Bharti AXA Life Grow Wealth
Bharti AXA Life Grow Wealth is a saving-oriented policy that offers various options for investment. It also includes life cover for both individuals and other members. The policy provides scope to increase the fund value by making various loyalty additions. They can also make more benefits by selecting among the listed funds as per their choice and ability to invest.
The tax deduction facilities help to increase the profitability of the money invested. The policyholders can avail the necessary flexibility of premium payment choices to ensure that the policy will offer high benefits with a low investment cost. Thus, the policy provides insurance for both life and financial obligations.
Bharti AXA Life Grow Wealth Details:
|Premium Payment Terms
- Limited Pay: 5/7/10/15/20 years
- Single Pay
|Premium Payment Mode
||Monthly, Quarterly, Semi-Annually, Annually.
Maximum Age For Single Life Cover:
- 5- years Policy term: 13 years
- 10- years policy term: 8 years
- 15 -years policy term: 3 years
- 20 -years policy term: 91 days(0 years)
For Joint Life Cover:
- 5-year policy term: 64 years
- 10-years policy term: 60 years
- 15- years policy term: 55 years
- 20- years policy term: 50 years
- 5-year policy term: 70 years
- 10-years policy term: 70 years
- 15- years policy term: 70 years
- 20- years policy term: 64 years
- 70 years- Single Life Cover
- 85 years-Joint Life Cover
- 15 days (Monthly premium mode)
- 30 days other modes
The maximum amount is chosen as per underwriting norms.
- Single Pay: Rs.1,25,000 (online payment) and Rs. 1,87,500 (other than online payment)
- Limited/Regular Pay: Rs.2,60,000 (online payment) and Rs. 3,50,000 (other than online payment )
||The policy allows making a partial withdrawal as a liquidity facility.
Benefits of Bharti AXA Life Grow Wealth
The key benefits of Bharti AXA Life Grow Wealth are as follows:
- Flexibility: Bharti AXA Life Grow Wealth Policy allows choosing different premium payment modes and terms as suitable. It includes a partial withdrawal facility to manage the funds and financial investments better. It has Single Life (for one individual) or Joint Life Options (for two individuals).
- Death Benefit: The policy offers death benefits as the higher amount of the policy fund value or 105%* of all premiums paid till the date of death or assured sum less all the partial withdrawals till two years before the date of death. (*Standard T&C Apply)
- Maturity Benefit: The policyholders will get the policy fund value and applicable loyalty additions at the maturity date. The benefits depend on the market conditions and choice of funds made.
- Settlement Options: The settlement period starts after the maturity period ends. The policyholders will be able to withdraw money as regular or installment payouts. However, they will not be able to get any life insurance benefit or make a partial withdrawal.
- Loyalty Additions: Bharti AXA Life Grow Wealth Policy offers loyalty additions starting from the 6th policy year as varying percentages of the Fund Value as mentioned in the policy document. (*Standard T&C Apply)
- Tax Benefits: The policy offers tax benefits* as per income tax act 1961. The services offered also depend on the premiums paid and facilities taken. (*Tax benefit is subject to changes in tax laws.)
The Premium for Bharti AXA Life Grow Wealth
The policyholders must pay premiums as per the Bharti AXA Life Grow Wealth Premium payment options and channels chosen. The minimum amount of premium the policyholders are required to pay is below.
- Limited Premium Payment Term: Rs. 26,000 for online premium channels and Rs.35, 000 for other premium payment channels.
- Single-Premium Payment Term: Rs. 1, 00,000 for online premium payment channels and Rs. 1, 50,000 for other premium payment channels.
Maximum Premium has no max limit and is subject to underwriting guidelines.
The policyholders can select the Bharti AXA Life Grow Wealth Premium amount by accessing Bharti AXA Life Grow Wealth Calculator available online.
Additional Riders for Bharti AXA Life Grow Wealth
Eligibility for Bharti AXA Life Grow Wealth
- The Minimum age for 5 years, 10 years, 15 years, and 20 years policy term is 13 years, 8 years, 3 years, and 91 days respectively.
- The maximum age for 5 years, 10 years, 15 years, and 20 years policy term is 64 years, 60 years, 55 years, and 50 years.
What are the Documents Required to Buy this Policy
- Identity proof such as voter's ID, PAN card, Aadhar card, driving license, passport
- Address proof such as voter's ID, Aadhar card, driving license, passport, ration card
- Income proof such as salary slips, income tax returns
How to Buy this Plan Online?
Bharti AXA Life Grow Wealth Policy is not an online plan. To buy the policy, interested individuals must follow the steps mentioned below.
- Contact the branch office of Bharti AXA Life Insurance Company Ltd.
- Give details regarding premium amount, premium term, assured sums, etc.
- Fill up and sign the application form under the care of the financial advisors of the company.
- Make a cheque premium payment in favour of Bharti AXA Life Insurance Company Ltd.
However, before buying the policy, they must assess Bharti AXA Life Grow Wealth reviews available online and select the premium amount through the online Bharti AXA Life Grow Wealth Calculator to make a better decision.
Exclusions of Bharti AXA Life Grow Wealth
The policy excludes benefits in case of death of assured life due to suicide attempts. However, the beneficiary will get the Fund Value applicable if the death takes place within one year from the risk commencement date or policy revival date. Any policy charges accrued post the date of death will also be paid back to the beneficiary.
Ans: The policy offers a 15 days free look period to policyholders if they are not happy with the terms and conditions of the policy and want to return the policy.
Ans: The policy includes a few charges, which the policyholders are liable to pay. These charges are namely;
- Policy administration charges
- Mortality charges
- Fund management charges
- Discontinuance charges
Ans: If the policyholders fail to revive the policy within the two-year revival period, the system will be discontinued and withdrawn. However, in case the policyholders paid premiums for five years, they can choose the paid-up option.
Ans: The policyholders can withdraw a minimum amount of Rs. 5,000. However, after withdrawal, the fund value must be at least 120%* of the annualized premium in case of limited premium policy and 25%* of annualized premium in case of single premium policy. (*Standard T&C Apply)
Ans: The policyholders can check the Bharti AXA Life Grow Wealth Status policy status through the company personnel by phone or email. They are required to provide policy numbers and other necessary details as required.
Ans: The plan can be revived within two years from the date of discontinuance of the policy.
Ans: Once the policy turns into paid-up status, the policyholders would get reduced maturity benefits, reduced death benefits, and reduced surrender value. However, the paid-up policy will not offer any further loyalty additions.