Bharti AXA Life Wealth Pro

(UIN: 130L100V01) (ADVT No. II-Dec-2021-3508)
A Unit Linked, Non-participating Individual Life Insurance Plan

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Bharti AXA Life Wealth Pro

Why Choose Bharti AXA Life Wealth Pro?

This plan offers you a comprehensive financial solution that gives you a life cover up to 10 times of your premium and helps build wealth over the long term to ensure that you and your family fulfil all your aspirations.

  • Dual Variants

    (i) Short Term Income :

    The policy term options available are 10, 15 and 20 years with multiple Premium Payment term options.

     

    (ii) Legacy Variant :

    To provide a legacy fund to your loved ones, we offer you a Legacy variant that provides a life insurance coverage of 10 times the annualized premium throughout your policy term (99 years).

  • Wealth Booster

    A percentage of Fund Value is added as wealth booster subject to policy being in force. Wealth Boosters are available under both Growth and Legacy variants.

  • Multiple Investment Strategies

    The plan lets you choose from 2 investment strategies - Dynamic Fund Allocation and Systematic Transfer Plan and multiple fund options based on the investment goals and risk-return potential.

  • Tax Benefits

    You may avail the tax benefits on the premiums paid and the benefits received, subject to the prevailing tax laws. The tax benefits are subject to change as per change in tax laws from time to time.

Key Benefits

Dual Variants

Multiple Investment Options

Tax Benefits**

Wealth Booster

How Does the Plan Work?

Bharti AXA Life Wealth Pro is a unit linked, non-participating individual life insurance plan that helps you keep your family’s future well protected while you aim at achieving your milestones.

 

Bharti AXA Life Wealth Pro is a unit linked, non-participating individual life insurance plan that helps you keep your family’s future well protected while you aim at achieving your milestones.

 

The following case study will help you understand the plan better:

Mr. Nair, 40-year-old, working as a director in a leading MNC, wants to plan investments for his daughter's wedding in 10 years and his retirement. He wants a flexible plan and a life cover as well in case of any unfortunate event. He wishes to pay a premium of Rs. 2,00,000 p.a. for a premium payment period of 10 years.

 

Scenario :

 

Let us look at how Bharti AXA Life Wealth Pro, Growth variant helps Mr. Nair fulfil his investment goals.

 

To ensure he is adequately covered, the Sum Assured offered under the Growth variant is 10 times the premium paid. In case of the unfortunate death of Mr. Nair during the Policy Term, the minimum Death Benefit payable would be Rs. 20,00,000.

 

Premium Payment Term

Regular Pay

Policy Term

10 years

Sum Assured

Rs. 20,00,000 (10 times the Premium)

Policy Variant

Growth

Fund opted

Equity - Grow Money Plus Fund - 100%

Investment Strategy opted

Self-Managed

Fund Value on Maturity*

@4% p.a. Rate of Investment Return Rs. 22,09,532

8% p.a. Rate of Investment Return Rs. 27,28,357

 

*Fund Value illustrated in the table is not guaranteed. 4% and 8% rate of investment returns are used only for illustration purposes and are not guaranteed.

 

In case of death of the Life Insured, in the 4th policy year, Death Benefit equal to higher of Sum Assured or Fund Value will be payable to the nominee.

 

Sum Assured

Rs. 20,00,000

Fund Value* as on date of death

@4% p.a. Rate of Investment Return Rs. 7,55,559

@8% p.a. Rate of Investment Return Rs. 8,31,783

Death Benefit

Death Benefit equal to Rs. 20,00,000 will be payable to the nominee

 

*Fund Value illustrated in the table is not guaranteed. 4% and 8% rate of investment returns are used only for illustration purposes and are not guaranteed.

 

“Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business.

 

If your policy offers guaranteed benefits then these will be clearly marked “guaranteed” in the illustration table on this page.

 

If your policy offers variable benefits then the illustrations on this page will show two different rates of assumed future investment returns.

