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Bharti AXA Life Secure Income Plan

The Bharti AXA Life Secure Income Plan is a traditional, non-participating, limited pay life insurance plan from Bharti AXA Life. The plan provides policyholders with a guaranteed monthly income after the end of the policy’s premium paying term. Additionally, policyholders will receive a guaranteed maturity benefit which would be a percentage of the sum assured, in addition to a number of other benefits and features. The plan provides comprehensive life insurance coverage for the life insured and secures his/her dependents in the event of the demise of the life insured.

The policyholder can benefit from tax benefits through investments made in the policy as well as enjoying a choice of policy term based on the policyholder’s requirement.

Eligibility - Who is the Bharti AXA Life Secure Income Plan for?

The Bharti AXA Life Secure Income Plan is ideal for individuals who are looking to earn through their life insurance policy as well as accumulate a corpus for later in life. The plan provides individuals with a guaranteed monthly income to help meet any expenses on a day-to-day basis. The plan also enables the policyholder to save for larger expenses through the maturity payout. The plan has certain eligibility criteria which have to be met, which are mentioned below:

Parameter Eligibility
Minimum age at entry 3 years for 15 year policy term 1 year for 17 year policy term 0 year for 20 year policy term
Maximum age at entry 65 years for 15 year policy term 63 years for 17 year policy term 60 years for 20 year policy term
Maximum age at maturity 80 years
Policy term 15, 17 & 20 years
Premium payment modes Annual, semi-annual, quarterly and monthly
Premium payment term 5 years for 15 year policy term 7 years for 17 year policy term 10 years for 20 year policy term

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

Sum Assured:

The sum assured is the amount that the policyholder stands to receive from the company, excluding any tax or additional benefits, provided the policy is still in force and all premiums have been paid. The sum assured amount under the Bharti AXA Life Secure Income Plan would depend on the policy tenure selected, the age of the policyholder as well as other variables and would be subject to the minimum premium amount as per the policy guidelines.

Premium:

The premium amount is the fee that is payable by the policyholder as a fee towards the life coverage being provided. The policy allows policyholders to pay their premium either monthly, quarterly, semi-annually or annually, based on their convenience. The minimum amount payable towards the premium would depend on the policy tenure and premium paying term opted for by the policyholder. The table below provides the premium paying range for each of the policy terms:

Policy term Annual Semi-annual Quarterly
15 years Rs.30,000 Rs.15,600 Rs.8,100
17 years Rs.24,000 Rs.12,480 Rs.6,480
20 years Rs.18,000 Rs.9,360 Rs.4,860

Plan Coverage - What the Bharti AXA Life Secure Income Plan covers?

The Bharti AXA Life Secure Income Plan works in the following way:

  • The individual chooses a sum assured amount and a policy term.
  • Based on the policy term selected, the individual is required to pay the premium amount for the premium paying term.
  • On completion of the premium paying term, the guaranteed monthly income will be paid out to the policyholder.

The Bharti AXA Life Secure Income Plan coverage is as follows:

Death benefit In the event of the demise of the policyholder during the policy term and provided the plan is still in force, the nominee will receive:
Policy term Death benefit
15 years Higher of sum assured or 11 times annual base premium
17 years Higher of sum assured or 11 times annual base premium
20 years Higher of sum assured or 13 times annual base premium
Maturity benefit On the policyholder surviving till the end of the policy term, a maturity benefit of up to 200% of the sum assured will be payable, provided all premiums have been paid and the policy is still in force. The guaranteed maturity benefit payable is as follows:
Policy term Premium paying term Maturity benefit
15 years 5 years 170% of sum assured
17 years 7 years 185% of sum assured
20 years 10 years 200% of sum assured
Guaranteed monthly income The guaranteed monthly income will be payable on completion of the premium paying term and provided the policy is still in force.

Riders/Add-on Cover - Additional Coverage under the Bharti AXA Life Secure Income Plan:

Policyholders who wish to enhance the coverage provided under the Bharti AXA Life Secure Income Plan can do so by opting for a rider. A rider is an add-on cover and whose premium is to be paid in addition to the base policy premium. The rider available under this policy is mentioned below:

Bharti AXA Hospital Cash Rider: This rider allows for the payment of a fixed benefit for each day the policyholder is in hospital. It also makes provision for the payment of a lump sum benefit in the event of the policyholder undergoing a surgery.

