The eProtect+ Plan from Bharti AXA is an online term insurance plan that gives the life insured financial protection at affordable premiums. The plan offers two death benefit options that customers can choose from according to their needs and what they wish to provide for their nominee. This plan is suitable for those who have a family that is dependant on your income. This is a non-participating policy so the policy is not eligible to participate in the distribution of surplus of profits as the company by declare.
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. In order to avail this plan, customers must meet certain criteria set out by Bharti AXA.
|Minimum entry age||18 years (For policy term of Age 70 and 75 - the minimum entry age is 30 years)|
|Maximum entry age||10-year term - 65 years 15-year term - 60 years 20-year term - 55 years 25-year term - 50 years 30-year term - 45 years To age 60 - 50 years To age 65 - 55 years To age 70 - 60 years To age 75 - 65 years|
|Maximum age at maturity||Not specified|
*Ages mentioned refer to age last birthday
Given below are the details of the sum assured, premiums and policy terms available with the Bharti AXA Life eProtect+ Plan.
|Minimum sum assured||Rs.32 lakhs|
|Maximum sum assured||No limit, subject to underwriting|
|Premium payment terms||Same as policy term|
|Premium payment frequency||Semi-annually or annually. Semi-annual mode will be 0.52 times the annual premium.|
|Minimum Premiums||Based on age, gender, sum assured and policy term, and whether you are a smoker or non-smoker|
*Premiums vary based on age, location, plan term and other factors
The Bharti AXA Life eProtect+ 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.
|Death benefit||Upon the death of the life insured, the nominee will be entitled to claim the following (whichever is higher):
|Death benefit payout||Option 1 - Monthly income for 15 years in 180 equal installments. The income is calculated as Rs.8.44 per Rs.1,000 of the sum assured. This income is level and will not increase over the course of the payout period. From the date of intimation of death, the monthly income will be payable. Option 2 - 50% of the sum assured is paid out as a lump sum once the death claim is accepted by Bharti AXA. The remainder will be paid out as an annual income for 10 years at an increasing rate. The income is calculated as Rs.4.54 per Rs.1,000 of the sum assured. The income will increase at 10% p.a. (compounding) till the end of the 10th year.|
|Maturity benefit||There is no maturity benefit with this plan.|
|Tax benefits||Available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.|
Under both death benefit options, the nominee will also have the option to take the entire death benefit as a lump sum. This option is available even after the payment of the death benefit has commenced. The lump sum payable will be calculated at present value of the future outstanding payments at 6.25% interest. The death benefit as a lump sum will not fall below the sum assured minus any instalments already paid.
There are no riders available with this plan.
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 at least 80% of 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.
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 eProtect+ Plan.
|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. If the life insured dies during this period, the death benefit will be paid minus the due premium amount.|
|Free-look Period||The policyholder has 30 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||The policy can be surrendered but there is no surrender value payable by Bharti AXA.|
|Reinstatement||From the due date of the first unpaid premium, you can reinstate your policy within 2 years. You need to submit the following:
|Termination||The policy will terminate under the following circumstances
|Assignment||Assignment is allowed as per the provision of Section 38 of the Insurance Act, 1938.|
|Nomination||Nomination is allowed as per the provision of Section 39 of the Insurance Act, 1938.|
|Service tax||Service tax, cess and other levies will be charged as per the prevailing tax laws at rates specified by the government from time to time.|
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. Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to maximise your benefits.
When you choose Bharti AXA Life as your insurance provider, you can stand to benefit from the following:
The eProtect+ Plan gives you peace of mind knowing that your family and their lifestyle will be secured financially in case of any untoward event. This plan is a good option for those who have dependents and in case of their unfortunate demise, would like to ensure their family has a regular income.
With its inception dating back to 2006, Bharti AXA has earned a leadership position in the insurance industry of the country. The insurer is known to be preferred company for financial protection and wealth management in the country. With a wide range of insurance products and wealth management services, Bharti AXA caters to a large customer base.