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Bharti AXA Life launches ‘Income Protection Plan’

Bharti AXA Life Insurance today said it has launched a new term plan that has ‘return on premium’ on maturity, ‘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 most important aspect of a term insurance plan is that it fulfils the one's need and ensures financial security for their family.

Bharti AXA Life Insurance today said it has launched a new term plan that has ‘return on premium’ on maturity, ‘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, said a release.

The plan also returns up to 120 per cent 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, it added. “The plan ensures the family continues to receive an income so that they can fulfil their needs in case of any unfortunate incident,” said Bharti AXA Life Chief and Appointed Actuary Mudit Kumar.

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Term insurance is different from other life insurance products such as ULIPs, endowment plans and money back plans which are primarily investment-linked, but the term insurance is only pure life insurance that covers one’s life adequately and proves to be an assured financial support for the family in case of your uncertain death. So, if you are thinking to buy life an insurance for right reasons i.e. for protection purpose and social security, term insurance is the most appropriate solution to buy.

The most important aspect of a term insurance plan is that it fulfils the one’s need and ensures financial security for their family. It helps in case of the person dies and his family faces both emotional and financial trauma. Therefore, to recover the financial loses, the term insurance plays an important role.

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The benefit paid by the plan provides a huge corpus to the dependents of the insured person, who can then meet their long-term financial liabilities, such as the paying of rent , fulfilling children’s education, and meeting daily household needs.

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