Bharti AXA Life Secure Savings Plan
Product Info
UIN
130N053V01
Status
Withdrawn
Launch Date
24/08/2012
Withdrawn Date
31/12/2013
Product Overview
Bharti AXA Life Secure Savings Plan provides twin benefits, one is guaranteed additions and the other is comprehensive protection for your family. The Guaranteed Additions are applicable on each year's paid cumulative base premium and are payable either on the death of the life assured or on the maturity of the policy.
Product Description
- The plan allows you to Increase your maturity benefit with the Guaranteed Additions which are paid out either on the death of the life insured or on the maturity of the policy.
- There are two policy terms available. You can opt between policy terms of either 15 or 20 years.
- Upon Death, the plan offers higher of the Base Sum Assured plus Guaranteed Additions on Premiums paid or 10 times the base Annualised Premium or 105% of the premiums.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Bharti Axa life-Secure savings plan, is a traditional endowment plan. This plan doesn't offer bonus facility.
- This Plan offers Guaranteed Additions as a Percentage of the Cumulative Base Premium which varies from 8-10% depending on the premium amount and policy tenure.
- Hospital Cash Benefit and Waiver of Premium Riders available.
- The plan offers a discount on your premium, if the annual base premium payable is greater than or equal to Rs. 1 Lac. The discount varies for different policy terms.
Eligibility Criteria
| Eligibility Criteria | ||||||
|---|---|---|---|---|---|---|
| Entry Age Minimum | Policy Term | Age | ||||
| 15 years | 3 years | |||||
| 20 years | 0 years | |||||
| Entry Age Maximum | 15 years | 55 years | ||||
| 20 years | 50 years | |||||
| Maximum Maturity Age | 70 years | |||||
| Sum Assured (Minimum) | Depends on the minimum premium | |||||
| Minimum Annualised Premium | Policy Term | Premium | ||||
| 15 years | Rs. 18,000 | |||||
| 20 years | Rs. 12,000 | |||||
| Policy Term | 15 or 20 years | |||||
| Premium Payment Term | Same as Policy term | |||||
| Payment Modes | Annual, Semi-Annual, Quarterly** & Monthly** | |||||
| Notes: **Through auto-pay only | ||||||
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Product Benefit
- Maturity Benefit: On Maturity after 15 or 20 years you will get 100% of Sum Assured + Guaranteed Additions.
- Survival Benefit: Not Available
- Death Benefit: In the event of the death of the life insured, provided all due Premiums till the date of death have been paid, the nominee shall receive higher of:
- Basic Sum Assured plus Guaranteed Additions on Premiums paid OR
- 10 times the base Annualised Premium OR
- 105% of Premiums paid till date of death (excluding any extra Premium)
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Guaranteed Additions | The Guaranteed Additions are calculated as a percentage of each year’s Cumulative Annualised Premiums Paid and are paid out on the maturity or on the death of the life insured. This percentage varies with Premium bands and Policy terms. | |||||
| Premium Band | Premium in Rs. | Policy Term | Additions as a % of Cumulative Base Annual Premiums | |||
| Band 1 | Rs. 18,000 - Rs. 24,999 | 15 years | 8% | |||
| Rs. 12,000 - Rs. 17,999 | 20 years | 9% | ||||
| Band 2 | Rs. 25,000 & above | 15 years | 9% | |||
| Rs. 18,000 & above | 20 years | 10% | ||||
| Premium Discount | Policy Term | Discount on the premium | ||||
| 15 years | 3% | |||||
| 20 years | 5% | |||||
| Factor Mode | Annualised Premium | 0.0867 | ||||
| Quarterly Premium | 0.26 of the Annualised Premium | |||||
| Semi-annual Premium | 0.52 of the Annualised Premium | |||||
| 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 maturity of the policy. | ||||||
| Reinstatement | You have a 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 | 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. | ||||||
| Notes:- Surrender Value Factor for Bonuses / 1000 | ||||||
| Surrender Value | Your policy will acquire a surrender value only if one Annualised Premium has been paid. | |||||
| The minimum Guaranteed Surrender Value will be as per the table below: | ||||||
| Policy Year | Surrender value as a % of sum of the premiums paid less all extra premium | Policy Year | Surrender value as a % of sum of the premiums paid less all extra premium | |||
| 15 years | 20 years | 15 years | 20 years | |||
| 1 | 10% | 10% | 11 | 75% | 60% | |
| 2 | 20% | 20% | 12 | 80% | 65% | |
| 3 | 30% | 30% | 13 | 85% | 70% | |
| 4 | 50% | 50% | 14 | 90% | 70% | |
| 5 | 50% | 50% | 15 | 90% | 75% | |
| 6 | 50% | 50% | 16 | - | 80% | |
| 7 | 55% | 50% | 17 | - | 85% | |
| 8 | 60% | 50% | 18 | - | 85% | |
| 9 | 65% | 55% | 19 | - | 90% | |
| 10 | 70% | 55% | 20 | - | 90% | |
| Notes: On surrender of the policy a lump sum amount equal to higher of the Special Surrender Value and Guaranteed Surrender Value as defined in the table above, will be paid to the policyholder and the contract gets terminated. | ||||||
Add-ons
- Hospital Cash Rider :
Hospital Cash Rider allows a payment of the fixed benefit for each day of hospitalization and also provides a lump sum benefit in the event of a 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 Savings 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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