Bharti AXA Life Secure Income Plan
Product Info
UIN
130N056V01
Status
Withdrawn
Launch Date
22/07/2013
Withdrawn Date
14/06/2017
Product Overview
Bharti AXA Life Secure Income plan provides Guaranteed Monthly Income @ of 8% p.a of the sum assured, after completion of the Premium Payment Term, until maturity, and assured plus Guaranteed Additions as Maturity Benefit.
Product Description
- The plan provides Tax-Free Guaranteed Monthly Income of 8% p.a after completion of the Premium Payment Term, until Maturity.
- The plan provides a fixed guaranteed addition, declared as a percentage of the Sum Assured which gets added to the policy each year, after completion of the premium term, until maturity.
- The plan offers Tax Benefits for the premiums paid as well as benefits received.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Bharti AXA Life Secure Income is a traditional endowment plan with limited payment option and no bonus facility.
- The plan provides Guaranteed Income after the completion of the premium paying term. The monthly income is calculated at 8% of the sum assured paid monthly.
- The plan also provides Guaranteed Additions which is credited every year after completion of the premium paying term. This guarantee in the policy term dependents and ranges between 7%-10%.
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Entry Age Minimum | Policy Term | Age | ||||
| 15 years | 3 years | |||||
| 17 years | 1 year | |||||
| 20 years | 0 year | |||||
| Entry Age Maximum | 15 years | 65 years | ||||
| 17 years | 63 years | |||||
| 20 years | 60 years | |||||
| Maximum Maturity Age | 80 years | |||||
|
Minimum Premium Excluding Service Tax and Cess |
Policy Term | Mode | ||||
| Annual | Semi-Annual | Quarterly | Monthly | |||
| 15 years | Rs. 30,000 | Rs. 15,600 | Rs. 8,100 | Rs. 2,700 | ||
| 17 years | Rs. 24,000 | Rs. 12,480 | Rs. 6,480 | Rs. 2,160 | ||
| 20 years | Rs. 18,000 | Rs. 9,360 | Rs. 4,860 | Rs. 1,620 | ||
| Policy Term (PT) | 15, 17 and 20 years | |||||
| Premium Payment Term | 5, 7 and 10 years for 15, 17 and 20 years PT respectively | |||||
| Payment Modes | Annual, Semi-Annual, Quarterly** & Monthly** | |||||
| Notes: **Payment only through ECS | ||||||
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Product Benefit
| Benefits | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | Upon Maturity the insured is eligible for the Sum Assured + Guaranteed Additions Survival Benefit, after the completion of the premium payment term. The Guaranteed Income is payable for a period of 10 years (payable on a monthly basis) | |||||
| Survival Benefit | Not Available | |||||
| Death Benefit | In case of death of the Life Insured, the following is payable. | |||||
| Policy Term | Death Benefit | |||||
| 15 | Higher of (SA plus Guaranteed Additions accrued till date of death) or (105% of premiums paid) or (11 times Annual Base Premium) | |||||
| 17 | Higher of (SA plus Guaranteed Additions accrued till date of death) or (105% of premiums paid) or (11 times Annual Base Premium) | |||||
| 20 | Higher of (SA plus Guaranteed Additions accrued till date of death) or (105% of premiums paid) or (13 times Annual Base Premium) | |||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Income | Your Guaranteed Income is calculated based on your chosen Sum Assured. You have the flexibility to choose your policy term from 3 options: | |||||
| Policy Term | Premium Paying Term | Guaranteed Income | Guaranteed Income Benefit Period (In Months) | |||
| 15 Years | 5 Years | 8% of Sum Assured p.a. | 10 years (120 months) | |||
| 17 Years | 7 Years | 8% of Sum Assured p.a. | 10 years (120 months) | |||
| 20 Years | 10 Years | 8% of Sum Assured p.a. | 10 years (120 months) | |||
| Guaranteed Addition | Policy Term (PT) | Premium Payment Term (PPT) | Annual Guaranteed Addition (applicable after PPT) | |||
| 15 years | 5 years | 7% of Sum Assured | ||||
| 17 years | 7 years | 8.5% of Sum Assured | ||||
| 20 years | 10 years | 10% of Sum Assured | ||||
| Factor Mode | Monthly Premium | 0.09 of Annual Premium | ||||
| Quarterly Premium | 0.27 of Annual Premium | |||||
| Semi-annual Premium | 0.52 of Annualised Premium | |||||
| Lapse | If Policy has not acquired a Surrender Value: | |||||
| In the event, if you do not pay the premiums within the 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 the event, if you do not pay the premiums within the 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 the death of the life assured or on the maturity of the policy. | ||||||
| Notes: In the event of an unfortunate death of the Life Insured, the nominee is eligible to receive the Death Benefit. | ||||||
| Reinstatement | You have the flexibility to reinstate all the benefits under your policy within two 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 you for the 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 Guaranteed Income Benefit will be reduced as per the policy provision. The reduced Guaranteed Income Benefit will be paid on an annual basis only. On Maturity or in case of death of the Life Insured, reduced paid-up value will be payable. | ||||||
| Surrender Value | For policy term of 15 and 17 years, your policy will acquire surrender value only if two annual premiums are paid. While for the 20 years policy term, your policy will acquire surrender value only if three annual premiums are paid | |||||
| The guaranteed Surrender Value factors at different policy years are as mentioned in the table below | ||||||
| Policy Year | Surrender value as a % of sum of premiums paid less all extra premium | |||||
| 15 years | 17 years | 20 years | ||||
| 2 | 30% | 30% | - | |||
| 3 | 30% | 30% | 30% | |||
| 4 | 50% | 50% | 50% | |||
| 5 | 50% | 50% | 50% | |||
| 6 | 55% | 50% | 50% | |||
| 7 | 60% | 55% | 55% | |||
| 8 | 65% | 55% | 55% | |||
| 9 | 70% | 60% | 60% | |||
| 10 | 75% | 65% | 60% | |||
| 11 | 80% | 70% | 65% | |||
| 12 | 85% | 75% | 65% | |||
| 13 | 90% | 80% | 70% | |||
| 14 | 95% | 85% | 70% | |||
| 15 | 100% | 90% | 75% | |||
| 16 | - | 95% | 80% | |||
| 17 | - | 100% | 85% | |||
| 18 | - | - | 90% | |||
| 19 | - | - | 95% | |||
| 20 | - | - | 100% | |||
| Notes: The sum of all guaranteed income paid until the year of surrender will be deducted from this GSV. The company may declare surrender value that is higher than the Guaranteed Surrender Values (GSV). In case of paid-up policy, the surrender value will be different. Paid Up Value / 1000 X Surrender Value Factor | ||||||
Add-ons
- Hospital Cash Rider :
Hospital Cash Rider allows payment of a fixed benefit for each day of hospitalization and also provides lump sum benefit in case of surgery.
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 Secure 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.
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