Bharti Axa Life Swabhimaan Retirement Plan

Why Bharti AXA Life Swabhimaan Retirement Plan is the right choice for you?

Bharti AXA Life Swabhimaan Retirement Plan gives you an opportunity to get a guaranteed lifetime income after your retirement. You can start saving up for your old age by paying premiums over the years without burdening yourself with financial constraints. A retirement plan helps you :

1. Be financially independent

2. Enjoy your post-retirement life without worry

3. Take care of any unexpected expenses

With the Bharti AXA Life Swabhimaan Retirement Plan, you have the choice to map out early for your retirement and lock annuity rates at present for a guaranteed life-long payment. With its simple and easy-to-understand features, this plan is the perfect retirement plan for you.

Key Benefits

Guaranteed^# lifetime income

Option to avail liquidity in financial exigencies^&

Wide range of annuity options

Multiple Annuity Pay-out Frequencies

Decide when you want the annuity to start

Option to pay the purchase price as a Single Premium or spread over a few years

Option to receive annuity payments as long as you or your partner are alive^*

Personalize your annuity payout date with our Save the date feature

How Does the Plan Exactly Work?

The Bharti AXA Life Swabhimaan Retirement Plan is extremely easy to understand and comprises of six steps that include:

Step 1 : Choose the premium that you wish to invest to receive the guaranteed income for a lifetime

Step 2 : Choose an annuity option as per your need. There are varied options available for you to choose from such as pure annuity, return of purchase price, step-up income, health-related, joint life/single life and so on.

Step 3 : Choose the desired deferment period to start your guaranteed income for a lifetime.

Step 4 : Choose the premium payment commitment, whether you want a single pay, limited pay or a regular Pay.

Step 5 : Choose annuity pay-out frequency, it could be yearly, half-yearly, quarterly or monthly.

Step 6 : Choose if you want to receive the Annuity amount on a special date such as an anniversary or a birthday through our Save the Date feature.

In the Bharti Axa Life Swabhimaan Retirement plan there are multiple annuity plans you can choose from: There are annuity options that cover various retirement needs such as payouts to combat inflation, provide benefits on the occurrence of Critical Illness and also Joint life options which provide annuity payouts as long as you or your spouse are alive.

Option 1 - Life Annuity without Return of Premium
Option 2 - Joint Life Last Survivor Annuity without Return of Premium
Option 3 - Life Annuity with 100% Return of Premium
Option 4 - Joint Life Last Survivor Annuity with Return of Premium
Option 5 - Life Annuity with 50% Return of Premium
Option 6 - Life Annuity with Return of Premium on Critical Illness (CI) or Permanent Disability (PD) due to accident or Death
Option 7 - Life Annuity with Step up increase after every 5 years with Return of Premium
Option 8 - Life Annuity with Return of Premium on attainment of age 80 years

Each Annuity option chosen for your retirement income will have its own rates and conditions. The annuity option has to be opted at the policy inception and cannot be changed later during the tenure of the policy. Annuity rates vary according to age, the annuity option chosen and the premium bands.

You gain at every stage

Atmanirbhar Option

In case of financial exigencies post the deferment period, for a fully paid-up policy the annuitant has the flexibility to withdraw a portion of the surrender value, as applicable at the time of the request.

(Please note: The annuitant can exercise this option for a maximum of 5 times during the term of the policy, subject to the summation of a maximum of 50% of Surrender Value at the end of the Deferment Period.)

Tax Benefit

You can gain tax benefits on the premiums paid for the policy, however, annuity paid will be taxable as per the prevailing tax laws. It is to be noted that tax benefits are subject to change as per changes in tax laws from time to time.

Death Benefit

In case of the death of the Annuitant / surviving annuitant (Joint Life annuity), a lump sum amount is paid out as death benefit. Death Benefit under deferment period and post deferment period varies depending on the Annuity option chosen.
Accrued Guaranteed Additions also form part of the death benefit, if death occurs during deferment period.

(Guaranteed Additions is the amount accrued to the policy every month during the Deferment Period, provided all due premiums are paid. It is paid as a lump-sum as part of death benefit.

GA is defined as :-
GA = 1/12th of 6% of Total Premiums Paid). It is paid to the nominee or the legal heirs and the policy shall terminate.
For more details on death benefit, please refer the Sales Brochure.

Save the Date

The policyholders will be given this option at policy inception. At the time of buying the policy, the policyholder can choose to receive the annuity on any one date, to coincide with any special date.

(Please note: The date chosen should be succeeding the due date of the first annuity payment and should fall within one year of this due date.

Higher Premium Incentive

As the Premium increases, a high Premium incentive, in the form of additional annuity would be paid. This addition is a percentage of the annuity rates are subject to the minimum annuity amount of Rs. 12000 per annum.

Your Questions Answered

Will I get the policy benefits if my policy lapses?

No, you will lose the expected insurance benefits if your policy lapses.

Note: In life insurance, the grace period is the specific additional time you get after the premium due date is over to pay the premium and avoid policy lapse.

If I cannot pay the premium after a certain time due to some financial constraints, will I lose the policy?

In the case of regular/limited premium paying policies, if you are unable to pay further premiums after the completion of two policy years, your policy gets converted into paid-up unless revived. In this case, all your benefits will be reduced but the policy remains in force.

I forgot to pay the premium, will I lose the policy?

In case the premium is not paid by the due date, a grace period of 15 days will be given to you for the payment of the due premium for monthly frequency. A 30 days grace period is given for the due premium for quarterly, half-yearly and annual frequencies. You may pay the same during the grace period without any penalty or late fees. The policy continues during this grace period but will nullify post that.

Insurance Jargon Explained

Annuity

Annuity is a series of guaranteed income paid at specified regular intervals throughout the life of the Annuitant until his/her death. It is paid either immediately or after a deferment period.

Deferment period

Deferment Period means the number of years from the Date of Inception of Policy after which the Annuity payout will begin For eg – if the deferment period is 10 years, Annuity payout will start after 10 years of policy inception.

Joint Life annuity refers to an annuity policy taken jointly on the lives of Primary Annuitant and Secondary Annuitant. There has be to an insurable interest between the Annuitant(s)

Primary Life/ Annuitant (applicable under Joint Life Annuity Option) is the person on whose life this Policy has been taken and who is entitled to receive the annuity benefits

Secondary Life/ Annuitant (applicable under Joint Life Annuity Option) is the person entitled to receive the Annuity payment, in the event of death of the Primary Life/ Annuitant. The Secondary Life/ Annuitant must have an insurable interest with the Primary Life/ Annuitant.

Premium

Premium is defined as the amount paid by the policyholder to secure the benefits under the policy. It is the amount that the insured person pays to his/her insurer. And the frequency of paying the premium differs as well. It can be paid in five different ways. It can either be paid monthly, quarterly, semiannually, annually or you can pay it all at once, in a single payment.

Surrender Value

It is the amount of money a policyholder will be able to receive when they try to access the cash value or the account value of their policy. But this amount can only be accessible when the policyholder decides to terminate the policy before it matures by surrendering it.

Non-Forfeiture Benefits

It is also known as surrender benefit or paid-up benefit. This happens when the policy lapses due to the missed payments of the premium or also when the policyholder surrenders the policy.

View all Jargon

^#Provided policy is in force and all due premiums have been paid.

^*Available under Joint Life Options. Conditions Apply

^&Available under options offering Return of Premium on Death