Investment Plans 225 views February 3, 2021

Bharti AXA Life Aajeevan Sampatti+ is a non-linked participating individual life insurance saving plan that provides you a life coverage along with guaranteed annual payouts. It is a limited premium plan, so you won’t have to pay premiums regularly. Your guaranteed annual payout will be based on the policy sum assured on maturity. Also, there are cash bonuses under Bharti AXA Life Aajeevan Sampatti+. Let’s read this page and learn more about the policy.

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Benefits of Bharti AXA Life Aajeevan Sampatti+

Under the Bharti AXA Life Aajeevan Sampatti+, the life insured or nominee will receive the following benefits as the case may be –

Guaranteed Annual Payout – Get guaranteed payouts until maturity or death (during the policy term), whichever is earlier. The payout will commence from the end of the 10th policy year. The guaranteed annual payout percentage will be as follows –

  1. If the life insured age is up to 100 years until maturity, the guaranteed annual payout percentage will be 5.50% of the sum assured on maturity
  2. If the life insured age is up to 85 years until maturity, the guaranteed annual payout percentage will be 6% of the sum assured on maturity

Cash Bonuses – Cash bonuses shall be available to Bharti AXA Life Aajeevan Sampatti+ from the end of the 5th policy year until maturity or death, whichever is earlier.

Maturity Benefit – The life insured will receive a sum assured on maturity if he/she survives the policy term till maturity date, provided the policy is in force.

Death Benefit – In case of the life insured dies during the policy term, the nominee will be entitled to the sum assured payable on death, provided the policy is in force. The sum assured payable on death will be higher of the following –

Sum assured on maturity

Or

11X the annualized premium

The death benefit of Bharti AXA Life Aajeevan Sampatti+ payable shall be higher of the sum assured payable on death or 105% of the paid premiums (excluding underwriting extra premium).

Illustration of Bharti AXA Life Aajeevan Sampatti+ Benefits

Neha is 28 years old and she’s a corporate employee to support her family that includes her husband and a 2-year old son. She has been looking for an insurance plan that can provide both a guaranteed income and life cover, so even in her absence, her family doesn’t face any financial problems. Neha comes across Bharti AXA Life Aajeevan Sampatti+ policy and the plan has everything she needs. She wants to purchase the Bharti AXA Life Aajeevan Sampatti+ and choose a premium payment term of 10 years and life insurance coverage till the age of 100. Neha’s Bharti AXA Life Aajeevan Sampatti+ sum assured on maturity is INR 5 lakh as she chooses it at inception. And based on Neha’s good health status she gets an annual premium of INR 1,07,310 (exclusive of taxes).

So as per all the details above Neha will get the following benefits as follows:-

ParticularsDetails
Guaranteed annual payout until maturityINR 27,500 (starting from the age of 38 years)
Cash bonusesINR 35,000 (for 8% rate of return) and INR 2,750 (for 4% rate of return). The cash bonuses payment will start from the age of 33 years.
Maturity benefitINR 5 lakh

Note – In case something unfortunate happens and Neha dies during the policy term, her family will receive a death payout of INR 11,80,410, provided the policy is in force.

Eligibility for Bharti AXA Life Aajeevan Sampatti+

You can buy Bharti AXA Life Aajeevan Sampatti+ plan if you meet the following –

  1. The minimum age at entry is 91 days as on the date of your last birthday
  2. The maximum age at entry is 60 years for policy term up to the age of 100 years and 50 years for policy term up to the age of 85 years as on the date of your last birthday.
  3. The maturity age is 85 and 100 years based on your chosen policy term, as on the date of your last birthday
  4. The minimum sum assured is INR 50,000

Options to Enhance Bharti AXA Life Aajeevan Sampatti+ Plan

If you want to enhance the Bharti AXA Life Aajeevan Sampatti+ coverage, add any of the following riders to it at a nominal cost –

Bharti AXA Life Hospital Cash Rider – It ensures the payment of fixed benefits for each hospitalization per day and a lump sum benefit for surgery.

Bharti AXA Life Accidental Death Benefit Rider – An additional sum assured will be payable to your nominee in case of unfortunate event of death due to an accident.

Bharti AXA Life Premium Waiver Rider – All your future premiums will be waived and the policy benefits shall continue in case of death, total permanent disability or critical illness of the life insured.

Bharti AXA Life Aajeevan Sampatti+ Terms and Conditions

  1. The minimum premium amount will be dependent on the minimum sum assured on maturity
  2. A free look period of 15 days (offline purchase of the policy) and 30 days (if purchased via distance marketing)
  3. A grace period of 15 days (monthly mode) and 30 days (quarterly, half-yearly and yearly mode) can be offered if you don’t pay the premium on its due date. You can pay the premium during this period and keep your policy benefits intact.
  4. The nominee will be entitled to 80% of the paid premiums or the policy surrender value, whichever is higher, in case the life insured commits suicide within one year from the date of commencement of risk or policy revival.
  5. The policy will acquire a surrender value after paying the premium for one year
  6. You can borrow a loan up to 70% of the acquired surrender value
  7. If policy hasn’t acquired a surrender value post grace period, the policy will lapse
  8. You can revive the policy within 5 years from the date of the first unpaid premium
  9. If the policy has acquired a surrender value and the policy is lapsed due to unpaid premiums, the policy will be converted into paid-up. And the policy benefits shall also be converted as follows –

Paid-up value on Maturity = paid premiums till the date of unpaid premium x sum assured on maturity/premium payment term

Paid-up value on Death = paid premiums till the date of unpaid premium x sum assured on death/premium payment term

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