Investment Plans 221 views April 20, 2021

Bharti AXA Life Aajeevan Anand Plan is a savings plan that provides regular income and maturity benefits. The plan also comes with a life cover to protect your family financially in your absence. Key benefits of Bharti AXA Life Aajeevan Anand Plan include –

  1. Death benefit
  2. Maturity benefit
  3. Guaranteed Payout till maturity
  4. Annual cash bonus
  5. Loan facility

Read this post below and know more about the features and benefits of Bharti AXA Life Aajeevan Anand Plan.

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Bharti AXA Life Aajeevan Anand Plan Benefits

If you purchase this life insurance cum savings plan, you will be entitled to the following benefits –

Death Benefit

Upon your death, your nominee or the policyholder (where policyholder and life insured are different people), the company will pay a sum assured as specified in the policy bond. In case of your death during the grace period, the death benefit will be paid to the beneficiary after the deduction of the unpaid premium and any other amount, and the policy shall terminate immediately.

Maturity Benefit

If you survive till the age of 100 years, the insurance company will pay a sum assured to you on the date when you reach the age of 100 years, provided all premiums are paid in full,

Guaranteed Anticipated Benefit

Under Bharti AXA Life Aajeevan Anand Plan, a guaranteed anticipated benefit will be payable to you every 5th policy anniversary starting from the end of the 10th policy year till maturity. The Guaranteed Anticipated Benefit is equal to 25% of the Sum Assured.

Note – The Guaranteed Anticipated Benefit shall not be payable on the policy year coinciding with the maturity date or death, whichever is earlier.

Non- Guaranteed Benefits (Annual Cash Bonuses)

The insurance company may declare an Annual Cash Bonus at the end of every financial year following its internal guidelines. However, Bharti AXA Life Aajeevan Anand Plan will not be eligible for any bonus during the first five policy years. And these annual cash bonuses are payable to you if all premiums are paid up to the date of declaration of bonus. The bonus is declared as a percentage of the sum assured and shall be payable on the policy anniversary date.

Note – The Annual Cash Bonus rate is not guaranteed.

Loans

If you face a financial emergency during the policy tenure, you can borrow a loan against your Bharti AXA Life Aajeevan Anand Plan. This loan may be granted by the company to the policyholder, provided all premiums are paid till the date of loan application and the policy has acquired a surrender value. The granted loan amount will be a certain percentage of the surrender value of the policy, as per the terms and conditions as applicable from time to time.

The minimum amount you can borrow against Bharti AXA Life Aajeevan Anand Plan is INR 15,000. Whereas the maximum loan will not exceed 70% of the acquired Surrender Value. Your loan shall carry an interest rate as specified by the insurance company at the time of advance and may be modified by the insurer from time to time.

Note  – You need to assign the policy to the company as security for repayment of the loan and interest.

Exclusion

If you are sane or insane and commits suicide within one year of policy issuance, the company shall refund the paid premiums after deducting the stamp duty and underwriting expenses. Whereas if you commit suicide within 1 year of the policy revival, the company will pay the surrender value as on the date of death to the nominee.

Free Look Period

If you disagree with any of the terms and conditions of Bharti AXA Life Aajeevan Anand Plan, you can return the policy within 15 days of its receipt along with a letter stating the reason for the objection. When the insurer receives your cancellation request, the policy will accordingly be canceled and an amount equal to paid premiums less stamp duty and underwriting expenses shall be refunded.

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