Bharti AXA Life Flexi Save Plan
Product Info
UIN
130N055V01
Status
130N055V01
Launch Date
07/06/2013
Withdrawn Date
31/12/2013
Product Overview
Bharti AXA Life Flexi Save is a plan that offers you the choice to withdraw your savings when you want to and helps you achieve your goals at all life stages.
Product Description
- The plan allows you to pre-pone your maturity benefit and avail the full benefits due in the policy.
- The plan provides you to choose from 3 Premium Payment Term of 20 years, 25 Years and 30 years.
- In the event of death of the Life Insured, the nominee gets Higher of the Base SA or 105% of the premiums paid or a multiple of the Annual Base Premium as stated in 'Death Benefit'.
- On maturity, the plan provides 100% of your Sum Assured along with the non-guaranteed accrued bonus and the terminal bonus (if any).
- The plan provides tax benefits on premiums paid and benefits received.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Bharti Axa Life Flexi Save is a traditional endowment plan with a limited premium paying term and bonus additions.
- The unique feature of this plan is that it allows the life assured to pre-pone maturity anytime in the Flexi Benefit Period with 100% Sum Assured & accumulated bonus till date.
- Flexi Benefit period is defined for different premium paying terms in the policy.
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Entry Age Minimum | Policy Term | Age | ||||
| 20 years | 8 years | |||||
| 25 years | 3 years | |||||
| 30 years | 0 years | |||||
| Entry Age Maximum | 20 years | 65 years | ||||
| 25 years | 60 years | |||||
| 30 years | 55 years | |||||
| Maximum Maturity Age | 85 years | |||||
| Sum Assured (Minimum) | Depends on the minimum premium | |||||
| Minimum Annual Base Premium | Policy Term | Premium | ||||
| 20 years | Rs 30,000 | |||||
| 25 years | Rs 24,000 | |||||
| 30 years | Rs 15,000 | |||||
| Policy Term | 20, 25 and 30 years | |||||
| Premium Payment Term | Policy Term | Premium Payment Term | ||||
| 20 years | 5 years | |||||
| 25 years | 7 years | |||||
| 30 years | 12 years | |||||
| Payment Modes | Yearly, Half-Yearly, Quarterly** & Monthly** | |||||
| Notes: **Through auto-pay only | ||||||
| Entry Age Minimum | Policy Term | Age | ||||
| 20 years | 8 years | |||||
| 25 years | 3 years | |||||
| 30 years | 0 years | |||||
| Entry Age Maximum | 20 years | 65 years | ||||
| 25 years | 60 years | |||||
| 30 years | 55 years | |||||
| Maximum Maturity Age | 85 years | |||||
| Sum Assured (Minimum) | Depends on the minimum premium | |||||
| Minimum Annual Base Premium | Policy Term | Premium | ||||
| 20 years | Rs 30,000 | |||||
| 25 years | Rs 24,000 | |||||
| 30 years | Rs 15,000 | |||||
| Policy Term | 20, 25 and 30 years | |||||
| Premium Payment Term | Policy Term | Premium Payment Term | ||||
| 20 years | 5 years | |||||
| 25 years | 7 years | |||||
| 30 years | 12 years | |||||
| Payment Modes | Yearly, Half-Yearly, Quarterly** & Monthly** | |||||
| Notes: **Through auto-pay only | ||||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity Benefit:
On Maturity of the policy you will get 100% of the sum assured + the accrued reversionary bonus and terminal bonus, (if any). - Death Benefit: In the unfortunate event of death of the life insured, the nominee will receive higher of:
- Sum Assured OR
- 105% of premiums paid till date of death OR
- A multiple of Annual Base Premium as provided below -
| Premium payment term / Age | Less than 45 years | 45 years and above |
| 5 years | 11 | 7 |
| 7 years | 11 | 11 |
| 12 years | 11 | 11 |
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Option to choose Premium Payment term | Premium Paying Term | 5 pay | 7 pay | 12 pay | ||
| Policy Term | 20 years | 25 years | 30 years | |||
| Flexibility to modify your policy term | Premium Paying Term | 5 pay | 7 pay | 12 pay | ||
| Flexi Benefit Period | Any time between the end of 10 to 20 years | Any time between the end of 15 to 25 years | Any time between the end of 20 to 30 years | |||
| Notes :- once the policy completes 10 policy years, 15 policy years | ||||||
