The plan is ideal for risk-averse individuals who aim to generate a substitute source of assured returns and regular income.
The plan takes care of the financial goals of policyholders by giving the flexibility to choose from Endowment and Income options.
Bharti AXA Life Insurance today announced the launch of its novel plan – Bharti AXA Life Guaranteed Income Pro – that offers life insurance along with guaranteed returns and maturity benefits. This non-linked, non-participating savings insurance plan is designed to provide financial stability to individuals and ensure policyholders of future income requirements with dual benefits of savings and protection.
Bharti AXA Life Guaranteed Income Pro empowers policyholders with financial returns, fulfils the need to secure their financial obligations and helps achieve goals like child’s education or marriage, retirement, a holiday, retirement income or a supplementary income.
“We designed Guaranteed Income Pro as an innovative solution that provides life insurance coverage and benefits of a savings product. The hallmark of our unique offering is the sound financial returns amid uncertain markets. It not only offers flexible short, medium and long-term income options but also helps people meet different financial needs at various milestones of life,’’ said Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance.
The unique plan takes care of the financial goals of policyholders by giving the flexibility to choose from Endowment and Income options, which offer promising benefits and help them sail through uncertain times.
Under Endowment Option, the insured will get lump sum benefits at maturity with guaranteed additions boosting annual corpus from the first year. The guaranteed addition of 10 per cent of one annualized premium shall be accrued from the end of first policy year till the end of the policy tenure.
The new plan returns all premiums paid at the end of the payout period under Long-term and Deferred Income variants. Besides, under Long-term Income, the policyholders also get income for an income payout period of 25 or 30 years following the completion of the policy term. The income payout under Long-term Income option ranges from 25.7 per cent to 90 per cent of annualized premium. This enables customers to supplement their income for the golden years.
The Short-term Income option offers maturity benefits in the form of income which is defined as a percentage of one annualized premium, payable for fixed period of 10, 11 or 12 years upon payment of all due premiums and the life assured surviving the policy term. The income payout Short-term Income option ranges from 165.8 per cent to 197.9 per cent of the Annualized Premium. This helps the life assured achieve financial milestones.
The Deferred Income plan provides assured income for an income payout period of 25 years after the completion of the policy term. The income payout under Deferred Income option ranges from 43 per cent to 74 per cent of the Annualized Premium under the Limited Pay option. It allows the policyholders to meet their recurring expenses for a defined period.
Bharti AXA Life Guaranteed Income Pro Plan offers customers the choice of multiple policies and premium payment terms. Its minimum policy term is 10 years and the maximum term is 24 years under Endowment option. The minimum entry age is 91 days and the maximum entry age is 60 years under Endowment option. For Income option, the minimum entry age is five years and the maximum entry age is 65 years. It gives three options to customers to pay the premium – Single-Premium, Regular Premium and Limited Premium.
The policyholder can enhance their life protection and scope of benefits through several optional riders like the Bharti AXA Life Hospi Cash Rider, Bharti AXA Life Accidental Death Benefit Rider, Bharti AXA Life Premium Waver Rider and Bharti AXA Life Term Rider for a nominal additional premium. The policyholder will also be entitled to tax benefits on premium payment, as applicable.
In case of death of the life assured during the policy term, the death benefit along with accrued guaranteed additions, if any, is payable to the nominee.
“With Bharti AXA Life Guarantee Income Pro, we are helping people remove uncertainties from financial planning through an assurance of certain income. This is ideal for risk-averse individuals who aim to generate a substitute source of regular income and achieve assured financial returns for tomorrow,” Parag added.