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  • Bharti AXA Life Income Protection Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    This plan enables the policyholder to ensure that their family receives an income after they are no more. With the Income Protection Plan, the family of the life insured will be entitled to an annual income for a period of 15 to 20 years. If the policyholder survives till the end of the policy term, then the plan will pay out 100% to 120% of the premiums upon maturity. This plan is suitable for those who have a financially dependent family. It provides two death benefit options so that policyholders can choose how they would like their family to receive the income depending on their lifestyle and outlook.

    Eligibility - Who is the Bharti AXA Life Income Protection 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. In order to avail this plan, customers must meet certain criteria set out by Bharti AXA.

    Eligibility Criteria Details
    Minimum entry age 18 years
    Maximum entry age 12-year policy term - 58 years 15-year policy term - 55 years 20-year policy term - 50 years
    Maximum age at maturity 70 years

    *Ages mentioned refer to age last birthday

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

    With this insurance plan, the minimum premium amount starts at Rs.2,730. Policyholders have flexible options to pay premiums monthly, quarterly, semi-annually or annually, according to their convenience. The minimum sum assured that can be opted for is Rs.5 lakh while there is no cap on the maximum sum assured. Given below are the details of the sum assured, premiums and policy terms available with the Bharti AXA Life Income Protection Plan.

    Particulars Details
    Minimum sum assured Rs.5 lakh
    Maximum sum assured No limit, subject to underwriting
    Policy term
    • 12 years
    • 15 years
    • 20 years
    Premium payment terms
    • 12 years
    • 15 years
    • 20 years
    Premium payment frequency Monthly, quarterly, semi-annually or annually
    Minimum Premiums
    • 20-year policy term
      • Maturity benefit option A = Rs.2,730
      • Maturity benefit option B = Rs.3,825
    • 15-year policy term - 55 years
      • Maturity benefit option A = Rs.3,565
      • Maturity benefit option B = Rs.5,530
    • 12-year policy term
      • Maturity benefit option A = Rs.4,990
      • Maturity benefit option B = Rs.7,480

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

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

    The Bharti AXA Life Income Protection Plan has a number of benefits for the life insured and their family. This plan not only offers death benefits but also carries survival benefits. So in the event that the policyholder survives till the end of the policy term, they have nothing to lose as 100% to 120% of the premiums paid will be refunded. 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
    • 10 times the annualized premium
    • Sum assured upon maturity
    • Absolute amount assured payable upon death which will be equal to the sum assured
    The death benefit is payable for a term of 15 years or 20 years.
    Maturity benefit If the life insured survives till the end of the policy term, then they will be entitled to receive the following: A percentage of the premiums paid (not including taxes and cess) under two options:
    • 20-year policy term
      • Maturity benefit option A = 100%
      • Maturity benefit option B = 120%
    • 15-year policy term - 55 years
      • Maturity benefit option A = 100%
      • Maturity benefit option B = 115%
    • 12-year policy term
      • Maturity benefit option A = 100%
      • Maturity benefit option B = 110%
    Tax benefits Available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

     

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

    There are two riders available with this plan to enhance your level of protection.

    Bharti AXA Hospi Cash Rider - For every day of hospitalisation, this rider will pay a fixed benefit as hospital cash. In case of surgeries, you will receive a lump sum benefit.

    Bharti AXA Accidental Death Benefit Rider - In case the life insured dies due to an accident, the nominee will receive an additional lump sum.

    Exclusions - What the Bharti AXA Life Income Protection 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 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 or pay the surrender value as on the date of death, 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 Income Protection Plan.

    Features Details
    Grace Period 30 days from the premium due date.
    Free-look Period 15 days are granted to review the policy. If the policyholder is not satisfied, they can return the policy in exchange for a refund minus any proportionate risk premium, medical expenses and stamp duty charges.
    Loan facility If the policy has acquired a surrender value, then the policyholder can take a loan for a minimum of Rs.15,000 and a maximum of 70% of the surrender value. Currently the rate of interest is 10.47% p.a.
    Surrender Value The policy will acquire a surrender value, if you have paid premiums for at least 3 full years. The higher of the following will be paid:
    • Guaranteed Surrender Value - percentage of the cumulative premiums paid (not including rider premiums and taxes)
    • Special Surrender Value.
    Reduced Paid-up Policy If you have paid premiums for at least 3 full years, if the 30-day grace period lapses, the policy will be converted to a Reduced Paid-Up policy. You can reinstate the policy within the revival period.
    Termination If you have not paid premiums for at least 3 full years, if the 30-day grace period lapses, then all benefits will lapse after the grace period ends. The policy will be terminated at the end of the stipulated revival period.
    Reinstatement From the due date of the first unpaid premium, you can reinstate your policy within 2 years. You need to pay all outstanding premiums plus interest.
    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.

    Tax Benefits – How you can save with the Bharti AXA Life Income Protection 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. 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 Income Protection Plan?

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

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

    Why you should buy the Income Protection Plan from Bharti AXA?

    Bharti AXA was started in 2006 and has since grown to be a leader and preferred company for financial protection and wealth management in the country. The insurer offers a wide range of insurance products and wealth management services. Bharti AXA has innovative products catering to specific insurance needs of customers. The company operates on a strong foundation of values such as integrity, pragmatism, innovation, professionalism and team spirit.

    The Income Protection 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. This plan gives you peace of mind knowing that your family and their lifestyle will be secured financially in case of any untoward event.