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Bharti AXA Life Aajeevan Sampatti+ Plan

When people look for life insurance policies, they often find that the maximum age such policies cover will be 75, and at the rarest of times 80. This means that there really aren’t many policies that offer coverage to people who live for more than 80 years. Keeping this in mind, Bharti Axa Life Insurance has come up with a unique offering which offers guaranteed annual payouts and also offer coverage till the age of 100. This policy - called the Aajeevan Sampatti+ - offers a payout of 6% each year for the policyholders to make their financial lives a lot smoother.

Eligibility - Who is the Bharti AXA Life Aajeevan Sampatti+ Plan for?

This policy is for those who live beyond the age of 80 and are in need of insurance coverage. There are a few criteria’s, however, that need to be met to buy this policy. Here’s what they look like:

Particulars Details
Minimum Age at Entry 91 days
Maximum Age at Entry 60 years for “To age 100” term 50 years for “To age 85” term
Age at Maturity 85/100 depending on the term chosen

Sum Assured and Premium Range - What you pay and what you get?

Sum Assured: Here’s what the Sum Assured looks like for the Aajeevan Sampatti+ Plan:

Particulars Details
Minimum Sum Assured Rs.50,000
Maximum Sum Assured No limit

Plan Coverage - What the Bharti Axa Life Aajeevan Sampatti+ Plan Covers?

The Aajeevan Sampatti+ plan offers a plenty of coverage. Here’s everything represented in a tabular column:

Particulars Details
Death Benefit If the person insured dies due to an unfortunate incident, here’s what the payout, i.e, the Sum Assured on Death would look like.It will be the higher of:
  • Sum Assured on Maturity
  • 11 times the annualised premium
Under any circumstance, the Death Sum Assured will not be less than 105% of premiums paid.
Maturity Benefit Sum Assured on Maturity will be paid once the policy reaches maturity age.
Survival Benefit There are three different survival benefits offered by this policy. They are as follows:
  • 6% of Sum Assured on Maturity, which will be paid each year after the completion of 10 policy years. Note: This works for “To Age 85” term plan.
  • 5.5% of Sum Assured on Maturity, which will be paid each year after the completion of the policy year. Note: This works for “To Age 100” term plan.
  • Non-guaranteed benefit each year after the completion of 6 policy years.

Exclusions - What the Bharti Axa Life Aajeevan Sampatti+ Plan doesn’t cover?

This policy comes with a suicide exclusion, wherein if a person insured commits suicide the following scenarios be taken into consideration and the payouts are provided:

  • If the person insured commits suicide within one year of purchasing the policy, the company is only liable to repay the premiums paid till date. Once the payment is made, the policy will no longer be valid.
  • If the person insured commits suicide within one year of reinstating the policy, the company is liable to pay the highest of either the surrender value or 80% of the total premiums paid.

Rider/Add-on plans - Additional Coverage offered by Bharti AXA Life Aajeevan Sampatti+ Plan:

The Bharti AXA Life Aajeevan Sampatti+ Plan offers just one add-on plan right now, which is as follows:

  • Bharti Axa Life Hospi Cash: This rider can be added onto the base policy for a premium. It covers any and all hospitalisation expenses as long as the amount does not exceed the sum assured.

Other Key Features - Free Look Period, Grace Period, etc.

These are some of the other features of this policy:

Feature Details
Grace Period The Aajeevan Sampatti+ Plan comes with a grace period of 30 days, within which the policyholder should pay their premiums. Any benefits applicable under this policy will still remain intact till this period is over.
Policy Loan Policyholders can opt for a loan as long as the policy has reached its surrender value. The maximum loan amount available will not exceed 70% of the acquired surrender value.
Policy Reinstatement Policyholders can reinstate their policy even though they haven’t paid premiums for more close to 2 years. However, they need to meet the following requirement:
  • Show evidence for insurability
  • Pay all the pending premiums along with the interest rate specified by the company.
  • Written statement from the policyholder asking for reinstatement.
Reduced Paid-up Plan If the policy lapses after a surrender value is acquired, it will be turned into a reduced paid-up plan. There are different reduced paid-up payouts for scenarios like death, maturity, and surrender. Here’s how they are calculated:
  • Paid-up value on death: (Number of premiums paid * Sum Assured on Death)/Premium Payment Term
  • Paid-up value on maturity: Number of premiums paid * Sum Assured on Maturity)/Premium Payment Term
  • Paid-up value on surrender: (Paid-up value on maturity * Special Surrender Value)/1000
Surrender Value Surrender Value will be calculated as a percentage of all the premiums paid excluding any additional premiums.
Guaranteed Surrender Value The policy will reach a GSV at different policy years and ranges from 10% to 90% depending on the policy tenure and premium payment term.

Tax Benefits – How you can save with the Bharti Axa Life Aajeevan Sampatti+ Plan?

There are a few tax benefits available for a policyholder upon availing the Bharti Axa Life Aajeevan Sampatti+ plan. They are as follows:

  • Deductions on premiums paid will be applicable based on Section 80C and 80CCC of the Income Tax Act.
  • Deductions on death benefit and survival benefit will be applicable based on Section 10 (10D) of the Income Tax Act.
  • The plan also offers tax benefits based on Section 80 D of the Income Tax Act provided that the policyholder opts for any one of the health related riders available along with this policy.

Why you should buy the Aajeevan Sampatti+ Plan from Bharti Axa Life?

There are plenty of reason why you should buy the Aajeevan Sampatti+ Plan from Bharti Axa Life. These are as follows:

  • Coverage till 85/100 years: As mentioned earlier, this plan offers coverage till the person insured reached either 85 or 100 years of age. Depending on the policy term chosen by the policyholder, he/she will receive guaranteed annual payments once the policy finishes 10 years.
  • Serviced online completely: This policy can be bought online and can be serviced online as well. For instance, the policyholder doesn’t have to step into a physical office for any procedure related to the policy. Instead, they can pay premiums, check the fund value, and do much more from the comfort of their homes.
  • A world-renowned company: Bharti Axa is a partnership between Bharti Enterprises - a leading business entity - and AXA - a French insurance giant. Through a multitude of insurance plans and connections built over more than a decade, the company serves thousands of customers across different walks of life.