Bharti AXA Life Secure Income Plan

Death Benefit

In case of the unfortunate death of the Life Insured, the nominee gets the Death Benefit which is as defined below for different Policy terms.

• For 15/17 year Policy Term: Death benefit payable is higher of Sum Assured or 11 times Annual Base Premium
• For 20 year Policy Term: Death benefit payable is higher of Sum Assured or 13 times Annual Base Premium

Maturity Benefit

If the Life Insured survives the policy term and all the premiums are duly paid, the life insured will  receive the following as maturity benefit which depends on the policy term option chosen.

• For a policy term of 15 years and premium payment term of 5 years, the maturity benefit is 170% of Sum Assured
• For a policy term of 17 years and premium payment term of 7 years, the maturity benefit is 185% of Sum Assured
• For a policy term of 20 years and premium payment term of 10 years, the maturity benefit is 200% of Sum Assured

Guaranteed Monthly Income

Guaranteed Monthly Income will start after the completion of the Premium Payment Term, until Maturity, provided the policy is in force and all due premiums have been paid. This income will be tax-free subject to the prevailing provisions of section 10(10D) of the Income-tax Act, 1961.

Bonus

This plan is a non participating plan and is not eligible for any bonus.

Loan Benefit

Loan benefit is available under this plan. The maximum loan amount taken can be 70% of the Surrender Value.

Surrender Value

The policy will gain surrender value if three annual premiums are paid. The minimum guaranteed surrender value under the policy is 30% of all premiums paid till date, excluding the first years’ premium and any extra premium paid. No surrender value is payable if life insured discontinue in first three policy years.

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 example of Gaurav

• Life Insured: Gaurav
• Age: 30 years
• Family Structure: Married and has a one year old child
• Annual Premium: Rs 50,000
• Sum Assured: Rs 3,11,061
• Policy term: 20 years
• Premium Payment Term: 10 years
   

Benefits under Bharti AXA Life Secure Income Plan:

1. Guaranteed Income: Gaurav starts receiving a Guaranteed Income of Rs 24885 p.a. by the time his son is 11 years old. With this Gaurav can ensure that he fulfills the dreams and needs of his growing son.
    
2. Maturity Benefit: At maturity, there will be a corpus of Rs 622122, when the child is 21 years old, that can be used to fund higher studies or any other expenses.
    
3. Death Benefit: Incase Gaurav dies, before Maturity of the policy, he secures his family as they will get the Death Benefit of Rs 6,50,000