Bharti AXA Life Income Protection Plan and Policy - This plan enables the policyholder to ensure that their family receives an income after they are no more. With the Income Protection Plan, the family of the life insured will be entitled to an annual income for a period of 15 to 20 years. If the policyholder survives till the end of the policy term, then the plan will pay out 100% to 120% of the premiums upon maturity. This plan is suitable for those who have a financially dependent family. It provides two death benefit options so that policyholders can choose how they would like their family to receive the income depending on their lifestyle and outlook.
Key Features - Bharti AXA Life Income Protection Plan and Policy:
- Participating Traditional Whole Life plan
- Limited Premium Payment Term
- Coverage up to age 100 years
- Cash Bonus
Eligibility Details - Bharti AXA Life Income Protection Plan and Policy:
For any life insurance plan, the insurance provider sets certain eligibility requirements that the customer must fulfill in order to be able to avail the plan. In order to avail this plan, customers must meet certain criteria set out by Bharti AXA.
| Eligibility Criteria | Details |
| Minimum entry age | 18 years |
| Maximum entry age | 12-year policy term - 58 years 15-year policy term - 55 years 20-year policy term - 50 years |
| Maximum age at maturity | 70 years |
*Ages mentioned refer to age last birthday
Sum Assured and Premium Range - Bharti AXA Life Income Protection Plan and Policy:
With this insurance plan, the minimum premium amount starts at Rs.2,730. Policyholders have flexible options to pay premiums monthly, quarterly, semi-annually or annually, according to their convenience. The minimum sum assured that can be opted for is Rs.5 lakh while there is no cap on the maximum sum assured. Given below are the details of the sum assured, premiums and policy terms available with the Bharti AXA Life Income Protection Plan.
| Particulars | Details |
| Minimum sum assured | Rs.5 lakh |
| Maximum sum assured | No limit, subject to underwriting |
| Policy term |
|
| Premium payment terms |
|
| Premium payment frequency | Monthly, quarterly, semi-annually or annually |
| Minimum Premiums |
|
*Premiums vary based on age, location, plan term and other factors
Plan Coverage - Bharti AXA Life Income Protection Plan and Policy:
The Bharti AXA Life Income Protection Plan has a number of benefits for the life insured and their family. This plan not only offers death benefits but also carries survival benefits. So in the event that the policyholder survives till the end of the policy term, they have nothing to lose as 100% to 120% of the premiums paid will be refunded. Given below are some of the important benefits associated with this plan.
| Benefits | Details |
| Death benefit | Upon the death of the life insured, the nominee will be entitled to claim the following (whichever is higher):
|
| Maturity benefit | If the life insured survives till the end of the policy term, then they will be entitled to receive the following: A percentage of the premiums paid (not including taxes and cess) under two options:
|
| Tax benefits | Available under Section 80C and Section 10(10D) of the Income Tax Act, 1961. |
Exclusions - Bharti AXA Life Income Protection Plan and Policy:
Inception of the policy - If the life insured commits suicide within 1 year from the commencement of the policy, whether medically sane or insane, the policy benefits are not payable. Bharti AXA will refund at least 80% of the premiums paid till date.
Revival of the policy - If the life insured commits suicide within 1 year from the revival date of the policy, whether medically sane or insane, the policy benefits are not payable. Bharti AXA will refund at least 80% of the premiums paid till date or pay the surrender value as on the date of death, whichever is higher.
Key Features - Bharti AXA Life Income Protection Plan and Policy:
Knowing the details mentioned in your life insurance policy document is very important. These details are mentioned in the policy document and you are advised to read it before purchasing it. Given below are some of the important features of the Bharti AXA Life Income Protection Plan.
| Features | Details |
| Grace Period | 30 days from the premium due date. |
| Free-look Period | 15 days are granted to review the policy. If the policyholder is not satisfied, they can return the policy in exchange for a refund minus any proportionate risk premium, medical expenses and stamp duty charges. |
| Loan facility | If the policy has acquired a surrender value, then the policyholder can take a loan for a minimum of Rs.15,000 and a maximum of 70% of the surrender value. Currently the rate of interest is 10.47% p.a. |
| Surrender Value | The policy will acquire a surrender value, if you have paid premiums for at least 3 full years. The higher of the following will be paid:
|
| Reduced Paid-up Policy | If you have paid premiums for at least 3 full years, if the 30-day grace period lapses, the policy will be converted to a Reduced Paid-Up policy. You can reinstate the policy within the revival period. |
| Termination | If you have not paid premiums for at least 3 full years, if the 30-day grace period lapses, then all benefits will lapse after the grace period ends. The policy will be terminated at the end of the stipulated revival period. |
| Reinstatement | From the due date of the first unpaid premium, you can reinstate your policy within 2 years. You need to pay all outstanding premiums plus interest. |
| Service tax | Service tax, cess and other levies will be charged as per the prevailing tax laws at rates specified by the government from time to time. |
Tax Benefits - Bharti AXA Life Income Protection Plan and Policy:
As per the prevailing tax laws in India, you can claim for tax benefits under Section 80C and Section 10(10 D) of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.
Other Benefits - Bharti AXA Life Income Protection Plan and Policy:
When you choose Bharti AXA Life as your insurance provider, you can stand to benefit from the following:
- You can send an SMS to Bharti AXA to get advice on a policy.
- You can ask for an advisor to guide you.
- Get a quote easily online for your insurance policy.
- Download brochures and policy bonds online.
- Manage the policy online.
- Pay premiums online.
- Register and track claims easily online.
- Contact the customer care through various avenues.
- Get policy updates through SMSes.
Bajaj Allianz Child Life Insurance Plans and Policy |
|