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Bharti AXA Life Dhan Varsha Plan

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.

Eligibility - Who is the Bharti AXA Life Dhan Varsha Plan for?

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.

Parameter Eligibility
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

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured:

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.

Premiums:

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

Plan Coverage - What the Bharti AXA Life Dhan Varsha Plan covers?

The Bharti AXA Life Dhan Varsha Plan works in the following way:

  • The individual first chooses the policy term (either 20 or 25 years), which would decide the premium paying term.
  • The individual then decides on the sum assured amount.
  • The premium paid would depend on the individual’s age, gender, premium payment term, policy term and the sum assured amount selected.
  • The policy pays out a maturity benefit, which is the sum assured on maturity.
  • The policy also pays out non-guaranteed yearly bonuses from the 7th policy year onwards.
  • The policy also pays out a survival benefit annually from the 10th policy year onwards up to policy maturity or the death of the policyholder, whichever is earlier.
  • The policy also permits policyholders to take out a loan against the policy. The loan can be taken out only if the policy has reached surrender value and can be up to 70% of the surrender value of the policy.
  • The sum assured on death as defined under the policy is the highest of the following:
    • 10 times the annualised premium
    • Sum assured on maturity where the sum assured on maturity is the sum assured under the policy
    • The absolute amount that is to be paid out on death which is equal to the sum assured under the policy.

The below table lists out the coverage offered under the plan:

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:
  • Sum assured on death
  • 105% of all premiums paid till the date of demise
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.

Riders/Add-on Plans - Additional coverage under the Bharti AXA Life Dhan Varsha Plan:

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:

  • Bharti AXA Accidental Death Benefit Rider: This is a rider that provides the policyholder’s dependents with an additional sum assured (amount to be selected by the policyholder) in the event of the policyholder’s death as a result of an accident.
  • Bharti AXA Hospi Cash Rider: This rider provides the policyholder with a fixed daily sum for each day of hospitalisation and also provides for a lump sum in case of the policyholder undergoing surgery.
  • Bharti AXA Premium Waiver Rider: This rider all future premiums payable would be waived in the event of the policyholder contracting a critical illness and in the case of critical illness/death or accidental death or total disability when the rider is taken by the proposer.

Exclusions - What the Bharti AXA Life Dhan Varsha Plan does not cover?

The exclusions under the Bharti AXA Life Dhan Varsha Plan are listed below:

  • Suicide- In the event of suicide by the policyholder, whether sane or insane, within a year of the policy being in force, the company will pay the nominee 80% of the premiums paid as long as the policy is still in force.
  • If the policyholder commits suicide within one year of the revival of the policy, the nominee will receive an amount higher than 80% of the premiums paid till date of death or till the surrender value as available on the date of death.

Other Key Features - Freelook Period, Surrender Value, Grace Period etc.

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:
  • Guaranteed Surrender Value (GSV)- which is the multiple of the cumulative premiums paid till date and the GSV.
  • Special Surrender Value (SSV)- which is a non-guaranteed rate declared by the company that is not lower than the GSV rates.
Policies that have acquired surrender value will move into ‘paid up value’ and the following benefits to the policyholder/nominees:
  • On maturity, the paid up sum assured on maturity will be paid out.
  • On death, the paid up sum assured on death will be paid out.
  • A survival benefit will be paid out, which is:
6% times (Sum assured x number of premiums paid/number of premiums payable)
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:
  • Submit a written application requesting revival of the policy
  • Provide satisfactory evidence of insurability
  • Pay the amount equal to all unpaid premiums along with interest and any other fees and charges that may be applicable
  • Meet additional terms and conditions as specified.
Termination of policy The policy stands to be terminated in the following circumstances:
  • If it is not revived within 2 years of it lapsing. In this case, no benefits will be payable.
  • On the policy reaching maturity.
  • Following the payment of the death benefit after the policyholder’s demise.

Tax Benefits - How you can save with Bharti AXA Life Dhan Varsha Plan?

The Bharti AXA Life Dhan Varsha Plan enables policyholders to save on tax in the following ways:

  • All premiums paid toward the policy are eligible for tax exemption under Section 80C of the Income Tax Act, 1961.
  • The benefits received from the policy in terms of bonuses, survival benefit, maturity benefit, death benefit etc. are eligible for tax exemptions under Section 10 (10D) of the Income Tax Act of 1961.

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.

Other Benefits - How you can save with Bharti AXA Life Dhan Varsha Plan?

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.

Why you should buy the Bharti AXA Life Dhan Varsha Plan from Bharti AXA Life?

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:

  • Adjudged the ‘Most Trusted Private Insurance Brand in the Country’ in 2016 for the second consecutive year by The Brand Trust Report.
  • Was featured in the Top 50 Hot Brands in Mumbai at the Mumbai Brand Summit, 2016.