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Investment Plans 222 views October 20, 2021
Bharti AXA Life Bright Stars PLUS is a unit-linked insurance policy (ULIP) that offers you the benefit of both life cover and investment. You can invest your premium in the fund of your choice and the portfolio risk shall be borne by you. Check out the key features of this Bharti AXA Life Insurance Plan below –
Read this page and know more about these and other features of Bharti AXA Life Bright Stars PLUS.
Table of Contents
The insurance company shall provide you the following benefits during the policy tenure –
The insurer shall provide you a jumpstart benefit as a percentage of the average policy fund value of the preceding 36 months. The payable amount shall depend on the policy term. Check out the table below:
Policy Term (In Years) | Jumpstart Benefit | Paid to Investment Fund |
---|---|---|
7 | 5% | On the maturity date |
10 | 5% | On the maturity date |
15 | 7% | On the maturity date |
20 | 7% | Five years before the maturity date, i.e, at the end of the 15th policy year |
25 | 7% | Five years before the maturity date, i.e, at the end of the 20th policy year |
You or your nominee shall get the fund value on the maturity date. You can also opt for the extended maturity benefit through the settlement option. The extended maturity period won’t exceed five years starting from the maturity date. You are not entitled to any death benefit, partial withdrawals and switches during this period. However, at any time during this period, you can withdraw the balance fund value at the prevailing rate. The fund value is computed by multiplying the units bought with the per unit price.
In case of your death during the policy term, the following benefits shall be available:
If all your premiums are paid and due to sudden lifestyle changes you aren’t able to pay future premiums, the cover continuance option helps you continue the policy with all the benefits. Once you choose this option, you cannot pay any further premiums for base cover or top-ups. Check out the table below to know about the number of annualized premiums you need to pay.
Policy Term (In Years) | Number of Annualized Regular Premium |
---|---|
7 | 3 |
10 | 3 |
15 | 5 |
20 | 5 |
25 | 5 |
The insurance company shall provide you with the following policy tenure options –
Your premium payment term is regular pay, so you need to pay premium till the end of the policy tenure. However, if you choose Cover Continuance Option, the premium payment term shall be limited based on your chosen policy term. The minimum premium amount is as follows based on your chosen premium payment mode and policy term.
Premium Payment Mode | Policy Term (In Years) | ||||
---|---|---|---|---|---|
7 | 10 | 15 | 20 | 25 | |
Yearly | INR 36,000 | INR 20,000 | INR 15,000 | INR 15,000 | INR 12,000 |
Half-yearly | INR 60,000 | INR 20,000 | INR 15,000 | INR 15,000 | INR 12,000 |
Quarterly | INR 60,000 | INR 24,000 | INR 18,000 | INR 18,000 | INR 12,000 |
Monthly | INR 60,000 | INR 24,000 | INR 18,000 | INR 18,000 | INR 12,000 |
You can invest your premium in any of the following funds from the below options –
If you need money during the policy term, you can withdraw it from your policy fund value after the completion of three policy years. The minimum withdrawal amount allowed is INR 1,000, and after withdrawal, the policy fund value should not be less than 120% of the annualized premium.
Note – Two free partial withdrawals are allowed in a year, thereafter, INR 100 will be charged per withdrawal.
You can purchase this unit-linked insurance plan from Bharti AXA Life Insurance if you meet the below criteria –
A free look period of 15 days starts from the receipt of the policy bond. If you disagree with any of the terms and conditions, return the policy. Upon cancellation, the insurer shall refund an amount equal to the sum of premium allocation charge, policy administration charge, risk-benefit charge and policy fund value after a deduction of stamp duty and underwriting expenses.