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Limited Period Premiums

Monday, May 28, 2012

Bharti AXA Life Aajeevan Sampatti Plan is a Participating Whole Life Limited Pay Life Insurance Plan with Bonus facility where the premiums need to be paid for a limited period and not for the entire policy tenure. Sum Assured would be paid on policy maturity when the life insured is 100 years of age as Maturity Benefit or on earlier death as Death Benefit. There are guaranteed Survival Benefits in this plan as well. After completion of 10 policy years, 5.5% of the Sum Assured is paid every year to the Life Insured until Maturity or Death, whichever is earlier.

Key Features

  •     Premium needs to be paid only for 10 or 15 years
  •     Sum Assured would be paid on policy maturity when the life insured is 100 years of age as Maturity Benefit or on earlier death as Death Benefit
  •     5.5% of the Sum Assured is paid as Guaranteed Payout after completion of 10 policy years.
  •     Offers Cash Bonus after completion of 6 policy years until maturity or death, whichever is earlier.
  •     Discount for higher Sum Assured
  •     Premium Waiver Rider available

Benefits: Death Benefit
In case of death of the Life Insured, the nominee gets the entire Sum Assured + the accrued Cash Bonus as Death Benefit and the policy terminates.

Maturity Benefit : When the policy terminates, i.e. the Life Insured is 100 years old, the entire Sum Assured + the accrued cash Bonus would be paid as Maturity Benefit.

Income Tax Benefit: Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

Guaranteed Payouts: This plan assures guaranteed payouts until you reach the age of 100 years. Once you complete the 10th Policy year, you will start receiving an annual payout of 5.5% of the Sum Assured until maturity or death, whichever is earlier.

Cash Bonuses: This Policy also offers cash bonuses (if declared). It participates in the performance of the participating insurance fund and surplus (if declared) is distributed as bonus. This bonus (if declared) is paid out as a cash benefit every year, star ting from the end of 6th Policy year, until maturity or death, whichever is earlier.

Discounts on opting for a Higher Sum Assured: You will be eligible to receive a discount on your premium rate if you opt for a Sum Assured of 4,00,000 or more.

Rider: Premium Waiver Rider: This rider allows future premium payments to be waived in case of the unfortunate death of the Policyholder during the premium payment term. The rider can be opted for only at inception.

Policy Revival: If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period of the unpaid premium due date. The Policy continues in a Paid Up state. However, it can be revived within 5 policy years from the date of first unpaid premium.

Surrender the policy: There are Surrender Benefits under this term plan after premiums have been paid for first three policy years.

Guaranteed Surrender Value= 30% of all premiums paid – 1st years’ premium

Loan: Loan facility is not available under this policy.

Eligibility Criteria Minimum Maximum
Sum Assured (in Rs.) 1,00,000 No Limit
Policy Term (in years) 10 20
Premium Payment Term (in yrs.) Equal to Policy Term
Entry Age of Life Insured (in yrs.) 91 days 60
Age at Maturity (in years)         - 100
Premium (in Rs.) 15,379 for PPT=10
9,100 for PPT=15
No Limit
Payment modes Yearly, Half-Yearly. Quarterly and Monthly


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