Investment Plans 219 views January 29, 2021

Bharti AXA Life Monthly Income Plan Plus provides you a solution for your day-to-day expenses. With this limited pay traditional participating life insurance plan, you will receive a monthly income till the time the policy matures. And this not only helps meet your financial needs but also protect your loved ones in case of an unfortunate event. So if you aren’t able to fulfill your family demands such as a laptop for your kid, an exotic summer vacation overseas for your wife and home renovation, you should purchase Bharti AXA Life Monthly Income Plan Plus. Read this page below and know more about it!

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List of Bharti AXA Life Monthly Income Plan Plus Benefits

The life assured will be getting the following benefits if he/she purchases the Bharti AXA Life Monthly Income Plan Plus.

  1. Start receiving monthly income from the end of the premium payment term, provided the policy is in force.
  2. The life assured will have the flexibility to choose his/her monthly income, which will decide the premium amount for Bharti AXA Life Monthly Income Plan Plus
  3. The monthly income will be tax-free under Section 10(10D) of the Income Tax Act, 1961.
  4. There are also non-guaranteed simple annual reversionary bonuses on Bharti AXA Life Monthly Income Plan Plus that will accrue from the end of the first policy year.
  5. You may receive the non-guaranteed annual reversionary bonuses and non-guaranteed terminal bonus either on death or maturity.
  6. In case of death of the life assured, the nominee will receive a death benefit payout as a percentage of monthly income for the next 8, 10 or 15 years based on the policy term chosen at inception. Also, the death benefit payout will be over and above the earlier monthly income. And if there is any annual reversionary bonuses or terminal bonus, the same will be payable to the nominee in the first installment of death payout.
  7. On the maturity date, you will receive the accrued non-guaranteed annual reversionary bonuses plus a non-guaranteed terminal bonus.

Premium Payment Schedule of Bharti AXA Life Monthly Income Plan Plus

Your policy premium rates will depend on the entry age, gender, policy term, premium payment mode and monthly income. Let’s see how choosing a higher monthly income can get you a discount on your premium rate. As stated in the Bharti AXA Life Monthly Income Plan Plus brochure, the life assured will get a 2% discount on the premium rate if he/she chooses a monthly income is >= INR 3,000 for a policy term of 20 and 30 years.

You can pay your premiums monthly, quarterly, half-yearly or annually. The modal factor on your premium will be as follows –

  1. Monthly – 0.09 of the annualized premium
  2. Quarterly – 0.27 of the annualized premium
  3. Half-yearly – 0.52 of the annualized premium

Note – Service tax and cess will apply to your premium payment as per the prevailing tax laws.

Customize Bharti AXA Life Monthly Income Plan Plus With an Optional Rider

At inception, you can enhance the protection of your Bharti AXA Life Monthly Income Plan Plus by adding a Hospi Cash Rider to your insurance. For this, you just need to pay a nominal premium besides the base policy premium. This rider will provide you a fixed benefit for each day of hospitalization. And in case of surgery, a lump sum will be payable.

Eligibility for Bharti AXA Life Monthly Income Plan Plus

If you want to buy Bharti AXA Life Monthly Income Plan Plus, you should know the following –

  1. The minimum age at entry is 3 years for a policy term of 15 years
  2. The minimum age at entry is 0 years for a policy term of 20 years and 30 years
  3. The age of the individual at maturity should not exceed 80 years
  4. The minimum monthly income for Bharti AXA Life Monthly Income Plan Plus is as follows:-
    Policy TermMinimum Monthly Income (In INR)
    15 years2,000
    20 years1,750
    30 years750
  5. The minimum sum assured for Bharti AXA Life Monthly Income Plan Plus is based on your policy term and monthly income. Have a look at the table below:-
    Policy TermMinimum Sum Assured (In INR)
    15 years1,92,000
    20 years2,10,000
    30 years1,35,000
  6. The policy term is 15 years, 20 years and 30 years
  7. Premium payment term is 7 years, 10 years and 15 years for policy term 15 years, 20 years and 30 years, respectively
  8. The available premium payment modes are annual, semi-annual, quarterly and monthly

Bharti AXA Life Monthly Income Plan Plus Term & Conditions

  1. A free look period of 15 days (offline purchase) and 30 days (distance marketing purchase) is available for the policyholder. During this period, the policyholder can review the terms and conditions of the policy and can return it if he/she finds them not satisfactory. By returning the policy, you can also get a refund of the paid premium less proportionate risk premium, medical examination charges and stamp duty charges.
  2. If the life assured, whether sane or insane, commits suicide within 1 year from the date of issuance of Bharti AXA Life Monthly Income Plan Plus, the policy will be void and the company will pay only the paid premiums to the nominee.
  3. If the life assured, whether sane or insane, commits suicide within 1 year from the date of Bharti AXA Life Monthly Income Plan Plus reinstatement, the policy will be void and the company will pay either 80% of the paid premiums or surrender value, whichever is higher, to the nominee.
  4. Bharti AXA Life Monthly Income Plan Plus is a participating traditional Insurance policy

Tax Benefits of Bharti AXA Life Monthly Income Plan Plus

Under Section 80C and 10(10D) of the Income Tax Act, 1961, you can get tax benefits on your paid premiums up to INR 1 lakh. The tax benefits may change in the future as per changes in the tax laws.

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