– A Non-Linked Non-Participating Life Term Insurance Plan with ‘Return of Premium’–
Key Highlights of Income Protection Plan – Policy Terms: A choice of 3 policy terms is offered – Maturity Benefit: 2 maturity benefit options offered under each of the policy terms Option A 12 yrs. 15 yrs. 20 yrs. 100% 100% 100% Option B 12 yrs. 15 yrs. 20 yrs. 110% 110% 120% – Death Benefit: In event of unfortunate demise, sum assured will be paid to the nominee – Tax Benefit: Tax benefits on the premiums paid and benefits as per the prevailing tax laws to be received Mumbai, 23 March, 2017: 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 new term plan with ‘return on premium’ on maturity, Bharti AXA Life Income Protection Plan. This is a Non-Linked and Non-Participating plan which ensures that the family of the deceased policyholder receives income through annual instalments for a select period. The plan also returns up to 120% of premiums paid at the end of the policy term as a lump sum survival benefit, depending on the option chosen by the policyholder at inception.
Bharti AXA Life Income Protection policy offers a choice of 3 policy terms namely, 12 years, 15 years and 20 years with premium payment term same as the policy term. The death benefit will be paid out in equal annual installments for 15 or 20 years as chosen by the policyholder at the inception of policy and thereby providing regular flow of funds to support the family.
Commenting on the launch of the new plan, Mr. Mudit Kumar, Chief and Appointed Actuary, Bharti AXA Life Insurance said “A protection plan which provides income in case of unfortunate event of death and returns back all the premiums paid in case of survival was the idea behind launching ‘Bharti AXA Life Income Protection Plan’. The plan ensures that in case any thing unfortunate was to happen, the family continues to receive an income so that they can fulfil their needs and sustain their lifestyle. The product design is simple and one can acquire the policy in just four easy steps. At Bharti AXA Life, we are working towards building customer focused products aimed to not only address their concerns but also simplify insurance for them.”
The policy holder, at the time of claim, will receive assistance from the Dedicated Claims Handler for every stage of claim settlement and can also access the recently launched Grief Support Program wherein a claimant can voluntarily seek emotional counselling, financial planning and legal advice from qualified practitioners