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Bharti AXA Life Monthly Income Plan+

The Bharti AXA Life Monthly Income Plan+ is a limited pay traditional participating life insurance plan. This particular insurance policy ensures that the loved ones of the policyholder receive guaranteed monthly income even when you are not there to watch over them. The insured person’s family members can fulfil their needs and wishes with the help of the guaranteed income. The Bharti AXA Life Monthly Income Plan+ ensures that the lifestyle of the insured’s family does not get affected in the event of an unfortunate demise of the life assured.

Eligibility – Who is the Bharti AXA Life Monthly Income Plan+ for?

In order to be eligible for the Bharti AXA Life Monthly Income Plan+, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

Parameters Criteria for Eligibility
Minimum age at entry (15 years policy term) 3 years
Minimum age at entry (20 years policy term and 30 years policy term) 0 year
Maximum age at entry (15 years policy term) 65 years
Maximum age at entry (20 years policy term) 60 years
Maximum age at entry (30 years policy term) 50 years
Maximum age at maturity 80 years
Minimum monthly income (15 years policy term) Rs.2,000
Minimum monthly income (20 years policy term) Rs.1,750
Minimum monthly income (30 years policy term) Rs.750
Term of Policy 15 years, 20 years and 30 years

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

Sum Assured – It is amount that the policyholder receives when the policy matures. In case the policyholder encounters death and the Bharti AXA Life Monthly Income Plan+ is still active, the sum assured is received by the legal heir or nominee of the insured person. The minimum sum assured under the Bharti AXA Life Monthly Income Plan+ is Rs.135,000 for the policy term of 30 years. Rs.210,000 for the policy term of 20 years and Rs.192,000 for the policy term of 15 years.

Minimum Sum Assured (15 years policy term) Rs.192,000
Minimum Sum Assured (20 years policy term) Rs.210,000
Minimum Sum Assured (30 years policy term) Rs.135,000

Premiums – It is the amount that the policyholder pays to the insurer in order to keep the policy active. The premium payment terms that can be availed with the Bharti AXA Life Monthly Income Plan+ are 7 years, 10 years and 15 years for 15 years, 20 years and 30 years, respectively. The premium payment modes that can be availed under this insurance policy are monthly, quarterly, semi-annual and annual. Monthly and quarterly premium payment can be done via ECS only.

Minimum premium amount Depends on minimum monthly income
Premium payment modes Monthly, quarterly, semi-annual and annual
Premium payment terms 7 years, 10 years and 15 years for 15 years, 20 years and 30 years, respectively

Disclaimer – Premiums may vary depending upon factors like location, age, term of the plan, etc.

Plan Coverage – What the Bharti AXA Life Monthly Income Plan+ covers?

Death Benefit In case of an unfortunate demise of the policyholder, the death benefit is received by the nominee or beneficiary of the insured person. Upon death of the insured, the benefit payable is higher of:
  • 105% of the premiums paid, except the extra premiums, or
  • Sum assured upon demise of the insured person along with the non-guaranteed simple reversionary bonus and terminal bonus paid out as a lump sum
Surrender Benefit The guaranteed Surrender value is equal to 30% of premium paid, excluding guaranteed income and extra premium.
Maturity Benefit Non-guaranteed terminal bonus along with non-guaranteed annual reversionary bonus is paid out as maturity benefit.
Survival Benefit After the premium payment term is completed, guaranteed monthly income is paid for a period of 96 months for the policy term of 15 years, 120 months for the policy term of 20 years and 180 months for the policy term of 30 years.

Riders / Add-on Plans – Additional coverage under the Bharti AXA Life Monthly Income Plan+

Rider or Add-on Plan enhance the base policy and can be availed under the Bharti AXA Life Monthly Income Plan+. The rider that the policyholder can avail under this plan is called Hospi Cash Rider. It allows a fixed benefit payment for every single day of hospitalisation. The Hospi Cash Rider also offers a lump sum benefit in case the policyholder has to undergo a surgery.

Exclusions – What the Bharti AXA Life Monthly Income Plan+ does not cover?

Suicide Exclusion – In case the policyholder commits suicide within a period of 12 months from the commencement date of the policy, whether insane or sane, the Bharti AXA Life Monthly Income Plan+ will stand void. Only the premiums paid till date will be received by the nominee. In case the policyholder commits suicide within a period of 12 months from the revival date of the policy, whether insane or sane, 80% of the premiums are received by the nominee of the insured person.

Other Key Features of Bharti AXA Life Monthly Income Plan+:

Free look period A free look period of 15 days can be availed by the policyholder under the Bharti AXA Life Monthly Income Plan+. If the policyholder does not like the terms and conditions of this policy, he/she can choose to return the original policy document to the insurer along with the letter of cancellation stating his/her reasons for not choosing the policy. The refund will be received by the policyholder after necessary deductions like stamp duty charges, medical examination costs (if any), etc.
Grace period A grace period of 30 days can be availed under the Bharti AXA Life Monthly Income Plan+ for payment of the due premiums. During this grace period, the benefits under the plan are nor impacted.
Reinstatement The Bharti AXA Life Monthly Income Plan+ can be reinstated within a period of 2 years from the date of first unpaid premium. The insurer will require a written application from the policyholder requesting the refund. Satisfactory insurability evidence must be provided by the policyholder. All due premiums along with applicable interest charges must be cleared for the policy to be reinstated.

Tax Benefits – How you can save under the Bharti AXA Life Monthly Income Plan+?

The insured individual can avail tax benefits under Section 10 (10D) and Section 80C of the Income Tax Act, 1961 with the Bharti AXA Life Monthly Income Plan+.

Why you should buy the Bharti AXA Life Monthly Income Plan+ from Bharti AXA Life Insurance Company?

Bharti AXA is one of the leading insurance companies in India. The insurance solutions offered by them come with immense innovation and flexibility. Bharti AXA General Insurance Company Limited is a joint venture AXA and Bharti Enterprises and it is licenced by the Insurance Regulatory and Development Authority of India (IRDAI). This particular insurance policy ensures that the loved ones of the policyholder receive guaranteed monthly income even when you are not there to watch over them. The insured person’s family members can fulfil their needs and wishes with the help of the guaranteed income.