 

These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including actual future investment performance.”

You Gain at Every Stage

Death Benefit

In case of death of the Life Insured during the Policy Term, the Death Benefit will be payable to the Nominee or the Policyholder as the case may be, subject to Policy being in force.

Death Benefit, which is the higher of:

  • Sum assured 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:

 

Variant Premium Payment Term Policy Term Age last birthday Sum Assured
Growth Single Premium 10 years <= 50 years Option 1: 125% * Single Premium 
Option 2: 10 * Single Premium
> 50 years 125% * Single Premium
15 years <= 46 years Option 1: 125% * Single Premium 
Option 2: 10 * Single Premium
> 46 years 125% * Single Premium
20 years <= 43 years Option 1: 125% * Single Premium 
Option 2: 10 * Single Premium
> 43 years 125% * Single Premium

 

# Annualized premium is the premium selected by the policyholder at inception of the policy, excluding applicable taxes.

 

In case the Policyholder chooses a Single Premium, the level of Sum Assured will also need to be chosen, as specified in Table above. If at any time after the lock-in period, the Fund Value falls below at least one annualized premium, the Policy shall stand terminated.

 

The Death Benefit shall become payable on death of the Life Assured. The Policy shall terminate upon payment of Death Benefit.

 

In case of the death of the Life Insured during the grace period allowed for payment of due premium, the Death Benefit shall be payable and the Policy will be terminated.

 

The risk coverage will start from the Date of Commencement of Risk for all lives, including minors.

 

In case of the death of the Life Assured while the policy is in a discontinuance status and the monies are a part of the ‘Discontinued Policy Fund’, the Policy Fund Value as on the date of death shall be payable and the policy will be terminated

 

In case of the death of the life insured during the Settlement Period, the Higher of Policy Fund Value or 105% of total premiums paid as on the date of death shall be payable to the nominee/legal heirs and the policy will terminate.

 

Maturity Benefit

On maturity, subject to the policy being in force and depending upon the variant chosen, you shall be eligible for the Maturity Benefit as follows –

Growth Variant

Maturity Benefit payable shall be equal to the Policy Fund Value (including Return of Mortality Charges, Return of Premium Allocation Charges and Wealth Boosters) as on the date of maturity.

  • Return of Mortality Charges (RoMC) and Return of Premium Allocation Charge (RoPAC):Subject to Policy being in force (including revived policies), the total amount of Mortality charges (excluding any extra Mortality charge & or any other applicable tax/cess levied) and total Premium Allocation Charges (excluding any applicable tax/cess levied) deducted during the Policy Term will be credited to the policy at maturity. RoMC and RoPAC will be allocated to the policy by creating additional Units across Investment Funds, in the same proportion as the investment fund allocation than in effect. RoMC and RoPAC shall not be credited in case of Surrender, Discontinued or Paid-up Policy.

Legacy Variant

Maturity Benefit payable shall be equal the value (including Loyalty Additions and Wealth Boosters) as on the date of maturity. The Policy Fund Value is calculated with the respective Unit Prices of the relevant Investment Funds to which the premium/s have been allocated as on their Valuation Dates, coinciding with the Policy's Maturity Date. At maturity, the Policyholder may also choose to avail of the Settlement Option.

Settlement Option

On Maturity, you may choose to receive the Policy Fund Value as:

  • A lumpsum payment
  • At regular intervals chosen by the Policyholder, during the Settlement Period
  • A combination of the above

Wealth Booster

Subject to the Policy being in-force, Wealth Booster will be credited to the Policy at the end of fifth policy year and at Maturity date. The Wealth Booster is as follows :

 

Variant Policy Year % of Policy Fund Value as at end of Policy Year
Growth & Legacy End of 5th Policy Year 0.25%
At Maturity* 1.25%

 

  • Under Growth variant, Wealth Booster, at maturity, shall be calculated as of 1.25% of Fund Value at maturity, before adding back RoMC ( Return of Mortality Charge) and RoPAC ( Return of Premium Allocation Charge) units. The Wealth Booster will be payable along with the Policy Fund Value at Maturity.
  • Wealth Booster will not be credited to policies in Paid-Up status.

