Bharti AXA Life Elite Advantage

What are the Key Features of Bharti AXA Life Elite Advantage?

Here are the features of the plan:

• Flexible Premium Payment Terms: Policyholders have the option to choose from three different Premium Payment Terms: 5 years, 7 years, or 12 years. The choice of Premium Payment Term affects the Policy Term.

• Basic Life Insurance Cover: This plan offers a comprehensive life insurance cover. In the unfortunate event of the Life Insured's demise, the following benefits are provided:

  • Higher of Sum Assured on Maturity: Policyholders receive the higher of the Sum Assured on Maturity or 11 times the base Annualized Premium.

  • 105% of Premiums Paid: Alternatively, if the policyholder passes away, the beneficiary will receive 105% of the premiums paid until the date of death.

• Maturity Benefit: If the Life Insured survives  the maturity period of the policy and has paid all premiums as required, the following benefits will be payable to the Policyholder:

  • During the Maturity Payout Period, a percentage of the Sum Assured on Maturity is paid.

  • At the end of the 20th year, 100% of the Sum Assured on Maturity is paid to the Policyholder.

  • Option to receive benefits in lump sum, discounted @ 8.5% p.a

• Tax Benefits: Policyholders are eligible for tax benefits according to the prevailing provisions. 

Comparison Between

Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund

Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund

Guaranteed Return Plans

Returns Before Tax

7.5% ^(TAX-FREE)

Returns After Tax

7.5%

Guaranteed Returns

Yes

Life Cover

Yes

Tax on Profit

Tax Free*

Risk

No Risk

Still Better than FD’s and Debt Mutual Fund

Fixed Deposits

Returns Before Tax

7% ^(TAXABLE)

Returns After Tax

4.8%

Guaranteed Returns

Yes

Life Cover

No

Tax on Profit

Taxable

Risk

Low Risk

Debt Mutual Fund

Returns Before Tax

8% ^(TAXABLE)

Returns After Tax

5.5%

Guaranteed Returns

No

Life Cover

No

Tax on Profit

Taxable

Risk

High Risk

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*For annual premium upto ₹5 Lacs

What is the Eligibility Criteria for Bharti AXA Life Elite Advantage?

What are the Benefits of Bharti AXA Life Elite Advantage?

Here are the benefits of the plan:

1. Maturity Benefit:

   If the Life Insured survives until the maturity of the Policy and all premiums are duly paid, the following benefits will be provided to the Policyholder:

   Guaranteed Payout:

   During the Maturity Payout Period, which starts at the end of the policy term and continues until the end of the 19th year, a percentage of the Sum Assured on Maturity is paid out. The frequency of the guaranteed payout can be chosen by the Policyholder, either Annual, Semi-Annual, or Quarterly.

   Sum Assured:

   100% of the Sum Assured on Maturity is paid at the end of the 20th year from the Policy Date. The percentage of Guaranteed Payout depends on the Policy Term and Premium Payment chosen.

   Option to receive benefits in lump sum, discounted @ 8.5% p.a

2. Maturity Payout Period:

   The Maturity Payout Period is the period following the Policy Term when the guaranteed payouts are made, as indicated in the policy. This period varies depending on the Policy Term:

   • For a Policy Term of 10 years, the Maturity Payout Period is from the end of the 10th year until the end of the 20th year.

   • For a Policy Term of 12 years, the Maturity Payout Period is from the end of the 12th year until the end of the 20th year.

3. Death Benefit:

   In the unfortunate event of the death of the Life Insured during the Policy Term, the following benefits will be payable to the Nominee, provided the Policy is in force:

   The Death Benefit will be the higher of:

   • Sum Assured on Maturity,

   • 11 times Annualized Premium, or

   • 105% of all premiums paid (excluding any additional charges as levied by the Company over and above the standard premium rates).

4. Lump Sum Option for Maturity Payout:

   The nominee has the option to receive the maturity payout as a lump sum, which will be calculated as the higher of [Net Present Value of future payouts at a guaranteed rate of 8.50% p.a.] and [100.1% of the Total Premiums Paid less Sum of the survival benefits already paid]. The rate may be revised by the Company from time to time, subject to prior approval from IRDAI.

Riders under Bharti AXA Life Elite Advantage

The Bharti AXA Life Elite Advantage offers several riders to enhance your coverage. Here are the riders:

• Bharti AXA Life Hospi Cash Rider (UIN:130B007V04): This rider provides a fixed benefit for each day of hospitalization. It also offers a fixed amount benefit for Intensive Unit Care admission or a lump sum benefit for surgery.

• Premium Waiver Rider (UIN: 130B005V04): In the event of the Proposer's death, total permanent disability, or critical illness (depending on the chosen option), this rider waives 100% of all future premiums under the base policy.

• Bharti AXA Life Term Rider (UIN: 130B009V02): For a nominal premium, this rider allows you to increase your life insurance coverage under the base policy.

• Bharti AXA Life Non-Linked Complete Shield Rider (UIN:130B011V01): With this rider, you receive an additional sum assured in case of a covered event.

Policy Details of Bharti AXA Life Elite Advantage

The Bharti AXA Life Elite Advantage Plan offers several additional features:

• Grace Period: You have a grace period of 15 days for monthly premium payments and 30 days for annual, semi-annual, or quarterly payments. 

• Free Look Period: If you find yourself dissatisfied with the coverage, as well as the policy's terms and conditions, you do have the choice to cancel the policy within 15 days after receiving the policy documents, as long as no claims have been made during this period.

• Loans under Policy: If your policy is in force and has acquired surrender value, you can take a loan from the company. The maximum loan amount is 70% of the surrender value. The outstanding loan amount, including principal and interest, will be deducted from any benefits payable.

• Lapsation: If you don't pay premiums within the grace period and your policy has not acquired a surrender value, it will lapse, and no benefits will be payable. If the policy has a surrender value, it will be converted into a paid-up status, and you have the option to revive it or surrender it.

• Revival: You can revive your policy within 5 years of the premium due date by fulfilling certain conditions, including producing satisfactory evidence of insurability, paying unpaid premiums with interest, and complying with terms and conditions set by the company. The revival interest rate is determined annually based on market conditions.

• Surrender Value: Once you have paid a minimum of two annualized premiums, your policy becomes eligible for a surrender value. This value presents the option for a potential cash surrender. If you choose to surrender the policy, you will receive a lump sum amount equivalent to the higher of either the Special Surrender Value or the Guaranteed Surrender Value, leading to the termination of the contract.

**Note: For policies sold through POS Channel, the policy term, premium, sum assured, maximum maturity age will be as per prevailing POS guidelines, as amended from time to time

What are the Exclusions Bharti AXA Life Elite Advantage?

Suicide

If suicide occurs within the initial 12 months of policy initiation or reinstatement, the payout will be the greater of 80% of the premiums that have been paid or the Surrender Value at the time, as long as the policy remains active.