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Investment Plans 809 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 –
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
Table of Contents
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 –
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
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.
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 –
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 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:
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.
On maturity of Bharti AXA Life Grow Wealth ULIP Plan, you may choose to receive the policy fund value as:
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.
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 –
The following policy and premium payment terms are available under this ULIP Plan –
|Policy Term (In Years)||Premium Payment Term options (Single Life)|
|5||Single Pay and Regular Pay|
|10||Single Pay, Limited Pay for 5 and 7 years, and Regular Pay|
|15||Single Pay, Limited Pay for 5, 7 and 10 years, and Regular Pay|
|20||Single 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 –
Bharti AXA Life Grow Wealth ULIP Plan premium varies based on payment channels and premium payment options.
The maximum premium amount has no Limit, subject to Board Approved Underwriting Policy.
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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