Child Advantage Plan Bharti AXA

Your financial planning will not be complete without providing for your child's needs. Whether in sectors like education, marriage, or moving abroad, you want your child to have a bright future. Many schemes and policies support such needs. Bharti AXA Child Advantage Plan is a helpful savings plan for your child. As the name of this plan says, it is provided by Bharti AXA Life Insurance Company. It is a joint venture between two top organizations, Bharti & AXA, with 51% and 49% stakes respectively. The insurance provider and the plan focus on your financial welfare and wealth management.

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Best Child Saving Plans
  • Insurer pays your premiums in your absence

  • Invest ₹10k/month and your child gets ₹1 Cr tax free*

  • Save upto ₹46,800 in tax under Section 80(C)

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

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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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. This plan acts like a regular life insurance plan in terms of death benefits and sum-assured on maturity.

The plan has two flexible options based on their maturity benefits. You can purchase either the money-back option or the endowment option. Your child receives guaranteed payouts in the last five years before the maturity term in the money-back option. The endowment option provides a lump sum amount on plan maturity to help your child pursue his/her aspirations.

The ideal payment term for premiums in this plan is from 11 to 21 years. Two options for investment tenure available are - regular pay and limited pay. In the regular pay option, you need to pay premiums for the entire policy term. Whereas, you need to pay for five years less than the policy term in case of limited pay tenure.

Eligibility Criteria for the Child Advantage Plan of Bharti AXA

The eligibility criteria for Bharti AXA Life Child Advantage Plan are:

  • For Regular Premium Pay: Your minimum entry age is 18 years, and the maximum age for entry is 50 years. Your age when the policy matures should be not over 71 years.

  • For Limited Premium Pay: Your minimum entry age is 18 years, and the maximum age for entry is 55 years. Your age when the policy matures should not be over 76 years.

  • Your policy term selection will depend on your child's age. It should be from 11 to 21 years.

  • Submit all the documents that the insurance issuer wants for the policy tenure. These would be age proof, address proof, and photo proof verifications.

  • You need to fulfill the default eligibility conditions for the plan regarding citizenship and proof of current financial status to show your paying capacity.

Features of Child Advantage Plan of Bharti AXA

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

  • The policy has an in-built premium waiver option. This feature helps the child in the unfortunate eventuality of the insured parent's death.

  • The options of policy term selection and premium payment type ensure the workability of the policy.

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

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

  • The money-back option ensures you a guaranteed payment of up to 70% of the sum assured as a maturity benefit if the policy is effective. You will receive this amount in the last five years before the maturity term. The plan option suits you better if your prime choice is to cater to your child's education needs. 40% of the sum assured will be payable at the end of the policy term as well.

  • The endowment option maturity benefit payouts are even better. You will receive 125% of the sum assured on the policy maturity date as a lump sum amount. There are no guaranteed payouts here.

  • You have the option to pay premiums in monthly, quarterly, half-yearly, or annual payments. To mathematically show how they work, the monthly premium equals 0.0867 of the annualized premium. The quarterly premium is 0.26 & the half-yearly is 0.51 of the annualized premium. (Monthly and quarterly premiums are through auto-pay.)

  • A grace period of 15 days for monthly mode and 30 days for other premium modes is available. You can pay during this period to avoid the lapse of the attached policy benefits.

  • If you default your premiums for a period, you can still reinstate your policy within 5 years from the premium default date. You need a written application, evidence of insurability, fulfillment of investment terms, and payment of a specific amount to compensate for the default payments. As per the insurer's conditions, a potential interest calculation that applies to the amount is possible.

  • The minimum sum assured on plan maturity for all policy types is Rs. 25,000.

  • Three bands of premium payment options are possible that solely rely on the sum assured. The bands begin with Sum Assured Band 1, which ranges from Rs. 25,000 to Rs. 1, 50,000. The other bands are between Rs. 1, 50,001 and Rs. 5, 00,000 and from Rs. 5, 00,001 and above. Policy term and premium payment term for these bands occur in both regular pay & limited pay options.

  • A three-year age setback applies for female investors in this insurance plan.

Benefits of Bharti AXA Child Advantage Plan

The benefits of purchasing a Bharti AXA Life Child Advantage Plan are as follows:

  • Flexibility in options is a sound deal for this plan. You can choose the maturity benefit options from money-back & endowment mode. You can select the premium payment type from regular or limited choices & the plan tenure. The possibility of picking any premium payment mode as per your financial capability is also a workable choice.

  • The waiver on the premium is an exclusive benefit for this plan as it is an in-built option.

  • The life insurance benefits for this policy in case of any eventuality support your child's financial needs. The sum assured is 11 times the annualized premium. A 105% return on death is also possible with this plan.

  • Different non-guaranteed bonus benefits are a part of this plan. It could be an annual simple revisionary bonus or a terminal bonus. They can increase the final amount on maturity of your policy. The bonus benefits will be available from the end of the first year of this policy. If you keep up with the premium payments, you can receive maximum bonus benefits at the end of the policy tenure.

  • Taxation benefits are available on this policy. 

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

  • Lapsation benefits are also available for this policy. It relies on the surrender value of the policy. If surrender value is attainable for the plan (after paying minimum 2 annualized premiums), your unpaid premiums will get paid up proportionately. There will be a revival period to support you in reviving the policy. 

  • In case of non-payment, you will receive a reduced paid-up value without full benefits from the original policy terms. The benefit won't apply without a policy surrender value, as your policy will lapse. Policy termination may also occur if you don't use the 5-year revival period effectively.

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

How Does Bharti AXA Life Child Advantage Plan Work?

The flexible policy option supports you to choose from the options of money-back or endowment mode. Decide your plan 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.

In the situation of maturity benefits, your nominee child will receive the guaranteed payouts for the last five years before the policy term expires. It is in case of your death. The only condition is that you pay all the premiums duly on an active insurance plan. 

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

*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 do not have to worry about making the wrong choice, as a free-look option applies to the plan. 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.

FAQ's

  • Is there an option to surrender my Child Advantage Plan? How does the surrender value work?

    Yes, there is an option to surrender your policy. To gain a surrender value for your plan, you need to pay two annualized premiums at least. This should be for a payment term of below ten years. For all other premium payment terms, three annualized premium payments are necessary.
  • Is this the right child plan from Bharti AXA Life?

    To compare and analyze the list of plans, you can refer to online resources or the insurance provider's website. You can decide the suitable plan according to the custom financial needs of your child. 
  • What is the better policy option for me - money-back or endowment mode?

    It depends on your needs & goals. If you need early payouts on your policy, the money-back option is the best choice. If you can wait until the maturity period and are aiming for a lump sum amount, try the endowment term.
  • How does the premium waiver benefit work?

    Premium waiver works best as a death benefit. If you die before the policy term maturity, there is no need to pay further premiums from your nominee's or child's side. It will be a financial boost to your family as your child can still receive the potential benefits from the plan. 
  • What are the rider benefits as part of this policy?

    To enhance your plan, you can select add-ons like Bharti AXA Life Hospi Cash Rider and Bharti AXA Life Accidental Death Benefit Rider. The former is for hospitalization or surgery benefits & the latter is a non-linked benefit that provides 100% of the sum assured for accidental death. To know more about the riders, visit their specific websites or brochures.

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