Bharti AXA Life Future Invest Plan

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Introduction/Overview

Bharti AXA Life Future Invest Plan is a Unit Linked Life insurance plan which provides the dual benefit of insurance cover and wealth creation through participation in capital markets

Key Features

  • It is a unit linked plan with Limited Pay and Single Pay option
  • The policy term is fixed at 10 years while the PPT is fixed at 5 years in case of limited pay
  • There are 6 Funds available for investment:
  1. Growth Opportunities Plus Fund
  2. Grow Money Plus Fund
  3. Build India Fund
  4. Save ‘n’ Grow Money Fund
  5. Steady Money Fund
  6. Safe Money Fund

Benefits

  • The insured will get the total Fund Value on Maturity
  • On death, higher of the basic SA net of any partial withdrawals already made from the Fund Value or the Fund Value or 105% of the total premiums paid will be payable
  • The policyholder may choose the Settlement Option under which the maturity proceeds can be availed over a period of 5 years in instalments
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

 59 years

Maturity Age (Last Birthday)

-

69 years

Policy Term (PT) in years

10

Premium Paying Term (PPT) in years

Single Pay or Limited pay for 5 years

Premium Paying Frequency

Yearly, half-yearly, quarterly, monthly

Yearly Premium

18,000 under Limited Pay

50,000 under Single Pay

No limit

Sum Assured

Single Pay – 1.25 * Single Premium for ages <45 yrs. & 1.1* Single premium for ages >45 yrs.

Single Pay – 5 * Single premium for ages<45 yrs. & 3* Single premium for ages >45 yrs

 

Details About Premium

Illustration for a policy term of 10 years and PPT 5 years

Age

35 years

Premium

50,000

Sum Assured

500,000

Fund Value @ 4%

259,544

Fund Value @ 8%

358,824


Policy Details

Grace Period: 15 days’ grace period is allowed under the monthly mode and 30 days under other modes

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

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.

Inclusions

  • Two free partial withdrawals are allowed every year which should be a minimum of Rs.1000
  • 12 free switches are allowed per policy year
  • Premium Redirection is also available

Additional Features or Riders

  • There are no premium allocation charges under the plan

Exclusions

  • The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date.

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.