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Insurance Plans India 483 views January 29, 2021
The most important task for people is to protect their family’s future in case they are not present due to some unfortunate events. This can be easily assured by choosing a Bharti AXA Life POS Saral Bachat Yojana. It is a non-linked non-participating individual life insurance savings plan with which your family can get life insurance cover in case of your death. In case of death due to an accident, your family will get double cover. Other than this, you can also enjoy the flexibility of choosing 5 different combinations of policy terms and premium payment terms.
We will discuss here some important aspects related to the Bharti AXA Life POS Saral Bachat Yojana, such as its key advantages, death benefits, maturity benefits, policy term, premium payment term, etc. Read on!
Table of Contents
Key Highlights of Bharti AXA Life POS Saral Bachat Yojana
What are the highlights you should be familiar with before securing your family’s financial future with a life insurance plan? The highlights give you an idea of how the policy will pan out for you in times to come. Here, we are talking about the reasons to buy Bharti AXA Life POS Saral Bachat Yojana. Check whether the contents of the policy are in sync with your requirements.
- Bharti AXA Life POS Saral Bachat Yojana takes care of your family in case you die during the policy term. With this comprehensive protection plan, your family will get life insurance cover in case of death and a double cover amount, in case it happens due to an accident.
- When you choose this plan from Bharti AXA, you can plan your savings for the number of years according to your policy term. The reason: you will get a sum assured on maturity (completion of policy term) provided the policy is in force and you have paid all the premiums until maturity.
- You can choose from 5 different combinations of policy terms and premium payment terms. We will discuss it in detail in the next section, so do read it carefully.
- Individuals can also get a loan against policy to meet your several financial needs. You can get a loan amount up to 70% of the surrender value of the policy at an affordable interest rate of 9.69% per annum. The minimum loan amount can be INR 5,000.
- During your policy term, you could miss your premium due date owing to some reasons. There’s no need to worry as you can pay the premium within a grace period of 15 days (for monthly mode) and 30 days (for annual, semi-annual, and quarterly modes) from the due date. If you pay your premium within this period, there will be no impact on your policy benefits.
- If you are dissatisfied with the terms and conditions of your policy, you can return it within a free look period of 15 days.
- If your goal is to protect your future along with savings taxes, Bharti AXA Life POS Saral Bachat Yojana could be the right fit for you. You can enjoy tax benefits on the premium paid as well as on the benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.
Policy Term and Premium Payment Term Combinations
As we mentioned earlier, you can enjoy the flexibility in choosing the desired policy term and premium payment term with Bharti AXA Life POS Saral Bachat Yojana. There are two policy term options, while there are 5 premium payment term options. To know more about it in detail, you can check the below table.
| Policy Terms | Premium Payment Terms |
|---|---|
| 10 years | 5 years |
| 15 years | 6 years |
| 8 years | |
| 10 years | |
| 12 years |
What is the Sum Assured Amount Will You Get?
Sum assured is the amount that your policy will cover throughout your policy term, and you should understand it before choosing the plan. For Bharti AXA Life POS Saral Bachat Yojana, both minimum and maximum sum assured depends on the chosen policy term and premium payment term combination. To know more, check the below table!
| Policy Terms | Premium Payment Terms | Minimum Sum Assured (In INR) | Maximum Sum Assured (In INR) |
|---|---|---|---|
| 10 years | 5 years | 15,602 | 6,75,753 |
| 15 years | 6 years | 24,018 | 10,00,000 |
| 8 years | 30,649 | 10,00,000 | |
| 10 years | 35,868 | 10,00,000 | |
| 12 years | 41,295 | 10,00,000 |
How Much Premium Will You Need to Pay?
When you choose a life insurance plan, you need to pay a premium amount towards it at regular intervals. In the case of Bharti AXA Life POS Saral Bachat Yojana, you can choose to pay it annually, semi-annual, quarterly, and monthly. The minimum amount stands at INR 2,500 per annum for all ages, policy term, and premium payment term combinations. You can check the maximum premium in the below table.
| Policy Terms | Premium Payment Terms | Maximum Premium Amount (In INR) |
|---|---|---|
| 10 years | 5 years | 90,909 |
| 15 years | 6 years | 90,909 |
| 8 years | 77,970 | |
| 10 years | 66,860 | |
| 12 years | 57,990 |
Bharti AXA Life POS Saral Bachat Yojana Benefits that You Can Enjoy
With this life insurance plan from Bharti AXA, you can enjoy several benefits that we are mentioning below one after another. Please check!
Maturity Benefit
If you survive until the end of the chosen policy term, you will receive a maturity benefit equaling the sum assured on maturity (chosen sum assured). However, you must have paid all the due premiums to get this benefit.
Death Benefit
As we mentioned in the key advantages of this plan that it protects your family in case you die during the policy term. You can understand the death benefits more clearly in the below table. Do check!
| Situation | Benefits |
|---|---|
| Death Benefit (other than death due to accident) - During a Waiting Period of 90 days | 100% of the premiums paid up to the date of death |
| Death Benefit (other than death due to accident) - After a Waiting Period of 90 days | Sum assured on death will be the highest of the following amounts - 11 times the Annualized premium 105% of all premiums paid up to the date of death Absolute amount assured to be paid on death Sum assured on maturity (sum assured under the policy) |
| Death Benefit (due to an accident) | Two times the sum assured on death |
Eligibility Criteria for Bharti AXA Life POS Saral Bachat Yojana
Check out the table below to know the eligibility parameters related to this Bharti AXA plan.
| Policy Term | Minimum Age at Entry | Maximum Age at Entry | Maximum Age at Maturity |
|---|---|---|---|
| 10 years | 8 years | 55 years | |
| 15 years | 3 years | 50 years | 65 years |