Investment Plans 274 views January 27, 2021

If you are looking for a life insurance plan that can give you more than benefits, Bharti AXA Life Elite Advantage Plan could be the right choice for you. With this plan from Bharti AXA, you can get a lump sum amount at maturity and regular payouts after the end of your policy term. It is a non-linked, non-participating, individual life insurance savings plan that can give policyholders guaranteed payouts of 8.5% to 9.5% of the basic sum assured. Other than this, you can also enjoy comprehensive protection until the end of the policy term.

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Looking to know more about this plan? Well, we will be discussing here everything related to the Bharti AXA Life Elite Advantage Plan, such as its key features, premium amount, the sum assured, eligibility criteria, etc. Keep reading!

Why Choose Bharti AXA Life Elite Advantage Plan?

Before choosing any life insurance plan, it is important to understand its features so that you can make the right decision. Keeping this in mind, we are showing some of the key features of the Bharti AXA Life Elite Advantage Plan. Have a look!

  1. One of the best things about the Bharti AXA Life Elite Advantage Plan is that individuals can enjoy guaranteed payouts at maturity. This payout will be equal to 8.5% to 9.5% of the basic sum assured on maturity. This feature alone makes it one of the best investment plans with high returns.
  2. Guaranteed payouts start after the policy term and will depend upon the premium payment term and premium band. Individuals can also choose to receive this payout on an annual, semi-annual, or quarterly basis.
  3.  Other than the guaranteed payouts, individuals can also get 100% of the sum assured at the end of the 20th policy year.
  4. With this plan from Bharti AXA, individuals can choose the premium payment term according to their convenience. Do remember that your policy term will depend upon the premium payment term.
  5. Bharti AXA Life Elite Advantage Plan can allow you to take a loan against it to meet your instant needs. The maximum loan amount can be up to 70% of the surrender value of the policy. Also, an individual cannot opt for a loan amount less than INR 15,000.
  6. In the case of the Life Elite Advantage Plan, the minimum sum assured amount will depend on the minimum premium amount paid by the policyholder.
  7. Policyholders can also choose to enhance their protection by different rider options such as Hospital Cash Rider, Life Term Rider, Accidental Death Benefit Rider, and Life Premium Waiver Rider.
  8. Bharti AXA also provides a grace period of 15 or 30 days from your premium due date.
  9. Policyholders can also enjoy tax benefits on premiums paid and benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.

What Will be the Policy Term and Premium Payment Term?

One of the best things about this plan from Bharti AXA is that individuals can choose from two policy term options – 10 and 12 years. The premium payment term will depend on your policy term. If you choose a 10-year policy term, the premium payment term will be 5 years, while on choosing the 12-year policy term, the premium payment term can be either 7 or 12 years.

Minimum Annualized Premium Amount for Bharti AXA Life Elite Advantage Plan

In the case of the Bharti AXA Life Elite Advantage Plan, the minimum premium amount will depend on the premium payment term; the period for which you need to pay the premium. Also, individuals can choose to pay a premium at any of these intervals – annually, semi-annually, quarterly and monthly. We are showing the premium amount in the table below. Have a look!

Premium Payment TermMinimum Annualized Premium
5-yearINR 24,000
7-yearINR 15,000
12-yearINR 12,000

Let’s Understand the Benefits of the Bharti AXA Life Elite Advantage Plan

As we mentioned earlier too, individuals can enjoy several benefits with Elite Advantage Plan. We are discussing them in detail so that you can understand them better. Please check!

Maturity Benefit

If a policyholder survives until the end of the policy term, the company will provide the following benefits to an individual.

  1. Guaranteed Payout – It will be a percentage of the basic sum assured and get paid during the maturity payout period that will start from the end of the policy term until the end of the 19th year.
  2. 100% of the Sum Assured on maturity will be paid at the end of the 20th year from the policy date

The maturity payout period will be dependent on the policy term. For the 10-year policy term, the maturity payout period will be from the end of the 10th year till the end of the 20th year. However, for the 20-year policy term, the maturity payout period will be from the end of the 12th year till the end of the 20th year.

Death Benefit

If a policyholder dies during the policy term, the company will pay death benefits to the nominee (if the policy is in force). The sum assured on death can be the highest of the following amounts.

  1. Sum Assured on maturity
  2. 11 times the annualized premium
  3. 105% of total premiums paid

Bharti AXA Life Elite Advantage Plan Eligibility Conditions

There are a few conditions that you should keep in mind when choosing this plan from Bharti AXA. We are showing them below. Please check!

  1. The minimum age at entry depends on the policy term. For the 10-year term, it stands at 8 years, while for a 12-year policy term, it is 6 years.
  2. The maximum age at entry can be as high as 65 years.
  3. The maximum maturity age also depends on the policy term. For the 10-year policy term, it can be 75 years, while it can go up to 77 years for a 12-year policy term.

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