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Bharti AXA Life Secure Savings Plan

This plan offers a twin benefit of providing comprehensive protection and guaranteed additions to make the daily life of your family easier. The Bharti AXA Life Secure Savings Plan is a traditional non-participating insurance plan that provides the opportunity to save for every stage in your life as well as secure your savings. This plan also provides life insurance cover which acts as a safety net for your family in case you, as the policyholder, meets with your demise. Some of the key benefits of the plan are listed below:

  • You can avail tax benefits with this plan
  • The plan provides dual benefits of savings and returns
  • Provides life insurance benefit along with maturity benefit, etc.

Eligibility – Who is the Bharti AXA Life Secure Savings Plan for?

An individual will have to meet the eligibility criteria listed below to avail the Bharti AXA Life Secure Savings Plan:

Parameters Details
Minimum Age of Entry 15 year policy term – 3 years 20 years policy term – 0 years
Maximum Age of Entry 15 year policy term – 55 years 20 year policy term – 50 years
Maximum Maturity Age 70 years

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

Sum Assured

The sum assured is based completely on the premiums that you will be required to pay to avail the benefits of the policy. The sum assured for Bharti AXA Life Secure Savings Plan is listed below:

Parameters Details
Sum Assured 100% of the total sum assured at the time of maturity
Minimum Sum Assured Depends on minimum premiums paid

Premiums*

Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the umbrella of benefits and coverage that this plan has to offer. The premiums that a policyholder will have to pay towards a Bharti AXA Life Secure Savings Plan are listed below:

Parameters Details
Minimum Annualized Premiums Paid
  • Premium Payment Term (15 years) – Rs.18,000
  • Premium Payment Term (20 years) – Rs.12,000
Premium Payment Modes The premium payment modes that are offered are:
  • Monthly
  • Quarterly
  • Half-Yearly
  • Yearly
Term of Policy 15 or 20 years
Premium Payment Term This is the same as the term of the policy
Premium Modal Factor
  • Monthly Premium: 0.0867 of the annual premium
  • Quarterly Premium: 0.26 of the annual premium
  • Annual and Semi-annual Premium: 0.52 of the annual premium

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

Policy Term of 15 years:

  • For Premiums ranging between Rs.18,000 and Rs.24,999, the Guaranteed Additions represented as a percentage if the cumulative base annual premiums is 8%
  • For Premiums which are Rs.25,000 and above, the Guaranteed Additions represented as a percentage if the cumulative base annual premiums is 9%

Policy Term of 20 years:

  • For Premiums ranging between Rs.12,000 and Rs.17,999, the Guaranteed Additions represented as a percentage if the cumulative base annual premiums is 9%
  • For Premiums which are Rs.18,000 and above, the Guaranteed Additions represented as a percentage if the cumulative base annual premiums is 10%

Premiums for Bharti AXA Life Secure Savings Plan can be made using any of the following ways:

  • Using payment gateways or internet banking
  • Through the use of debit or credit cards
  • Payment in cash at the insurer’s branch office
  • ECS/Direct Debit/Salary Deduction Scheme
  • With a cheque or demand draft

Plan Coverage – What the Bharti AXA Life Secure Savings Plan covers?

The Bharti AXA Life Secure Savings Plan offers a number of different benefits and these are listed in the table below:

Parameters Details
Maturity Benefit If the policyholder survives until the policy term is completed, the life assured will be entitled to receive the maturity sum which would be 100% of the Sum Assured that has to be paid at the time of maturity which would be at the end of the 20th year plus any Guaranteed Additions which is payable to the policyholder.
Death Benefit The death benefit will be the higher value of:
  • 105% of the total premiums that have been paid
  • Sum that is assured at the time of maturity
  • 10 times the annualized premiums paid

Riders/Add-On Plans - Additional coverage under the Bharti AXA Life Secure Savings Plan:

You can enhance the benefits that you would receive from a Bharti AXA Life Secure Savings Plan by adding any of the following riders that are listed below:

  • Bharti AXA Accidental Death & Disability Benefit Rider (UIN 130C002V01): The rider provides an increased amount of protection against death or total disability that was caused when the life insured was involved in an accident.
  • Bharti AXA Critical Illness Benefit Rider (UIN 130C001V01): The rider pays the policyholder a lump-sum amount when he/she has been diagnosed with any of the following critical illnesses - Heart attack, Stroke, Cancer, Major Organ Transplant, Kidney failure, and Coronary Artery Bypass Graft surgery.
  • Bharti AXA Premium Waiver Rider (UIN 130C005V01): The rider allows any premium payments that need to be made towards a Bharti AXA Life Secure Savings Plan to be waived off if the policyholder meets with an unfortunate demise.

Exclusions – What the Bharti AXA Life Secure Savings Plan doesn’t cover?

If the life insured, whether medically insane or sane, commits suicide within a year from the date of purchase of the insurance policy, the policy will become void. The insurance company will only have to repay the premiums that were made by the policyholder. If the policyholder commits suicide within a year from renewal of the policy, the company will have to pay the Surrender Value to the nominee of the policy.

Other Key Features of Bharti AXA Life Secure Savings Plan:

Parameters Details
Free Look Period In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, a 15 day period is provided where the insured can return the policy back to the insurer. The company will return any premiums that were made during this period after deducting any expenses incurred by the insurer such as stamp duty charges, medical expenses, etc.
Grace Period A grace period of 30 days is provided for the insured to pay any premiums that are due. The grace period begins on the due date when the premiums need to be paid. This is applicable for all premium payment modes.
Reinstatement A reinstatement period of 5 years is provided for a policyholder to make any premium payments that were due to be paid to the insurer during this period.
Reduced Paid-up Value If the policyholder has made one annualized premium towards the policy but has failed to make premium payments on the due date which causes the policy to lapse, the policy gets converted to a "Reduced Paid-up Value". This value will be a reduced amount of the Sum Assured that shall be paid to the life assured at the time of maturity of the policy or at the time of death of the policyholder.
Surrender Value If the policyholder has made 3 annualized premiums, the policy shall acquire a surrender value. The Guaranteed Surrender Value amounts to 30% of the total premiums that were made till date.

Tax Benefits – How you can save with the Bharti AXA Life Secure Savings Plan?

A policyholder can enjoy tax benefits on any premium that is paid towards Bharti AXA Life Secure Savings Plan under the prevailing tax laws under Section 80C and for monthly income received by the policyholder under 10(10D) of the Income Tax Act, 1961. Tax benefits are subject to changes without prior notice so it is important that the policyholder consults a Tax Advisor to stay informed about any changes made.

Why you should buy the Life Secure Savings Plan from Bharti AXA General Insurance Company Ltd?

The inception of Bharti AXA dates back to 2006. Since then, the insurance provider has grown to be a leader and preferred company for financial protection and wealth management in the country. The company operates on a strong foundation of values such as pragmatism, integrity, professionalism innovation, and team spirit. Bharti AXA Life Insurance has a wide range of insurance products and wealth management services in its portfolio. With innovative products catering to specific insurance needs, customers have an adequate selection to choose from. Individuals can also avail a number of other benefits such as hassle-free claims process, availing an advisor, round the clock customer care service and state of the art technology. Individuals can also purchase plans online by visiting the Bharti AXA Life website.