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The Bharti AXA Income Protection Plan is a comprehensive term plan that provides its policyholders return of premium upon maturity of the policy. It is designed to take care of the policyholder’s family in the event of the policyholder’s demise by paying a certain amount of monetary relief to the nominee and the policyholder upon maturity of the plan. This plan is also termed as a TROP or an ROP (Return of Premium) plan.
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Term plans with return of premium are becoming popular among the common masses as the premiums do not go in vain even after the policy matures. The Bharti AXA Income Protection Plan has flexible premium paying terms and two options with a variable rate of return upon maturity of the plan.
Note: Know what is term life insurance first and then buy a term plan for your loved ones.
|
Product and Features |
Term of the Policy |
||
|
12 Years |
15 Years |
20 Years |
|
|
Minimum Entry Age |
18 Years |
||
|
Maximum Entry Age |
58 Years |
55 Years |
50 Years |
|
Maximum Age of Maturity |
70 Years |
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|
Minimum Sum Assured |
INR 5,00,000 |
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|
Maximum Sum Assured |
No Limitations, subject to the company’s terms and conditions |
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|
Minimum Premium (Subject to Term of the policy and Maturity Option selected) |
Maturity Benefit A= INR 4990
Maturity Benefit B= INR 7480 Policy term - 12 years |
Maturity Benefit A= INR 3565
Maturity Benefit B= INR 5530 Policy term - 15 years |
Maturity Benefit A= INR 2730
Maturity Benefit B= INR 3825 Policy term - 20 years |
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Premium Payment Modes |
Monthly*, Quarterly*, Semi-Annually, and Annually |
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* Payment will be made only through auto pay
Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.
The Bharti AXA Income Protection Plan has plenty of benefits on offer, few of the benefits are mentioned below:
“Tax benefit is subject to changes in tax laws”
Note: You should also check the benefits of term insurance if you are planning to purchase the term insurance plan.
To understand how the Bharti AXA Income Protection Plan works, consider the following example:
Dhanush, a person in his late 30s decides to purchase Bharti AXA Income Protection Plan to protect his family from any of the eventualities. He proceeds to choose the policy term of 20 years. Upon choosing the policy terms, he opts for the Maturity Benefit Option B.
Dhananjay now chooses to cover his family by choosing a Sum Assured of INR 25 Lakhs. He is now covered for 20 years under the policy term and will receive all the premiums upon maturity of the plan.
Dhananjay has to pay INR 28,650 as an annual premium for the selected option. The maturity benefit for option B as opted by him will be INR 6,87,600.
People often choose riders to avail extra benefits against the current policy and its benefits. The following are rider options under Bharti AXA Income Protection Plan that one can choose to enhance coverage:
Irrespective of the insurance company, a fixed set of documents is required to purchase the policy. These documents are referred to as Officially Validated Documents (OVDs). These are often passport, Aadhar card, PAN card, etc. To purchase Bharti AXA Income Protection Plan, the following documents are required:
Bharti AXA Income Protection Plan is currently unavailable to purchase online. A person can still purchase the policy by visiting a Bharti AXA branch close to their location. The process to purchase the policy doesn’t differ much. Whether you buy the policy online or offline, you’ll have to declare whether you’re an active smoker or not, submit the relevant documents, and fill in a proposal form.
Upon completing the above formalities, you will receive the policy documents to your registered address for reviewing the terms and conditions. If dissatisfied, you can return the policy and the premiums paid will be returned to you excluding taxesBesides, if any medical examination is carried out, the relevant fee and the stamp duty charges are also returned.
To have an easy and hassle-free claiming experience, a person needs to go through all the documents and terms and conditions while purchasing a policy. Under the terms and conditions, certain exclusions are mentioned. Major exclusions under the Bharti AXA Income Protection Plan are listed below:
Note: Check out the best term life insurance in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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