The unit-linked non-participating Bharti AXA Life eFuture Invest plan will provide you a life cover for up to 10 years along with investing your hard-earned money smartly to earn you a good sum. It is a unit-linked insurance plan that will invest your money across different equity and debt markets as per your chosen fund. You can also make a partial withdrawal from these funds anytime whenever there is a need, provided the policy has completed five years. Want to know more about this policy? Start reading the page below.
Key Features of Bharti AXA Life eFuture Invest Plan
- Online plan
- Fixed policy period
- Limited premium payment term
- Multiple fund options
- Liquidity for the invested money
Benefits of Bharti AXA Life eFuture Invest
Purchasing Bharti AXA Life eFuture Invest offers you the following benefits –
Life Insurance Benefit – Your life would be insured under Bharti AXA Life eFuture Invest, which means in case of your death during the policy term, your nominee will be entitled to the following, whichever is the highest –
- Sum assured less the net of partial withdrawals made 12 months prior to the date of death
- 105% of the total paid premium amount (excluding underwriting extra premium) till the date of death
- Policy fund value as on the date of death
Note – The policy should be in force and all premiums must be paid in full on the date of death.
Maturity Benefit – At maturity, you will get the policy fund value if the policy is in force and all premiums are paid. The policy fund value is based on the relevant investment funds unit prices to which your premiums have been allocated on the valuation date, coinciding with the maturity date.
You can choose any of the following payout methods to receive your maturity benefit –
- Lump Sum
- Withdrawal during the settlement period
- Or the combination of lump sum and withdrawal during the settlement period
Bharti AXA Life eFuture Invest Plan Settlement Period
Bharti AXA Life eFuture Invest settlement period shall commence from the maturity date, and this is an optional maturity benefit payout for the policyholder. You will get the settlement period option at maturity for regular interval payments of the policy fund value. The settlement period is up to 5 years and can’t extend beyond this. Fund management and morality charges will be levied to your policy fund value during the settlement period. And partial withdrawal and switches of funds will not be allowed, although you can make full withdrawal anytime during this period.
You should be specific about the percentage of the residual fund value for each periodic payment. This amount will be payable to you as per the chosen frequency such as yearly, half-yearly, quarterly and monthly.
In case of your death during the settlement period, your nominee shall receive the higher of the following.
- Policy fund value
- 105% of the total paid premiums
And after the payment, the policy is terminated.
How to Make Partial Withdrawal from Bharti AXA Life eFuture Invest?
You can make partial withdrawals after the completion of the lock-in period i.e. 5 policy years. The policyholder can make a minimum partial withdrawal of INR 1,000 under this policy, provided the policy is in force and all premiums are paid. Your maximum partial withdrawal limit is set in a way that post-partial withdrawal, your policy fund value shouldn’t be below 2X the annualized premium in case of regular pay and 20% of the single premium in case of single pay. There are up to two partial withdrawals free in a policy year for you.
Which are the Available Fund Options Under Bharti AXA Life eFuture Invest?
- Growth Opportunities Plus Fund – If you seek long term capital appreciation, this is the fund for you as it invests in stocks and all market capitalizations ranging from small to large-caps. The fund management fee is 1.35% per annum for this fund.
- Grow Money Plus Fund – By investing in a high-quality equity portfolio, this fund may provide long-term capital appreciation, and for this, the fund management charge is 1.35% per annum.
- Build India Fund – It seeks capital appreciation by exposing your investments to equities of companies involved in infrastructure and allied sectors. Under this fund, you need to pay a fund management charge of 1.35% per annum.
- Save‘n’grow Money Fund – For steady income, you can invest in this fund as it will allocate your fund units in corporate bonds, bank deposits, money market short-term bonds and equities. The fund management fee is only 1.25% per annum.
- Steady Money Fund – You may get regular income under this fund as it will invest in corporate bonds and government securities. The fund management fee is also very affordable, which is 1% per annum.
- Safe Money Fund – If you want capital protection, consider investing in this fund. Here, all your fund unit prices will allocate in money-market & short-term debt instruments with a maturity of 1 year or less. The fund management charge is 1% per annum.
Note – The fund management charge will be levied as a percentage of the value of assets and will be appropriated by adjusting the Net Asset Value.
Things to Know While Buying Bharti AXA Life eFuture Invest
- Minimum Entry Age – 18 Years (as on the date of last birthday)
- Minimum Entry Age – 60 Years (as on the date of last birthday)
- Maturity Age – 70 Years (as on the date of last birthday)
- Premium Payment Modes – Yearly, Half-yearly, Quarterly and Monthly
- Available Premium Payment Terms – 5 Pay and Single Pay
- Premium payment is available via ECS only
- Your minimum premium payment amount will depend on the premium payment term such as –
- Maximum Premium – INR 1 Crore for a five-year premium payment term
- Maximum Premium – INR 8 Crore for a single pay premium payment term
- Policy Benefit Period – 10 Years
- Lock-in Period – 5 Years (from date of risk commencement)
- Premium Allocation Charge – NIL
- Mortality Charge – INR 0.89-4.33 for men whose age is between 30-50 years (as on the date of last birthday)
- Mortality Charge – INR 0.84-3.13 for women whose age is between 30-50 years (as on the date of last birthday)
- Policy Administration Charge – 0.45% of the premium amount for a 5-year pay, up to INR 6,000 per annum
- Policy Administration Charge – 0.18% of the premium amount for single pay for a policy term 1-5 years, up to INR 6,000 per annum. If the policy term is above 5 years, there will be no policy administration charges.
- You’ll get a free look period of 30 days from the date of receipt of policy bond
- A grace period of 15 days for a 5-year pay (monthly mode) and 30 days for a 5-year pay (for yearly, half-yearly and quarterly modes).
- On suicide within 1 year from inception or revival, your nominee will get the policy fund value as on the date of intimation of death. And if any charge is recovered under the policy other than the fund management charge after the date of death, the same will be added to your policy fund value.