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Bharti AXA Life Invest Once Plan

The Invest Once Plan offered by Bharti AXA provides financial protection to the family of the life insured and at the same time provides multiple other benefits such as guaranteed additions and tax savings. This plan requires only one single premium payment for 5 years or 10 years of protection. The plan has a survival benefit as well where 125% of the premiums will be payable if the life insured survives the policy term of this insurance plan.

Eligibility - Who is the Bharti AXA Life Invest Once Plan for?

The Invest Once Plan is a simple non-linked non-participating endowment policy. All life insurance policies have certain criteria set out that customers must meet in order to be eligible to avail the policy. Given below are the eligibility requirements of the Invest Once Plan:

Particulars Details
Minimum Entry Age 5-year term - 13 years 10-year term - 8 years
Maximum Entry Age 55 years
Minimum Premium Rs.5,000 p.a. (not including taxes and additional premiums)
Maximum Premium No limit
Minimum Policy Term 5 years
Maximum Policy Term 10 years

*Ages mentioned are ages last birthday

Sum Assured and Premium Range - What you get and what the Bharti AXA Life Invest Once Plan costs?

With the Invest Once Plan, as the name suggests, you only need to invest once! A single premium paid at the start of the policy can fetch you either 5 years or 10 years of coverage. The sum assured under this plan will depend on the premium amount selected by you. Listed below are the details pertaining to the sum assured and premiums of this plan:

Particulars Details
Minimum sum assured Depends on the minimum premium
Maximum sum assured Depends on the minimum premium
Policy term 5 years and 10 years
Premium payment terms Single premium
Premium payment frequency Not applicable

*Premiums vary based on age, location, plan term and other factors

Plan Coverage - What the Bharti AXA Life Invest Once Plan covers?

The Bharti AXA Life Invest Once Plan has multiple benefits for the life insured and their family such as death benefits and survival benefits. So in the event that the policyholder survives till the end of the policy term, they have nothing to lose as 125% of the premiums paid will be refunded. Apart from this, guaranteed additions enhance the value of the plan every year. Given below are some of the important benefits associated with this plan.

Benefits Details
Death benefit Upon the death of the life insured, the nominee will be entitled to claim the higher of the following: Sum assured as chosen by the policyholder
  • Maturity sum assured
  • 125% of the single premium + mortality premium (if the enhanced death cover has been selected), if the policyholder is less than 45 years (last birthday) at the time of taking the policy
  • 110% of the single premium + mortality premium (if the enhanced death cover has been selected), if the policyholder is 45 years or more (last birthday) at the time of taking the policy
The enhanced death cover is also payable if opted for under this plan.
Maturity benefit If the policyholder survives the policy term, provided the policy is in force, the sum assured on maturity will be payable. This is equal to 100% of the single premium + total guaranteed additions (not including mortality premium, if any).
Guaranteed Additions A percentage of the single premium will be added to the policy every year in the form of guaranteed additions. At the end of the policy term, the additions are payable along with the maturity benefit. 5-year term - 7% of the base single premium. 10-year term - 10% of the base single premium.
Tax benefits Available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Riders / Add-On Plans – Additional coverage under the Bharti AXA Life Invest Once Plan:

There are no riders available with this plan.

Exclusions - What the Bharti AXA Life Invest Once Plan doesn’t cover?

If the life insured commits suicide within 1 year from the commencement of the policy, whether medically sane or insane, the policy benefits are not payable. Bharti AXA will refund the single premium paid. The policy will be terminated after the payment.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Knowing the details mentioned in your life insurance policy document is very important. These details are mentioned in the policy document and you are advised to read it before purchasing it. Given below are some of the important features of the Bharti AXA Life Invest Once Plan.

Features Details
Grace Period Not applicable.
Free-look Period The policyholder has 30 days to review the policy. If he/she disagrees with the terms and provisions, then they can return the policy along with a letter stating reasons for cancellation. The premium will be refunded and the policy will be cancelled. The company will deduct any proportionate risk premium, medical expenses and stamp duty.
Loan facility Not available under this plan.
Surrender Value A policy can be surrender at any time after the single premium is paid 1st year - 70% 2nd year - 70% 3rd year - 70% 4th year - 90% 5th year - 90% 6th year onward (applicable to 10-year terms) - 90%
Assignment The policy can be assigned to another person in accordance with the provision of Section 38 of the Insurance Act, 1938.
Nomination Nomination is available in accordance with the provision of Section 39 of the Insurance Act, 1938.
Termination The policy will terminate upon the following events:
  • Payment of death benefit
  • Maturity date
  • Surrender of policy

Tax Benefits – How you can save with the Bharti AXA Life Invest Once Plan?

As per the prevailing tax laws in India, you can claim for tax benefits under Section 80C and Section 10(10 D) of the Income Tax Act, 1961. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.

Other Benefits – How you can save with the Bharti AXA Life Invest Once Plan?

When you choose Bharti AXA Life as your insurance provider, you can stand to benefit from the following:

  • Flexibility to choose between two policy terms
  • Pay a premium only once
  • Enhance the life cover by paying an additional premium known as Mortality Premium
  • Manage the policy online
  • Contact the customer care through various avenues
  • Get a quote easily online for your insurance policy
  • You can send an SMS to Bharti AXA to get advice on a policy
  • You can ask for an advisor to guide you
  • Get policy updates through SMSes
  • Download brochures and policy bonds online
  • Pay premiums online
  • Register and track claims easily online

Why you should buy the Life Invest Once Plan from Bharti AXA?

Bharti AXA has a wide range of insurance products and wealth management services in its portfolio. The company operates on a strong foundation of values such as pragmatism, integrity, professionalism, innovation, and team spirit. Since its inception in 2006, the insurance provider has grown to be a leader and preferred company for financial protection and wealth management in the country. With innovative products catering to specific insurance needs, customers have an adequate selection to choose from.

The Life Invest Once Plan is ideal for those who prefer to make a one-time payment towards their insurance policy and enjoy benefits for a long term. With this plan, customers do not have to go through the hassle of renewing their policy every year and paying premiums every now and then. The plan has various benefits that includes death benefit, maturity benefit, guaranteed additions and tax benefits. Furthermore, the policyholder has the choice to enhance their cover by paying a mortality premium.