Bharti AXA Income Protection Plan

The Bharti AXA Income Protection Plan is a comprehensive term plan that provides its policyholders return of premium upon maturity of the policy. It is designed to take care of the policyholder’s family in the event of the policyholder’s demise by paying a certain amount of monetary relief to the nominee and the policyholder upon maturity of the plan. This plan is also termed as a TROP or an ROP (Return of Premium) plan.

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Term plans with return of premium are becoming popular among the common masses as the premiums do not go in vain even after the policy matures. The Bharti AXA Income Protection Plan has flexible premium paying terms and two options with a variable rate of return upon maturity of the plan. 

Salient Features of Bharti AXA Income Protection Plan

Product and Features

Term of the Policy

12 Years

15 Years

20 Years

Minimum Entry Age

18 Years

Maximum Entry Age

58 Years

55 Years

50 Years

Maximum Age of Maturity

70 Years

Minimum Sum Assured

INR 5,00,000

Maximum Sum Assured

No Limitations, subject to the company’s terms and conditions

Minimum Premium

(Subject to Term of the policy and Maturity Option selected)

Maturity Benefit A= INR 4990

 

Maturity Benefit B= INR 7480

Policy term - 12 years

Maturity Benefit A= INR 3565

 

Maturity Benefit B= INR 5530

Policy term - 15 years

Maturity Benefit A= INR 2730

 

Maturity Benefit B= INR 3825

Policy term - 20 years

Premium Payment Modes

Monthly*, Quarterly*, Semi-Annually, and Annually

* Payment will be made only through auto pay

Benefits

The Bharti AXA Income Protection Plan has plenty of benefits on offer, few of the benefits are mentioned below: 

  • The policy offers three terms of varying periods such as 12, 15, and 20 years. 
  • The death benefit is paid to the nominee of the policyholder in the event of an unfortunate mishap. The death benefit is a maximum of: 10 times the annualized premium, or 105% of total premiums paid till the date of death, or Sum assured on maturity.
  • The policy has two different maturity benefits options. Both the options, Maturity Benefit Option A and B have different returnable amounts.
  • Maturity Benefit Option A gives a 100% return of premium upon maturity of the plan irrespective of the policy term. The term period could be 12 years, 15 years, or 20 years.
  • Maturity Benefit Option B offers a return of premium of 110% for a policy term of 12 years. A return of 115% for the policy term of 15 years and a return of 120% for the policy term of 20 years.
  • All the customers are  eligible for tax benefits on the premiums as well as the benefits received as per the current tax laws. 

Tax benefit is subject to changes in tax laws

  • A free look period of 15 days is made available to a person upon receiving the policy documents if purchased through the offline method. A free look period of 30 days is available to the policyholder if the policy is sourced through the online method.
  • Ability to surrender the policy with payment of a nominal surrender value.
  • A grace period of 15 days is offered to the customers paying the premiums on a monthly basis. For other modes of payment, the customers have a grace period of 30 days after which the policy is dormant with frozen benefits. The policy can be revived even after the grace period.
  • The policy can be revived within a period of five years from the default date of the last unpaid premium. After 5 years, the policy is terminated.
  • Loaning facility is available to the customer if only the policy is in force and a surrender value has been acquired.

Illustration of Premium

To understand how the Bharti AXA Income Protection Plan works, consider the following example:

Dhanush, a person in his late 30s decides to purchase Bharti AXA Income Protection Plan to protect his family from any of the eventualities. He proceeds to choose the policy term of 20 years. Upon choosing the policy terms, he opts for the Maturity Benefit Option B.

Dhananjay now chooses to cover his family by choosing a Sum Assured of INR 25 Lakhs. He is now covered for 20 years under the policy term and will receive all the premiums upon maturity of the plan.

Dhananjay has to pay INR 28,650 as an annual premium for the selected option. The maturity benefit for option B as opted by him will be INR 6,87,600. 

Additional Riders

People often choose riders to avail extra benefits against the current policy and its benefits. The following are rider options under Bharti AXA Income Protection Plan that one can choose to enhance coverage:

  • Bharti AXA Life Term Rider: increases the life insurance coverage of the policyholder for a nominal premium.
  • Bharti AXA Life Hospi Cash Rider: the policyholder receives a lump sum amount in case of surgery or a fixed amount for each day of hospitalization.
  • Bharti AXA Life Accidental Death Benefit Rider: If the policyholder passes away due to an accident, an additional Sum Assured is paid out to the beneficiary. 

What Are the Documents Required To Buy the Policy?

Irrespective of the insurance company, a fixed set of documents is required to purchase the policy. These documents are referred to as Officially Validated Documents (OVDs). These are often passport, Aadhar card, PAN card, etc. To purchase Bharti AXA Income Protection Plan, the following documents are required:

  • Proposal Form
  • Proof of residence
  • Identity proof
  • Passport-size photographs
  • Bank account’s statement
  • Proof of DOB

How To Buy Bharti AXA Income Protection Plan Online?

Bharti AXA Income Protection Plan is currently unavailable to purchase online. A person can still purchase the policy by visiting a Bharti AXA branch close to their location. The process to purchase the policy doesn’t differ much. Whether you buy the policy online or offline, you’ll have to declare whether you’re an active smoker or not, submit the relevant documents, and fill in a proposal form. 

Upon completing the above formalities, you will receive the policy documents to your registered address for reviewing the terms and conditions. If dissatisfied, you can return the policy and the premiums paid will be returned to you excluding taxesBesides, if any medical examination is carried out, the relevant fee and the stamp duty charges are also returned.

Exclusions

To have an easy and hassle-free claiming experience, a person needs to go through all the documents and terms and conditions while purchasing a policy. Under the terms and conditions, certain exclusions are mentioned. Major exclusions under the Bharti AXA Income Protection Plan are listed below: 

  • Suicide Clause: Death due to suicide of the policyholder within 12 months from the inception of the policy will result in a return of 80% of the total premium to the nominee or surrender value availavle as on the date of death (whichever is higher) and no death benefit will further be paid. This benefit can only be availed if the policy is in force at the time of death of the policyholder.

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