Bharti AXA Life Monthly Advantage Plan

The Bharti AXA Life Monthly Advantage Plan is a limited pay, traditional, participating life insurance plan by Bharti AXA Life that offers the policyholder a guaranteed monthly income, ensuring financial stability. The policy offers life insurance coverage with a choice of 3 different premium paying terms based on the policyholder’s requirement. Monthly income is provided from the end of the premium paying term up to the policy maturity. The policy also offers protection against total permanent disability, providing the policyholder with a source of income in such an eventuality.

The policy has premiums that start from Rs.3,700 for a 24 year policy term. Policyholders who opt for this policy can also enhance their coverage by choosing riders associated with this policy.

Policyholders also stand to receive tax benefits from the policy in the form of tax exemptions on the premium amount paid as well as on the benefits received through the policy.

Eligibility - Who is the Bharti AXA Life Monthly Advantage Plan for?

The Bharti AXA Life Monthly Advantage Plan is well-suited to individuals who are looking for comprehensive coverage as well as a guaranteed return from their life insurance policy. The monthly payments following the premium payment term are ideal for those who seek a source of income from their policy, and the coverage in case of total permanent disability is an added bonus that helps secure the policyholder and his/her family in the event of such an eventuality. The policy has certain eligibility criteria that have to be met, with the minimum entry age for the policy ranging from 91 days to 6 years. The maximum entry age for the policy ranges from 60 to 65 years, while the maximum maturity age is from 77 to 84 years.

Parameters	Eligibility
Minimum entry age	6 years for 12 year policy term 2 years for 16 year policy term 91 days for 24 year policy term
Maximum entry age	65 years for 12 and 16 year policy term 60 years for 24 year policy term
Maximum maturity age	77 years for 12 year policy term 81 years for 16 year policy term 84 years for 24 year policy term
Premium payment term	6, 8 and 12 years for 12, 16 and 24 year policy term

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

Sum assured:

The Bharti AXA Life Monthly Advantage Plan offers policyholders various options when it comes to premium paying terms and modes. The minimum sum assured amount under this policy is Rs.50,000 for all the policy terms.

Premium:

The Bharti AXA Life Monthly Advantage Plan provides policyholders with the option to pay premiums periodically. The premium paying term is to be selected at the time of purchasing the policy. Policyholders can choose to pay their premiums either monthly, quarterly, semi-annually or annually, based on their convenience. Premiums paid monthly or quarterly are to be paid through ECS (Electronic Clearance Scheme) only.

The minimum premium payable for the various policy terms is listed below:

Policy term	Minimum annual premium
12 years	Rs.10,600
16 years	Rs.7,000
24 years	Rs.3,700

 

Plan Coverage - What the Bharti AXA Life Monthly Advantage Plan covers?

The Bharti AXA Life Monthly Advantage Plan coverage is as follows:

• The individual first selects the policy tenure and the corresponding premium paying term.
• The next step would be selecting the sum assured amount, based on which the premium would be calculated.
• The premium amount payable would depend on the age of the policyholder, the sum assured amount, the premium paying term and policy term.
• The policy pays out a monthly income that commences from the month following the premium payment term ending.
• The policyholder can choose to avail a loan against the policy, provided the policy has reached surrender value. In such a circumstance, the policyholder can avail a loan that is not less that Rs.15,000 and not more than 70% of the policy’s surrender value.
• In the event of the policyholder’s death during the premium term, the following death benefit will be paid out, provided all premiums up to the date of death have been paid:
  • Sum Assured on death which is payable in equated monthly instalments from the month following the death anniversary. This will be payable over the following term based on the policy term selected:

Policy term	Death benefit (in months)
12 years	72
16 years	96
24 years	144

• The monthly income payable on survival is payable to the policyholder provided all premiums have been paid and the policy is still in force, and will be calculated as per the table given below:

Policy term	Premium payment term	Guaranteed monthly income on survival (% of annual premium/12)
12 years	6 years	105%
16 years	8 years	110%
24 years	12 years	120%

The table below lists the coverage provided under the plan:

Death benefit	In the event of the death of the policyholder and if the policy is still in force, the higher of the following will be paid out to the nominees: Sum Assured on death along with terminal bonus and annual reversionary bonus, if any 105% of all premiums paid
Maturity benefit	The policy pays out a maturity benefit in the form of a simple reversionary bonus and a terminal bonus, if applicable
Guaranteed monthly income	The policy pays out a guaranteed monthly income to policyholder provided the policy is still in force and all premiums have been paid.
Accidental total permanent disability	In the event of the policyholder suffering from a total and permanent disability arising out of an accident when the policy is still in force and if all premiums till date have been paid, the nominee will receive the same benefit as the death benefit.
Cash bonus	A cash bonus may be paid out under the policy, known as a simple reversionary bonus. This is paid out subject to the performance of the fund in which the policy is enrolled in. A terminal bonus may also be paid out at the time of policy maturity or at the demise of the policyholder, whichever is earlier.

Riders/ Add-on Plans - Additional coverage under the Bharti AXA Life Monthly Advantage Plan:

The Bharti AXA Life Monthly Advantage Plan provides for additional protection in the form of riders or add-on cover. This cover, which comes at an additional cost, enhances the protection provided under the basic policy. The riders that can be availed with the policy are listed below:

• Bharti AXA Hospi Cash Rider: This rider would pay the policyholder a fixed sum of money for each day of hospitalisation towards meeting daily expenses. A lump sum would be paid out in case surgery is required.
• Bharti AXA Accidental Death Benefit Rider: This rider provides for a sum assured amount that would be paid in the event of the policyholder’s death due to an accident.

