Bharti AXA Life Insurance, the private life insurance joint venture between Bharti Enterprises and AXA, one of the world’s largest insurance companies, has launched a non-linked limited pay non-participating savings life insurance plan- ‘Bharti AXA Life Guaranteed Income Plan’. A savings plan that provides increasing income every year ensuring that the rising expenses are taken care of and Life Insurance coverage in case of an unfortunate event to keep your family covered even in the worst eventuality.
The plan comes with the flexibility of choosing between 4 policy terms with limited premium payment terms for the Policy Terms. Under the plan, annual guaranteed payouts, which will increase every year by 10% of one annual premium, start from the end of Premium Paying term till the end of maturity. The premium payment term options are 8 years, 10 years, 12 years and 15 years.
Launching the new product Mr. Mudit Kumar, Chief and Appointed Actuary for Bharti AXA Life Insurance said, “Consumers today are looking for solutions that can fulfil the dual objective of providing regular returns and also safeguard their family in case anything unfortunate were to happen. Keeping this in mind, we have launched Bharti AXA Life Guaranteed Income Plan, a risk free solution to ensure that uncertainties in life and financials are well taken care of. The product is designed in such a way that it can fulfil the needs of a wide range of customers. The product can act as a shield for inflation, it can ensure a guaranteed regular income during retirement and also act as an investment to secure your child’s future. With this comprehensive solution, we want to ensure that our customers and their families stay protected in all circumstances.”
Survival Payouts ranging from 100% up to 255% of the annual premium are paid to the policyholder on Survival of the Life Assured till the end of the premium payment term. Survival Payouts increase every year by 10% of Annual Premium from the end of the premium payment term till one year before the end of the policy term. At the time of maturity of the policy, in case the life insured survives, then maturity benefits, up to 265% of the annual premium, are payable to the policyholder.
The product comes with an option of the Bharti AXA Life Term Rider, under which the policyholder can increase the life insurance coverage for a nominal premium.