Investment Plans 335 views January 30, 2021

Bharti AXA Life Monthly Advantage will fulfill your every little need with its guaranteed monthly income benefit. This is a limited pay traditional participating life insurance policy that aims to give financial help to the insured with its wide range of benefits. So start planning with the Bharti AXA Life Monthly Advantage plan. With this, you will get life insurance coverage during the policy period and potential upside via bonuses. You should know that Bharti AXA Life Monthly Advantage monthly income is guaranteed subject to policy being in force and all due premiums being paid. Let’s learn more about the Bharti AXA Life Monthly Advantage plan here.

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Bharti AXA Life Monthly Advantage Plan Benefits

Survival – After your policy premium payment term, you will be eligible for a guaranteed monthly income, provided the policy is in force and all premiums are paid in full. Bharti AXA Life Monthly Advantage monthly income would be payable as follows –

Policy TermPremium Payment TermGuaranteed Monthly Income (% of the (annual premium/12))Tenure for Guaranteed Monthly Income Payment (in Months)
126105%72
168110%96
2412120%144

Maturity – At the maturity of Bharti AXA Life Monthly Advantage, you will get a non-guaranteed annual reversionary bonus plus a non-guaranteed terminal bonus, provided the policy is in force. As you know Bharti AXA Life Monthly Advantage is a traditional participating life insurance plan, so the participating insurance funds and the surplus will be distributed as bonuses. The annual reversionary bonus will accrue from the end of the first policy year onwards. Whereas the terminal bonus is declared at maturity, death or accidental total permanent disability.

Death – The nominee will receive a death benefit if the life assured dies during the policy term, provided the policy is in force and all premiums are paid till the date of death and the insured haven’t suffered from an accidental total and permanent disability. Your nominee will receive a death benefit higher of the following –

  1. Sum assured on death plus non-guaranteed vested simple reversionary bonuses, and non-guaranteed terminal bonus, if any.
  2. 105% of all paid premiums as on the date of death

Bharti AXA Life Monthly Advantage sum assured on death will be highest of the following –

  1. A multiple of an annualized premium such as 12.50%, 13.50%, 15.50 for policy term 12, 16 and 24 years, respectively
  2. Absolute amount assured to be paid on death, equaling the sum assured of your policy
  3. Sum assured on maturity

Note – Any paid survival benefit won’t be deducted from the Bharti AXA Life Monthly Advantage death benefit.

Accidental Total Permanent Disability – In case an accident makes you suffer from total permanent disability immediately or within 90 days from the date of the accident, the above-mentioned death benefit will be payable to your nominee. Bharti AXA Life Monthly Advantage accidental total permanent disability benefit will be payable if the age of the life assured is between 18-70 years on the date of the accident. The benefit is also subject to the policy being in force and the payment of all due premiums till the date of the accident.

Optional Benefits Under Bharti AXA Life Monthly Advantage

If you want to enhance your Bharti AXA Life Monthly Advantage plan, add the following riders at a nominal cost –

  1. Bharti AXA Life Hospital Cash – Using this rider, the insured can get a fixed benefit for each day of hospitalization and a lump sum benefit in case surgery is required.
  2. Bharti AXA Life Accidental Death Benefit Rider – Get an additional sum assured in the event of death if it is caused due to an accident.
  3. Bharti AXA Life Term Rider – Increase your policy sum assured with this rider

Note – Rider coverage is available till the end of the premium payment term of the base policy

Exclusions from Bharti AXA Life Monthly Advantage

The company won’t be liable to pay for the accidental total permanent disability if it occurs due to the following –

  1. Suicide or attempted suicide or self-inflicted injury
  2. Any condition that is pre-existing at inception
  3. Any condition, ailment or injury for which the insured has sign or symptoms or diagnosed and treated within 48 months before the first policy issuance from Bharti AXA
  4. HIV and AIDS
  5. Failure in seeking medical advice or treatment from a registered and qualified medical practitioner
  6. The medical practitioner should not be the policyholder’s spouse, father, mother, son, son’s wife, daughter, daughter’s husband, brother and sister.
  7. War, terrorism, invasion, and an act of foreign enemy
  8. Radioactive contamination via nuclear accident
  9. Insured servicing in armed forces of a country at war or in any force of an international body
  10. Any naval, military or air force operation at peacetime
  11. Assault, Criminal offense and any  illegal activity or breach of law
  12. Participating in hazardous activities like diving, riding, race; martial arts, hunting, mountaineering, parachuting, bungee-jumping, underwater activities
  13. Insured participating in any sport, pursuit or hobby, which is termed as potentially dangerous to him/her, irrespective of whether he/she is trained or not.
  14. Alcohol or Solvent
  15. Drugs, narcotics or psychotropic substances abuse (unless taken in accordance with the lawful directions and prescribed by a medical practitioner)
  16. Participation in any flying activity, except as a fare-paying passenger

Bharti AXA Life Monthly Advantage Plan Terms and Conditions

  1. The policy premium rates will depend on your age, gender, policy term, premium payment mode and the chosen monthly income
  2. The available premium payment modes under the Bharti AXA Life Monthly Advantage plan are monthly, quarterly, half-yearly and annually
  3. A grace period of 30 days from the date of your due premium will be provided for all premium payment modes
  4. You can get a maximum loan of 70% of the Bharti AXA Life Monthly Advantage plan’s surrender value
  5. The insured can also get tax benefits under Section 80C and Section 10(10D)
  6. A free look period of 15 days (offline purchase) and 30 days (distance marketing purchase) will be provided to the life assured from the date of receipt of the policy document
  7. In case of death of the policyholder – If the policyholder and life assured are two different individuals, the policyholder’s legal heirs may become the policyholder. If the legal heir doesn’t want to become the policyholder, the surrender value of the Bharti AXA Life Monthly Advantage plan will be payable under the relevant provisions of the policy to the person/persons entitled to receive the same as per the law. After the payment of surrender value, all policy benefits shall stand extinguished.
  8. The nominee will receive the paid premiums (as on the date of death) if the life assured commits suicide within 1 year from the date of inception of the policy, whether he/she is sane or insane.
  9. The nominee will receive the surrender value or 80% of the paid premiums (as on the date of death) if the life assured commits suicide within 1 year from the date of the policy revival, whether he/she is sane or insane.

Note – Bharti AXA Life Monthly Advantage death benefit or accidental total permanent disability benefit will be payable in installments to your nominee. But your nominee has the option to receive Bharti AXA Life Monthly Advantage death benefit or accidental total permanent disability benefit as a lump sum too. The accrued non-guaranteed annual reversionary bonuses and the terminal bonus will be paid in a lump sum on death or accidental total permanent disability of the life assured at the first installment.

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