Bharti AXA Life Family Income Secure Plan

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Bharti AXA Life Family Income Secure


	Objective		This term insurance plan pays policy benefits to the nominee as annual installments over a 20-year period, instead of a lump sum payment.

What does it do?		In case of the policyholder's death, the plan will pay an annual sum over next 20 years to the family. On survival, entire premium paid is returned to the policyholder on maturity.

Pros		The policy provides for maturity benefit on survival and surrender benefits if one wants to surrender the policy mid term. The annual payout can be used as a replacement of income, and it's better than receiving a lump sum payment.

Cons		There are no rider options available with the plan. Policy is available for a fixed tenure of 10, 15 or 20 years.

Suited for		This policy is suitable for those not happy with the idea of paying premium for a pure term plan, paying only death benefit.

Our View		The return of premium option is a marketing gimmick and does not add value, as you end up paying higher premium as compared to a plain risk cover offered by the same insurer. The annual payout of claim benefits is useful for the policyholder's nominees.


	Eligibility

Entry Age (years)

Minimum		18

Maximum		60

Maximum Maturity Age (years)		70 years for 10 year term 75 years for 15 year term 80 years for 20 year term

Policy Term (years)

Minimum		10,15

Maximum		20

Sum Assured (Rs)

Minimum		Annual Income (as selected while buying the policy x 20 years)

Maximum		No limit

Minimum Premium (Rs)

Yearly		2500

Half-Yearly		1300

Quarterly		675

Monthly		225

Premium Payment Frequency		Yearly, Half-Yearly, Quarterly(via ECS), Monthly(via ECS)

Premium Payment Term		Equal to Policy term

Policy Cover		Cover remains same throughout the policy term.

Other Features

Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period		You are allowed to pay premiums within 30 days from the due date for Yearly, Half yearly and quarterly premium payment modes and 15 days in case of monthly premium payment mode.. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.

Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.

Tax Benefits		Section 80C, 10(10D) of the Income Tax Act, 1961 would apply.

Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.

Maturity Value		100% of total premiums paid during benefit term

Surrender Value		Allowed after three year premiums have been paid duly on time and three years have alapsed. It is calculated as: 30% x premiums paid till date excluding first years premium excluding first year's premium and any extra premium paid.

Customer Service		Bharti AXA Life Insurance Company Limited, Unit 601 & 602, 6th Floor, Raheja Titanium, Off Western Express Highway, Goregaon (East), Mumbai 400 063

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

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You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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