Bharti AXA Life Flexi Save Plan

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Introduction/Overview

Bharti AXA Life Flexi Save Plan is a traditional participating savings plan which builds a customized corpus which can be utilized any time as per requirement and also provides the benefit of life insurance cover

Key Features

  • It is a participating plan with premium payment option
  • The policy term chosen can be changed in the sense that the maturity date can be pre-ponded if required subject to the following time period

PPT

5 pay

7 pay

10 pay

 

Anytime between the end of 10 – 20 yrs.

Anytime between the end of 15 - 25 yrs.

Anytime between the end of 20 – 30 yrs.

  • Once the policy acquires the flexi benefit, surrender is not required as the full Maturity benefit can be partaken anytime

Benefits

  • On maturity, the basic SA along with the aggregate bonuses and Terminal Bonus, if any, is paid to the policyholder
  • On death of the policyholder , higher of the basic SA plus vested Bonuses including Terminal Bonus or 11 / 7 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:

 

Minimum

Maximum

Entry Age (Last Birthday)

0 years

65 years

Maturity Age (Last Birthday)

-

85 years

Policy Term (PT) in years

20, 25 or 30

Premium Paying Term (PPT) in years

5, 7, 12 respectively

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

15,000

No limit

Sum Assured

Depends on the premium chosen


Details About Premium

Annual premium in Rupees for a term of 20 years and PPT 5 years

Age

35 years

Premium

30,000

Sum Assured

169,943

Accrued bonus + Terminal Bonus @ 4%

132,300

Total Maturity Benefit

302,243


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 /3  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 Vested 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

  • Discount in premium for premiums of Rs. 1 lakh and above
  • Bharti AXA Life Hospi Cash Rider is available under the plan

Inclusions

  • Loans @ 70% of the Surrender Value can be availed

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.