Bharti AXA Life Samriddhi Plan
Bharti AXA Life Samriddhi Plan Review
Bharti AXA Life Samriddhi is a traditional non-linked, participating, endowment plan that offers lumpsum pay out at Maturity and bonuses at the time of maturity. On Death of life insured within the policy tenure, Basic Sum Assured + accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus will be paid to the nominee.
Key Features
Lump sum pay out at maturity
Potential to receive additional earnings with Bonuses
8 premium payment term options to choose from 10 to 35 years
Tax benefits under Section 80C and 10(10D) as per Income Tax Act
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee gets:
- Base Sum Assured
- Accumulated non-guaranteed simple annual reversionary bonuses
- Non-guaranteed Terminal Bonus
Where,
Base Sum Assured, will be higher of:
- Sum assured on maturity, or
- 11*Annualised premium
Note,
The death benefit will always be 105% of the premiums paid.
On Maturity, 100% of the Sum Assured + accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus, will be paid to the life insured.
Company’s profit/surplus is added every year to the policy, these are Annual Simple Reversionary and Terminal Bonus. These bonuses will be paid at the time of maturity or death, whichever is earlier.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
- Bharti AXA life Hospi Cash Rider
- Bharti AXA life Premium Waiver Rider
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
Criteria:
Age 35/male
Annual Premium: Rs. 25,000
Sum Assured: Rs. 698,129
Policy Term: 25 years
| Maturity Benefit | Pay out (in Rs.) |
| Sum Assured on Maturity | 698,129 |
| Bonus and Maturity benefit @ 4 % | |
| Accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus | 172,787 |
| Sum assured + Accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus | 870,916 |
| Bonus and Maturity benefit @ 8% | |
| Accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus | 681,548 |
| Sum assured + Accumulated non-guaranteed simple annual reversionary bonuses + non-guaranteed Terminal Bonus | 1,379,677 |
Let's Understand The Plan With An Example:
35 year old Abhay chooses our Bharti AXA Life Samriddhi to meet his retirement needs and pays Rs.50,000 as annual premium for 25 years for a Sum Assured of Rs.13,96,258. He enjoys a life cover for 25 years.
Eligibility
Policy Term and Premium Payment Term
| Eligibility Criteria | ||
| Premium option | Policy Term (in years) | Premium Paying Term (in years) |
| Limited Premium Term | 10,20 | 5,12 |
| Regular Premium Term | 10,15,20,25,30,35 | Equal to policy Term |
Minimum and Maximum age at entry
| Eligibility Criteria | ||
| Policy Term (in years) | Minimum (in years) | Maximum (in years) |
| 10 | 8 | 55 |
| 15 | 3 | 55 |
| 20 and 25 | 0 | 50 |
| 30 and 35 | 0 | 45 |
Minimum and Maximum age at Maturity
| Eligibility Criteria | |
| Policy Term (in years) | Maximum Maturity Age (in years) |
| 10 | 65 |
| 15 | 70 |
| 20 and 25 | 70 and 75 |
| 30 and 35 | 75 and 80 |
Minimum Annual Premium, Sum Assured and Premium Payment Options
| Minimum Annual Premium | |
| Premium Payment Term (in years) | Minimum Annual premium (in Rs.) |
| 5 & 10 | 18000 |
| 12 & 15 | 12000 |
| 20 & 25 | 6000 |
| 30 & 35 | 3000 |
| Sum Assured | |
| Depends on the minimum premium | |
| Premium Payment options | |
| Annual, Semi Annual, Quarterly* and Monthly* | |
Exclusions
If the life assured, commits suicide, within a year of policy start 80% of the premiums paid, will be given to nominee. In case of suicide within one year from revival date, 80% of premiums paid or surrender value, whichever is higher would be paid and the policy will terminate.
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 cumulative premiums paid.
You want a loan against your policyLoan facility is not provided under this policy.
