Quote Form
Request successfully submitted
Our representative will call you within few minutes
Investment Plans 904 views January 29, 2021
As a parent, you have a massive responsibility of securing your child’s future. One of the best ways to do so is to choose the Bharti AXA Life Child Advantage Plan. With this non-linked non-participating individual life insurance savings plan, you can ensure that your child can achieve those crucial milestones in his or her life even when you are around. One of the best features of this Bharti AXA Life plan is that it allows you to choose between Money Back and Endowment options according to your child’s needs.
Want to know more about this plan? On this page, we will discuss some of its important parts such as its advantages, maturity payout options, policy terms, eligibility criteria, etc. Read on to know more!
Table of Contents
Advantages of Bharti AXA Life Child Advantage Plan
Before choosing Bharti AXA Life Child Advantage Plan for the protection of your child’s future, it would be beneficial to know the advantages that this plan comes with. Keeping this fact in mind, we are showing some of the key advantages of the Child Advantage Plan below. Do check!
- If you are clear about the needs and career of your child, this plan rewards you by giving you an option to choose between the two maturity benefits under Bharti AXA Life Child Advantage Plan – Money Back option and Endowment option – according to your convenience.
- With the Money Back option, you will get guaranteed payouts in the last 5 years before the maturity of your policy to fulfill your child’s needs. On the other hand, with the Endowment option, you will get a guaranteed lump sum amount at maturity.
- This Bharti AXA Life plan ensures that your child’s dreams can be fulfilled even when you are not around by giving you the option of policy continuance and waiving all your future premiums in case something unfortunate happens to you.
- With the life insurance benefit, the nominee will also receive a death benefit to meet their requirements without any hassle.
- You can also get a non-guaranteed annual simple reversionary bonus and non-guaranteed terminal bonus along with the maturity benefit.
- Individuals can choose the policy term options from 11 to 21 years depending upon the age of your child. Also, you can choose the premium payment type from the options of – Regular Pay and Limited Pay. When you choose the limited pay option, the premium payment term will be policy age minus 5 years. On the other hand, the premium payment term will equal the policy term on choosing the regular pay option.
- You can also choose Hospi Cash Rider and Accidental Death Benefit Rider option to enhance your overall protection.
- Individuals can also get tax benefits on the premiums paid and benefits received under different sections of the Income Tax Act, 1961.
Minimum Sum Assured Amount with Bharti AXA Life Child Advantage Plan
In the case of Child Advantage Plan, you can get a minimum sum assured amount of INR 25,000. Do remember that your minimum annualized premium amount depends on the minimum sum assured. You can also choose from different premium payment modes such as annual, semi-annual, quarterly and monthly.
Let’s Read Bharti AXA Life Child Advantage Plan Benefits
As we mentioned earlier, Child Advantage Plan provides a range of benefits. You can understand these benefits in detail below. Please check!
Maturity Benefits
This plan provides two maturity benefit payout options – Money Back and Endowment. You can choose either of them at the inception of the policy. Whatever you choose cannot be changed during your policy term. The maturity benefits will depend on the chosen option. The benefits will be as follows.
Money Back Option – You will get 40% of the sum assured on the maturity of the policy. Apart from this, you will also receive guaranteed payouts (that will add up to 70% of the sum assured), which you can check in the below table.
| Time of Guaranteed Payouts | % of Sum Assured Payable |
|---|---|
| End of 5th year before the maturity date | 10% |
| End of 4th year before the maturity date | 10% |
| End of 3rd year before the maturity date | 15% |
| End of 2nd year before the maturity date | 15% |
| End of 1st year before the maturity date | 20% |
Endowment Option – On choosing this option, you will get 125% of the sum assured on the maturity date. However, this option does not provide any kind of guaranteed maturity payouts.
Life Insurance Benefits
The nominee will receive a death benefit in case something unfortunate happens to you during the policy term. This benefit will be higher of the Sum assured on death or 105% of all the premiums being paid upto the date of death.
Where the sum assured on death will be the highest of
- Sum assured on maturity (110% of sum assured for Money Back option & 125% of sum assured for endowment option)
- 11 times the annualized premium
- Sum assured
Bharti AXA Life Child Advantage Plan Eligibility Criteria
We are showing the eligibility parameters related to the entry and maturity age of the Child Advantage Plan. Have a look below!
| Eligibility Parameters | Regular Pay | Limited Pay |
|---|---|---|
| Minimum age at entry | 18 years | 18 years |
| Maximum age at entry | 50 years | 55 years |
| Maximum age at policy maturity | 71 years | 76 years |