, if required
  • SIP/SI/Auto Debit/Bank Mandate Form

Why you should buy Bharti AXA Life Income Protection Plan?

Bharti AXA Life Income Protection Plan is a good term protection scheme. This plan is designed to ensure that in case of your unfortunate demise in the near future, your family continues to receive an income in the form of annual instalments for a period of 15 or 20 years, so that they can continue to live their lives without any inconvenience.

Exclusions under Bharti AXA Life Income Protection Plan

Suicide - In case of death of the policyholder due to suicide within 12 months from the date of commencement of risk under or from the date of revival of the policy, as applicable, the nominee/beneficiary/family of the policyholder shall be paid at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death, whichever is higher.