Bharti AXA Life Monthly Income Plan+

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  • The death benefit will be paid on a monthly basis or can be withdrawn in lump sum after discounting it @ 8%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:

 

Minimum

Maximum

Entry Age (Last Birthday)

0 years

65 years

Maturity Age (Last Birthday)

-

80 years

Policy Term (PT) in years

15, 20 or 30

Premium Paying Term (PPT) in years

 7 or 10 or 15 respectively

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

Depends on the monthly income chosen

Sum Assured

135,000

No limit

Details About Premium

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

Age

35 years

Monthly Income in case of survival

3000

Monthly Income after death

4950

Annual Premium

35,715

Vested Bonuses @ 4%

9504

Vested Bonuses @ 8%

80,784

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.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
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Bharti AXA Life Monthly Income Plan+ Reviews & Ratings

0 / 5 (Based on 7 Reviews)
(Showing Newest 7 reviews)
Parul
Punjab, August 02, 2021
Inexpensive term plan
My friend is 30 year old and I am 25 years old and noticed a difference in our term plan price. I visited Policybazaar and read some blogs there. I found out that term plans are cheaper if you buy at young age. I am glad to buy this plan at the right time.
Amrita
Chail, August 02, 2021
Tax savings
I recently bought a term insurance policy from the website of Policybazaar. My plan has amazing features and some additional benefits due to an addon. The best part is I can also enjoy a tax rebate. I am so glad to buy this plan.
Pratap
Niwari, August 02, 2021
Purchased Online
My friend asked me to buy a term insurance plan online as it is cheaper and more convenient. I visited the website of Policybazaar and bought a term policy which offers great benefits at cheap rates. My online experience has been great. Thank you team.
Anurag
Modinagar, August 02, 2021
Protection against COVID
The pandemic had me worrying about the future of my family in my absence. I have been searching for a pure insurance policy to safeguard my family against any eventuality. With the help of Policybazaar now I my family is secure as a bought a specialized term plan made to help family of the policyholder.
Kashish
Meerut, August 02, 2021
Best customer service
I did not understand much about insurance but I knew one thing that I needed to secure the future of my family. I took help from the team of Policybazaar and they suggested me what would be best for me. I am happy with my plan. Thank you so much team.
Komal
Palwal, August 02, 2021
Huge coverage
I recently bought a term plan from the website of Policybazaar and I am happy with the product. I got a higher coverage term plan with additional benefits and at cost effective price. Now I am worry free for the future security of my family in my absence. Thanks.
Harisha
Gurgaon, August 02, 2021
Quick to buy
My friend suggested me to buy a term insurance plan online. I visited the website of Policybazaar and it took me about half an hour or maybe less to buy the plan online. The experience was smooth and I am happy with my plan. Kudos team.
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