Investment Plans 573 views December 16, 2020

Bharti AXA Life Guaranteed Income Pro is a Non-Linked, Non-Participating Individual Life Insurance Savings Plan that will help you get both a Life Insurance Cover and a good return on the premium you pay. Under this policy,  Bharti AXA Life Insurance Company Limited offers you two plan options to choose from – Endowment Option and Income Option. If you choose the Endowment option, you will get a lump sum at maturity. On the other hand, the Income option will return you all your premiums at the end of the payout period. Let’s read this page further and know about this Bharti AXA Life Guaranteed Income Pro plan features and benefits.

Bharti AXA Life Guaranteed Income Pro Details

Bharti AXA Life Guaranteed Income Pro Death Benefit (Endowment Option)

Upon your death, the Death Benefit will be payable to your nominee as a lump sum immediately. For a Single Pay Policy, the Death Benefit is equal to the Sum Assured on Death, which could be the highest of the following –

  1. 1.25X Single Premium (if Single Premium < INR 50,000)
  2. 10X Single Premium (if Single Premium is >=.50,000)
  3. 105% of Total Paid Premiums
  4. Absolute Amount = Sum Assured

Whereas for Limited Pay Policy, the Death Benefit is equal to the Sum Assured on Death, which could be the highest of the following –

  1. 11X Annualized Premium
  2. 105% of Total Paid Premiums
  3. Absolute Amount = Sum Assured

Bharti AXA Life Guaranteed Income Pro Death Benefit (Income Option)

If you die during the policy term, your nominee will be entitled to the highest of the following-

  1. 10X Single Premium
  2. 105% of Total Paid Premiums
  3. Absolute Amount = Sum Assured

Conditions for Claiming Death Benefits

  1. Death during the Grace Period will affect your Death Benefit. After a deduction of the unpaid Premiums, the sum assured on death will be payable to your nominee.
  2. Death during the Income Payout Period doesn’t affect the Maturity Benefit and will continue to be paid to the nominee.
  3. In case the Life Insured is less than Age 18 on the date of death, the Death Benefit will be payable to the Policyholder, and all benefits under the Policy will automatically cease to exist.
  4. If you are a major on the date of death, the Death Benefit will be payable to the Nominee as usual.
  5. When the policy is in lapsed status, no death benefit shall be payable and the policy will terminate immediately.
  6. The death benefit is payable upon death and under all situations such as death during declared or undeclared war, civil commotion, invasion, terrorism, Naxalite Operation, and hostilities.
  7. Your death benefit will be eligible only if the policy is in force and all the due premiums are paid till the date of death.

Bharti AXA Life Guaranteed Income Pro Maturity Benefit (Endowment Option)

A lump sum will be payable to the policyholder on the Maturity Date. Under this, the Sum Assured on Maturity plus the Guaranteed Additions until the Maturity Date will be paid.

Bharti AXA Life Guaranteed Income Pro Maturity Benefit (Income Option)

At the maturity date, you will receive a Maturity Benefit regularly in equal installments as per the income payout frequency opted by you at policy inception. These maturity payments will be made for the period as specified in the policy document. Your Maturity Benefit is calculated as a percentage of the Annualized Premium.

Under the Long Term Income and Deferred Income options, the Total Paid Premium until the maturity date will be payable to you as a lump sum at the end of the Income Payout Period. Here, you have the option to take the present value of the outstanding income payouts as a lump sum amount at any time during the Income Payout Period.

Note – During the maturity benefit calculation, taxes, rider premiums and underwriting extra premiums, if any, will not be included in Total Paid Premiums.

Bharti AXA Life Guaranteed Income Pro Policy Surrender

This Bharti AXA Life-Cum-Investment Plan acquires a Surrender Value if you have paid the annualized premiums for two Policy Years. After that, you can surrender your policy anytime during the term. On Surrender, the higher the Special Surrender Value (SSV) and the Guaranteed Surrender Value (GSV) shall be payable to the policyholder.

GSV for an Endowment Option: GSV Factor * Total Paid Premiums + GSV Factor on Guaranteed Additions.

GSV for an Income Option: GSV Factor * Total Paid Premiums

Bharti AXA Life Guaranteed Income Pro Policy Special Surrender Value is equal to SSV factor * Sum Assured/1000. An SSV factor is not guaranteed and may change from time to time, subject to prior approval from the IRDAI.

Bharti AXA Life Guaranteed Income Pro Claim Process

The Bharti AXA Life Insurance company would require a list of primary documents in support of a claim:

For Maturity Benefits, submit the following-

  1. Original Policy (entire booklet)
  2. KYC Documents
  3. Personalized canceled cheque

For Death Benefits, submit the following (if death other than due to Accident/natural death)-

  1. Original Policy (entire booklet)
  2. Copy of Death Certificate
  3. KYC Documents
  4. Personalized canceled cheque
  5. Copy of medical records (admission notes, discharge/death summary, test report, etc.)

For Death Benefits, Submit the following (if death is due to Accident/Unnatural death)-

  1. First Information Report (FIR)
  2. Post Mortem report

in addition to the above documents.

Note – The company can call for additional documents to process the claim.

To intimate the company about a claim, walk into your nearest Bharti-AXA Life Branch or Call the Toll Free number: 1800-102-4444.

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