Bharti AXA Grow Wealth Plan Insurance Policy - A savings oriented unit linked insurance plan that offers you multiple fund options to suit your investment needs with a life insurance cover to protect your family in case of any unfortunate event. It also provides additional benefits in the form of loyalty additions to ensure your money works as hard as you.
Eligibility Details - Bharti AXA Grow Wealth Plan Insurance Policy:
| Parameter | Eligibility Criteria | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Policy term | 5 Years | 10 Years | 15 Years | 20 Years | |||||||||
| Premium Payment Term | Single Pay /5 Years | Single Pay /5 Years /7 Years /10 years |
Single Pay /5 Years /7 Years /10 years /15 years |
Single Pay /5 Years /7 Years /10 years / 20 years |
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| Minimum age at entry (age last birthday) |
13 Years | 8 years | 3 Years | 91 days | |||||||||
| Maximum age at entry (age last birthday) |
64 Years | 60 years | 55 Years | 50 Years | |||||||||
| Maximum Maturity Age (age last birthday) |
70 Years | ||||||||||||
| Minimum Premium | Minimum Premium varies by channel and premium payment option.
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| Maximum Premium | No Limit, subject to Board Approved Underwriting Policy | ||||||||||||
| Premium Payment Modes | Annual, Semi- Annual, Quarterly*, Monthly* | ||||||||||||
Policy Details - Bharti AXA Grow Wealth Plan Insurance Policy:
Option to choose higher coverage: You can now opt for higher coverage of 10 times the annualized premium even in the single pay variant of the product (for specific age groups). Thus giving you the flexibility of choosing the desired protection.
Policy Administration charges for a limited period: Policy administration charges are only charged for a period of 5 years for single pay and for 10 years for limited/regular pay variants of the product.
Maturity Benefit : Subject to the Policy being in-force, at the time of Maturity, you will get your Policy Fund Value (including Loyalty Additions). The Policy Fund Value will reflect the returns during the duration of the Policy and is dependent on market conditions, your choice of funds etc.
Loyalty Additions: Subject to Policy being in-force, an additional 0.70% of fund value gets added every year from 6th year onwards till one year before maturity and 1.40% of fund value gets added on maturity. The loyalty additions reward you for staying invested in the policy for a longer duration. The longer you stay invested, the greater benefits you get in form of Loyalty Additions.
Death Benefit - Bharti AXA Grow Wealth Plan Insurance Policy:
In case of death of the Life Insured during the Policy Term, the Sum Assured on Death will be payable to the Nominee or the Policyholder as the case may be, subject to Policy being in force.
The Death Benefit will be highest of:
- If Death of Life Insured occurs before attaining Age 60 years (age last birthday): Sum Assured less all Partial Withdrawals made in the two year period immediately preceding the death of Life Insured.
If Death of Life Insured occurs after attaining Age 60 years (age last birthday): Sum Assured less all Partial Withdrawals made after attaining Age 58 years (age last birthday) - 105% of all premiums paid as on date of death
- Policy Fund Value (including any Loyalty Additions) as on the date of intimation of death of the Life Insured
Sum Assured will be as per table below:
| For Single Premium Payment Policy | |||
|---|---|---|---|
| Policy Term | Age at Entry (Age at Last Birthday) | Sum Assured | |
| 5 years | 13 to 47 years | Option 1: 125% * Single Premium Option 2: 10 times Single Premium |
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| 48 to 64 years | 125% * Single Premium | ||
| 10 years | 8 to 45 years | Option 1: 125% * Single Premium Option 2: 10 times Single Premium |
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| 46 to 60 years | 125% * Single Premium | ||
| 15 years | 3 to 40 years | Option 1: 125% * Single Premium Option 2: 10 times Single Premium |
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| 41 to 55 years | 125% * Single Premium | ||
| 20 years | 0 to 35 years | Option 1: 125% * Single Premium Option 2: 10 times Single Premium |
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| 36 to 50 years | 125% * Single Premium | ||
| For Regular Premium Payment Policy and Limited Premium Payment Policy | |||
| Sum Assured | Higher of 10 times Annualized Premium# Or (0.5* Policy Term* Annualized Premium)# |
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# Annualized premium is the premium selected by the policyholder at risk commencement date, excluding GST
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