Bharti AXA Life Future Invest Plan

• 6 investment fund options
• Single pay or 5 years premium payment term
• No premium allocation charge
• Life insurance benefit
• Get fund value as maturity benefit
• Settlement Period for staying invested after maturity
• Avail Partial withdrawal facility
• 12 free switching is allowed in a policy year
• Avail premium re-direction facility
• Enjoy tax benefits

This policy offers 6 investment funds and you have the option to invest in any one or combination of fund options.

• Growth Opportunities Plus Fund
• Grow Money Plus Fund
• Build India Fund
• Save’n’Grow Money Fund
• Steady Money Fund
• Safe Money Fund

The minimum investment in any allocated fund should not be less than 5%.

Death Benefit

In the event of death of the life assured while the policy is in-force, the Death Benefit payable is higher of Sum assured (less partial withdrawals, made 12 months prior to death), Policy Fund Value or 105% of all premiums paid.

Maturity Benefit

On survival of the life insured till the end of the policy term, the Policy Fund Value is payable on the maturity date. You can receive this benefit as a lump sum, as periodic installments by using ‘Settlement Option’ or combination of both options. You need to choose the maturity benefit option, at least 90 days before the maturity date.

Settlement Option

On maturity, you can opt to receive your money in installments over a maximum period of 5 years, after the date of maturity. At any time during the settlement period, you can withdraw the balance available Policy Fund value. No life cover is applicable during this settlement period. Partial Withdrawals and switching are not allowed during the Settlement Period. In the event of death of the life assured during this period, the available fund value is payable to the nominee and the policy gets terminated.

Switching

Switching can be done among 6 available fund options to suit your changing investment needs. The minimum value of a switch is Rs 1,000.

Premium Re-direction

Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums.

Partial Withdrawal

Partial Withdrawal is allowed from 6^th policy year onwards (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount is Rs 1,000. The fund value required after such withdrawal should not be less than 120% of annualized premium.

Bonus

This plan is not eligible for the bonuses.

Loan Benefit

No loan benefit can be availed under this plan.

Surrender Value

Upon surrendering the policy with-in the lock-in period of 5 years, the Fund Value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The applicable fund management charge of the Discontinued Policy Fund is levied. The proceeds after addition of minimum guaranteed interest as stipulated by IRDAI is payable after the end of the lock-in period.

Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately and the policy then terminates.

No rider can be opted under this plan.

Premium Allocation Charges: No premium allocation charge is levied.

Policy Administration Charge: The Policy administration charge is 0.5% of annualized premium for 5 years pay policies. For single premium pay policies, it is 0.2% of single premium for 1^st to 5^th policy year. The policy administration charge is subject to a maximum of Rs 6,000 per annum.

Mortality Charges: Mortality charge is levied at Sum at Risk and it is applicable for providing you with the risk cover. Sum at Risk is higher of Sum Assured less policy fund value.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.35% p.a. for Growth Opportunities Plus Fund, Grow Money Plus Fund, and Build India Fund, 1.25% p.a. for Save ‘n’ grow Money Fund, 1% p.a for Steady Money Fund and Safe Money Fund, 0.50% p.a for Discontinued Policy Fund.

Switching Charge: Switching up to 12 times in a policy year is allowed free of charge. The subsequent switches in the same policy year is charged at Rs 100 per switch. No option to carry forward the unused switches to the next policy years.

Partial Withdrawal Charge: 2 free partial withdrawals are allowed during a policy year and no further withdrawals are allowed in the same policy year.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

Tax benefits can be availed under section 80C & 10 (10D) under the Income Tax Act, subject to change in tax laws.

Mr. Raman aged 35 years, is leading a happy life with his wife ananya and a daughter sanya. He wants to build a corpus amount, so his family can achieve their dreams such as sanya’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for Bharti AXA Life Future Invest Plan (Grow Money Plus Fund) with the policy term of 10 years, premium payment term of 5 years, annual premium of Rs 50,000 and sum assured of Rs 5,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Policy Fund Value is payable on the maturity date. You can receive this benefit as a lump sum, as periodic installments by using ‘Settlement Option’ or combination of both options.
 

Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of Sum assured (less partial withdrawals, made 12 months prior to death), Policy Fund Value or 105% of all premiums paid.