Investment Plans 323 views April 21, 2021

Bharti AXA Wonder Years Retirement Plan is a traditional pension plan wherein the insurer provides life cover plus annuity benefits to the insured. In this plan, you need to pay premiums in the accumulation phase till the vesting date. And if you die in the accumulation phase before the vesting date, the company will pay a death benefit to the nominee. Take a look at the key features of Bharti AXA Wonder Years Retirement Plan:

  1. Death Benefit
  2. Guaranteed Retirement Amount
  3. Retirement Bonuses (Non- Guaranteed Benefits)
  4. Vesting Benefit

Read this post further and know about the features and benefits of the Bharti AXA Wonder Years Retirement Plan in detail.

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List of Benefits Under Bharti AXA Wonder Years Retirement Plan

The life assured is eligible to receive the following benefits as per the terms and conditions of Bharti AXA Wonder Years Retirement Plan. Check out the below list of benefits and see what you’ll get from this pension plan.

Death Benefit

Upon your death, provided all premiums are paid till the date of death, the insurance company will pay 108% of the total paid premium to the nominee. The nominee can utilize the death benefit to purchase an annuity plan from the same insurer or any other insurer.

Guaranteed Retirement Amount

In case you survive till the vesting of the policy, provided all premiums are paid, the company will provide you a Guaranteed Retirement Amount as chosen by you at policy inception. Guaranteed Retirement Amount is the amount assured on vesting of the policy, excluding bonuses or any other benefits.

Retirement Bonuses (Non- Guaranteed Benefits)

The insurance company shall declare a non-guaranteed benefit/bonus at the end of every financial year as per its internal guidelines. The declaration of retirement bonuses starts from the end of the 1st policy year. A certain percentage of the Guaranteed Retirement Amount of your policy is declared as a non-guaranteed benefit/bonus. This non-guaranteed benefit/bonus shall be payable to you only at the time of policy vesting.

Vesting Benefit

On Bharti AXA Wonder years Retirement Plan vesting date, you will receive the Guaranteed Retirement Amount and the vested Non-Guaranteed Benefits. You can utilize the vesting benefit using any one of the following options:

  1. Utilize it to purchase an annuity product from the same insurance company or any other insurer
  2. Utilize at least two-thirds of the vesting benefit amount to purchase an annuity product from the insurance company or any other insurer, and take the balance amount as a lump sum commuted value.

You can intimate your choice to the insurer from the above options at least 90 days before the vesting date.

Claim Procedure

To claim the Bharti AXA Wonder years Retirement Plan, contact the insurer by calling the toll-free number or get in touch with your advisor or the insurance company’s local branch. You need to submit the following primary documents for the claim processing.

For Vesting Benefit/Surrender – Original Policy Bond

For Death Benefit – Original Policy Bond, Death Certificate of the Life Insured, Claimant’s Statement

Note – The insurer is entitled to call the claimant for additional documents based on the facts and circumstances of each case.

Free Look Period

If you disagree with any of the terms and conditions of the Bharti AXA Wonder years Retirement Plan, you can return the policy to the insurer within 15 days of receipt of the policy bond. The policy will accordingly be canceled and an amount equal to the paid premiums less stamp duty shall be refunded to you. When the policy premium is refunded, all your rights under Bharti AXA Wonder years Retirement Plan shall stand extinguished immediately.

Suicide Exclusion

Whether you are sane or insane and commits suicide within one year of the policy issuance date, the company shall refund the paid premium less stamp duty charges as on the date of death. Whereas if you commit suicide within one year from the date of the latest reinstatement of the policy, the surrender value will be payable (if the policy has acquired the surrender value) else the sum of paid premiums will be given as death benefit to the nominee.

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