Exclusions - What the Bharti AXA Life Monthly Advantage Plan doesn’t cover?

The Bharti AXA Life Monthly Advantage Plan has a few exclusions, in which case the policy benefits shall not be paid out. The exclusions are listed below:

• Suicide: In the event of the policyholder, whether medically sane or insane, committing suicide within one year of the start of the policy, the policy will be void. In such a circumstance, the company will not pay any benefit and will only pay the premium amount paid till date.
• In the event of the policyholder, whether medically sane or insane, committing suicide within a year of the policy being revived, the policy will be void. In such a circumstance, the company will be bound to pay either the policy surrender value or 80% of the premiums paid till date of death, whichever is higher.
• In the case of accidental total permanent disability, the following are the list of exclusions:
  • Suicide or attempted suicide or any self-inflicted injury.
  • A pre-existing condition at the time of purchasing the policy, which are defined as any condition, ailment or injury which the policyholder has been receiving treatment for over a continuous period of 48 months.
  • Any conditions or infections arising out of Human Immunodeficiency Virus (HIV) or Acquired Immune Deficiency Syndrome (AIDS).
  • Conditions arising out of a failure to seek or follow medical advice from a certified medical practitioner (defined as someone who is qualified and is unrelated to the policyholder).
  • War, terrorism, civil war, hostile actions by a domestic or foreign power, rebellion etc.
  • Conditions caused due to exposure to radiation or radioactive contamination.
  • Conditions arising out of committing a felony, assault, any hazardous sport or any illegal activities.
  • Conditions arising due to participation in naval, military or air force operations during peace time or due to service in the armed forces.
  • Conditions arising out of abuse of drugs, alcohol or any psychotropic substances unless taken under prescription and medical supervision.

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

The Bharti AXA Life Monthly Advantage Plan has the following features:

Free look period	If the policyholder is not satisfied with any of the policy provisions, he/she may return the policy along with a letter explaining the reason for doing so during the free look period and not incur any charges. The company will also refund any premiums paid. The policy is to be returned within 15 days from the date of receipt of the policy document in case of offline policies. It is 30 days in case of distance marketing policies.
Grace period	If the policyholder is unable to pay a scheduled premium on time, a grace period of 30 days is provided. There would be no impact or penalties levied on payments made during the grace period.
Lapse of policy	The policy would lapse in the following situations: On the policy reaching maturity If premiums are not paid within the grace period and the policy has not acquired surrender value On payment of death benefits following the demise of the policyholder.
Surrender value	A policy enters surrender value after 2 annualised premiums are paid for a 6/8 year premium payment term and 3 annualised premiums are paid for a 12 year term. If the policyholder does not pay premiums during the grace period, it will be converted into paid-up.
Reduced Paid Up	If the policy is not re-instated, it will continue in paid up status and be converted into: Paid Up Sum Assured= number of premiums paid x sum assured/number of premiums payable. The Paid Up value on survival will be the monthly income based on the policy term selected at policy inception and a percentage of the annualised premium. The Paid Up value on death/permanent disability is the Paid Up Sum Assured amount.
Revival of policy	The policy can be revived within a period of two years from the date the last premium was paid. 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 will be terminated in the following cases: Fraud Misstatement of facts The policy not being revived within 2 years of it lapsing. The occurrence of accidental total permanent disability and payment of benefits for the same.

Tax Benefits - How you can save with the Bharti AXA Life Monthly Advantage Plan?

The Bharti AXA Life Monthly Advantage Plan enables policyholders to save tax through investing in the policy in the following ways:

• Amount paid as premiums are eligible for tax exemption under Section 80C of the Income Tax Act, 1961.
• Benefits received from the policy such as annual and terminal 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 the Bharti AXA Life Monthly Advantage Plan?

Bharti AXA Life offers its policyholders a number of perks and benefits, one of them being their online portal through which policyholders can log in and check the status of their policies and also renew policies online.

Policyholders can choose to pay their premiums online, instead of by cheque or physically visiting a company branch. This makes it more convenient as well as ensures the premium is paid on time. Bharti AXA Life policyholders can pay their premiums online in the following ways:

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 Monthly Advantage Plan from Bharti AXA Life?

The Bharti AXA Life Insurance Company Pvt Ltd is one of India’s premier life insurance companies. The company is a joint venture between the India-based Bharti Group and the Paris-based AXA Insurance Company. Set up in the year 2006, it blends innate local knowledge with decades of experience in the life insurance sector, with the result that policyholders receive the best in terms of service and performance.

The company provides a range of diverse insurance products to choose from, meeting the needs of every individual and organisation. From tailor-made personal solutions to plans that will benefit organisations, Bharti AXA Life has it covered. The company offers its policyholders a host of additional features and benefits in an attempt to provide a superior experience through tailor-made solutions to meet the needs of such a vast and diverse network.

Among the plans that Bharti AXA Life provides are savings plans, ULIP plans and child plans as well as investment and health plans. Corporate plans in the form of group plans with varying levels of coverage are also available. With the emergence of the rural sector as a string market and with the aim of providing affordable care to this hitherto neglected sector, the company has launched a range of insurance products targeted at rural India. Affordable and easy to access, Bharti AXA Life has office and branches across India. The company also has a strong online presence as well as plans that can be bought online, thus making it convenient for individuals and organisations to access information and buy a policy.

In an attempt to make it more convenient for policyholders, the company has also moved many of its processes online, enabling policyholders to make premium payments and look up information regarding their policy document online. Assistance is also provided for those looking to buy a policy or file a claim.

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.