Investment Strategies

At inception of the Policy, You may also choose to allocate the premium/s in one of the Investment strategies as per the Term and conditions of the Product, with a maximum of two Investment strategies being available. You shall have the option to choose between two investment strategies -

 

(i) Dynamic Fund Allocation

 

(ii) Systematic Transfer Plan

 

Investment Strategy Description
Dynamic Fund Allocation
  • This Strategy can only be chosen on inception of the Policy.
  • In case this strategy is chosen at inception, the 1st and subsequent premiums will be allocated (after deducting Premium Allocation Charges) to Grow Money Plus Fund.
  • During the last 5 years of the Policy Term (before maturity), the funds will automatically rebalanced between Grow Money Plus Fund and Steady Money Fund to protect you against any adverse movements in the equity markets.

 

i) Limited Pay policies : In case of Limited Pay policies, the Company will automatically allocate the monies between Grow Money Plus Fund and Steady Money Fund, from the end of 5th year before Policy Maturity, in a pre-determined manner as described below through switching Units in the respective Fund

 

Year Existing Funds
Grow Money Plus Fund Steady Money Fund
(PT-5) yr 80% 20%
(PT-4) yr 75% 25%
(PT-3) yr 70% 30%
(PT-2) yr 50% 50%
(PT-1) yr 0% 100%

 

ii) For Regular Pay Policies: The Company will automatically allocate/ switch Units in the Funds on each Policy Anniversary with respect to Regular Premium received on Policy Anniversary or date of receipt of the Regular Premium and switch Units in the Funds on each Policy Anniversary, in a predetermined proportion specified in the applicable table below:

 

Year Existing Funds New Premium 
(Regular)
Equity Fund* Debt Fund# Equity Fund* Debt Fund#
(PT-5) yr 80% 20% 80% 20%
(PT-4) yr 75% 25% 75% 25%
(PT-3) yr 70% 30% 70% 30%
(PT-2) yr 50% 50% 50% 50%
(PT-1) yr 0% 100% 0% 100%

 

  • The Company will not levy any switching charges for the operation of the Dynamic Fund Allocation strategy
  • You may opt out of the Dynamic Fund Allocation option during the Policy Term by giving the Company prior written request, in which case this option will cease to be effective from the Policy Anniversary following the receipt of the request. In such instances, the existing funds shall continue to remain in the vested funds and new Premium amounts will be allocated basis the funds and proportion chosen at inception.
  • Once the Policyholder has opted out, then the Policyholder shall not be permitted to recommence the Dynamic Fund Allocation option during the Policy Term.
  • While Dynamic Fund Allocation is operational Switching in or out of the Steady Money Fund will cause the Dynamic Fund Allocation to cease. Dynamic Fund Allocation will continue to be active in Reduced Paid- Up status.
Systematic Transfer Plan (STP)
  • This Strategy can only be chosen on inception of the Policy.
  • The strategy can be chosen to take advantage of rupee cost averaging by allocating into debt funds and increasing allocation to equity in a pre-determined consistent manner
  • If the Systematic Transfer Plan is opted, then the Company will automatically allocate the Single Premium/Regular Premium received (after deducting Premium Allocation Charges) to purchase Units in the Safe Money Fund. On each subsequent monthly anniversary, the Fund Value of [1/(13 less month number in the Policy Year)] of the Units available at the beginning of the month] shall be switched to the Grow Money Plus Fund by cancelling Units in the Safe Money Fund, and purchasing Units in the Grow Money Plus Fund till the availability of Units in Safe Money Fund. For instance: Policy month 1: 1/(13-1) = 1/12th of the Units to be switched Policy month 2: 1/(13-2)= 1/11th of the Units to be switched Policy month 11: 1/(13-11)= 1/2 of the Units to be switched Policy month 12: 1/(13- 12)= balance Units to be switched.
  • The Company will not levy any switching charges for the operation of the Systematic Transfer Plan
  • You shall not be permitted to make partial withdrawals from the Safe Money Fund during the period when this option is in force.
  • You may opt out of the Systematic Transfer Plan during the Policy Term by giving the Company a prior written notice, in which case this option will cease to be effective from the next Monthly Policy Anniversary following the receipt of the request.
  • While STP is operational, you are not allowed to change your fund choice.
  • This strategy can be availed only on annual Premium payment mode and will be active during the Premium Payment Term chosen by you provided due Premium has been paid. STP cannot be opted once all Premiums payable under the Policy have been paid.
  • If due Premium is not received during the Grace Period, STP will cease to be operational. The Premiums received after the expiry of Grace Period will be allocated entirely to the Grow Money Plus Fund unless otherwise specified by You.
  • If you give the request for Premium redirection or to change to monthly Premium payment mode then such request will make STP ineffective.
  • Once STP ceases to exist, your future Premiums will continue to be invested in the Grow Money Plus Fund chosen at the time of opting STP unless otherwise specified by you.

