A Non-Linked Participating Individual Life Insurance Savings Plan
- As a parent, you plan every aspect of your child's future with equal measures of excitement and concern. You want to ensure that every milestone of their future is planned so that nothing gets in the way of your child's success.
- Even though you do your best to ensure your child's future is secure, an unfortunate event could cast a shadow on your child's future; hence, you need to be ready for every eventuality. You can fulfil your child's ambitions by planning with prudence even when you are not there.
- At Bharti AXA Life, we understand your needs and have decided to act. We bring you Bharti AXA Life Child Advantage. A child plan offers you guaranteed^ payouts at key milestones and waives off all future premiums in case of an unfortunate event, thus ensuring your child's dreams are never compromised.
- Moreover, the bonuses if any, accrued from the end of 1st year onwards are paid out at maturity, ensuring that your child's additional needs are met in the future.
- The Life Insurance Benefit acts as a contingency fund to allow your family to maintain their standard of living, thus ensuring that nothing comes in the way of your child's future.
Advantages with Bharti AXA Life Child Advantage
Option to choose the desired benefits
You can choose between 2 Maturity benefits options under this plan at inception according to your child's needs and career goal.
- Money Back option provides guaranteed^ pay-outs in the last 5 years before maturity to meet your child's education needs. At maturity, this plan offers a guaranteed^ maturity payout to support your child's higher education and kick start his/her career.
- Endowment option provides a guaranteed^ Lump Sum amount at maturity of the policy, provided the policy is in force, to help your child pursue his aspirations and prepare him for the big events in life.
Policy Continuance
The policy ensures that your child will receive all the benefits as planned by waiving off all the future premiums in case something unfortunate was to happen, thus ensuring that Your child's dreams will not be compromised even when you are not around.
Life Insurance Benefit
In case of the unfortunate event of death of the life Insured, the nominee will receive a Higher of (110% of sum assured for Money Back option and 125% of sum Assured for Endowment option) or 11 times the base annualised Premium to support your child in a time of need. The death benefit payable will not be less than 105% of all premiums paid at any point in time. In an unfortunate event, the guaranteed^ benefits would continue as planned and all future premiums will be waived off.
Potential Upside with Bonus
The policy participates in distributing surplus or profits that the company may declare. Non-Guaranteed Annual Simple Reversionary bonus(if declared) gets accrued to the policy at the end of each year provided all due premiums are paid and is payable at maturity. The company may also declare a Non-Guaranteed Terminal bonus which is also payable along with Maturity Benefit.
Option to choose Premium Payment term
Depending upon your child's age, you can choose the Policy Term options from 11 to 21 Years. Then choose the Premium payment type, i.e., Limited Pay or Regular Pay, depending on your investment tenure preference. For Regular Pay, the premium payment term is equal to Policy Term. For Limited Pay, the premium payment term is Policy Term minus 5 Years.
Tax Benefits
You may be eligible for tax benefits* on the premiums paid and the benefits received subject to the prevailing provisions. The tax benefits are subject to change as per changes in tax laws from time to time.
First, decide the benefits which you want for your child - This plan offers you two options
- Endowment Option : This option provides a Lump Sum amount at the policy's maturity.
- Money Back Option : This option provides guaranteed^ payouts in the last 5 policy years.
Second, decide when you wish to receive the planned benefits -You have an option to choose the desired combination of Premium Payment Term and Policy.
The Maturity Benefit and Accrued Non-Guaranteed Annual Simple Reversionary Bonus and Non-Guaranteed Terminal Bonus will be paid on the Policy's Maturity Date.
For both Money Back and Endowment Option, if something unfortunate were to happen to the parent (Life Insured), the future premiums in the policy are waived off and all the benefits in the policy continue as planned, thus ensuring nothing comes in the way of your child's ambitions. Additionally, a Life Insurance Benefit is also paid out immediately to help your family maintain the standard of living.
