Why Choose Bharti AXA Life Income Protection Plan?

A plan where your family receives income in the form of annual instalments for a period of 15 or 20 years in case of an unfortunate event of death. 100-120% of premiums paid are returned at the end of the policy term as a lump sum survival benefit.

  • Annual Income

    Provides an annual pre-planned income for your financially dependent family in order to take care of their recurring expenses in case of the unfortunate event of death

  • Return of Premium

    Term with 'Return of Premium' plan, which allows you to receive all your invested premiums* as Maturity benefit. Thus, allowing you to avail maximum benefits from one plan (*Premiums are exclusive of Service Tax & underwriting extra)

  • Death Benefit

    Two death benefit options available, which allow flexibility in duration of payouts depending on your financial outlook

  • 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

Annual Income

Return of Premium

Maturity Benefit

Tax Benefits*

How Does the Product Work?

Let’s take a look at this case study

Sujay, 35 years old decides to purchase Bharti AXA Life Income Protection plan, because he wants a plan that will ensure his wife and 3-year-old child remain financially protected in case something unfortunate were to happen to him. Since the plan also ensures that if he were to survive till the end of the policy term, he will receive all the premiums that he has paid over the entire term thus ensuring that he receives commensurate benefits for the premiums he invests whether it is in the form of the Death Benefit or Maturity Benefit.

For the Sum Assured selected, Sujay will need to pay Rs. 28,650 (exclusive of Service Tax) as annual premium. Benefits he will receive will be as following :

Benefits Amount Payable
Death Benefit ₹ 25,00,000 (paid as annual instalment of ₹ 1,91,250 for 20 years)
Maturity Benefit ₹ 6,87,600 (Option B)

(If the customer were to opt for Maturity Benefit Option A instead of Maturity benefit Option A at inception, the amount received at maturity would be Rs. 573,000)

What Do You Gain from the Plan?

Three Policy Term Options

You have the flexibility to choose your Policy Term from 3 options. i.e., 12 years, 15 years and 20 years. The premium payment term is the same as the policy term.

Maturity Benefit

You can receive up to 120% of the premiums* paid till end of the Policy Term, provided policy is in force (depending on the Maturity benefit Option chosen) as your Maturity benefit. There are two Maturity Benefit options available under this plan as given below :

Policy Term 12 years 15 years 20 years

Maturity Benefit Option A

100%

100%

100%

Maturity Benefit Option B

110%

115%

120%

Once selected, the Maturity Benefit option cannot be changed during the course of the Policy Term.

*Premium excludes taxes & underwriting extra

Death Benefit Payable

In the event of death, provided the policy is in force & all due premiums have been paid the death benefit will be paid out as equal annual instalments for 15 years or 20 years depending on the death benefit option selected by the customer. The death benefit applicable will be highest of the following :

  • 10 times annualised 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

*Annualised Premium shall be the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums and loadings for modal premiums, if any. The death benefit option once selected cannot be changed. The nominee also has the option to claim the death benefit as lump sum instead of instalments. However, the nominee will have to intimate the Company of the same prior to the payment of the first instalment.

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.

Make Your Plan with Ease

Pick Maturity Benefit Option

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

Maturity Benefit Option A

100% of the premium paid

Maturity Benefit Option B

Maturity Benefit Option A

100% of the premium paid

Maturity Benefit Option B

110%, 115% or 120% of the premium paid depending on the policy term chosen

Now, Add a Rider

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

harti 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.

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.

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.

Term Insurance

A basic insurance plan which provides a lump sum amount to the family of the person who is insured in case of his/her unfortunate death.

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.