Bharti AXA Life Elite Advantage Plan
Bharti AXA Life Elite Advantage is a traditional non-linked, non-participating, endowment plan that offers guaranteed pay-outs of 8.5% to 9.5% from the end of the policy term and 100% Sum Assured at Maturity. It also provides life insurance cover, to take care of uncertainties of life.
Key Features
8.5% to 9.5% from the end of the policy term and 100% Sum Assured at Maturity
100% of Sum Assured on Maturity is paid at the end of 20th year from the Policy Date.
5,7, and 12 years
Under Section 80C and 10(10D) as per Income Tax Act
Benefits
In case of the unfortunate event of death of the Life Insured during the Policy Term, the higher of the following benefits will be payable to the Nominee
- Sum Assured on Maturity, or
- 11 times Annualised Premium, or
- 105% of all premiums paid
In case the Life Insured survives till the maturity of the Policy, then the benefits, as mentioned below, will be payable to the Policyholder.
- Guaranteed Pay-out - A percentage of Sum Assured on Maturity is paid during the Maturity Pay-out Period.
- Sum Assured - 100% of Sum Assured on Maturity is paid at the end of 20th year.
Bharti AXA Life Hospi Cash Rider, to boost your protection, viz;
If the premium is paid for at least 3 years then the policy will be converted to “paid up”. In this case, the accumulated money will be paid on death, maturity or surrender, whichever is earlier.
In case you are not convinced with Terms and Conditions of the policy, you can cancel the same within 15 days of receipt of the policy document.
How it works
Policy Holder pays premium for the chosen Premium Payment Term. At the end of Policy Term, the Maturity Benefit Period will start during which Guaranteed Pay-outs will be paid from the end of the Policy Term until the end of the 19th year. At the end of the 20th year, 100% of the Sum Assured on Maturity will be paid to the Policyholder.
Benefits Illustrated with an example below:
Mohan, age 35, purchases Bharti AXA Life Elite Advantage Plan and pays Rs. 1, 00,000 as annualised Premium. He chooses a Policy Term and Premium Paying term of 12 years, his Sum Assured as per his age is Rs.12, 29,256.
| Benefit | Pay out (in Rs.) |
| Sum Assured on Maturity (paid at the end of 20th year) | 12,29,256 |
| Guaranteed Pay-out (9.5% of Maturity Sum Assured) | 1,16,779 (paid annually) |
Guaranteed Pay-out – at the end of 12th policy year until the end of 19th policy year
Needs met:
1. He will receive the maturity benefit in regular instalments from the end of the policy term until the end of the 19th year. These pay-outs could serve as a second income and also help in paying his children’s school expenses.
2. The lump sum amount that he will receive at the end of the 20th year could be used for his children’s higher education expenses.
3. In case of the unfortunate event of his death before the maturity of the policy, his family will get higher of 100% of Sum Assured or 105% of the Premiums paid or 11 times the Annualised Base Premium.
Let's Understand The Plan With An Example:
35 year old Mohan chooses our Bharti AXA Life Elite Advantage to meet his future expenses such as his daughter’s higher education, marriage expenses etc., for a Sum Assured of Rs.12,29,256. He pays an annual premium of Rs.1,00,000 for 12 years.
Eligibility
Guaranteed Pay-out - The percentage of Guaranteed Pay-out depends upon the Policy Term, Premium Payment Term and the Premium Amount as mentioned below:
| Policy Term
( in years) |
Premium Paying Term (in years) | Guaranteed Pay-out (end of the year) | Annual Premium (in Rs.) | Guaranteed pay out as a % of sum assured on maturity | Guaranteed pay out frequency |
| 10 | 5 | 10 - 19 | 24,000-49,999 | 8.5% | Annual,
Semi-Annual, Quarterly |
| 50,000-99,999 | 9.% | ||||
| 1,00,000 and above | 9.5% | ||||
| 12 | 7 | 12 - 19 | 15,000-49,999 | 8.5% | |
| 50,000-99,999 | 9.% | ||||
| 1,00,000 and above | 9.5% | ||||
| 12 | 12 | 12 - 19 | 12,000-49,999 | 8.5% | |
| 50,000-99,999 | 9.% | ||||
| 1,00,000 and above | 9.5% |
Maturity Pay-out Period - The Maturity pay-out Period is a period post the Policy Term when the guaranteed pay-outs as shown in the table above and the Sum Assured at Maturity are paid. This is dependent on the Policy Term as shown below:
| Policy Term (in years) | Maturity Pay-out (end of the year) |
| 10 | end of 10th year till the end of 20th year |
| 12 | end of 12th year till the end of 20th year |
| articulars | Minimum | Maximum |
| Entry Age | 8 years for 10 year Policy Term
6 years for 12 year Policy Term |
65 |
| Maturity Age | - | 75 years for 10 year Policy Term
77 years for 12 year Policy Term |
| Sum Assured | Depends on the minimum premium | |
| Premium (in Rs.) | 24,000 for 5 year Premium Payment Term
15,000 for 7 year Premium Payment Term 12,000 for 12 year Premium Payment Term |
|
| Policy Term | 10 and 12 year | |
| Premium Payment Term | 5 years for 10 year Policy Term
7/12 years for 12 year Policy Term |
|
| Premium Payment Modes | Annual, Semi-Annual, Quarterly*, Monthly* | |
* Through Auto Pay only
FAQs
You stop paying the premiumIf the policy holder does not pay the premium within 30 days after the premium due date, then the policy will lapse.
You want to surrender the policyThere are Surrender Benefits in this plan is at least 3 annual premiums have been paid. Minimum Guaranteed Surrender Value= % of sum of premiums paid.
You want a loan against your policyLoan facility is available under this policy.
