Bharti AXA Life
POS Saral Bachat Yojana

A Non-Linked, Non-participating Individual life Insurance Savings Plan

(UIN: 130N090V02)(ADVT No. II-Jul-2022-4088)
A Non-Linked, Non-participating Individual life Insurance Savings Plan

#ComprehensiveProtection#MaturityBenefit#TaxBenefits

Why Choose Bharti AXA Life POS Saral Bachat Yojana?

It is a quick and easy to buy plan that helps you save for future needs and also provide financial backup to secure your family’s future in case of an unfortunate death.

  • Flexible Policy/Premium Payment Terms
    Flexibility to choose from 5 combinations of policy terms and premium payment terms.
  • Comprehensive Protection Plan
    Life Insurance cover in case of death and 2X Life Insurance cover in case of death due to accident.
  • Maturity Benefit
    At the end of your policy term, you will get Sum Assured on Maturity provided all due premiums have been paid and policy is in-force.
  • 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

Maturity Benefit

Death Benefit

Multiple Premium Payment Terms

Tax Benefits**

How Does the Plan Exactly Work?

 

Let’s take a look at this case study

 

Ajay, 35 years old is looking for a simple plan with good returns that helps him get guaranteed protection as well as lump sum payout that can be utilized for future expenses and also to shield his family in the event of his death.

 

Ajay decides to purchase Bharti AXA Life POS Saral Bachat Yojana for a policy term of 10 years for which the premium payment term is 5 years.

 

He decides to pay a premium of Rs. 1,500 per month (exclusive of taxes) for 5 years.

 

Let us look at the benefits that Ajay would receive :

 

Benefits Payable End of Policy Year Maturity Benefit = Sum Assured on Maturity
Maturity Benefit 10th Year ₹ 1,27,617

 

In case of Ajay’s death during the policy term, his family would receive benefits as given below.

 

Benefits Payable Death Benefit
Death Benefit* (other than death due to Accident) ₹ 1,90,311
Death Benefit^ (death due to Accident) ₹ 3,80,622

 

* There is a waiting period of 90 days. During this period, 100% of premiums paid till the date of death (excluding any taxes) will be payable as Death Benefit.

^ No waiting period is applicable in case of death due to Accident.

 

Needs Met :

 

  • By making a small monthly payout, Ajay has been able to accumulate his savings which he will get through the Maturity Benefits.
  • Comprehensive Protection in event of death with additional cover in case of death due to accident.

What Do You Gain from the Plan?

Maturity Benefit

In case the Life Insured survives till maturity and all due premiums have been paid till the date of maturity, Maturity Benefit will be payable to the Policyholder as Sum Assured on Maturity equal to the chosen Sum Assured.

Death Benefit

  • Death Benefit (other than death due to Accident)
    During Waiting period of 90 days: In case of the death (other than due to Accident) of the Life Insured during the Waiting Period of 90 days, the Death Benefit payable will be 100% of premiums paid till the date of death, exclusive of applicable taxes.

  • Death Benefit (other than death due to Accident)
    After Waiting period of 90 days: In case of unfortunate event of death (other than due to Accident) of the Life Insured during the policy term after the expiry of Waiting period of 90 days, the Sum Assured on Death will be payable to the nominee where the Sum Assured on Death is highest of :
    • 11 times annualized premium*
    • 105% of all premiums paid as on date of death
    • Absolute amount assured to be paid on death equal to the sum assured under the policy
    • Sum assured on maturity, equal to Sum Assured under the Policy

*Annualised Premium does not include taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

The maximum Sum Assured on Death, irrespective of number of Policies, is capped to Rs. 10 Lakhs per life

  • Death Benefit (death due to Accident)
    No waiting period is applicable: This is an in-built cover under this Plan where in case of Accidental death of the Life Insured during the Policy term, total Death Benefit payable will be equal to two times of the Sum Assured on Death (as defined above) provided such death was caused directly by such Accident and independently of any physical or mental illness within one hundred twenty (120) days of the date of Accident. It is also clarified that if the Accident occurs during the Policy Term and the death due to the said Accident happens after the expiry of the Policy Term (but within 120 days from the date of Accident), Death benefit will be payable. No benefits are payable, if the death is due to the scenarios mentioned under Terms and Conditions - “Exclusions in case of death due to Accident” – refer Sales Literature.
    Accident here means a sudden, unforeseen and involuntary event caused by external, visible and violent means.
    The maximum Death Benefit (due to Accident), irrespective of number of Policies, is capped to Rs. 20 Lakhs per life

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 Premium Payment Term

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

5 years

Policy Term: 10 years

6 years

Policy Term: 15 years

8 years

Policy Term: 15 years

10 years

Policy Term: 15 years

12 years

Policy Term: 15 years

5 years

Policy Term: 10 years

6 years

Policy Term: 15 years

8 years

Policy Term: 15 years

10 years

Policy Term: 15 years

12 years

Policy Term: 15 years

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).