| Potential upside through Bonus | Non Guaranteed Simple reversionary bonus | It is declared at the end of each year, starting from the first policy year. This bonus gets accrued to your policy and is paid out along with Maturity Benefit or Death Benefit (whichever is earlier). | ||||
| Terminal Bonus | It may also be declared, which will be paid out in case of death or maturity, whichever is earlier. | |||||
| Lapse | If the Premium is not paid on the due date Policyholder gets 30 days Grace Period to pay the due premiums. Benefits under the policy remain unaltered during this period. | |||||
| If Policy has not acquired a Surrender Value: | ||||||
| The policy shall lapse with effect from the date of such unpaid premium (‘lapse date’). Policyholder will get two years to Reinstate the Policy from the date of the first unpaid premium. | ||||||
| If the policyholder does not reinstate the Policy within the period allowed for reinstatement, the policy shall be terminated on the completion of the period allowed for reinstatement and no benefits shall be payable. | ||||||
| If Policy has acquired a Surrender Value: | ||||||
| Policyholder will get two years to Reinstate the Policy from the date of the first unpaid premium. | ||||||
| The Policy shall continue in paid-up status and the paid up value along with Vested Simple Reversionary Bonuses (if any) as on the date of the policy becomes paid-up, shall be payable either on the death or on the maturity of the policy. | ||||||
| If the policyholder reinstates the policy during the reinstatement period then all benefits will be reinstated. | ||||||
| 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 reinstatement | ||||||
| Satisfactory evidence of insurability | ||||||
| Payment of all overdue premiums with interest as specified by company from time to time. | ||||||
| Reduced Paid up Value | Paid Up Value = Number of Premiums paid X Sum Assured + Accrued Bonus (till date of policy becoming paid up) Premium Payment Term. | |||||
| In Case of Death or Maturity, Paid up value as shown above will be paid to the nominee/policyholder. | ||||||
| In case of a paid up policy, the benefits payable on surrender will be the Surrender Value + the Vested Reversionary Bonuses as on date the policy become paid up. | ||||||
| Surrender Value on Paid Up = Paid Up Value X Base Surrender Value Factor | ||||||
| Surrender Value of Bonus on Paid Up = Accrued Bonus till the date of Paid Up | ||||||
| Notes:- Surrender Value Factor for Bonuses / 1000 | ||||||
| Surrender Value | The policy acquires a surrender value after the payment of two annualized regular premiums for premium payment term of 5 and 7 years. For the Premium Payment Term of 12 years the policy acquires a surrender value after the payment of three annualized premiums. | |||||
| The Guaranteed Surrender Value factors at different policy years are as mentioned in the table below: | ||||||
| Premium Payment Term / Policy Year | 5years | 7 years | 12 years | |||
| 1 | 0 | 0 | 0 | |||
| 2 | 30% | 30% | 0 | |||
| 3 | 30% | 30% | 30% | |||
| 4 | 50% | 50% | 50% | |||
| 5 | 55% | 50% | 50% | |||
| 6 | 65% | 50% | 55% | |||
| 7 | 65% | 50% | 55% | |||
| 8 | 75% | 55% | 60% | |||
| 9 | 85% | 55% | 60% | |||
| 10 | 90% | 60% | 60% | |||
| 11 | 90% | 65% | 60% | |||
| 12 | 90% | 70% | 60% | |||
| 13 | 90% | 75% | 60% | |||
| 14 | 90% | 80% | 60% | |||
| 15 | 90% | 90% | 65% | |||
| 16 | 90% | 90% | 65% | |||
| 17 | 90% | 90% | 70% | |||
| 18 | 90% | 90% | 75% | |||
| 19 | 90% | 90% | 85% | |||
| 20 | 90% | 90% | 90% | |||
| 21 | - | 90% | 90% | |||
| 22 | - | 90% | 90% | |||
| 23 | - | 90% | 90% | |||
| 24 | - | 90% | 90% | |||
| 25 | - | 90% | 90% | |||
| 26 | - | - | 90% | |||
| 27 | - | - | 90% | |||
| 28 | - | - | 90% | |||
| 29 | - | - | 90% | |||
| 30 | - | - | 90% | |||
| Notes: The sum of all the survival benefits already paid will be deducted from this surrender value. | ||||||
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 Flexi Save 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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