Bharti AXA Life Samriddhi Plan

Bharti AXA Life Samriddhi Plan is a non-linked, participating, savings oriented life insurance plan by Bharti AXA Life Insurance that secures the policyholder’s future through annual non-guaranteed bonuses. The policy provides for a maturity benefit, which is a lump sum amount as well as accrued bonuses, in addition to life cover and terminal bonus (non-guaranteed). The plan also provides for riders which can be added to the base policy if policyholders seek extra coverage in a particular area.

The policyholder can choose from a limited pay premium term or a regular pay premium term.

The policy also provides tax benefits in the form of tax exemptions on the premium amount paid, as well as on the benefits received.

Eligibility - Who is the Bharti AXA Life Samriddhi Plan for?

The Bharti AXA Life Samriddhi Plan is an ideal plan for individuals looking to earn through their life insurance without the risk of investment. Those looking for additional savings and wealth generation will also benefit from this plan through the payment of bonuses, which can be invested or added to the individual’s wealth corpus.

The policy has certain eligibility criteria which have to be met. The minimum entry age for the policy depends on the type of premium term the policyholder opts for. The minimum entry age ranges from birth to 8 years for the various policy terms and premium paying types, while the maximum age ranges from 45 years to 55 years. The maximum age at maturity ranges from 65 years to 80 years.

The plan is an individual plan, which covers the policyholder only. The coverage lapses on the policyholder’s death or at the time of policy maturity or when the policyholder reaches the maximum maturity age, whichever is earlier?

The plan is available to all residents of India only.

The eligibility criteria for the Bharti AXA Life Samriddhi Plan is listed in the below table:

Parameter	Eligibility
Policy term and premium payment term	Premium type	Policy term		Premium payment term
	Limited pay	10 & 20 years		5, 12 years
	Regular pay	10,15,20,25,30 &35 years		Same as the policy term
Minimum entry age	Policy term		Entry age
	10 years		8 years
	15 years		3 years
	20 & 25 years		0 years
	30 & 35 years		0 years
Maximum entry age	Policy term		Entry age
	10 years		55 years
	15 years		55 years
	20 & 25 years		50 years
	30 & 35 years		45 years
Maximum maturity age	Policy term		Maturity age
	10 years		65 years
	15 years		70 years
	20 & 25 years		70 & 75 years
	30 & 35 years		75 & 80 years

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

Sum Assured:

The Bharti AXA Life Smariddhi Plan offers policyholders a range of options with regard to the policy term and premium paying term. The minimum sum assured amount depends on the minimum premium amount being paid. There is no maximum sum assured under the policy.

Premium:

The premium amount payable for this policy depends on the premium payment term selected by the policyholder. The policy allows for premiums to be paid either monthly, quarterly, semi-annually or annually, based on the policyholder’s convenience. However, the premium paying frequency is to be selected at the time of purchasing the policy.

For premiums paid monthly and quarterly, policyholders have to choose auto-pay only.

The minimum premium payable based on the premium paying term selected is given below:

Premium payment term	Minimum annual premium
5 & 10 years	Rs.18,000
12 & 15 years	Rs.12,000
20 & 25 years	Rs.6,000
30 & 35 years	Rs.3,000

 

Plan Coverage - What the Bharti AXA Life Samriddhi Plan covers?

The plan coverage under the Bharti AXA Life Samriddhi Plan is as follows:

• The individual is to select the type of premium and the premium paying term for that particular premium type.
• Following this, the sum assured amount is to be selected.
• The amount that is paid as premium would depend on factors such as the policyholder’s age, policy term, premium payment term and sum assured chosen.
• The policy pays out a maturity benefit on the policyholder surviving till the end of the policy term, which is 100% of the sum assured amount, provided all premiums have been paid.
• The policy does not permit the policyholder to take out a loan against the policy.
• In the event of the policyholder’s death during the grace period provided for the payment of a pending premium, the death benefit will be paid out.
• In the event of the death of the policyholder during the policy tenure, and provided the policy is still in force, the basic life insurance cover will be paid out to the nominee/nominees, which is the higher of:
  • Sum assured on maturity
  • 11 times the annualised premium
  • 105% of all premiums paid

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

Death benefit	In the event of the death of the policyholder during the policy tenure, the nominees stand to receive the following: Basic life insurance cover Non-guaranteed terminal bonus Accrued non-guaranteed simple reversionary bonus
Maturity benefit	In the event of the policyholder surviving till the policy matures, the policyholder stands to receive 100% of the sum assured amount, provided all premiums have been paid and the policy is still in force.
Cash bonuses	The policy pays out a non-guaranteed simple reversionary bonus each year, which is accrued and paid out at policy maturity or on the death of the policyholder. The bonus is paid out subject to the performance of the investment fund the policy is enrolled in. Additionally, a terminal bonus can also be paid out at the time of policy maturity, which is also no-guaranteed.

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

The riders that can be added to the existing Bharti AXA Life Samriddhi Plan are listed below. These riders can be added to the plan if the policyholder wishes to enhance the coverage and security offered by the basic policy.

• 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 Samriddhi Plan doesn’t cover?

The exclusions under the Bharti AXA Life Samriddhi 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 nominees only the amount paid as premium till date.
• If the policyholder commits suicide within one year of the revival of the policy, the nominee will receive an amount higher of either 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.

Other key features of the Bharti AXA Life Samriddhi Plan are as follows:

Free look period	Policyholders who are not satisfied with the terms and conditions of the policy can choose to return it at no cost or liability during the free look period, which is a period of 15 days from the date of receipt of the original policy document in case of physical policies. For distance marketing policies, the free look period is 30 days from the day of receipt.
Grace period	Policyholders who are unable to make a scheduled premium payment within the given deadline are provided with a grace period of 30 days from the deadline within which to pay the premium amount. There would be no deductions or liabilities incurred for payments made during the grace period.
Premium payment flexibility	Policyholders can choose to pay their premiums either monthly, quarterly, semi-annually or annually.
Lapse of policy	The policy will be considered lapsed in the following circumstances: 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	Policies acquire surrender value following the payment of 3 annualised premiums for regular premium payment terms. Policyholders who surrender the policy will stand to receive the higher of the following: 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.
Reduced paid up	Policyholders who wish to discontinue paying premiums for a policy that has reached surrender value can discontinue paying premiums, after which the policy will reach ‘paid up’ status. The benefits payable are as follows: 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.
Revival of policy	The policy can be revived within a period of 2 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.

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

The Bharti AXA Life Samriddhi Plan enables policyholders to save tax through investing in the policy 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 the Bharti AXA Life Samriddhi Plan?

Bharti AXA Life offers policyholders a wide range of 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 Samriddhi Plan from Bharti AXA Life?

The Bharti AXA Life Insurance Company Pvt Ltd is one of the leading life 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. Established in the year 2006, the company has offered a comprehensive range of life insurance products designed to meet the needs of every prospective policyholder.

With full-coverage plans and additional benefits, the company strives to provide a superior experience to its customers through tailor-made solutions to cater to the diverse market that India represents.

Bharti AXA Life provides a broad category of insurance plans, from ULIP plans, savings plans and child plans to investment and health plans. 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 branches across the country, in addition to their online plans and services, thus making it convenient for individuals and organisations to access information and buy a 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.