Make your plan with ease

Pick a plan option

Choose one of the options, as per your needs.

Growth Variant

In this variant the policy term options available are 10, 15 and 20 years with multiple Premium Payment term options.

Legacy Variant

This variant provides a life insurance coverage of 10 times the annualized premium throughout your policy term (99 years).

Growth Variant

In this variant the policy term options available are 10, 15 and 20 years with multiple Premium Payment term options.

Legacy Variant

This variant provides a life insurance coverage of 10 times the annualized premium throughout your policy term (99 years).

Now, add a rider

For added protection the following riders can be availed by paying additional premium along with Bharti AXA Life Wealth Pro:

Bharti AXA Life Hospi Cash Rider (UIN: 130B007V04):

This rider allows payment of a fixed benefit for each day of hospitalization and also provides lump sum benefit in case of surgery.

Bharti AXA Life Accidental Death Benefit Rider (UIN: 130B008V02):

Under this rider, you will receive the additional sum assured, as chosen, in case of unfortunate event of death due to an accident.

Bharti AXA Life Term Rider (UIN: 130B009V02):

Under this rider, the policyholder can increase the life insurance coverage for a nominal premium.

Bharti AXA Life Premium Waiver Rider (UIN: 130B005V04):

Under this rider, in case the Life Insured is diagnosed from any of the 13 critical illnesses covered under the rider, the future premiums are waived off and the benefits under the policy will continue.

 

Please refer rider brochure for complete details on terms and conditions and exclusions before opting for the rider.

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.

Rider

A provision attached to a policy that adds benefits not available in the original policy or that changes the original policy.

Riders help the Policyholder in enhancing the insurance product to meet specific needs by adding protection benefits to the basic Insurance Plan at a lower additional cost. For example, Bharti AXA Life Hospi cash rider provides fixed per day cash benefit to the Policyholder for each day of hospitalisation, thus providing benefits of a health plan along with base Life Insurance plan.

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).

Disclaimer

Unit Linked Life Insurance products are different from the traditional products and are subject to market risks.

The premium paid in Unit Linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.

Bharti AXA Life Insurance Co. Ltd. is only the name of the insurance company and [Name of the Product (with UIN)] is only the name of the unit linked insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns.

Please know the associated risk and applicable charges from your Insurance Advisor or the intermediary or the policy document issued by the insurance company.

The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these plans, their future prospects or returns.

Past performance of the Fund Options is not indicative of future performance. All benefits payable under this policy are subject to tax laws and other fiscal enactments in-effect from time to time, please consult your tax advisor for details.

For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.