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Investment Plans 362 views January 30, 2021
If you want to protect your family from any unfortunate event with a life insurance cover that can also meet your investment needs, Bharti AXA Life Grow Wealth Plan could be the best option for you. One of the best things about this plan is the flexibility to choose from multiple fund options along with the additional loyalty benefits to increase your overall wealth. When going for this plan from Bharti AXA Life, you can choose between a single life and joint life option according to your requirements.
On this page, we will discuss some of the key aspects related to the Bharti AXA Life Grow Wealth Plan, such as its key advantages, policy term option, premium payment term option, premium amount, eligibility criteria, etc. Read on to know more!
Table of Contents
- 1 Why Should You Choose Bharti AXA Life Grow Wealth Plan?
- 2 Policy Term and Premium Payment Term
- 3 How Much Sum Assured Will You Get for Bharti AXA Life Grow Wealth Plan?
- 4 What is the Minimum Premium Amount for this Policy?
- 5 Key Benefits of the Bharti AXA Life Grow Wealth Plan
- 6 Bharti AXA Life Grow Wealth Plan Eligibility Criteria
Why Should You Choose Bharti AXA Life Grow Wealth Plan?
What are those key features that make this plan one of the popular savings-oriented unit-linked insurance plans among customers? Well, it is one of those important things that you should check before choosing the Bharti AXA Life Grow Wealth Plan for yourself. We are showing them below. Have a look!
- You can choose this Bharti AXA Life Plan either as a Single Life or a Joint Life Option. With the single-life option, you will get life coverage for one individual while with the joint life option, you can get coverage for two individuals under this policy.
- With this policy, you get the flexibility to choose a higher coverage of 10 times the annualized premium even if you have chosen the single pay variant of this plan. With this option, you can choose the level of protection according to your needs.
- With zero premium allocation charges, you can choose from multiple fund options according to your investment needs and risk capacity. These funds are Growth Opportunities Fund, Money Plus Fund, Build India Fund, Steady Money Fund, Safe Money Fund, Save ‘n’ Grow Money Fund, and Stability Money Plus Fund
- This plan also provides financial protection to your family and loved ones in case something unfortunate happens to you.
- If you are looking to enhance your overall wealth, you can do the same with the help of Loyalty Additions that you will get at the end of every policy year from the 6th policy year to the end of the policy term. These additions will be a percentage of your overall fund value.
- This policy from Bharti AXA does not have any policy administration charges for 5 years if you are choosing a single pay option and 10 years if you are choosing a limited or regular payment option.
- You will also get a free look period of 15 days or 30 days within which you can pay all the unpaid premiums from the premium due date without impacting their policy benefits.
- Under Section 80C and Section 10(10D) of the Income Tax Act, 1961, you will enjoy tax benefits on the premiums paid and on the benefits received.
Policy Term and Premium Payment Term
With the Bharti AXA Life Grow Wealth Plan, you can choose a policy term and premium payment term according to your convenience. When we talk about policy terms, there are four options that you can choose from – 5 years, 10 years, 15 years or 20 years. The premium payment term will depend on the single life or joint life option chosen by you.
| Policy Term | Premium Payment Term |
|---|---|
| 5 years | Single Pay or 5 years |
| 10 years | Single Pay or 5, 7, or 10 years |
| 15 years | Single Pay or 5, 7, 10, or 15 years |
| 20 years | Single Pay or 5, 7, 10, 15, or 20 years |
On choosing the joint-life, only a single pay premium payment term is available. While for a single-life option, you can choose the following premium payment terms.
How Much Sum Assured Will You Get for Bharti AXA Life Grow Wealth Plan?
The sum assured amount for the Bharti AXA Life Grow Wealth Plan will depend on several factors such as the plan option, policy term, and age at entry. In the case of the Single life option, it can be either 125% of the single premium or 10 times the single annualized premium amount. However, in the case of the Joint life option, the sum assured in the case of the first death will be 1.25 times the single annualized premium. While in the case of the second death, this amount will be 10 times the annualized premium.
What is the Minimum Premium Amount for this Policy?
You should know about the premium payable for Bharti AXA Life Grow Wealth Plan so that you can figure out your affordability to the same. The minimum premium amount depends on the payment channel. Also, you can choose between different premium modes of annual, semi-annual, quarterly, and monthly. To know more about this, you can check the below table.
| Channel/ Premium Payment Option | Single Pay (In INR) | Limited/ Regular Pay (In INR) |
|---|---|---|
| Online | 1,00,000 | 26,000 |
| Other than Online | 1,50,000 | 35,000 |
Key Benefits of the Bharti AXA Life Grow Wealth Plan
Here, we are showing some of the key benefits of this plan that you will have. Check them out!
Death Benefit for Single Life Option
The nominee or beneficiary will get death benefits in case a policyholder dies during the policy term if the policy is in force. The death benefit can be the highest of the following amounts
- Sum assured minus all the partial withdrawals made in the two years immediately after the death of the life assured
- 105% of all the premiums paid up to the date of death
- Overall fund value of your policy as of the date of death
Death Benefit for Joint Life Option
In case both the policyholders die simultaneously during the policy term, the nominee will receive a death benefit, which will be the highest of the following
- Sum assured minus all the partial withdrawals made in the two years immediately after the death of the life assured
- 105% of all the premiums paid up to the date of death
- Overall fund value of your policy as on the date of death
In case of the first death, the fund value will be higher of the sum assured (equal to 125% of a single premium) or policy fund value as on the date of death.
Maturity Benefit
If you are choosing a single-life option, you will be able to receive the policy fund value plus the loyalty additions as maturity benefits in case you survive until the end of the policy term. However, for the joint-life option, the maturity benefits will be the policy fund value plus loyalty additions if either or both policyholders survive until the end of the policy term.
Bharti AXA Life Grow Wealth Plan Eligibility Criteria
Want to know about eligibility parameters related to Bharti AXA Life Grow Wealth Plan? We are showing them below. Have a look!
| Policy Term | Minimum Age at Entry for Single Pay | Maximum Entry Age (for single life option) | Maximum Entry Age (for joint life option) |
|---|---|---|---|
| 5 years | 13 years | 64 years | 70 years |
| 10 years | 8 years | 60 years | 70 years |
| 15 years | 3 years | 55 years | 70 years |
| 20 years | 0 years (91 days) | 50 years | 64 years |
In the case of Joint life option, either of two individuals should be 18 years at the time of entry into policy including all the conditions mentioned above.
When we talk about the maximum age at maturity, it differs for the life option chosen by you. In the case of a single life option, an individual can be 70 years at the time of maturity, while in the case of a joint-life option, an individual can be as old as 85 years.