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Bharti AXA Life Monthly Advantage Plan

What is the Plan all About?

Bharti Axa Life Monthly Advantage is a limited pay traditional participating life insurance plan. It offers monthly advantage plan gives you the elasticity to choose your policy term and premium Payment term from 3 options. The plan helps you receive a monthly income without staying invested in the plan for a very longer tenure. It is an ideal plan for receiving an extra income to meet your family’s needs and goals at different milestones of life.

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What are the Key Features?

  • Flexibility to choose the policy term
  • Flexibility to choose the premium payment term
  • Receive a guaranteed monthly income
  • Additional financial returns via accrued bonuses
  • Avail Tax Benefit under existing tax laws

What are the Plan Benefits?

Death Benefit

    The death benefit is payable if the life insured dies during the term of the policy. The benefits payable to the nominee are higher of

    • Sum Assured on Death (which is higher of a multiple of Annualized Premium, Absolute amount assured to be paid on the death of the Life Insured will be equal to the Sum Assured under the policy or Sum Assured on Maturity where the Sum Assured on Maturity is zero)
    • Non-Guaranteed vested simple Reversionary Bonuses and Non-Guaranteed Terminal Bonus (if any)
    • 105% of all premiums paid as on the date of Death

    (Any Survival Benefit already paid will not be deducted from the Death Benefit as defined above)

    Sum Assured on Death will be paid in equal monthly installments starting immediately from the next monthly anniversary following the date of death and will be payable for 72 months (for policy term 12 years), 96 months (for policy term 16 years) or 144 months (for a policy term of 24 years).

Accidental Total Permanent Disability

    In case of Total Permanent Disability suffered by the life insured due to an accident either immediately or within 90 days from the date of Accident, the benefit payable to the nominee will be same as Death Benefit under the plan.The policy will terminate on occurrence of Accidental Total and Permanent Disability (ATPD).

Maturity Benefit

    Maturity benefit is payable on  the survival of the Life Assured till the completion of the policy term .Guaranteed Monthly Income on Survival will be payable monthly starting from the end of the next month after the completion of the Premium Payment Term.
     

    Policy Term

    Premium Payment Term

    Guaranteed Monthly Income on Survival as % of (annual premium/12)

    12 years

    6 years

    105%

    16 years

    8 years

    110%

    24 years

    12 years

    120%

     

Bonus

    Non-Guaranteed vested simple Reversionary Bonuses and Non-Guaranteed Terminal Bonus is payable under this plan.

Loan Benefit

    Loan facility is available under this plan. The minimum loan amount available under your policy is  Rs 15000 and the maximum loan amount should not exceed 70% of Surrender Value.

Surrender Value

    Guaranteed surrender value as a percentage of premiums paid  if at least two annualized premiums have been paid for a premium payment term of 6 and 8 years and three annualized premium have been paid for premium payment term of 12 years.

Tax Benefit

    The plan offers tax benefits under section 80C  and section 10 (10D) of the Income Tax Act,1961.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 6 Years (for 12 Year Policy Term) 2 Years( For 16 Year Policy Term) 91 Days ( For 24 Year Policy Term) 65 Years (for 12/16 Year Policy Term) 60 Years( For 24 Year Policy Term)
Age at Maturity 18 Years 77 Years (for 12 Year Policy Term) 78 Years ( For 16 Year Policy Term) 84 Years ( For 24 Year Policy Term)
Policy Tenure 12/16 Years 24 Years
Premium Paying Term 6, 8 And 12 Years For 12, 16 And 24 Years Policy Term -
Premium Paying Mode Annually,Semi Annually, Quarterly And Monthly -
Premium Amount - -
Sum Assured Rs 50,000 No Limit (Subject To Underwriting)
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days & 15 Days (for Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

Following riders are available with this plan

  • Bharti AXA Life Hospi Cash Rider 
  • Bharti AXA Life Accidental Death Benefit Rider

How the Plan Works?

Let us understand the plan with the case study of Advait

  • Name of Life Insured: Advait
  • Age: 35 years old
  • Profession:  salaried individual working with an MNC
  • Family Structure: Wife who is a homemaker and a daughter who is 5 years old.
     

Advait invest in this plan for a period of 8 years, with a Policy Term of 16 years. He selects a Sum Assured of Rs 2,50,000 for which his Annual Premium is Rs 37,405 (without Service Tax).
 

Bharti AXA Life Monthly Advantage