Bharti AXA Life Flexi Save Plan

Death Benefit

In the unfortunate event of death of life insured, provided all due premiums till the date of death have been paid and the policy is in-force, the policyholder or nominee shall receive the higher of

1. Sum Assured or

2. 105% of premiums paid till date of death or

3. A multiple of Annual Base Premium as mentioned below:

Premium payment term/age	Less than 45 years	45 years and above
5 years	11	7
7 years	11	11
12 years	11	11

 

Along with the above, the nominee receives the accrued reversionary bonus and terminal bonus, (if any)

Maturity Benefit

On completion of the policy term, the life insured will receive

• 100% of Sum Assured; plus
• Accrued Reversionary and Terminal bonus, (if any)

Bonus

Non-Guaranteed vested simple Reversionary Bonuses and Non-Guaranteed Terminal Bonus is payable under this plan.

Flexibility to modify policy term

Anytime during the Flexi benefit period, the policyholder can decide to pre-pone the maturity benefit of the policy and avail the full benefits due in the policy (i.e.100% of Sum Assured plus accrued bonus till date plus terminal bonus (if any).

Loan Benefit

Loan facility is available under this plan. The maximum loan amount which can be taken under this policy should not exceed 70% of Surrender Value.

Surrender Value

Minimum guaranteed Surrender Value is 30% of all premiums paid till date, less all guaranteed monthly income paid till date and excluding any extra premium paid.

Tax Benefit

The plan offers tax benefits under section 80C  and section 10 (10D) of the Income Tax Act,1961.

Following rider is available with this plan

• Bharti AXA Life Hospi Cash Rider 

Let us understand the plan with the case study of Sidharth

• Name of Life Insured: Sidharth
• Age: 35 years old
• Profession:  salaried individual working with an MNC
• Family Structure: Wife who is a homemaker and a daughter who is 1 year old.
   

Concerns:

 1. He is concerned about the expenses which he would incur when his daughter grows up. For e.g. her education, her marriage expenses etc.

2. Siddharth is looking for a product that provides him guarantee of benefits and flexibility of withdrawing his money in case of an emergency.

3. He also wants to secure his family by ensuring they are protected incase of an unfortunate event Proposed solution: Siddharth purchases Bharti AXA Life Flexi Save and invests Rs 30,000 (exclusive of taxes) as annual premium for 5 years. Assuming that Siddharth is in good health, his sum assured as per his age is Rs 1,69,943
 

He will receive the maturity benefit when his daughter requires it for her higher education 2. Incase of an unfortunate event of his death before maturity of the policy, his family will get higher of Sum Assured or 105% of the Premiums paid or 11 times Annual Base premium, plus accrued reversionary bonus and terminal bonus ,(if any).