Exclusions - What the Bharti AXA Life Secure Income Plan doesn’t cover?

The Bharti AXA Life Secure Income Plan offers policyholders a number of benefits and perks. There are certain exclusions in which case the insurance company will not pay the policyholder/nominees any benefits. The exclusion under this plan is mentioned below:

Suicide: In the event of the policyholder, whether medically sane or insane, committing suicide within 12 months of the commencement of the policy, no death benefit will be paid. The nominee will instead receive the premium amount paid till date.

In the event of the policyholder, whether medically sane or insane, committing suicide within 12 months of the policy being reinstated, the company will only be liable to pay the surrender value to nominees.

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

The features and benefits provided by the Bharti AXA Life Secure Income Plan are as follows:

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.
Loans under policy The policyholder can take out a loan against the policy provided it has reached surrender value. The maximum loan amount is 70% of the surrender value of the policy.
Lapse of policy If the premiums are not paid within the grace period and the policy has not acquired surrender value, it will lapse and cover will stop.
Surrender value A policy enters surrender value after 2 annualised premiums are paid for a 15 and 17 year policy term and 3 annualised premiums are paid for a 20 year policy term. If the policyholder does not pay premiums during the grace period, it will be converted into paid-up.
Reduced Paid Up If a policy that has acquired surrender value is not reinstated, it will continue in paid up status and be converted into a Guaranteed Surrender Value, which is a percentage of all premiums paid excluding extra premiums. This figure would also take into account the year the policy entered paid-up value as well as the policy term.
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:
  • Misstatement of facts
  • Fraud
  • A lapsed policy not being revived within 2 years of it lapsing.
  • The payment of death benefit in the event of the policyholder’s death during the policy term.

Tax Benefits - How you can save with Bharti AXA Life Secure Income Plan?

The Bharti AXA Life Secure Income Plan enables policyholders to save tax by 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 Bharti AXA Life Secure Income Plan?

Bharti AXA Life offers its policyholders a number of perks and benefits, which policyholders can employ to make any transaction associated with their insurance policy more convenient.

Policyholders can pay their premiums in variety of ways, both offline and online. Bharti AXA Life policyholders can pay their premiums online in the following ways:

Bill Desk Policyholders can make their premium payments through Bill Desk (available for certain banks) using their BillPay services.
Credit cards Bharti AXA Life accepts credit card payments from all Maestro, Diners Club, VISA, MasterCard, and American Express cards.
Net banking Policyholders can choose to pay their premiums through their bank’s net banking facility.
Debit cards Policyholders can choose to pay their premiums through their RuPay, MasterCard, VISA, and Maestro debit cards.

For policyholders or individuals filing a claim, the claims procedure and filing process can be found online. Bharti AXA Life also provides assistance for filing claims as well as a guarantee of a 48-hour fund release for straightforward claims.

Why you should buy the Bharti AXA Life Secure Income Plan from Bharti AXA Life?

The Bharti AXA Life Insurance Company Pvt Ltd is one of India’s premier life insurance companies. Established in the year 2006, the company is a joint venture between the India-based Bharti Group and the Paris-based AXA Insurance Company. With a blend of both banking and insurance, the company leverages on its in-depth knowledge of the Indian consumer segment to ensure its customers receive the highest quality of service and products.

The company provides a range of diverse insurance products to choose from, meeting the needs of every individual and organisation. In addition to its policies, the company also offers a variety of features and benefits to its policyholders, providing them with tailor-made solutions.

Bharti AXA Life provides customers with a range of plans, among them ULIP plans, savings plans and child plans as well as investment and health plans. Catering to the corporate sector, they also offer group plans with varying levels of coverage. In an attempt to tap into hitherto neglected markets, the company is expanding its rural operations and has launched a series of plans targeted at the rural sector. These plans aim at providing affordable insurance coverage.

Affordable and easy to access, Bharti AXA Life has offices and branches across the country. Policyholders can also access their plans and policies online, making it more convenient for those looking for information or seeking to purchase a policy with minimum hassle.

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.