Bharti AXA Life
Monthly Advantage

A Non-Linked, Participating Individual Life Insurance Savings Plan

(UIN: 130N068V04)(ADVT No. II-Jul-2022-4086)
A Non-Linked, Participating Individual Life Insurance Savings Plan

#MonthlyIncome#SurvivalBenefit#TaxBenefits

Why Bharti AXA Life Monthly Advantage is the Right Choice?

It is a plan that gives you the flexibility to choose your Policy Term and Premium Payment Term from 3 options. It makes sure you receive a steady stream of monthly income without staying invested in the plan for a very long time. Life Insurance coverage is available under this product.

  • Guaranteed Monthly Income

    You start receiving Guaranteed Monthly Income after the completion of the Premium Payment Term, until Maturity, provided the policy is in force. You have the flexibility to choose the Monthly Income you wish to receive, which decides your Premium amount.

  • Potential Upside through Bonuses

    Non-Guaranteed Simple Annual Reversionary Bonuses (if declared) get accrued to the policy from the end of 1st policy year and get paid out on Maturity, Death or Accidental Total Permanent Disability. You may also receive Non-Guaranteed terminal bonus (if declared).

  • Death or Accidental Total Permanent Disability (ATPD) Benefit

    In case of the unfortunate event of Death or Accidental Total Permanent Disability of the Life Insured, the Monthly Income is payable to the nominee from the next policy month onwards and continues for the next 6, 8 or 12 years depending on the Policy Term option chosen at inception of the policy.

  • Tax Benefits

    Tax benefit for premiums paid and benefits received, are as per the prevailing tax laws which are subject to changes.

Key Benefits

Limited Pay Options

Maturity Benefit

Annual Reversionary Bonuses

Death Benefit

Accidental Total Permanent Disability Benefit

Survival Benefit

Tax Benefits**

How Does the Product Work?

 

Let’s take a look at following case study :

 

Advait is a 35 year old, salaried individual working with an MNC. His wife is a homemaker and he has a daughter who is 5 years old. He wishes to invest in a plan that allows his family and him to receive a steady stream of income over a period of time, without having to stay invested in the plan for a long duration. The plan should also give him the flexibility of choosing the period for which he can receive this income. Additionally, he wants a plan that will allow his family to receive this income in case something unfortunate was to happen to him.

 

How does Advait benefit by purchasing Bharti AXA Life Monthly Advantage?

 

Looking at Adavit’s profile, we suggest Advait invest in the plan for a period of 8 years, with a Policy Term of 16 years. He selects a Sum Assured of ₹ 2,50,000 for which his Annual Premium is ₹ 37,405 (without applicable taxes).

 

Benefits by purchasing Bharti AXA Life Monthly Advantage

 

Monthly Income in case of Survival

₹ 3429

Monthly Income (in case of Death/Accidental TDP)

₹ 5269

*Vested Non-Guaranteed benefit assuming 8% Gross rate of return(payable at Maturity)

₹ 1,49,600

*Vested Non-Guaranteed benefit assuming 4% Gross rate of return(payable at Maturity)

₹ 19,800

 

*The Gross rate of return shown above is the return earned on the participating fund of the company *4% and 8% rates are used only for illustration purposes and are not guaranteed

 

Needs Met :

 

  • Advait starts receiving Guaranteed Monthly Income of ₹ 3,429 by the time his daughter is 13 years old. The Monthly Income he receives after completion of the premium payment term can be supplemented to cater to the growing needs of his child.
  • With this plan he also ensures that if something unfortunate were to happen to him, his family continues to receive this supplementary income which can be of extreme importance to a family that is faced with such exigencies.

What Do You Gain from the Plan?

Limited Pay Options

You have the flexibility to choose your Policy term from 3 options. The corresponding Premium Payment Term for each policy term is as mentioned below :

 

Policy Term Premium Payment Term
12 Years 6 Years
16 Years 8 Years
24 Years 12 Years

 

* Through ECS only

Maturity Benefit

At Maturity, you receive Non-Guaranteed Annual Reversionary Bonus (if any) plus Non-Guaranteed Terminal Bonus (if any), subject to the policy being in force.

Potential Upside through Bonuses

Non-Guaranteed Simple Annual Reversionary Bonuses (if any) get accrued to the policy from the end of 1st policy year and get paid out on Maturity, Death or Accidental Total Permanent Disability. You may also receive Non-Guaranteed terminal bonus (if any).

Insurance Benefit Payable

In the event of death or Accidental Total Permanent Disability (whichever is earlier), provided the policy is in force & all premiums have been paid, the insurance benefit is paid out which is higher of the following :

  • Sum Assured on Death plus Non-Guaranteed vested simple Reversionary Bonuses and Non-Guaranteed Terminal Bonus (if any).
  • 105% of all premiums paid as on the date of Death.

 

The benefit will be paid in equal monthly instalments starting immediately from the next monthly anniversary following date of death or ATPD and will be payable for the number of months as mentioned in the table below :

 

Policy Term No. of months for which Death Benefit will be payable
12 Years 72 Months
16 Years 96 Months
24 Years 144 Months

 

 

The non-guaranteed vested simple Reversionary Bonus along with Terminal Bonus (if any), shall be payable as lump sum immediately on Death of Life Insured.

 

Survival Benefit

Subject to the policy being in force, the Guaranteed Monthly Income on Survival (as displayed in the table below) will be payable monthly starting from the end of the next month after the completion of the Premium Payment Term and will be payable for 72 months for 12 year policy term, 96 months for 16 year policy term and 144 months for 24 year policy term.

 

Policy Term Premium Payment Term Guaranteed Monthly Income on Survival as % of (annual premium/12)
12 Years 6 years 105%
16 Years 8 years 110%
24 Years 12 years 120%

 

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 Policy Term

Choose one of the options, as per your financial goals.

12 years

Premium payment term: 6 years

16 years

Premium payment term: 8 years

24 years

Premium payment term: 12 years

12 years

Premium payment term: 6 years

16 years

Premium payment term: 8 years

24 years

Premium payment term: 12 years

Now, Add a Rider

You may enhance your protection under this Plan by opting for the following rider(s)

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

This rider allows payment of a fixed benefit for each day of hospitalisation. It also offers a fixed amount benefit if you are admitted in an Intensive Unit Care or a lump sum benefit in case of surgery.

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

This is a non-linked and regular pay rider that provides 100% Sum Assured in case of death of the Life Insured due to an accident subject to the rider policy being in-force.

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

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

Please refer to the rider brochure for complete details on terms and conditions and exclusions before opting for the rider. Riders are optional and are available at an extra cost.

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.

Insurability

Insurability refers to all conditions pertaining to individuals seeking insurance; that affect their health, susceptibility to injury and life expectancy; an individual's risk profile.

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).

**Tax benefits are in accordance to current tax laws that are subject to change from time to time.