Bharti AXA Life
Grow Wealth
(UIN: 130L088V03)(ADVT No. II-Sep-2020-2366)
A Unit Linked, Non-Participating Individual Life Insurance Plan
#FlexibleInvestment#LoyaltyAddition#TaxBenefits
Why Choose Bharti AXA Life Grow Wealth?
A savings-oriented unit linked insurance plan that offers you multiple fund options to suit your investment needs with a life insurance cover and high interest investments to protect your family in case of any unfortunate event. It also provides additional benefits in the form of loyalty additions to ensure your money works as hard as you.
- Flexibility in Investment Tenure
The plan not only offers you multiple options to choose Investment duration of your desire but also offers you the flexibility on how you want to pay your premiums – either as a single payment or for a limited duration or for the entire policy term basis your investment needs.
- Single Life/Joint Life Option
The plan allows you the option to choose between Single Life (life coverage for one individual) and Joint Life Coverage (life coverage for two individuals under the policy)
- Loyalty Additions
Grow your wealth further with Loyalty Additions Subject to Policy being in-force, a percentage of Fund Value is added at the end of every Policy year from 6th Policy Year to end of Policy Term, making it a great wealth insurance option.
- Multiple Fund Options
Multiple Fund Options to suit your investment needs and zero premium allocation charges. The plan lets you choose from 7 fund options basis the desired risk-return potential. Also, there is zero premium allocation charge.
- Tax Benefits
You can enjoy Tax benefits on the Premiums paid and pay-out benefits received. The Tax benefits fall under Income Tax Act, 1961. They are subject to change as per changes in tax laws from time to time.
Key Benefits
Life Cover
Maturity Benefit
Death Benefit
Multiple Fund Options
Flexible Premium Payment Terms
Tax Benefits
How Does the Product Work?
What Do You Gain from the Plan?
Option to Choose Higher Coverage
You can now opt for higher coverage of 10 times the annualized premium even in the single pay variant of the product (for specific age groups). Thus, giving you the flexibility of choosing the desired protection.
Policy Administration Charges for a Limited Period
Policy administration charges are only charged for a period of 5 years for single pay and for 10 years for limited/regular pay variants of the product.
Maturity Benefit
Subject to the Policy being in-force, at the time of Maturity, you will get your Policy Fund Value (including Loyalty Additions). The Policy Fund Value will reflect the returns during the duration of the Policy and is dependent on market conditions, your choice of funds etc.
Loyalty Additions
Subject to Policy being in-force, an additional 0.70% of fund value gets added every year from 6th year onwards till one year before maturity and 1.40% of fund value gets added on maturity. The loyalty additions reward you for staying invested in the policy for a longer duration. The longer you stay invested, the greater benefits you get in form of Loyalty Additions.
Death Benefit
Single Life
In case of death of the Life Insured during the Policy Term, the Sum Assured on Death will be payable to the Nominee or the Policyholder as the case may be, subject to Policy being in force
The Death Benefit will be highest of :
- Sum Assured less all Partial Withdrawals made in the two-year period immediately preceding the death of Life Insured.
- 105% of all premiums paid as on date of death
- Policy Fund Value (including any Loyalty Additions) as on the date of death of the Life Insured
B. In case of first death, the Fund Value shall be set to be higher of Sum assured equal to 125% of Single Premium or Policy Fund Value (including any Loyalty Additions) as on date of death.
C. In case of death of second life, provided the policy is in-force and all due premiums till the date of death have been paid, the Death Benefit will be payable immediately on death.
Death Benefit, which is the highest of :
- Sum assured equal to 10 times Single premium less all partial withdrawals made during the two-year period immediately preceding the date of death of the Life Assured.
- Policy Fund Value (including any Loyalty Additions) as on date of death.
- 105% of all premiums paid as on date of death
Sum Assured will be as per table below :
| For Single Premium Payment Policy | ||||
|---|---|---|---|---|
| Option | Policy Term | Age at Entry (Age at Last Birthday) | Sum Assured | |
| Single Life Option | 5 years | 13 to 46 years | Option 1: 125% * Single Premium Option 2: 10 times Single Premium |
|
| 47 to 64 years | 125% * Single Premium | |||
| 10 years | 8 to 44 year | Option 1: 125% * Single Premium Option 2: 10 times Single Premium |
||
| 45 to 60 years | 125% * Single Premium | |||
| 15 years | 3 to 40 years | Option 1: 125% * Single Premium Option 2: 10 times Single Premium |
||
| 41 to 55 years | 125% * Single Premium | |||
| 20 years | 0 to 35 years | Option 1: 125% * Single Premium Option 2: 10 times Single Premium |
||
| 36 to 50 years | 125% * Single Premium | |||
| Joint Life Option | 5,10, 15 years | 18(at least one life) to 70 years | Second Death: 10 * Single Premium First Death: 1.25 * Single Premium |
|
| 20 years | 18(at least one life) to 64 years | |||
| For Regular Premium Payment Policy and Limited Premium Payment Policy | ||||
|---|---|---|---|---|
| Sum Assured | Higher of 10 times Annualized Premium# Or (0.5* Policy Term* Annualized Premium) # |
|||
# Annualized premium is the premium selected by the policyholder at inception of the policy, excluding applicable taxes.
Tax Benefits
You may be eligible for the tax benefits on the premiums paid along with the benefits received, subject to the prevailing provisions. The tax benefits are subject to change as per the change in tax laws from time to time.
Make Your Plan with Ease
Pick a Plan Option
Choose one of the options, as per your financial goals.
Single Life Option
Life coverage for one individual
Joint Life Option
Life coverage for two individuals under the policy
Single Life Option
Life coverage for one individual
Joint Life Option
Life coverage for two individuals under the policy
Insurance Jargon Explained
Maturity Benefit
It is the amount which the insurance company pays to the policy holder on the completion of the Policy Term, if the Life Insured has survived the entire duration of the Policy. This amount includes the guaranteed sum of money called as Sum Assured on Maturity and also the Accrued Bonuses, if applicable.
Loyalty Additions
The loyalty addition is given upon the maturity of the policy, and not before. It is a small percentage of the sum assured. Broadly speaking, loyalty addition is the difference between the performance of the insurance company and the guaranteed additions.
Premium
The payment, or one of the regular periodic payments, that a policyholder makes to an insurer in exchange for the insurer's obligation to pay benefits upon the occurrence of the contractually-specified contingency (e.g., death).
Sum Assured
Sum assured is the amount that an insurer agrees to pay on the occurrence of a stated contingency (eg: Death).
You might find these useful
We have more articles and updates. Be assured that you that you have made the right choice with Bharti AXA Life Grow Wealth, in order to have certainty for your life goals.
2:50 Min Read Time | February 21, 2021
2:52 Min Read Time | December 24, 2020
2:35 Min Read Time | December 18, 2020
**Tax benefits are in accordance to current tax laws that are subject to change from time to time.