Bharti AXA Life Dhan Varsha is a non-linked, limited pay, participating life insurance plan provided by Bharti AXA Life. The plan offers life coverage along with guaranteed survival benefits from the 10th policy year onwards and non-guaranteed cash bonuses from the 7th policy year onwards. Additionally, the policy provides for a lump sum pay-out at maturity, ensuring that the policyholder’s dependents are financially secure.
The policy also enables the policyholder to choose the policy term based on their convenience, with a choice of two premium paying terms.
While the policy provides comprehensive life coverage, individuals can also choose to have add-on coverage in the form of riders and can choose from 3 different riders based on their requirement.
Policyholders will also receive benefits in the form of tax exemptions through their premium payments under Section 80C of the Income Tax Act. Additionally, benefits received through the policy, such as maturity benefits, death benefits and bonuses are all eligible for tax exemptions.
The Bharti AXA Life Dhan Varsha Plan is the perfect plan for those who are looking to receive guaranteed returns from their life insurance policy. The non-guaranteed bonuses will enable policyholders to build up a corpus or invest in other financial instruments, thus building their wealth and providing them with a larger pay-out on maturity/death of the policyholder. The plan offers policyholders guaranteed maturity benefits as well as the opportunity to increase their income through annual bonuses (non-guaranteed).
Individuals between the ages of 91 days and 55 years for a 20 year policy term and 50 years for a 25 year policy term are eligible to apply for this plan. The maximum age at maturity cannot exceed 75 years.
The policy is an individual policy and is for a fixed policy term which cannot be extended or renewed. The policyholder is required to choose from the two policy terms available.
The policy is open to residents of India only.
|Minimum entry age||91 days|
|Maximum entry age||50 years for 25 year policy term 55 years for 20 year policy term|
|Maximum maturity age||75 years|
|Policy term||20 and 25 years|
|Premium payment term||10 years for 20 year policy term 15 years for 25 year policy term|
Bharti AXA Life’s Dhan Varsha Plan offers policyholders a range of benefits such as maturity benefits, death benefits as well as survival bonuses, making it an ideal plan for those looking at earning from their life insurance policy. The minimum sum assured for the policy is Rs.25,000. There is no limit on the maximum amount, subject to underwriting.
The premiums for this policy can be paid either annually, semi-annually, quarterly or monthly, based on the policyholder’s convenience. In case of monthly and quarterly premium payments, the premium is to be paid through auto pay only. The premium payment term is to be selected at the time of the commencement of the policy. The minimum annual premium payable for the policy is Rs.3,443 for a 20 year policy term. The minimum premium payable for a 25 year premium term is Rs.2,515. The percentage of the annual premium that is payable for the other modes is mentioned in the below table:
|Premium payment mode||Premium amount payable|
|Monthly premium||0.0867 of the annual premium|
|Quarterly premium||0.26 of the annual premium|
|Half-yearly premium||0.51 of the annual premium|
The Bharti AXA Life Dhan Varsha Plan works in the following way:
|Death benefit||The policyholder’s nominees stand to receive the highest of the following in case of the policyholder’s death during the policy term and provided all premiums thus far have been paid:
|Maturity benefit||The maturity benefit is the sum assured on maturity and is paid out if the policyholder survives till policy maturity|
|Cash bonuses||The policy pays out non-guaranteed bonuses which is a portion of the sum assured as calculated by the company. This is dependent on the performance of the participating insurance fund the policy is enrolled under.|
|Guaranteed survival benefit||The policy pays out guaranteed survival benefits which is 6% of the sum assured from the 10th policy year onwards till maturity or the death of the policyholder provided all premiums have been paid.|
The Bharti AXA Life Dhan Varsha Plan also makes provision for the addition of riders or add-ons to the basic plan in order to enhance coverage under it. The riders can be added to an existing plan at an extra cost, and the riders associated with this plan are mentioned below:
The exclusions under the Bharti AXA Life Dhan Varsha Plan are listed below:
Features of the Bharti AXA Life Dhan Varsha Plan are listed below:
