Bharti AXA Life Guaranteed Income Pro vs. Reliance Nippon Life Increasing Income Insurance vs. LIC New Bima Bachat Plan Comparison

Considering the financial uncertainty for the family when its bread earner dies, it is important to have life insurance that can ensure financial protection should such a case arise. But life insurance policies also add to your income if you invest in plans other than pure protection variants. Several life insurance companies provide different plans to ensure the same. On this page, we will be comparing three individual life insurance savings plans —  Bharti AXA Life Guaranteed Income Pro,  Reliance Nippon Life Increasing Income Insurance, and LIC New Bima Bachat Plan. Understanding the features and benefits of these plans will help you make the right decision. But before this, let’s look at some of the key features of these plans in the table below.

Let’s read this page further to understand the comparison of these three plans. Here, we will talk about their various aspects such as benefits, policy term, premium payment term, the sum assured, etc.

Let’s Compare the Features of Bharti AXA Life Guaranteed Income Pro vs. Reliance Nippon Life Increasing Income Insurance vs. LIC New Bima Bachat Plan in Detail!

To compare Bharti AXA Life Guaranteed Income Pro vs. Reliance Nippon Life Increasing Income Insurance vs. LIC New Bima Bachat Plan, it is important to understand their features in detail! So, we are starting with the flexibility to choose between multiple plan options under these policies. Do check!

Flexibility to Choose Between Multiple Plan Options

With the Bharti AXA Life Guaranteed Income Plan, you can choose between the Endowment Option (lump sum benefit at maturity) and the Income Option. Under the income option, there are two variants — Immediate Income (Short term & long-term) and Deferred Income.

Even with the Reliance Nippon Life Increasing Income insurance plan, you get to choose between two income options according to your convenience – Income with maturity benefit & Only income option. In both the options, the guaranteed monthly income starts from 1% of the base sum assured every month and increases by 0.25% every policy year. However, with the LIC New Bima Bachat plan, you do not get any plan option to choose from.

Death Benefits in Bharti AXA Life Guaranteed Income Pro vs. Reliance Nippon Life Increasing Income Insurance vs. LIC New Bima Bachat Plan

In case the policyholder dies during the policy term, the nominee will receive a death benefit in each of the three policies. We are providing below the death benefit of all these plans one after another. Have a look!

Bharti AXA Life Guaranteed Income Pro

As we mentioned earlier, individuals can choose between two plan options. The death benefit will depend on the chosen plan option, the sum assured, and the premium payment term. To know more, you can check below.

For Endowment Option 

For Single Pay of INR 50,000, the Sum Assured on death will be the highest of the following

1. 1.25 times the Single Premium
2. 105% of Total Paid Premiums till the date of death
3. Absolute amount assured to be paid

For Single Pay of INR 50,000 or more, the Sum Assured on death will be the highest of the following

1. 10 times the Single Premium
2. 105% of Total Paid Premiums till the date of death
3. Absolute amount assured to be paid

For Limited and Regular Pay, the Sum Assured on death will be the highest of the following

1. 11 times the Annualized Premium
2. 105% of Total Paid Premiums till the date of death
3. Absolute amount assured to be paid

For Income Option 

For Single Pay, the highest of the following shall be paid to the nominee as a death benefit

1. 10 times the Single Premium
2. 105% of Total Paid Premiums as on the date of death
3. Absolute amount assured to be paid on death

For Limited and Regular Pay, the death benefit will be the highest of the following amounts

1. Death Benefit multiple times the Annualized Premium
2. 105% of total premiums paid as of the date of death
3. Absolute amount assured to be paid on death

Reliance Nippon Life Increasing Income Insurance

This plan from Reliance Nippon provides two death benefit options that you can check in the below table.

LIC New Bima Bachat

If a death happens during the first five years of the policy, the sum assured on death will be given to the nominee as a death benefit, whereas if it happens after five years, the sum assured along with the loyalty additions (if any) will be given.

Bharti AXA Life Guaranteed Income Pro vs. Reliance Nippon Life Increasing Income Insurance vs. LIC New Bima Bachat Plan Maturity Benefits

If you choose any of the plans from Bharti AXA Life Guaranteed Income Pro, Reliance Nippon Life Increasing Income Insurance or LIC New Bima Bachat Plan, you will get maturity benefits at the end of their policy terms if you manage to survive. We are showing maturity benefits for all the plans below that you can check!

Bharti AXA Life Guaranteed Income

For Endowment Option:

Sum Assured on Maturity (equal to the sum assured) + Accrued Guaranteed Additions (Endowment Plan)

For Income Option

1. Short Term Income Option – Maturity benefit shall be paid for 10, 11 or 12 years post the completion of the policy term
2. Long Term Income Option – Maturity benefit payable till 25 or 30 years
3. Deferred Income Option – Maturity benefits will be given as a guaranteed income for 25 years post the completion of the policy term. And the deferment period of 5 to 10 years will apply from the end of the premium payment term till the end of the policy term. At the end of income payout, all paid premiums (except for the taxes, rider premiums, and underwriting extra premiums, if any, but including modal loadings) would be returned, provided the policyholder survives the policy term.

Reliance Nippon Life Increasing Income Insurance

Here, the maturity benefit will only be given if an individual chooses the income with maturity benefit option. The benefit payout will be twice the base sum assured if the policyholder manages to survive until the end of the policy term.

LIC New Bima Bachat

With this plan from LIC, individuals will get the payment of a single premium along with loyalty additions (if any), if they survive until the end of the policy term.

Additional Features of Bharti AXA Life Guaranteed Income Pro vs. Reliance Nippon Life Increasing Income Insurance vs. LIC New Bima Bachat Plan