What Is Bharti AXA Life Advantage Child Plan?
Table of Contents
Bharti AXA Life Insurance is a joint venture between Bharti Enterprises which is the Indian counterpart and AXA Group, the foreign counterpart. Bharti Enterprises is one of the leading companies engaged in telecom, agricultural businesses, financial services and retail. The insurance company was launched in December 2006 and since then the company has come a long way and has a dedicated work force providing efficient solutions and advice and also meets the life insurance needs of the population through products designed with exclusive features and benefits.
Bharti AXA Life Child Plans
Bharti AXA Life Insurance Company offers a child plan which is packed with great benefits to provide complete protection for the future of the child. Let us understand the plan in details:
Bharti AXA Life Child Advantage Plan
- It’s a traditional child plan which participates in the profits of the company by way of earning bonuses and promises guaranteed returns. The important aspects of this plan are mentioned hereunder:
- The premiums under the plan can be paid for the entire plan duration under the Regular Pay option of for a limited tenure under the Limited Pay option of premium payment.
There are two types of Maturity Benefit options to choose from. One is the Endowment Benefit and the other is the Money Back Benefit
Under the Endowment Option, 125% of Sum Assured and accrued simple reversionary bonuses with any Terminal Bonus is paid on maturity - Under the Money Back Option, Guaranteed Payouts are paid every year starting from the last 5 policy years. 10% of Sum Assured in the last 5th and 4th years, 15% of Sum Assured in the last 3rd and 2nd years and 20% of the Sum Assured in the last year before maturity. On maturity, 40% of Sum Assured and accrued simple reversionary bonuses and any Terminal Bonus are paid
- In the event of death the death benefit will be higher of Sum Assured payable on maturity or 11 times the premium or the basic Sum Assured or 105% of total premiums paid till the policyholder died
- The Sum Assured on maturity is defined as 125% of the Sum Assured id the Endowment Option is chosen or 110% of the Sum Assured if the Money Back Option is chosen.
- There is an inbuilt Premium Waiver Rider under which all future premiums are waived off on death of the insured and the plan continues unaffected. The promised benefits also accrue as and when they fall due.
- Bharti AXA Hospital Cash Rider and Bharti AXA Accidental Benefit Rider can be added to the plan for a more comprehensive coverage.
- The premiums which are paid for the plan will be eligible for tax exemption under Section 80C and any claim received will be eligible for exemption under Section 10(10D)
Applying for a Child Plan From The Company
Online
The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued
Intermediaries
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Conclusion
Planning for your child’s future if you have a child is a very important aspect of your future planning. All your other requirements can come later but planning for the child should feature in the top spot in your list of priorities. A child plan takes care of this planning and is the complete solution for planning your child’s future. Essentially, this type of insurance plan, like a term insurance plan, should be taken for a longer tenure. Your child would require finance in the later stages of his life when he seeks admission in a good college and again when he wants to pursue a specialized post-graduate education. Even planning for your child’s marriage would require substantial funds. So buying a plan with a longer tenure makes sense.
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