Bharti AXA Life Traditional Plans

Bharti AXA life Insurance is a joint venture undertaken by Bharti enterprises, a group having diversified businesses in the fields of telecom, agricultural business, financial services and retail and Axa group, headquartered at Paris with a stake of 74:26 respectively. Having launched in December 2006 Bharti Axa Life through its variety of insurance products and world class service has proved to be a leading insurance player in the country.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

• These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
• In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
• The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
• The plans may be issued either as Endowment Plans or Money Back Plans

Bharti AXA Life Traditional / Investment Plans

Bharti AXA Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

Bharti AXA Life Samriddhi:-

A participating endowment plan which offers the following features.

• Offers non-guaranteed bonuses at the time of maturity or death.
• In case of death, Basic life insurance cover along with accrued non-guaranteed reversionary bonuses and terminal bonuses, if any is given to the nominee of the plan
• In case of death, higher of the Sum assured or 11 times the annual premium is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.
• On maturity, the Sum Assured along with accrued non-guaranteed reversionary bonuses and terminal bonuses, if any is paid to the policyholder.
• Offers flexible premium payment terms in the form of limited premium payment term, whereby, the premium has to be paid for 5 or 12 years, along with a policy  term of 10 or 20 years; and a regular premium payment term, whereby, the premium can be paid for 10, 15, 20, 25, 30 and 35 years.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Ac

Eligibility Details:

Bharti AXA Life Elite Advantage Plan: -

A comprehensive insurance plan offering the following benefits:

• On maturity, the Sum Assured along with guaranteed payouts up to 8.50% to 9.50% is paid to the policyholder.
• In case of death, higher of the Sum assured or 11 times the annual premium is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.
• Offers a flexible premium payment of 5, 7 and 12 years.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details:

Bharti AXA Life AajeevanSampatti +: -

A traditional Endowment plan which has the following features:

• Guaranteed Additions accrue under the plan for each completed policy year which depends up on the policy tenure. The rate of these additions is 5.5% of the Sum Assured for policy tenure up to 100 years and 6% of the Sum Assured for policy tenure up to 85 years.
• In case of death, higher of the Sum assured or 11 times the annual premium is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.
• On maturity, the Sum Assured is paid to the policyholder.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details:

 Bharti AXA Life Monthly Income Plan+: -

A plan with the following benefits:

• Offers regular monthly income post completion of the premium payment term.
• On maturity or death, the Sum Assured along with accrued non-guaranteed reversionary bonuses and terminal bonuses, if any is paid to the policyholder or to the nominee of the plan.
• In case of death of the plan buyer, a certain percentage of monthly payout in addition to the payouts being made prior to the death is given to the nominee. The percentage of the payout depends upon the term of the policy chosen.
• Offers additional premium discounts in case of high regular income option.
• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

Eligibility:

Bharti AXA Life Secure Income Plan:-

This plan has the following features:

• Offers guaranteed monthly income along with sum assured and guaranteed additions at the time of maturity.
• The monthly income to be earned is tax free and is issued @8% of the sum assured for a period of 10 years.
• Guaranteed Additions accrue under the plan for each completed policy year which depends up on the policy tenure. The rate of these additions is 7% of the Sum Assured for policy tenure of 15 years, 8.5% of the Sum Assured for policy tenure of 17 years and 10% of the Sum Assured for policy tenure of 20 years.
• In case of death of the plan buyer, a certain percentage of monthly payout in addition to the payouts being made prior to the death is given to the nominee. The percentage of the payout depends upon the term of the policy chosen.
• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

Eligibility:

 Bharti AXA Life Flexi Save Plan:-

An insurance plan with the following benefits:

• Allows for withdrawals of savings before maturity.
• Offers non-guaranteed simple reversionary bonuses at the time of maturity or death.
• In case of death, higher of the Sum assured or a multiple of the annual premium is paid including the non-guaranteed accrued bonuses and terminal bonuses, if any subject to a minimum of 105% of all premiums paid till the date of death is paid.
• Offers guaranteed monthly income along with sum assured and guaranteed additions at the time of maturity.
• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

Eligibility:

Bharti AXA Life Secure Savings Plan: -

A plan offering the following benefits:

• Offers guaranteed sum assured and guaranteed additions at the time of maturity.
• In case of death, higher of the Sum assured or 10 times of the annual premium is paid including the non-guaranteed accrued bonuses and terminal bonuses, if any subject to a minimum of 105% of all premiums paidtill the date of death along with guaranteed additions amounting up to 10% of the sum assured is paid.
• Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility:

 Bharti AXA Life Invest Once Plan: -

An plan with the following features:

• Guaranteed Additions accrue under the plan for each completed policy year which depends up on the policy tenure. The rate of these additions is 7% of the Sum Assured for policy tenure of 5 years and 9% of the Sum Assured for policy tenure of 10 years.
• Offers a flexibility of two policy terms of 5 and 10 years to choose from.
• Offers enhanced life coverage at additional premium.
• In case of death, higher of the Sum assured chosen by the policy holder or sum assured on maturity or 125% or 110% of single premium plus mortality of the sum assured is paid.
• Offers guaranteed sum assured along with guaranteed total additions at the time of maturity.

Eligibility:

Bharti AXA Life Child Advantage Plan: -

An insurance plan with the following offerings:

• Offers moneyback as well as endowment options.
• In case of death of the plan buyer, future premiums are waived off.
• In case of death, higher of the 110% of the sum assured for money back options and 125% of the sum assured for endowment options or 11 times of the annual premium is paid including the guaranteed benefits, if any subject to a minimum of 105% of all premiums paid till the date of death.
• Offersnon-guaranteedsimple reversionary bonus along with guaranteed additions at the time of maturity.
• Can be availed as a limited pay option or regular pay option.
  
  

Applying for a Traditional / Investment Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Traditional Insurance through PolicyBazaar

1. On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.
2. Click New Quotes to compare and choose from top insurance providers.
3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.