Bharti AXA Life Samriddhi Plan
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
Bharti AXA Life Samriddhi plan that enables you to start saving regularly and build a corpus that will help you fulfill your family's aspirations. It is a Non-linked, Participating, Savings Oriented Life Insurance Plan that offers protection and opportunity to participate in the profits of the participating fund of the company in the form of Non-Guaranteed bonuses payable at the time of maturity or on death.
Product Description
- The plan allows you to choose from a limited premium term or regular premium payment term option.
- The policy participates in the distribution of surplus or profits that may be declared by the company.
- The plan offers Tax Benefits for the premiums paid as well as the benefits received, as per the prevailing Tax Laws.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Bharti Axa life-Samriddhi Plan is a Traditional Endowment Plan with bonus facility. It offers both limited premium paying as well as regular premium paying options.
- The plan offers basic life insurance cover which provides Higher of the Sum Assured on the Maturity or 11 times the base annualized premium on the death with accrued Non-Guaranteed Annual Simple Reversionary Bonus and Non-Guaranteed Terminal Bonus.
- Hospital Cash Benefit and Waiver of Premium Rider are offered under this plan
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
|
Minimum and Maximum Age at Entry (age, as on last birthday) |
Policy Term | Min Entry Age | Maximum Entry Age | |||
| 10 years | 8 years | 55 years | ||||
| 15 years | 3 years | 55 years | ||||
| 20 & 25 years | 0 years | 50 years | ||||
| 30 & 35 years | 0 years | 45 years | ||||
| Notes: The risk coverage will start immediately on the policy commencement for all lives including minors. |
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| Maximum Maturity Age (age, as on last birthday) | Policy Term | Maximum Maturity Age | ||||
| 10 years | 65 years | |||||
| 15 years | 70 years | |||||
| 20 & 25 years | 70 and 75 years | |||||
| 30 & 35 years | 75 and 80 years | |||||
| Notes: The risk coverage will start immediately on the policy commencement for all lives including minors. |
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| Policy Term and Premium Payment Term | Premium Type | Policy Term | Premium Payment Term | |||
| Limited Premium Paying term | 10 Years | 5 Years | ||||
| 20 Years | 12 Years | |||||
| Regular Premium | 10, 15, 20, 25, 30 & 35 Years |
Same as Policy Term | ||||
| Minimum Sum Assured | Depends on the minimum premium | |||||
| Minimum Annualised Premium | Premium Payment Term | Minimum Annualised Premium (in Rs.) | ||||
| 5 & 10 years | 18000 | |||||
| 12 & 15 years | 12000 | |||||
| 20 & 25 years | 6000 | |||||
| 30 & 35 years | 3000 | |||||
| Payment Modes | Annual, Semi-annual, Quarterly** & Monthly** | |||||
| Notes: **Through Auto Pay only. | ||||||
OneInsure App Benefits
Product Benefit
- Maturity Benefit:
If the Life Insured survives till the maturity of the Policy and all premiums are duly paid, then 100% of Sum Assured on Maturity will be paid to the Policyholder along with accrued Non Guaranteed Simple Annual Reversionary bonuses and Non-Guaranteed Terminal Bonus.
- Death Benefit:
In case of unfortunate event of death of the Life Insured during the Policy Term, the sum of the following benefits will be payable to the Nominee, subject to the Policy being in force:
Basic Life Insurance Cover;
- Accrued Non-Guaranteed Annual Simple Reversionary Bonus;
- Non-Guaranteed Terminal Bonus
The Basic Life insurance cover will be higher of:
- Sum Assured on Maturity, OR
- 11 times Annualized Premium
However, the death benefit payable shall never be lower than 105% of all premiums paid (excluding any additional charges as levied by the Company over and above the standard premium rates)
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Potential Upside with Bonus | The policy participates in the distribution of surplus or profits that may be declared by the Company. | |||||
| Simple Reversionary Bonus | ||||||
| Non-Guaranteed Annual Simple Reversionary Bonus gets accrued to the policy at the end of each year, provided all the due premiums are paid. | ||||||
| This accrued Non-Guaranteed Annual Simple Reversionary Bonus is paid out at the time of Maturity or on the death of the Life Insured, whichever is earlier. | ||||||
| Terminal Bonus | ||||||
| The company may also declare Non-Guaranteed Terminal Bonus which is also payable along with the Maturity Benefit or on the Death of the life assured. | ||||||
| Notes: At maturity, enjoy an increased corpus i.e. 100% of the Sum Assured and Accrued Non-Guaranteed Bonus. | ||||||
| Factor Mode | Monthly Premium | 0.0867 of Annual Premium | ||||
| Quarterly Premium | 0.26 of Annual Premium | |||||
| Semi-Annual Premium | 0.51 of Annualised Premium | |||||
| Lapse | If policy has not acquired a Surrender Value: | |||||
| In case, 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 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 the death of the life insured or on the maturity of the policy. | ||||||
| Notes: The policy acquires a surrender value after the payment of two annualised regular premiums for the PPT of 5 years and after payment of three annualised regular premiums for all other PPT. |
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| Reinstatement | Flexibility to reinstate all the benefits under the 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 an amount equal to all unpaid premiums together with interest at such rate as the Company may charge for such Reinstatement, as decided by the Company from time to time. |
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| Reduced Paid up Value | If you have paid at least two annualised premiums for a Premium Payment Term of 5 years and three annualized premiums for all other Premium Payment Terms. | |||||
| In this case, the benefits stand reduced to a paid-up value which will be paid out either on the death of the life insured or on the maturity of the policy or on the surrender of the policy, whichever is earlier. | ||||||
| Surrender Value | The Policy acquires a Surrender Value provided if at least two annualised Premiums have been paid for a Premium Payment Term of 5 years and three Annualised Premiums for all other Premium Payment Terms. | |||||
| Notes: For Guaranteed Surrender Value Factors kindly refer to the policy wordings. | ||||||
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.
- Premium Waiver Rider :
In the event of death of the Life Assured, all the future premiums gets waived off and all the benefits remain intact and paid to the nominee as per the policy Terms & Conditions.
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 Samriddhi 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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