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Bharti AXA Life Elite Secure Plan

The Elite Advantage Plan from Bharti AXA provides customers with the opportunity to get a lump sum benefit upon maturity and also get regular income. This is a non-linked, non-participating savings and protection oriented life insurance plan by Bharti AXA. The policy provides life cover that will come into force upon your unfortunate demise and provide financial protection for your family. If you survive the policy term, you will be entitled to maturity benefits, thus making this plan a very attractive one.

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

For any life insurance plan, the insurance provider sets certain eligibility requirements that the customer must fulfill in order to be able to avail the plan.

Eligibility Criteria Details
Minimum entry age 10-year term - 8 years 12-year term - 6 years
Maximum entry age 65 years
Maximum age at maturity 10-year term - 75 years 12-year term - 77 years

*Ages mentioned refer to age last birthday

Sum Assured and Premium Range - What you get and what the Bharti AXA Life Elite Advantage Plan costs?

The premium is the payment required to purchase the plan. Premiums can be paid as a one-time payment or in instalments, depending on the provisions of the plan. The sum assured is the benefit payable by the insurance provider to the life insured or the beneficiary upon the occurrence of the event it covers, such as death of the life insured. Given below are the details of the sum assured, premiums and policy terms available with the Bharti AXA Life Elite Advantage Plan.

Particulars Details
Minimum Sum Assured Depends on the minimum premium
Policy Term 10-year term 12-year term
Premium Payment Terms (PPT) 10-year term - 5 years 12-year term - 7/12 years
Premium Payment Frequency Semi-annually or annually. Quarterly and monthly modes are available through Auto Pay only.
Minimum Annualised Premium 5-year PPT - Rs.24,000 7-year PPT - Rs.15,000 12-year PPT - Rs.12,000
Guaranteed Payout Frequency Semi-annually, annually, or quarterly
Maturity Payout Frequency 10-year term - End of 10th year till the end of 20th year 12-year term - End of 12th year till the end of 20th year

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

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

The Bharti AXA Life Elite Advantage Plan has a number of benefits for the life insured and their family. Given below are some of the important benefits associated with this plan.

Benefits Details
Death Benefit Upon the death of the life insured, the nominee will be entitled to claim the following (whichever is higher):
  • 105% of all premiums paid up to date of death.
  • 11 times the annualized premium.
  • Sum assured on maturity.
In case of death during the maturity payout, the remainder of the unpaid guaranteed payout will be paid.
Maturity Benefit 1. Guaranteed Payout - a percentage of the sum assured will be paid from the end of the policy term till the end of the 19th year. Frequencies available are quarterly, semi-annual and annual. 2. Sum Assured - 100% of the sum assured will be paid at the end of the 20th year (from the policy date).
Guaranteed Payout Depends on the chosen policy term, premium and premium payment term.
Tax Benefits Available under Section 80C and Section 10(10D) of the Income Tax Act, 1961, subject to Rs.1.5 lakh maximum.

Riders / Add-On Plans – Additional coverage under the Bharti AXA Life Elite Advantage Plan:

Riders enhance the level of protection offered by the base plan. You can attach a rider to your base policy by paying an additional premium. With this plan, there is one rider available:

Bharti AXA Life Hospi Cash Rider - If you are hospitalised, you will receive fixed benefits for every day of hospitalisation and ICU admission. You will also receive a lump sum if you are undergoing a surgery.

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

Inception of the policy - If the life insured commits suicide within 1 year from the commencement of the policy, whether medically sane or insane, the policy benefits are not payable. Bharti AXA will refund the premiums paid till date.

Revival of the policy - If the life insured commits suicide within 1 year from the revival date of the policy, whether medically sane or insane, the policy benefits are not payable. Bharti AXA will refund at least 80% of the premiums paid till date or the surrender value, whichever is higher.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Knowing the details mentioned in your life insurance policy document is very important. These details are mentioned in the policy document and you are advised to read it before purchasing it. Given below are some of the important features of the Bharti AXA Life Elite Advantage Plan.

Features Details
Grace Period 30 days is granted from the premium due date as a grace period. The benefits will continue till the end of the grace period.
Free-look Period The policyholder has 15 days to review the policy. If they disagree with the terms of the policy, they can return the original policy bond and submit a letter with the reasons for objection. The policy will be cancelled and the premium will be refunded minus proportionate risk premium, medical expense and stamp duty charges.
Policy Lapse If the premium is not paid by the end of the grace period, the policy will lapse. No benefit will be payable in case the life insured dies.
Surrender Value If at least two years’ annualised premiums have been paid (three years’ in case of 12-year PPT), then the policy will acquire a surrender value. A lump sum equal to the Special Surrender Value or the Guaranteed Surrender Value, whichever is higher, will be paid.
Reduced Paid-Up Value If at least two years’ annualised premiums have been paid (three years’ in case of 12-year PPT), in case your policy lapses, it will be converted to a Paid-Up Policy. You no longer need to pay premiums but the benefits will be reduced.
Reinstatement From the due date of the first unpaid premium, you can reinstate your policy within 2 years. You need to submit the following:
  • A written application.
  • Satisfactory evidence of insurability.
  • Payment of all premiums due + interest.
Loan Facility If your policy has acquired a surrender value, you can avail up to 70% of the surrender value of your policy as a loan.

Tax Benefits – How you can save with the Bharti AXA Life Elite Advantage Plan?

As per the prevailing tax laws in India, you can claim for tax benefits under Section 80C and Section 10(10 D) of the Income Tax Act, 1961. You can claim deductions for up to Rs.1.5 lakh. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.

Other Benefits – How you can save with the Bharti AXA Life Elite Advantage Plan?

When you choose Bharti AXA as your insurance provider, you can stand to benefit from the following:

  • Contact the customer care through various avenues
  • Download brochures and policy bonds online
  • Get a quote easily online for your insurance policy
  • Get policy updates through SMSes
  • Register and track claims easily online
  • You can send an SMS to Bharti AXA to get advice on a policy
  • You have the option to easily manage policy online
  • Pay premiums conveniently online
  • You can ask Bharti AXA for an advisor to guide you

Why you should buy the Elite Advantage Plan from Bharti AXA?

The Elite Advantage Plan offers life cover with the added advantage of getting a lump sum upon maturity plus a regular income. The plan has various options on the policy term and premium payment term for customers to choose from according to their needs.

Bharti AXA Life Insurance offers a wide range of insurance products and wealth management services. Catering to a large customer base, the insurer has earned a top position in the Indian market with a vision to become the leader and preferred company for wealth management and financial protection. Since its inception in 2006, the company has devised innovative products and services to cater to the different wealth management and insurance needs of customers.