Bharti AXA Shining Stars: A New Plan for Children

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’.

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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 their 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 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 a 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

Premium Payment Terms

Bharti AXA Life Shining Star comes with a variety of choices when it comes to the selection of term policy period. Policy terms and their premium paying terms are as follows:

Premium Payment Term

Policy Terms

7 years

12 years

8 years

13 years

9 years

14 years

10 years

15 years

11 years

16 years

12 years

17 years

13 years

18 years

14 years

19 years

15 years

20 years

  1. Maturity Benefit

    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 the Annual Payout Option, 5 equal annual payouts are paid at the end of every year starting from maturity. This option caters to the higher education expenses of the child. The annual payment will be equal to 22 % of the sum assured.

    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.

    Year of Payout

    Flexi Payout Factors

    One Year after the maturity date

    105%

    Two Years after the maturity date

    110%

    Three Years after the maturity date

    116%

    Four Years after the maturity date

    122%

  2. Death Benefit

    In case of demise of the policyholder during the policy tenure, provided all premiums have been duly paid, the death benefit is payable to the nominee.

    Here, sum assured on death is higher of:

    • 11 X Annualized premiums
    • 105% of all premiums paid till death
    • Absolute amount assured to be paid on death which cannot exceed sum assured
    • Sum assured on maturity equals sum assured mentioned in the policy document
  3. Tax Benefits

    Anyone who has taken this plan is eligible to get Tax Benefits on the premiums that have been paid and the received benefits.

Minimum and Maximum Age

The age to get this plan is 18 years and the maximum age to purchase it is 60 years.

Eligibility conditions and other restrictions

Parameter

Eligibility Criteria

Minimum age at entry

18 years age last birthday for all Policy terms

Maximum age at entry

60 years age last birthday for all Policy terms

Maximum age at Maturity

policy term

premium payment term

maximum age at maturity

 

12 years

7 years

72 years

 

13 years

8 years

73 years

 

14 years

9 years

74 years

 

15 years

10 years

75 years

 

16 years

11 years

76 years

 

17 years

12 years

77 years

 

18 years

13 years

78 years

 

19 years

14 years

79 years

 

20 years

15 years

80 years

Minimum Sum Assured

50,000

Maximum Sum Assured

No Limit, subject to underwriting

Minimum Premium

premium payment term

policy term

minimum annual premium

 

7 years

12 years

5,791

 

8 years

13 years

4,913

 

9 years

14 years

4,330

 

10 years

15 years

3,744

 

11 years

16 years

3,312

 

12 years

17 years

2,930

 

13 years

18 years

2,625

 

14 years

19 years

2,375

 

15 years

20 years

2,169

premium payment mode

Annual, semi-annual, quarterly, monthly

Other 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 the policy’s maturity.

With comprehensive benefits such as life cover with 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 careers 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 the 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 unforeseen requirements. An insured can also avail of 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.

Final Words:

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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