Investment Plans 346 views April 22, 2021

Bharti AXA Life Grow Wealth ULIP Plan provides you financial protection against uncertainties. Under this plan, you’ll also get additional benefits in the form of loyalty additions. Key benefits of Bharti AXA Life Grow Wealth ULIP Plan are –

  1. Life Cover
  2. Maturity Benefit
  3. Loyalty Additions
  4. Settlement Option
  5. Multiple Fund Options
  6. Flexible Policy & Premium Payment Term

So, if you want to build your wealth, read this post further and know more about the benefits of Bharti AXA Life Grow Wealth ULIP Plan

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Bharti AXA Life Grow Wealth ULIP Plan Life Cover

The risk coverage will start from the date of commencement of risk for all lives, including minors. And in case of an unfortunate event of death, the insurer will provide the following benefit:

Death Benefit (Single Life) – If the life assured opts for single life Bharti AXA Life Grow Wealth ULIP Plan, the nominee will receive the highest of the following –

  1. Sum Assured – All Partial Withdrawals (made in two years before the date of death)
  2. 105% of all paid premiums as on date of death
  3. Policy Fund Value + Loyalty Additions, if any, as on the date of death

Death Benefit (Joint Life) – If both the Life Insured die during the policy term, the Sum Assured on death will be payable to the nominee. The Death Benefit will be the highest of

  1. Sum Assured equal to 10X the single premium – Partial Withdrawals (made in two years before the date of death)
  2. 105% of all paid premiums as on the date of death
  3. Policy Fund Value + Loyalty Additions, if any, as on the date of death

In case of the first death, the fund value shall be set to a higher sum assured equal to 125% of Single Premium or Policy Fund Value + Loyalty Additions, if any, as on the date of death. After the death of the second life, the highest of the following will be payable to the nominee.

  1. Sum Assured equal to 10X the single premium – Partial Withdrawals (made in two years before the date of death)
  2. 105% of all paid premiums as on date of death
  3. Policy Fund Value + Loyalty Additions, if any, as on the date of death

If the life insured dies during the grace period, the death benefit shall be payable to the nominee. In case of death when the money is in ‘Discontinued Policy Fund’, the policy fund value as on the date of death shall be payable to the nominee. In case the life insured dies during the settlement period, the company will pay a higher of –

  1. Policy Fund Value
  2. 105% of total paid premiums paid as on the date of death to the nominee.

Bharti AXA Life Grow Wealth ULIP Plan Maturity Benefit

If the life assured survives till the end of the policy term, the insurer will provide him/her the following benefit:

For Single Life option – The Policy Fund Value + Loyalty Additions shall be payable on the to the life assured on the maturity date.

For Joint Life option – If both the life insured survive till the maturity date, the policy fund value + loyalty additions shall be payable.

Note – For the payment of Maturity Benefit, the insurer calculates the policy fund value with the respective unit prices of the relevant investment funds to which the premium/s have been allocated as on their valuation dates, coinciding with the maturity date of the policy.

Loyalty Addition Benefit Under Bharti AXA Life Grow Wealth ULIP Plan

Loyalty Additions will be credited at the end of each policy year starting from the end of the 6th policy year and will continue till the maturity date. The insurer will allocate these additions to the policy by creating additional units across investment funds. The Loyalty Additions are as follows:

  1. At the end of the 6th policy year (one year before maturity) – 0.7% of the policy fund value
  2. At maturity – 1.4% of the policy fund value

If the policy term is 5 years, only the loyalty additions applicable at maturity shall be payable. Loyalty additions are payable to you along with the policy fund value.

Note – Loyalty Additions will not be credited if the policy is in paid-up status.

Settlement Options Under Bharti AXA Life Grow Wealth ULIP Plan

On maturity of Bharti AXA Life Grow Wealth ULIP Plan, you may choose to receive the policy fund value as:

  1. Lump Sum
  2. At regular intervals
  3. Or the combination of both lump sum and installment payout

The settlement period is for a maximum of 5 years, and it starts from the maturity date. If you choose the regular intervals option, the first installment will be payable on the maturity date. You can receive these periodic payouts in yearly, half-yearly, quarterly or monthly installments. The final installment will consist of the residual amount left in the policy fund.

Your money will continue to remain invested in the chosen funds with no extra charges, except the fund Management charge and mortality charge during the settlement period. In this settlement period, you are not allowed to do partial withdrawals and fund switching, however, you can completely withdraw from the policy.

Note – To opt for a settlement option, you are required to apply at least 90 days before the maturity date.

Bharti AXA Life Grow Wealth ULIP Plan Fund Options

The insurance company offers you seven different fund options based on risk, return and desirability. You can choose your fund as per your investment objective. Invest in equity-based funds with higher risk and higher potential returns or grow your money safely by investing in debt-based funds. Choose your fund from the following options –

  1. Growth Opportunities Plus Fund – Provides long-term capital appreciation by investing in stocks across all market capitalization ranges.
  2. Grow Money Plus Fund – Offers long term capital appreciation by investing across Money Market Instruments: 0-20% and Equities: 80-100%
  3. Build India Fund – Gives long-term capital appreciation through exposure to equity investments in infrastructure and allied sectors, and by diversifying investments across various sub-sectors of the infrastructure sector.
  4. Save‘n’grow Money Fund – Generates steady income by investing in high-quality debt papers and government securities and also provides a limited opportunity for capital appreciation
  5. Steady Money Fund – Provides steady income by investing in corporate bonds and government securities
  6. Safe Money Fund – Ensures capital protection through investment in low-risk money-market and short-term debt instruments.
  7. Stability Plus Money Fund – Provides long-term absolute total return, risk level is moderate. Investment made in – Debt: 55-100%, Money Market Instruments: 0-20%, Equities: 0-25%

Bharti AXA Life Grow Wealth ULIP Plan Policy & Premium Payment Term

The following policy and premium payment terms are available under this ULIP Plan –

Policy Term (In Years)Premium Payment Term options (Single Life)
5Single Pay and Regular Pay
10Single Pay, Limited Pay for 5 and 7 years, and Regular Pay
15Single Pay, Limited Pay for 5, 7 and 10 years, and Regular Pay
20Single Pay, Limited Pay for 5, 7 and 10 years, and Regular Pay

Note – For Joint Life Option, the available premium payment term is Single Pay only.

You can pay your premium –

  1. Yearly
  2. Half-yearly
  3. Quarterly
  4. Monthly

Bharti AXA Life Grow Wealth ULIP Plan premium varies based on payment channels and premium payment options.

  1. For online payment, the minimum premium is INR 1,00,000 (Single Pay) & INR 26,000 (Limited/Regular Pay)
  2. For other payment options, the minimum premium is INR 1,50,000 (Single Pay) & INR 35,000 (Limited/Regular Pay)

The maximum premium amount has no Limit, subject to Board Approved Underwriting Policy.

Suicide Exclusion

If the life assured dies due to suicide within 12 months from the date of commencement of the policy or the date of revival of the policy, the nominee shall be entitled to the following benefits as per the life assured’s chosen option.

For Single Life Option  – Fund value as available on the intimation of date of death.

For Joint life Option – In case of death of one life due to suicide within 12 months from the date of commencement, the policy shall continue for the surviving life without fund value being set to 125% of Single Premium. However, if both die due to suicide within 12 months from the date of commencement of the policy, the nominee shall be entitled to the fund value as available on the date of intimation of death.

Note – Any charges other than Fund Management Charges and guarantee charges shall be recovered after the date of death and will be added back to the fund value.

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