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Bharti AXA Life Secure Savings Plan
Introduction/Overview
Bharti AXA Life Secure Savings Plan is a traditional non-participating Endowment Assurance plan to build a corpus through regular savings thereby taking care of the family’s future needs and requirements and to also provide protection in case of immature death of the breadwinner.
- 4.8++ Rated
- 10.5 Crore Registered Consumer
- 51 Partners Insurance Partners
- 5.3 Crore Policies Sold
Investment Plans
- Plan starting from ₹1,000/month
- Save upto ₹46,800 in Tax under section 80C^
- Zero LTCG Tax¶
- In built life cover
Top performing plans˜ with High Returns**
Invest ₹10K/Month & Get ₹1 Crore# Tax-Free*
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Bharti AXA Life Investment Plans
- Bharti AXA Life Secure Savings Plan
Key Features
- It is a non-participating plan with limited and regular premium payment option
- Guaranteed Additions increase the corpus
Benefits
- Guaranteed Additions are paid every year as a % of cumulative premiums paid and depend on the term and premium amount
- On maturity, the basic SA along with the aggregate Guaranteed Additions, is paid to the policyholder
- On death of the policyholder , higher of the basic SA plus Guaranteed Additions till date or 10 times the annual premiums or 105% of premiums paid till death 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:
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Minimum |
Maximum |
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Entry Age (Last Birthday) |
0 years |
55 years |
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Maturity Age (Last Birthday) |
- |
70 years |
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Policy Term (PT) in years |
10 or 15 |
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Premium Paying Term (PPT) in years |
Equal to policy term |
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Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
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Yearly Premium |
12,000 |
No limit |
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Sum Assured |
Depends on the premium chosen |
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Details About Premium
Annual premium in Rupees for a term of 20 years
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Age |
35 years |
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Premium |
20,000 |
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Sum Assured |
230,468 |
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Guaranteed Additions |
@ 10% of the cumulative premiums each year |
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Maturity Benefit |
650,468 |
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 if one 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 Guaranteed Additions
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
- Discount in premium for premiums of Rs. 1 lakh and above
- Bharti AXA Life Hospi Cash Rider is available under the plan
Exclusions
- In case of suicide committed within 12 months of policy inception only 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.
˜Top 5 plans based on annualized premium, for bookings made through https://www.policybazaar.com in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
Insurers Offering Investment Plans
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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