Investment Plans 809 views December 11, 2020

Bharti AXA Life Insurance Company Ltd. provides you with Bharti AXA Life Guaranteed Income Plan, a non-linked non-participating life insurance savings plan. It can help meet your various needs such as the child’s higher education, a trip abroad, purchasing ornaments for your spouse, or long due renovation. From this limited pay life-cum-investment plan, you will get 8% of the Sum Assured per annum proceeding your Guaranteed Monthly Income till the maturity date. The Guaranteed Additions at Maturity will also be payable alongside the guaranteed maturity benefit. This Guaranteed Monthly Income and Guaranteed additions will commence after the completion of the premium payment term. In this post, we will explain the benefits of the Bharti AXA Life Guaranteed Income Plan. So, don’t stop reading!


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Bharti AXA Life Guaranteed Income Plan Benefits

The Life Assured is eligible for the following benefits if the policy is in force and all premiums have been paid.

Guaranteed Monthly Income Benefit (Tax-Free)

You will receive the guaranteed monthly income after the premium payment term till the maturity date. And this will be free from tax obligations as per the prevailing income tax laws.

Guaranteed Maturity Benefit

A maturity benefit will be payable to the Life Assured as per his/her policy term chosen at inception. Check out the below table:

Death Benefit

If the Life Assured dies during the policy term, the nominee/beneficiary will receive the death benefit. And the Sum Assured on Death Benefit is the highest of the following as per the policy term chosen by the Life Assured.

For Policy Term of 15 & 17 Years

  1. Sum Assured + Guaranteed Additions (as on the date of death)
  2. 105% of the paid premiums (as on the date of death)
  3. 11X Annualized Premium

For Policy Term 20 Years

  1. Sum Assured + Guaranteed Additions (as on the date of death)
  2. 105% of paid premiums (as on the date of death)
  3. 13X Annualized Premium

Note- Under this policy, an Annualized Premium excludes taxes, rider premiums, extra premiums, and loadings, if any.

Rider Benefit

For a customized Bharti AXA Life Guaranteed Income Plan, you can add the following riders. And for this, you need to pay a nominal premium amount in addition to your base policy premium.

  1. Bharti AXA Life Hospital Cash– Get a fixed benefit for each hospitalization (per day) and receive a lump sum amount in the case of surgery too.
  2. Bharti AXA Life Term– With this rider, you can increase your life coverage
  3. Bharti AXA Life Accidental Death– Your nominee/beneficiary will receive an additional sum assured if you die due to an accident.
  4. Bharti AXA Life Premium Waiver– Under this rider, your premium payments are waived in the case of the unfortunate death, Total Permanent Disablement or critical illness (for Policyholder only). And the premiums are waived if the Life Assured is diagnosed with a critical illness.

Note- The health-related or critical illness riders’ premium amount shall not be more than 100% of the Base Policy premiums. Whereas the other riders’ premium, if put together, should not exceed 30% of the Base Policy premium. The rider benefit should not exceed the Base Policy Sum Assured.

Bharti AXA Life Guaranteed Income Plan Tax Benefits

You are eligible to claim tax benefits on paid premiums as per the prevailing tax laws under section 80C of the Income Tax Act, 1961. The maximum deductions that you can claim is INR 1.5 lakh on the paid premiums in a financial year.

Bharti AXA Life Guaranteed Income Plan Eligibility Criteria

To buy this life-cum investment plan, you need to meet the following requirements –

  1. Entry Age: 0-65 years
  2. Maturity Age: 80 years
  3. Policy Term: 15, 17 and 20 years
  4. Premium Payment Term: 5, 7 and 10 years
  5. Premium Payment Modes: Annual, Semi-annual, Quarterly and Monthly

Bharti AXA Life Guaranteed Income Plan Free Look Period

You have 15 days from the policy document receipt date to review the terms and conditions of the policy and return the same if you have any objection. If the policy comes via distance marketing mode, the free look period will be 30 days instead of 15 days.

When the company receives a cancellation request during the free look period, it will cancel your policy and provide you a refund of the paid premium. This refund is subject to a deduction of a proportionate risk premium, expenses incurred by the company on medical examination (if any), and the stamp duty charges.

If this Bajaj AXA Life Insurance is opted through Insurance Repository (IR), the following conditions apply:-

Existing E-Insurance Account: The Free Look Period will commence from the date of delivery of the email by the IR. This email confirms the credit of the Insurance Policy.

New E-Insurance Account: When an application for an e-Insurance account accompanies the insurance proposal, the latest of the following considerations will apply for the free look period.

  1. Date of receipt of the ‘welcome kit’ from the IR
  2. The delivery date of the email confirming the access to the e-Insurance Account
  3. The delivery date of the email confirming the credit of the Insurance Policy by the IR to the e-Insurance Account.

Suicide Clause

The Life Assured death due to suicide within 12 months from the date of risk commencement or revival of the policy makes the nominee/beneficiary eligible to claim at least 80% of the total paid premiums or the surrender value (as on the date of death) whichever is higher, if the policy is in force at the time of death.

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