Bharti AXA Life Monthly Income Plan
Product Info
UIN
130N046V01
Status
Withdrawn
Launch Date
10/06/2011
Withdrawn Date
31/12/2013
Product Overview
Bharti AXA Life Monthly Income Plan Plus is a limited premium payment traditional insurance plan ensuring a guaranteed monthly income that helps to the insured to fulfill their loved ones' desires while protecting them in case of an unfortunate event.
Product Description
- The plan offers Guaranteed Monthly Income which is Tax-Free.
- The plan offers Non-Guaranteed Simple Annual Reversionary Bonuses which is accrued from the end of the 1st policy year and get paid out on the Maturity or on death.
- In the event of an unfortunate death of the Life Insured, a monthly income is payable to the nominee for few years depending on the policy term.
- Tax benefits for premiums paid and benefits received are as per the prevailing tax laws.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Traditional endowment plan with a limited premium paying option, also eligible for a bonus from the 1st year of the policy.
- Waiver of premium rider available. It can be taken as a child plan as well.
- In the event of the death. accumulated bonus is paid immediately and sum assured is paid in monthly installments* to the nominee: 1) For 96 months if policy term is 15 years, 2) For 120 months if policy term is 20 years, 3) For 180 months if policy term is 30 years.
- There is a discount in the premium rate if a higher monthly income is chosen.
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Minimum Age at Entry | 3 years for 15 years policy term | |||||
| 0 year for 20 and 30 years policy term | ||||||
| Maximum Age at Entry | 65 years for 15 years policy term | |||||
| 60 years for 20 years policy term | ||||||
| 50 years for 30 years policy term | ||||||
| Maximum Maturity Age | 80 years | |||||
| Minimum Monthly Income | Rs. 2000 for 15 years policy term | |||||
| Rs. 1750 for 20 years policy term | ||||||
| Rs. 750 for 30 years policy term | ||||||
|
Minimum Sum Assured (which is: minimum monthly income X the period for which the monthly income is payable) |
Rs. 192,000 for 15 years policy term | |||||
| Rs. 210,000 for 20 years policy term | ||||||
| Rs. 135,000 for 30 years policy term | ||||||
| Minimum Premium | Depends on the minimum monthly income | |||||
| Policy Term | 15, 20 and 30 years | |||||
| Premium Payment Term | 7, 10 and 15 years for 15, 20 and 30 years policy term respectively | |||||
| Premium Payment Modes | Annual, Semi-Annual, Quarterly* & Monthly* | |||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity | Annual Reversionary Bonuses (if any) are paid as Maturity Benefit under this plan. | |||||
| Survival | Policy Term | Premium Paying Term | Monthly Income Benefit Period | |||
| 15 years | 7 years | 8 years or 96 months | ||||
| 25 years | 10 years | 15 years or 180 months | ||||
| 30 years | 15 years | 15 years or 180 months | ||||
| Death | In the event of the death of the Life Insured within the policy tenure, Guaranteed Monthly Income is paid to the nominee for 8 years from the year of death for a policy with PT=15 years and for 15 years for a policy with PT=25 or 30 years. This benefit is paid irrespective of the amount paid before death. | |||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Annual Reversionary Bonuses | This policy participates in the performance of the participating insurance fund and surplus is distributed as bonuses. The actual bonus rate declared by the Company is dependent on the performance of the participating insurance fund. Non-Guaranteed Bonuses are vested from the end of 1st policy year onwards and are payable at Maturity or on death, whichever is earlier, subject to the policy being in force. Apart from this, Non-Guaranteed Terminal Bonus is declared at Maturity or death of the Life Insured subject to the policy being in force. | |||||
| Policy Loans | This policy gives the flexibility to take a loan from the Company. This is only possible if your policy is in force and has acquired surrender value. The loans given under the policy are as per provisions under the policy. | |||||
| Grace Period | Grace period is the period given to you from your premium due date, to pay the premium without any impact on the benefits in your policy. Grace Period for all modes is 30 days. | |||||
| Lapse | If Policy has not acquired a Surrender Value: | |||||
| In case you do not pay the premiums within your grace period, your policy will lapse and your insurance cover will cease to exist | ||||||
| At the end of the reinstatement period if the policy is not reinstated then the policy will be terminated and no benefits will be payable. | ||||||
| If Policy has acquired a Surrender Value: | ||||||
| In case you do not pay the premiums within your grace period, your policy will be converted into paid up. | ||||||
| At the end of the reinstatement period, if the policy is not reinstated or surrendered then the policy will continue in paid-up status and the paid up value will be payable either on death or on the maturity of the policy. | ||||||
| Reinstatement | You have the flexibility to reinstate all the benefits under your policy within 5 years if your policy has lapsed or is in paid-up status after the due date of the premium. | |||||
| The Company would require:- | ||||||
| A written application from the customer for reinstatement. | ||||||
| Satisfactory evidence of insurability. | ||||||
| Payment of all overdue premiums with interest as specified by the company from time to time. | ||||||
| Reduced Paid-up Value | If you have paid one Annualised Premium and your policy has lapsed due to any reason, then your policy will be converted into ‘paid-up’. | |||||
| The paid up value will consist of reduced Sum Assured, which will be paid out either on the death of the life insured or on the maturity of the policy, whichever is earlier. | ||||||
| Surrender | Your policy will acquire surrender value, only if one annualised premium is paid | |||||
| It will be higher of Guaranteed Surrender Value or Special Surrender Value, which company declares from time to time. | ||||||
Add-ons
- Hospital Cash Rider :
Hospital Cash Rider offers you a fixed amount benefit for each day of hospitalisation in a normal room or in an Intensive Unit Care (ICU).
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy,
the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Tax Benefits
Tax Benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961.
Claim Process
Know Claim Process Of Bharti AXA Life Monthly Income Plan
Company Overview
Bharti AXA Life is a life Insurance player that was started in the year 2006. It brings together the strong financial expertise of the Paris - Headquartered AXA Group and Bharti Enterprises - which is one of the India's leading business groups with interests in telecom, agricultural business, financial services, and retail.
BENEFITS OF BUYING FROM ONEINSURE
OneInsure is owned by Robinhood Insurance Broker Pvt. Ltd.
Robinhood is known for its user & customer centric approach. We take care of all the phases of insurance, whether you've bought the policy from us or not.
