Bharti AXA Life Child Advantage Plan is a non-linked participating life insurance policy that allows the policyholder to choose between two different maturity benefit options. At the inception of the policy, the policyholder is provided with Money Back and Endowment Option as the maturity benefits, based on the policyholder's financial goals, he/she can choose from either of the benefits. The plan offers guaranteed payouts under the Money Back maturity benefits which are given out in the last five years of the policy term provided all the premiums are paid and the policy is in force. Moreover, during the policy term, the policyholder's family is protected with an insurance cover. In the event of policyholder's unfortunate death, the policyholder's child will be entitled to all the benefits as it was planned at the inception of the policy. Additionally, the policyholder's family will not be required to pay any premium amount to receive the benefits.
The plan allows the policyholder to choose the premium payment term based on his/her requirements. The policyholder can choose to opt for the regular or limited pay option which is related to the premium payment term for the policy. If the policy is bought with regular pay option, the premium payment term will be same as the policy term. The policies that are issued with limited pay option have the facility to reduce the premium payment term by five years to enjoy the benefits of a shorter premium payment term. In order to buy the Bharti AXA Life Child Advantage Plan, the following eligibility factors are taken into consideration:
The customers who are looking to buy the Bharti AXA Life Child Advantage Plan are required to meet the following eligibility criteria:
|Minimum age at entry||18 years for regular as well as limited pay|
|Maximum age at entry||50 years for regular pay and 55 years for limited pay|
|Maximum age at maturity||71 years for regular pay and 76 years for limited pay|
|Policy term||11-21 years for regular as well as limited pay|
|Premium Paying Term||Same as the policy term for regular pay and five years less the policy term for limited pay|
|Minimum Premium amount||Calculated based on the minimum sum assured amount|
|Premium payment mode||Yearly, half-yearly, quarterly, and monthly intervals.|
|Minimum sum assured||Rs.20,000|
The age is calculated based on the last birthday of the customer.
The non-linked participating life insurance plan provides life cover to the policyholder. In the event of policyholder's unfortunate death, the nominee will be entitled to the death benefits listed under this plan. At the inception of the policy, the policyholder is required to choose one out of the two maturity benefit option. Once the selection has been made, the maturity benefit option cannot be changed during the policy term. The plan allows the policyholder to earn more through their savings while keeping them protected with an insurance cover. Under this plan, the policyholder can choose to take advantage of the flexibility provided in choosing the maturity benefit type, premium amount, premium payment term, and the policy term. The plan offers a minimum sum assured of Rs.25,000 along with a host of other benefits. Few of the notable covers are listed below:
|Death Benefits||If the policyholder encounters death during the policy term, the nominee will be entitled to higher of (110% of sum assured for money back option and 125% of sum assured for endowment option) or 11 times the base annualized premium to support the child. The death benefit will be a minimum of 105% of all premiums paid. Moreover, all future premiums are waived off.|
|Maturity Benefits||If the policyholder survives till the end of the policy term, he/she will be eligible to claim for the maturity benefits. Based on the type of the maturity benefit the policyholder has chosen while buying the Bharti AXA Life Child Advantage Plan, the following benefits will be paid: Money Back Option - This option enabled the policyholder to receive 40% of sum assured on the maturity date. This option also entitles the policyholder to guaranteed payouts Endowment Option - The policy with Endowment Option benefit generates 125% of sum assured that is payable on the date of maturity.|
|Insurance Cover||Bharti AXA Life Child Advantage Plan provides life cover to the policyholder. Throughout the policy term, the policyholder's family is protected from financial eventualities. In the event of policyholder's death, the death benefits will be paid out to the nominee/beneficiary and the policy will be terminated.|
The policyholder has an option to attach a rider to the Bharti AXA Life Child Advantage Plan in order to further strengthen the insurance cover. Currently, the following add-ons/riders are eligible to be attached to the base plan:
Both the riders are capable of increasing the insurance cover in addition to the existing cover provided under the base plan.
If the policyholder commits suicide within 12 months from the date of policy start date or policy revival date, whether medically sane or insane, the policy will be marked as void and the higher of the surrender value or 80% of the total premiums will be paid to the nominee.
|Free Look Period||If the policyholder is not happy or doesn't agree with the terms or conditions of the policy, he/she is provided with a free look period of 15 days (30 days free look period for policies that are purchased from distance marketing mode) to return/cancel the policy. In order to cancel/return a policy for the refund, the policyholder will be required to submit the original policy document along with a written statement of objection to justify the reason for return/cancellation. Once the policy is canceled, the refund will be made for the premium paid by the policyholder. The refund amount is subject to deduction of proportionate risk premium for the period for the cover and charges involved in the medical examination, stamp duty, if any.|
|Surrender Values||The policy reaches a surrender value when at least two annualized premiums have been paid for a premium payment term of less than 10 years. The policies that have a premium payment term of 10 or more years, the surrender value is acquired when three annualized premiums are paid. If the policyholder decides to surrender the policy, he/she will be entitled to a lump sum amount that will be higher of special surrender value or guaranteed surrender value excluding the guaranteed payouts that are paid already.|
|Grace Period||If the policyholder fails to pay the premium within the due date, a grace period of 30 days is provided to make the payment. The premium paid within the grace period has no impact on the associated policy benefit, however, if the policyholder couldn't pay the premium within the grace period, he/she will be reminded about the premium. Eventually, if the premiums are not coming through, the policy will be marked as lapsed.|
|Nomination||The policyholder is required to provide the nomination details at the inception of the policy. If the policyholder wants to the change the nominee details or change the beneficiary altogether, he/she will need to get in touch with|
|Maturity Benefit Options||Bharti AXA Life Insurance Company offers this plan with two distinct types of maturity benefits. At the inception of the policy, the policyholder will be required to choose one out of the two available options. Once the maturity benefit option is selected, it cannot be changed during the policy term.|
Bharti AXA Life Child Advantage Plan offers tax benefits to the policyholder as per the Income Tax Act, 1961. The premiums paid towards the plan and the returns earned on it are eligible for tax deduction and exemption under the Section 80C and Section 10 (10D) respectively. The tax rules and regulations are subject to change from time to time. Customers are advised to read the policy document carefully and also to consult a qualified tax advisor before purchasing the plan.
At the inception of the policy, the policyholder chooses one out of the two available maturity benefit options. Bases on his/her financial goals and requirements, the policyholder can also choose the sum assured at the end of the policy term. This policy provides flexible options to the policyholder which helps in saving more through the guaranteed and variable returns. Moreover, the premiums can be paid on yearly, half-yearly, quarterly, and monthly basis adding to the policyholder's convenience.
Bharti AXA Life Insurance Company is a joint venture between two of the market leading companies. Bharti and AXA have 51% and 49% stake in Bharti AXA Life Insurance Company Ltd that offers various types of insurance and wealth management solutions. With pan India presence, the company caters to retail, rural, and commercial clients. The company has many won many awards that attribute to the company's portfolio through a wide range of products such as, two-wheeler/four-wheeler insurance, health/critical illness insurance, travel insurance, home insurance etc
The Bharti AXA Life Child Advantage Plan is an ideal solution for customers who wants dual benefits from their policy. Through this plan, the policyholder can secure his/her child's future while being covered with a life insurance policy. The plan allows the policyholder to choose the premium, policy term, sum assured, maturity benefit option, payment mode, etc. making it flexible to adapt itself to the policyholder's requirements. Additionally, the policyholder can save on tax through the applicable tax benefits.