Bharti AXA Pro Guaranteed Income Pro: Check Features

Bharti AXA Life Guaranteed Income Pro is a non-linked, non-participating independent life insurance policy that can help you get both a life insurance policy and a decent return on the premium you spend. Bharti AXA Life Insurance Company Limited gives you two alternatives to choose from – the Endowment Alternative and the Dividend Option. If you choose to use the endowment option, you will be paid a lump sum at maturity. On the other hand, the Income option would refund all of the premiums to you at the end of your payout cycle.

In this article, we have discussed about this Bharti AXA Life Guaranteed Income Pro scheme’s features and benefits in detail.

Bharti AXA Life Guaranteed Income Pro Death Benefit (Endowment Option)

Upon your unfortunate passing, the death benefit will automatically be payable to the nominee as a lump sum. For a single pay option, the Death Benefit is equivalent to the Death Sum Assured, which may be the largest of the following –

• 1.25X Single Premium (with single Premium < INR 50,000)
• 10X Single Premium (if single Premium is >=0.50,000)
• 105 per cent of gross premiums charged
•  Absolute Amount = The Sum Assured

Whereas under the Limited Payout Option, the Death Benefit is equivalent to the Death Sum Assured, which may be the largest of the following –

• 11X Premium annualized
• 105 percent of Overall Absolute Premium Charge = Amount Guaranteed

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Bharti AXA Life Guaranteed Income Pro Death Benefit (Income Option)

If you die within the policy term, the candidate will be entitled to the highest of the following:

• 10X Single Premium 
• 105 percent of Total Paid Premiums
•  Absolute Amount = The Sum Assured

Death Benefits Conditions Under Bharti AXA Pro Guaranteed Income Pro Plan

• Death during the Grace Period is going to impair the Death Benefit. After the elimination of the outstanding premiums, the sum assured balance would be payable to your nominee.
• Death within the Income And level Period does not change the maturity gain that will continue to be provided to the nominee.
• Under the event that the life insured is younger than 18 years of age on the day of death, the death premium will be charged to the policyholder and all benefits under the policy will immediately cease to occur.
• If you are a major on the day of death, the death payment will be payable as usual to the nominee.
• Where the policy has lapsed, no death compensation will be payable and the policy will be cancelled automatically.
• Death benefits are payable upon death and in all circumstances such as death during declared or unreported conflict, civil commotion, invasion, terrorism, Naxalite activity, and hostilities.
• Your death benefit would be available only if the policy is in place and if all due premiums are paid.

Bharti AXA Life Guaranteed Income Pro Maturity Value (Endowment Option)

A lump sum would be due on the maturity date to the policyholder. Under this, the Amount Maturity Assured plus Guaranteed Add-ons will be payable before the Maturity Date.

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Bharti AXA Life Guaranteed Income Pro Maturity Benefit (Income Option)

At the maturity date, you will earn a maturity gain on a daily basis in equivalent increments as per the frequency of payment of income you have selected at the program issuance. The payment of these maturities would be made for the time stated in the policy paper. Your maturity gain is measured as a percentage of your annualized premium.

In the Long Term Income and Deferred Income options, the Cumulative Paying Premium up to the termination date will be charged to you as a lump sum at the end of the Income Payout Era. Here, you have the option of accepting the current value of the outstanding income as a lump sum balance at some point during the Income Payout Period.

Four Reasons to Buy Bharti AXA Pro Guaranteed Income Pro

Following are the reasons you can consider purchasing the Bharti AXA Pro Guaranteed Income Pro plan -

1. Flexibility of Policy Terms/Premium Payment Terms

The package provides the option of 4 policy terms and limited premium payment terms under the Policy Terms

2. Maturity Advantage

In the event that the Life Insured survives to the maturity of the policy and that all premiums have been paid, the Maturity Benefit as a percentage of one Annual Premium is paid to the policyholder on the day of maturity.

3. Raised Survival Payouts

On Survival of Life Guaranteed up to the end of the premium payment period, Survival Payouts shall be issued as a percentage of one Annual Premium, which shall be increased annually by 10% of Annual Premium from the end of the premium payment term to one year before the end of the policy term.

4. Tax Benefit

The premiums paid towards this plan are eligible for a tax deduction of Rs. 1.5 Lakh under Section 80C of the Income Tax Act. Also, the death benefit or maturity benefits proceeds qualify for a tax exemption under Section 10(10D) of the Income Tax Act.

Also Read:- Difference Between Money Back and Term Insurance Plans

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.