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Bharti AXA Child Advantage Saving Insurance Plan and Policy

Bharti AXA Child Advantage Saving Insurance Plan and Policy - As a parent you would be looking to secure the future of your child by providing him the best in education, experiences, and comforts. You would be enthusiastic about financial planning for all future milestones, so that you do not have any monetary issues that deter the achievement of your child’s goals. The rising cost of education and the incessant fear of the untimely death of an earning parent makes it inevitable to procure an optimum life insurance policy for your child.

Bharti AXA Life Child Advantage is a participating savings plan that provides you two flexible options for maturity benefits, i.e., money back and endowment, that can be chosen to suit the career prospects of your child. This Bharti AXA Life Insurance Plan also has a premium waiver benefit that is an integral part of the scheme.

Eligibility Details - Bharti AXA Child Advantage Saving Insurance Plan and Policy:

Premium Type - Regular Pay

Minimum Entry Age (age closer to birthday) 18 years
Maximum Entry Age (age closer to birthday) 50 years
Maximum age at the time of Policy Maturity (age closer to birthday) 71 years

Premium Type - Limited Pay

Minimum Entry Age (age closer to birthday) 18 years
Maximum Entry Age (age closer to birthday) 55 years
Maximum age at the time of Policy Maturity (age closer to birthday) 76 years

Premium Payments - Bharti AXA Child Advantage Saving Insurance Plan and Policy:

Premium Type - Regular Pay

Policy Term 11 to 21 years
Premium Payment Term Same as policy term
Minimum Sum Assured at Maturity Rs. 25,000
Minimum Annualized Premium Varies based on minimum sum assured at maturity
Premium Payment Modes Annually, Semi-annually, Monthly (only through Auto Pay), Quarterly (only through Auto Pay)

Premium Type - Limited Pay

Policy Term 11 to 21 years
Premium Payment Term Policy term less 5 years
Minimum Sum Assured at Maturity Rs. 25,000
Minimum Annualized Premium Varies based on minimum sum assured at maturity
Premium Payment Modes Annually, Semi-annually, Monthly (only through Auto Pay), Quarterly (only through Auto Pay)

The Bharti AXA Life Child Advantage Insurance Plan provides you the following key benefits:

  1. Option to choose Maturity Benefits

    Based on the career goals of your child, you can choose between two maturity benefits, i.e., money back option and endowment option. If the policyholder loses his life, his nominee will receive guaranteed payouts for the last 5 policy years before the date of policy maturity. This is applicable only if all premiums were paid and the policy is still in force.

    Time of Guaranteed Payouts Percentage of Sum Assured Payable
    End of fifth year before the date of policy maturity 10%
    End of fourth year before the date of policy maturity 10%
    End of third year before the date of policy maturity 15%
    End of second year before the date of policy maturity 15%
    End of first year before the date of policy maturity 20%
  2. Continuance of Policy

    In the event of the death of the life insured, the policy provides all planned benefits to the child, by waiving off all future premiums. This ensures that the aspirations of the child are not compromised due to financial issues after the unfortunate incident.

  3. Life Insurance Benefits

    If the policyholder succumbs to death while the policy is in force, the nominee will receive the highest amount among the following:

    • 110% of sum assured if the money back option is chosen, and 125% of sum assured if the endowment option is chosen.
    • 11 times the annualised premium
    • Sum assured

    Annualised premium is the aggregate of premiums payable in a policy year and it is exclusive of modal factors and underwriting.

    The death benefit that is payable to the beneficiary will be the highest among the following amounts:

    • Sum assured on death
    • 105% of all paid premiums (not including additional charges and any Rider Premium)

    If the policyholder succumbs to death:

    • During the grace period - the death benefit will be paid after deducting the unpaid premium
    • When the policy has lapsed - no benefit is paid and the policy terminates
    • When the policy is in paid-up status - paid-up sum assured on death is paid to the nominee

    The policy continues to accrue bonus till the end of the policy term, and the life insured and policyholder in this case would be the same.

  4. Potential upside with bonus

    The insurance company may declare the distribution of surplus or profits, and the policy participates in the same. The policy accrues a non-guaranteed annual reversionary bonus and may also benefit from a non-guaranteed terminal bonus declared by the insurer.

    • Non-Guaranteed Annual Simple Reversionary Bonus - This bonus is payable if the life insured has borne all premiums and the policy is in force at the time of bonus declaration. This bonus amount will be a percentage of the sum assured and is calculated at a simple interest rate. This amount accrues on the policy on the date of policy anniversary soon after the date of bonus declaration, and it is payable on the maturity date. If the policyholder loses his life, the bonuses will continue to accumulate on the policy, as long as the policy was in force at the time of the death.
    • Non-Guaranteed Terminal Bonus - This is a percentage of accrued non-guaranteed annual simple reversionary bonuses, and is payable on the maturity date. If the policy is surrendered, the surrender value calculated on the basis of the accumulated bonuses will be paid to the life insured.
  5. Option to choose Term of Premium Payment

    Based on the age of your child, you can choose the policy term anywhere between 11 and 21 years. Then you can select a premium payment type, i.e., limited pay or regular pay. For the regular pay option, the policy term is equal to the term for premium payment. For the limited pay option, the term for premium payment is the policy term minus 5 years.