|High Sum Assured Discount||Policyholders who opt for a sum assured amount higher than Rs.3,00,000 stand to receive a discount on the premium amount payable.|
|Free look period||The policyholder can choose to return the policy if he/she is dissatisfied with ant of the provisions therein. The policy can be returned within 15 days in case of offline policy and 30 days for distance marketing policies. The policy would then be cancelled and all premiums paid would be refunded.|
|Premium payment flexibility||The premiums can be paid either monthly, quarterly, semi-annually, or annually.|
|Grace period||If policyholders cannot pay their premiums within the given period, a grace period of 30 days is provided, during which time the policyholder can pay off the premium without any penalties.|
|Lapse of Policy||If premiums are not paid within the grace period provided, the policy lapses. The policy can be revived within 2 years, failing which it is terminated and no benefits are paid out.|
|Surrender value||If the policyholder does not wish to continue with the policy and at least 3 annualised premiums have been paid, the policy enters surrender value. If the policy is being surrendered, the highest of the following will be paid out:
|Policy revival||The policyholder can choose to revive a policy if it is revived within 2 years of it lapsing. The policyholder is required to notify the company of the desire to revive the policy and has to meet the following terms:
|Termination of policy||The policy stands to be terminated in the following circumstances:
The Bharti AXA Life Dhan Varsha Plan enables policyholders to save on tax in the following ways:
It is to be noted, however, that tax rules are subject to change and it is advisable to consult with the company or an individual conversant with the latest tax laws for the current tax provisions.
Bharti AXA Life offers policyholders myriad amenities and benefits, such as their online portal through which policyholders can log in and check the status of their policies and also renew policies online.
Policyholders may also pay their premiums online, instead of by cheque or physically visiting a company branch, making it more convenient and safe. The various ways policyholders can choose to pay their premiums online is listed in the below table:
|Net banking||Policyholders can choose to pay their premiums through their bank’s net banking facility.|
|Credit cards||Bharti AXA Life accepts credit card payments from all VISA, MasterCard, Maestro, Diners Club and American Express cards.|
|Debit cards||Policyholders can choose to pay their premiums through their RuPay, VISA, MasterCard and Maestro debit cards.|
|Bill Desk||Policyholders can make their premium payments through Bill Desk for certain banks, using their BillPay services.|
In addition, policyholders can call up the customer helpline for any assistance relating to a life insurance policy. Policyholders can also request a call back from the company for any insurance related query.
Bharti AXA Life also provides policyholders with a dedicated claims processing team and a 48-hour fund release in case of straightforward claims.
The Bharti AXA Life Insurance Company Pvt Ltd is one of the leading insurance companies in India. A joint venture between the India-based Bharti Group and the Paris-based AXA Insurance Company, the company blends local knowledge and decades of experience in the life insurance sector, ensuring that policyholders receive the best in service and performance. Since the year 2006, the company has been providing a range of life insurance products designed to meet the needs of every prospective policyholder.
With comprehensive plans and additional benefits, the company aims to deliver superior service along with tailor-made solutions to cater to the diverse market that India represents.
Bharti AXA Life provides savings plans, ULIP plans, child plans as well as group and health plans. To tap into the burgeoning rural market, the company has recently launched a number of plans and policies targeted at the unique opportunities that the rural sector presents. Affordable and easy to access, Bharti AXA Life has branches across the country, making it convenient for individuals and organisations to access a plan or policy.
The company has also moved many of its processes online, making it more convenient for policyholders to look up information and renew or pay their premiums.
Bharti AXA Life also has a consistent record when it comes to claims settlement ratio, with an 80.02% claim settlement ratio for the year 2015-2016.
The company has also been recognised by industry for its stellar record and performance, winning a number of accolades, a few of which are mentioned below: