Bharti AXA Monthly Income Plan Plus Saving Insurance Plan and Policy - Bharti AXA Life Monthly Income Plan+ Plan is a traditional participating savings plan with regular monthly incomes which provides a steady inflow of cash every month with life insurance cover for protecting the family against unforeseen emergencies.
Key Features - Bharti AXA Monthly Income Plan Plus Saving Insurance Plan and Policy:
- It is a participating plan with limited premium payment option.
- Guaranteed Monthly Income is paid every month after the completion of the premium payment term.
- Non-guaranteed bonuses accrue form the end of the first policy year itself.
Eligibility Details - Bharti AXA Monthly Income Plan Plus Saving Insurance Plan and Policy:
|
Maximum |
|
Entry Age (Last Birthday) |
0 years |
65 years |
Maturity Age (Last Birthday) |
- |
80 years |
Policy Term (PT) in years |
15, 20 or 30 |
|
Premium Paying Term (PPT) in years |
7 or 10 or 15 respectively |
|
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
|
Yearly Premium |
Depends on the monthly income chosen |
|
Sum Assured |
135,000 |
No limit |
Benefits - Bharti AXA Monthly Income Plan Plus Saving Insurance Plan and Policy:
-
On maturity, accrued reversionary bonuses and Terminal Bonus, if any, is paid
-
On death of the policyholder higher of the SA on death + accrued reversionary bonuses and Terminal Bonus if any or 105% of all premiums paid till death is payable
-
The SA on death will be the higher of 165% or 150% of SA for policy term of 15 years, 140% of SA for a term of 20 years and 110% of SA for a term of 30 years or 10 times the annual premium
-
The death benefit will be paid on a monthly basis or can be withdrawn in lump sum after discounting it @ 8%
-
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Details About Premium - Bharti AXA Monthly Income Plan Plus Saving Insurance Plan and Policy:
Annual premium in Rupees for a policy term of 15 years and PPT 7 years
Age |
35 years |
Monthly Income in case of survival |
3000 |
Monthly Income after death |
4950 |
Annual Premium |
35,715 |
Vested Bonuses @ 4% |
9504 |
Vested Bonuses @ 8% |
80,784 |
Policy Details - Bharti AXA Monthly Income Plan Plus Saving Insurance Plan and Policy:
Grace Period: 30 days’ grace period is allowed for premium payment in all modes. If policyholder fails to make payment within the grace period, the policy lapses
Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy if at least one years’ premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.
GSV = GSV Factor * annual premiums less the Guaranteed Monthly Income already paid + GSV of accrued Bonuses
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Additional Features or Riders - Bharti AXA Monthly Income Plan Plus Saving Insurance Plan and Policy:
- Discount in premium for choosing higher monthly incomes of Rs.3000 and above
- Bharti AXA Life Hospi Cash Rider is available under the plan
Inclusions - Bharti AXA Monthly Income Plan Plus Saving Insurance Plan and Policy:
- A loan of a maximum of 70% of the Surrender Value is available under the plan
Exclusions - Bharti AXA Monthly Income Plan Plus Saving Insurance Plan and Policy:
-
In case of suicide committed within 12 months of policy inception only premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
Documents Required - Bharti AXA Monthly Income Plan Plus Saving Insurance Plan and Policy:
Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
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