A quick hassle-free solution for your family’s security
A quick and easy to buy plan that helps you save for future needs and also provide financial backup to secure your family’s future in case of an unfortunate death
Flexibility in Policy Term/Premium Payment Terms: Flexibility to choose from 5 combinations of policy terms and premium payment terms.
Comprehensive Protection Plan: Life Insurance cover in case of death and 2X Life Insurance cover in case of death due to accident.
Savings through Maturity Benefit: At the end of your policy term, you will get Sum Assured on Maturity provided all due premiums have been paid and policy is in-force.
Tax benefits: You can avail the tax benefits on the premiums paid and the benefits received subject to the prevailing provisions under Income Tax Act, 1961.
Let’s take a look at this case study
Ajay, 35 years old is looking for a simple plan with good returns that helps him get guaranteed protection as well as lumpsum payout that can be utilized for future expenses and also to shield his family in the event of his death.
Ajay decides to purchase Bharti AXA Life POS Saral Bachat Yojana for a policy term of 10 years for which the premium payment term is 5 years.
He decides to pay a premium of Rs. 1,500 per month (exclusive of taxes) for 5 years.
Let us look at the benefits that Ajay would receive
|Benefits Payable||End of Policy Year||Maturity Benefit = Sum Assured on Maturity|
|Maturity Benefit||10th Year||Rs. 127,617|
In case of Ajay’s death during the policy term, his family would receive benefits as given below:
|Benefits Payable||Death Benefit|
|Death Benefit* (other than death due to Accident)||Rs. 190,311|
|Death Benefit^ (death due to Accident)||Rs. 380,622|
|Minimum age at entry||
The insurance cover will start immediately on policy commencement for all lives including minors.
|Maximum age at entry||
55 years for 10 year Policy Term
50 years for 15 year Policy Term
|Maximum age at Maturity||65 years, age last birthday for all Policy Terms|
|Policy Term & Premium Payment Term||
|Minimum Sum Assured (Rs.)||
|Maximum Sum Assured (Rs.)||
|Minimum Premium (Rs.)||The minimum premium is Rs 2,500 per annum for all ages and Premium Payment Term / Policy Term combinations. The applicable taxes will be collected separately along with the premium collection.|
|Maximum Premium (Rs.)||
|Premium Payment Modes||Annual, semi- annual, quarterly* & monthly*|
1. Maturity Benefit: In case the Life Insured survives till maturity and all due premiums have been paid till the date of maturity, Maturity Benefit will be payable to the Policyholder as Sum Assured on Maturity equal to the chosen Sum Assured.
2. Death Benefit:
a. Death Benefit (other than death due to Accident) – During Waiting period of 90 days : In case of the death (other than due to Accident) of the Life Insured during the Waiting Period of 90 days, the Death Benefit payable will be 100% of premiums paid till the date of death, exclusive of applicable taxes.
b. Death Benefit (other than death due to Accident) – After Waiting period of 90 days: In case of unfortunate event of death (other than due to Accident) of the Life Insured during the policy term after the expiry of Waiting period of 90 days, the Sum Assured on Death will be payable to the nominee where the Sum Assured on Death is highest of:
*Annualized Premium shall be the premium payable in a year chosen by the policyholder, excluding loadings for modal premiums, if any, and applicable taxes.
The maximum Sum Assured on Death, irrespective of number of Policies, is capped to Rs. 10 Lakhs per life
c. Death Benefit (death due to Accident) – No waiting period is applicable: This is an in-built cover under this Plan where In case of Accidental death of the Life Insured during the Policy term, total Death Benefit payable will be equal to two times of the Sum Assured on Death (as defined above) provided such death was caused directly by such Accident and independently of any physical or mental illness within one hundred twenty (120) days of the date of Accident. It is also clarified that if the Accident occurs during the Policy Term and the death due to the said Accident happens after the expiry of the Policy Term (but within 120 days from the date of Accident), Death benefit will be payable. No benefits are payable, if the death is due to the scenarios mentioned under Terms and Conditions - “Exclusions in case of death due to Accident” – refer Sales Literature.
Accident here means a sudden, unforeseen and involuntary event caused by external, visible and violent means.
The maximum Death Benefit (due to Accident), irrespective of number of Policies, is capped to Rs. 20 Lakhs per life
3. Tax Benefits: You may avail of tax benefits on the premiums paid as well as the benefits received as per the prevailing tax laws under Section 80C and Section 10 (10D) of the Income Tax Act, 1961. The tax benefits are subject to change as per change in tax laws from time to time.
|For Male & Female Lives – Premium: Rs. 2,500 - 15,000|
|Premium Payment Term||5 years||6 years||8 years||10 years||12 years|
|Age\Policy Term||10 years||15 years|
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