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Investment Plans 332 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 –
- Six fund options
- Death and maturity benefit
- Partial withdrawal facility
- Jumpstart benefit
- Cover continuance option
Read this page and know more about these and other features of Bharti AXA Life Bright Stars PLUS.
Table of Contents
- 1 Bharti AXA Life Bright Stars PLUS Base Cover
- 2 Bharti AXA Life Bright Stars PLUS Cover Continuance Option
- 3 Bharti AXA Life Bright Stars PLUS Policy Term & Premium Payment Options
- 4 Bharti AXA Life Bright Stars PLUS Fund Options
- 5 Partial Withdrawal Facility
- 6 Eligibility Criteria for Bharti AXA Life Bright Stars PLUS
- 7 Free Look Period
Bharti AXA Life Bright Stars PLUS Base Cover
The insurance company shall provide you the following benefits during the policy tenure –
Jumpstart Benefit
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 |
Maturity Benefit
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.
Death Benefit
In case of your death during the policy term, the following benefits shall be available:
- Sum assured disbursal to the nominee
- All future premiums shall be waived off
- The policy continues until maturity
- The nominee can exercise partial withdrawal, fund switching and premium
Bharti AXA Life Bright Stars PLUS Cover Continuance Option
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 |
Bharti AXA Life Bright Stars PLUS Policy Term & Premium Payment Options
The insurance company shall provide you with the following policy tenure options –
- 7 years
- 10 years
- 15 years
- 20 years
- 25 years
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 |
Bharti AXA Life Bright Stars PLUS Fund Options
You can invest your premium in any of the following funds from the below options –
- Growth Opportunities Plus Fund
- Grow Money Plus Fund
- Build India Fund
- Save’n’grow Money Fund
- Steady Money Fund
- Safe Money Fund
Partial Withdrawal Facility
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.
Eligibility Criteria for Bharti AXA Life Bright Stars PLUS
You can purchase this unit-linked insurance plan from Bharti AXA Life Insurance if you meet the below criteria –
- Minimum age at entry – 18 years
- Maximum age at entry – 70 years less Policy Term (7, 10, 15 & 20-year terms) and 50 years for a policy term of 25 years.
- Maximum age allowed at maturity – 70 years (7, 10, 15 & 20-year terms) and 75 years for a policy term of 25 years
Free Look Period
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.