Being one of the leading life insurance providers of India, Bharti AXA Life Insurance Company time to time launches different plans to fulfill the requirements of its existing clients and suspected insurance buyers.
Following its trend, the company recently launched a new child plan with the name of ‘Bharti AXA Life Shining Stars’. The uniqueness of this plan is – it offers the flexibility to the parents to select between two options of maturity payouts – annual payout and flexi payout.
Bharti AXA Life Shining Stars gives an opportunity to the parents of children to get life cover and hence protect their family and children from various financial instabilities.
As per the press release, this plan offers both financial security and guaranteed payouts and helps the parents to safeguard his/her child’s future by selecting the maturity payout options as per the goals and needs of the child.
The Managing Director &Chief Executive Officer of the Bharti AXA Life Insurance Company – Mr. Vikas Seth says that their new child plan is launched for the welfare of the children as they will get the financial support even when their parents are not with them. This insurance plan provides uninterrupted studies and fulfills their career goals. A brief overview of this plan is provided below:
Type of Policy
Bharti AXA Life Shining Star is non-participating and non-linked endowment life insurance plan with limited pay. The plan offers assured payouts on maturity and helps the parents to accumulate sufficient money to further studies of their children
Options for Payouts
The most unique feature of this plan is – the flexibility to choose the maturity plan. The parents of the child are eligible to select from two maturity options – Annual Payout Option and Flexi Payout Option. In addition to this, the parents can choose an option at the inception of the policy and can modify it during maturity according to the requirements of children. This is another good feature of this plan as it does not restrict the parents to stick to their choice that they have made many years ago.
Under Annual Payout Option, 5 equal annual payouts are paid at the end of every year starting from the maturity. This option caters to the higher education expenses of the child.
While in the Flexi Payout Option, benefits of maturity are given a lump sum at the end of any year when the time of maturity comes or during maturity’s payout period. In this way, the timings of payouts can easily be customized according to the requirement of children.
Minimum and Maximum Age
The age to get this plan is 18 years and the maximum age to purchase it is 60 years.
Tax Benefits under This Plan
Anyone who has taken this plan is eligible to get Tax Benefits on the premiums that he/she has paid and the received benefits.
The best-inbuilt benefit of this plan is it continues even when the policyholder dies and hence the further premiums are not paid. Even the maturity benefits are paid to the children and family of the policyholder at policy’s maturity.
With comprehensive benefits such as life cover with the maturity payouts, the main objective of this plan is the career and education of a child. In this way, this policy provides benefits of both protection and savings. In this way, the policy provides financial protection for the children and safeguards their career by providing maturity benefits at different stages of life.
The plan offers great flexibility to select from 9 combinations of policy terms and premium payment terms. Moreover, the premiums that insured pays are being paid for a limited period only.
Apart from the above benefits, Bharti AXA Life Shining Star also provides the facility of the loan through the company for meeting the unforeseen requirements. An insured can also avail the benefits of a rider such as Bharti AXA Life Term Rider, Bharti AXA Life Hospital Cash Rider, and Bharti AXA Life Accidental Death Benefit Rider. These riders are available by paying some additional premiums.
These are some of the highlights of this plan provided by Bharti AXA Life Insurance Company. It has some really unique features like maturity payouts with life cover. So, those who want a plan for their children can consider it.
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