Child Advantage Plan Bharti AXA

What is the Child Advantage Plan of Bharti AXA?

Child Advantage Plan of Bharti AXA is a traditional savings plan. It aims to fulfill the career goals and financial needs of your child. The life cover for the parent ensures that the surviving family has a safety net to lean on for daily expenses. The best child insurance plans in India currently offer similar benefits as the Child Advantage Plan of Bharti AXA.

The child plan comes with two flexible options to choose from based on its maturity benefits –

• Money-back option - Your child receives guaranteed payouts in the last five years before the end of the policy term.

• Endowment option – Your child receives a lump sum amount on maturity to help them pursue their aspirations.

Eligibility Criteria for the Child Advantage Plan of Bharti AXA

Features of Child Advantage Plan of Bharti AXA

The salient features of the Bharti AXA Life Child Advantage Plan are:

• The policy has an in-built premium waiver option. Future premiums will be waived off on the death of the parent but the child will still receive the plan benefits as guaranteed.

• If you pay all premiums in the due term, the plan offers a non-guaranteed revisionary bonus annually.

• There is also a non-guaranteed terminal bonus that you will receive on policy maturity.

• You have the option to pay premiums in monthly, quarterly, half-yearly, or annual payments.

• If you have missed a premium payment, a grace period of 15 days for monthly mode and 30 days for other premium modes is available.

• You have the option to reinstate the policy within two years of defaulting on your premium payments.

• In case of non-payment of premiums, you will receive a reduced paid-up value at the time of maturity, provided that it has acquired a surrender value.

• This Bharti AXA child plan acquires a surrender value after 2 years of continuous premium payment.

• Rider benefits are available for the Child Advantage Plan. They are optional benefits and are available at an extra cost.

• Policy termination may also occur if you don't use the 5-year revival period effectively.

Benefits of the Bharti AXA Child Advantage Plan

1. Death Benefit

   On the death of the parent, the child is entitled to the sum assured on death. It is calculated as the highest of the following values –

   • Sum Assured on Maturity

   • 11 times Annual Premium

   • Basic Sum Assured

   • 105% of all the premiums paid

   Further, all remaining premiums will be waived off. In case of the Money Back option, the guaranteed payouts already paid will not be deducted from the death benefit.

2. Maturity Benefit

   It is paid out if the life assured survives the policy term.

   Sum assured on maturity in the case of the Money Back option is equal to 110% of the Basic Sum Assured. Of this, 70% is paid out annually in the last 5 years of the policy term. The remaining 40% is paid out at the end of the policy term in lump sum.

   The below table represents the payout slab for the final five years.

   Guaranteed Payout Time	% of Sum Assured payable to your nominee
   End of the first year before policy maturity	20
   End of the second year before policy maturity	15
   End of the third year before policy maturity	15
   End of the fourth year before policy maturity	10
   End of the fifth year before policy maturity	10

   Sum assured on maturity in the case of the Endowment option is equal to 125% of the Basic Sum Assured.

How Does Bharti AXA Life Child Advantage Plan Work?

Decide from the two plan options as per your child's requirements. The next step is to pick the policy term, payment mode, and premium type. Once you decide all this, proceed with the application process.

You need to pay the premiums on time. The rest of the process is hassle-free until the maturity term of your plan. You will receive the payment as per the selected plan mode or in the scenario of payable death benefits. Either way, you secure your child's financial future.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

How to Buy the Bharti AXA Child Advantage Plan?

You have the option to buy the policy online and offline. For offline purchases, you can visit your nearest branch of Bharti AXA Life or talk to their insurance agents. You can directly visit the policy issuer's website for the online purchase and proceed with the application process.

You will have to submit all the documents that the insurance issuer wants for the policy tenure. These would be age proof, address proof, and photo proof verifications. Further, you need to fulfill the default eligibility conditions for the plan regarding citizenship and proof of current financial status to show your paying capacity.

If there are any reasons for you to disagree with the terms & conditions, you can return the policy in this period. It is 15 days for offline purchase & 30 days for online policy.