Bharti AXA Life Income Protection Plan

Bharti AXA Life Income Protection provides a financial shield to your family in case you are not around. Under this non-linked non-participating individual life insurance savings plan, you will get flexible policy terms and benefits like Death Benefit, Maturity Benefit and Tax Benefits. Bharti AXA gives you freedom to choose your maturity benefit option, death benefit payout, the sum assured and policy term. Want to know more about the Bharti AXA Life Income Protection plan? We will tell you everything about this plan here.

Benefits Under the Bharti AXA Life Income Protection Plan

There are several benefits for you as per the situation during the policy period such as –

In case of death – The nominee will receive the highest of the following as a sum assured on death:-

1. 10X annualized premium
2. 10% of the total paid premiums as on the date of death
3. Absolute amount assured to be paid on death
4. Sum assured on maturity

In case of survival – If you have survived the policy term, the maturity benefit will become payable. The life assured can choose his/her maturity benefit at inception from the following –

In case of tax payment – You can avail of tax benefits from your Bharti AXA Life Income Protection plan on premium payments and received benefits as per the prevailing income tax laws.

Bharti AXA Life Income Protection Plan Death Benefit Payout Option

You can choose the number of years for which you want your family to receive the death benefit. The options are –

1. Annual death benefit payment for 15 years
2. Annual death benefit payment for 20 years

To understand this better have a look at the example below –

Example – Sanjana is 35 years old and has a family of 2 children and a husband. She has been thinking about securing her family in case anything happens to her in the future. Sanjana purchased the Bharti AXA Life Income Protection plan. She customized her policy by choosing maturity benefit option B and death benefit payout for 20 years. Her Bharti AXA Life Income Protection sum assured is INR 25 lakh and she chooses a policy term of 20 years, which means she will pay a premium of INR 28,650 per annum. So according to this, her family will receive the death benefit of INR 1,91,250 per annum for 20 years from the date of death.

Riders for Bharti AXA Life Income Protection Plan

By paying an additional premium for the Bharti AXA Life Income Protection Plan, you can enhance the protection using the following –

1. Bharti AXA Life Hospi Cash – Receive a fixed benefit on each day of hospitalization with this rider and a lump sum in case of surgery.
2. Bharti AXA Life Accidental Death – An additional sum assured will be provided to your nominee in case of your death due to an accident.
3. Bharti AXA Life Term – With this rider, you can increase your coverage at a nominal premium

Eligibility Criteria for Bharti AXA Life Income Protection Plan

If you are interested in this life insurance policy, check out the below criteria –

1. Minimum age -18 years
2. Maximum age – 50, 55 and 58 years for policy terms of 20, 15 and 12 years, respectively
3. Maximum age at maturity – 70 years

Notes About Bharti AXA Life Income Protection Plan

You should know the following if you are purchasing the Bharti AXA Life Income Protection Plan –

1. Premium payment and policy terms –  12, 15 and 20 years
2. The minimum sum assured is INR 5 lakh
3. No maximum ceasing on Bharti AXA Life Income Protection Plan sum assured
4. The minimum premium amount will depend on the chosen policy term and maturity benefit option
5. Annual, sem-annual, quarterly and monthly premium payment modes are available
6. Premium payment is available via auto pay only
7. A free look period of 15 days (offline purchase) and 30 days (distance marketing purchase)
8. Suicidal death of the life assured within 12 months from the date of commencement or revival makes the nominee eligible for 80% of the paid premiums or surrender value
9. Loan against Bharti AXA Life Income Protection Plan will not exceed 70% of the surrender value
10. Bharti AXA Life Income Protection Plan acquires a surrender value after 2 annualized premium payments
11. A grace period of 15 days (monthly mode) and 30 days (annual, semi-annual and quarterly mode)

What If You Aren’t Able to Pay Premium for Bharti AXA Life Income Protection Plan?

In such a scenario, you should consider policy surrender. Because if you surrender a policy, it won’t lapse and you could also get a surrender value. What is a surrender value? It is the amount payable to the life assured if he/she wants to leave the policy during the policy period. And Bharti AXA Life Income Protection Plan surrender value is higher of –

1. Guaranteed Surrender Value (GSV)
2. Special Surrender Value (SSV)

A  GSV is the cumulative percentage of your paid premiums excluding any underwriting extra premium or a premium paid towards the rider, applicable taxes and cess as well. The company shall declare the Bharti AXA Life Income Protection Plan SSV at such other rates not less than the GSV. These rates are not guaranteed and shall be declared by the company from time to time, after getting prior approval from the Insurance Regulatory and Development Authority of India (IRDAI).

What Will Happen If You Don’t Pay Premiums for Bharti AXA Life Income Protection Plan?

If you have passed the grace period and have not paid your premium, the following will happen –

On Bharti AXA Life Income Protection Paid-up Plan, the benefits will be as follows

Paid up Sum Assured on Maturity = (Paid Premiums x Sum Assured on Maturity) Number of Premiums Payable

Paid up Sum Assured on Death = (Paid Premiums x Sum Assured on Death) Number of Premiums Payable

Note – You can revive the policy within 5 years from the date of the unpaid premium.