Bharti AXA Life Samriddhi Plan

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Introduction/Overview

Bharti AXA Life Samriddhi Plan is a traditional participating Endowment Assurance plan to build a corpus through regular savings thereby taking care of the family’s future needs and requirements

Key Features

  • It is a participating plan with limited and regular premium payment option
  • Simple reversionary bonuses and Terminal Bonus increase the corpus

Benefits

  • On maturity, the basic SA along with the aggregate simple reversionary bonuses and Terminal Bonus, if any, is paid to the policyholder
  • On death of the policyholder , higher of the basic SA on Maturity including Simple reversionary bonuses and Terminal Bonus, if any, or 11 times the annual premiums subject to a minimum of 105% of premiums paid is payable
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

0 years

55 years

Maturity Age (Last Birthday)

65 years

80 years

Policy Term (PT) in years

10

Limited pay – 20

Regular pay - 35

Premium Paying Term (PPT) in years

Limited pay - 5

Limited pay – 12

Regular pay – equal to policy term

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

3000

No limit

Sum Assured

Depends on the premium chosen

 

Details About Premium

Annual premium in Rupees

Age

35 years

Premium

25,000

Sum Assured

698,129

Simple reversionary Bonus +Terminal Bonus @ 4%

172,787

Simple Reversionary Bonus + terminal Bonus @ 8%

681,548

Maturity Benefit @ 4%

870,916

Maturity Benefit @ 8%

13,79,677


Policy Details

Grace Period: 30 days’ grace period is allowed for premium payment in all modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 2 or 3 full years’ premiums has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV Factor * cumulative annual premiums paid including the GSV of Simple Annual Reversionary bonuses

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

  • The following riders are available under the plan:
  1. Bharti AXA Life Hospi Cash Rider
  2. Bharti AXA Life Premium Waiver Rider

Exclusions

  • In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.