Bharti AXA Life Monthly Advantage Plan

Death Benefit

The death benefit is payable if the life insured dies during the term of the policy. The benefits payable to the nominee are higher of

• Sum Assured on Death (which is higher of a multiple of Annualized Premium, Absolute amount assured to be paid on the death of the Life Insured will be equal to the Sum Assured under the policy or Sum Assured on Maturity where the Sum Assured on Maturity is zero)
• Non-Guaranteed vested simple Reversionary Bonuses and Non-Guaranteed Terminal Bonus (if any)
• 105% of all premiums paid as on the date of Death

(Any Survival Benefit already paid will not be deducted from the Death Benefit as defined above)

Sum Assured on Death will be paid in equal monthly installments starting immediately from the next monthly anniversary following the date of death and will be payable for 72 months (for policy term 12 years), 96 months (for policy term 16 years) or 144 months (for a policy term of 24 years).

Accidental Total Permanent Disability

In case of Total Permanent Disability suffered by the life insured due to an accident either immediately or within 90 days from the date of Accident, the benefit payable to the nominee will be same as Death Benefit under the plan.The policy will terminate on occurrence of Accidental Total and Permanent Disability (ATPD).

Maturity Benefit

Maturity benefit is payable on  the survival of the Life Assured till the completion of the policy term .Guaranteed Monthly Income on Survival will be payable monthly starting from the end of the next month after the completion of the Premium Payment Term.
 

Policy Term	Premium Payment Term	Guaranteed Monthly Income on Survival as % of (annual premium/12)
12 years	6 years	105%
16 years	8 years	110%
24 years	12 years	120%

 

Bonus

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

Loan Benefit

Loan facility is available under this plan. The minimum loan amount available under your policy is  Rs 15000 and the maximum loan amount should not exceed 70% of Surrender Value.

Surrender Value

Guaranteed surrender value as a percentage of premiums paid  if at least two annualized premiums have been paid for a premium payment term of 6 and 8 years and three annualized premium have been paid for premium payment term of 12 years.

Tax Benefit

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

Following riders are available with this plan

• Bharti AXA Life Hospi Cash Rider 
• Bharti AXA Life Accidental Death Benefit Rider

Let us understand the plan with the case study of Advait

• Name of Life Insured: Advait
• Age: 35 years old
• Profession:  salaried individual working with an MNC
• Family Structure: Wife who is a homemaker and a daughter who is 5 years old.
   

Advait invest in this plan for a period of 8 years, with a Policy Term of 16 years. He selects a Sum Assured of Rs 2,50,000 for which his Annual Premium is Rs 37,405 (without Service Tax).