Child Advantage Plan Bharti AXA

Bharti AXA Child Advantage Plan is a savings plan for your child. It could prove to be helpful in planning your child’s education, marriage, or moving abroad. Moreover, it helps cover for uncertainties in life such as a parent’s untimely death. The plan basically focuses on your child’s financial welfare and prepares them to deal with unexpected events. 

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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. 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

Premium Payment Regular Limited
Minimum Entry Age 18 Years 18 Years
Maximum Entry Age 50 years 55 years
Maximum Maturity Age 71 years 76 years
Minimum Policy Term 11 years
Maximum Policy Term 21 years
Premium Payment Term Same as Policy Term Policy Term minus 5 years
Minimum Sum Assured Rs. 25,000

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.

FAQ's

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

    Ans: 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.
  • Q: Is this the right child plan from Bharti AXA Life?

    Ans: 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.
  • Q: What is the better policy option for me - money-back or endowment mode?

    Ans: 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.
  • Q: How does the premium waiver benefit work?

    Ans: 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.
  • Q: What are the rider benefits as part of this policy?

    Ans: 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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Nothing is more important than securing your child's future

  • Life Cover paid to family to meet immediate expense
  • Future premiums are paid by the Insurance Company

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