Bharti AXA Life Monthly Income Plan+

Introduction/Overview

Bharti AXA Life Monthly Income Plan+ Plan is a traditional participating savings plan with regular monthly incomes which provides a steady inflow of cash every month with life insurance cover for protecting the family against unforeseen emergencies

Key Features

• It is a participating plan with limited premium payment option
• Guaranteed Monthly Income is paid every month after the completion of the premium payment term
• Non-guaranteed bonuses accrue form the end of the first policy year itself

Benefits

• On maturity, accrued reversionary bonuses and Terminal Bonus, if any, is paid
• On death of the policyholder higher of the SA on death + accrued reversionary bonuses and Terminal Bonus if any or 105% of all premiums paid till death is payable
• The SA on death will be the higher of 165% or 150% of SA for policy term of 15 years, 140% of SA for a term of 20 years and 110% of SA for a term of 30 years or 10 times the annual premium
• The death benefit will be paid on a monthly basis or can be withdrawn in lump sum after discounting it @ 8%
• 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:

Details About Premium

Annual premium in Rupees for a policy term of 15 years and PPT 7 years

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 if at least one years’ premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV Factor * annual premiums less the Guaranteed Monthly Income already paid + GSV of accrued 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 choosing higher monthly incomes of Rs.3000 and above
• Bharti AXA Life Hospi Cash Rider is available under the plan

Inclusions

• A loan of a maximum of 70% of the Surrender Value 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.