  6. Tax Benefits

    Under Section 80C and Section 10 (10D) of the Income Tax Act, 1961, you can avail tax benefits on paid premiums and benefits received, respectively. These tax benefits may vary according to changes in tax

    Other Features

    If you are unable to pay future premiums of the policy due to unforeseen circumstances, there is a wide array of flexibilities that can be availed:

    1. Grace Period - This is the time interval provided to the policyholder starting from the premium due date, within which the premium should be paid to not impact the policy benefits. For all modes, this interval is 30 days.
    2. Lapsation - Surrender value of the policy is acquired after the payment of two annualized premiums for a premium payment term that is lower than 10 years. The surrender value is reached after the payment of three annualised premiums for all other terms of premium payment.
      • If the surrender value has not been acquired - If your premiums are not paid within the grace period, your policy will lapse with effect from the lapse date. You can revive the policy within the revival period, failing which the policy will be terminated and benefits will not be payable.
      • If the surrender value has been acquired - If your premiums are not paid within the grace period, your policy will become paid-up. You can revive the policy within the revival period, failing which the policy will continue to be in paid-up status and the paid-up value will be provided to you, as detailed below:
        1. Reduced Paid-up Value - When the policy becomes paid-up, the benefits under it will be reduced. The death benefit, guaranteed payout ( for money back option), surrender and maturity benefits are also calculated as per the reduced paid-up value.

Reinstatement of policy

You can revive all the benefits that you are eligible for within two years after the defaulted premium due date. However, you would have to furnish the following information for the revival:

  • A written application
  • Evidence of your insurability
  • Payment of a specific amount calculated as the sum of all the unpaid premiums along with the interests that are charged by the insurer.
  • Fulfillment of terms and conditions that are specified by the insurer.

Surrender of policy

If you are unable to pay all premiums and choose to exit the policy, then only the surrender value amount will be paid to you by the insurer. The guaranteed surrender value factors at policy years ranging from 1 to 21 for the limited premium payment term are as shown below:

Policy Year Premium Payment Term
6 years 7 years 8 years 9 years 10 years 11 years 12 years 13 years 14 years 15 years 16 years
1 - - - - - - - - - - -
2 - - 30% - - - - - - - -
3 - - - - - 30% - - - - -
4 - - - - - 50% - - - - -
5 - - - - - 50% - - - - -
6 55% - - - - 50% - - - - -
7 55% - - - - 50% - - - - -
8 65% 55% - - - 50% - - - - -
9 75% 65% 55% - - - 50% - - - -
10 85% 75% 65% - - - 55% - - - -
11 90% 85% 75% 65% - - 55% - - - -
12 - 90% 85% 75% 65% - - 55% - - -
13 - - 90% 85% 75% 65% 60% 60% 60% 55% 60%
14 - - - 95% 85% 75% 65% 60% 60% 60% 60%
15 - - - - 95% 85% 75% 65% 60% 60% 60%
16 - - - - - 95% 85% 75% 65% 60% 60%
17 - - - - - - 95% 85% 75% 65% 65%
18 - - - - - - - 95% 85% 75% 65%
19 - - - - - - - - 95% 85% 75%
20 - - - - - - - - - 95% 85%
21 - - - - - - - - - - 95%

The guaranteed surrender value factors at policy years ranging from 1 to 21 for the regular premium payment term are as shown below:

Policy Year Premium Payment Term
11 years 12 years 13 years 14 years 15 years 16 years 17 years 18 years 19 years 20 years 21 years
1 - - - - - - - - - - -
2 - - - - - - - - - - -
3 - - - - - 30% - - - - -
4 - - - - - 50% - - - - -
5 - - - - - 50% - - - - -
6 55% - - - - 50% - - - - -
7 55% - - - - 50% - - - - -
8 65% 55% - - - 50% - - - - -
9 75% 65% 55% - - - 50% - - - -
10 85% 75% 65% - - - 55% - - - -
11 90% 85% 75% 65% - - 55% - - - -
12 - 90% 85% 75% 65% - - 55% - - -
13 - - 90% 85% 75% 65% 60% 60% 60% 55% 60%
14 - - - 95% 85% 75% 65% 60% 60% 60% 60%
15 - - - - 95% 85% 75% 65% 60% 60% 60%
16 - - - - - 95% 85% 75% 65% 60% 60%
17 - - - - - - 95% 85% 75% 65% 65%
18 - - - - - - - 95% 85% 75% 65%
19 - - - - - - - - 95% 85% 75%
20 - - - - - - - - - 95% 85%
21 - - - - - - - - - - 95%

Enhance Your Protection

The following riders will enhance your plan:

  1. Bharti AXA Life Hospi Cash Rider : This rider provides you a specific amount of money for each day of your hospitalisation. In case you are admitted to an Intensive Care Unit or are scheduled to undergo surgery, you can avail a fixed lump sum benefit.
  2. Bharti AXA Life Accidental Death Benefit Rider : This rider is non-linked and it provides 100% sum assured in the event of death of the policyholder from an accident. However, the rider policy should be in force at the time of the incident.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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