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Bharti AXA Life Child Advantage
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Bharti AXA Life Child Advantage is a non-linked and participating savings plan which comes with an in-built Premium Waiver benefit. This plan offers 2 maturity benefit options namely money-back option and endowment option. The money-back option provides guaranteed payouts in the last 5 years of the policy term before maturity to help you support your child’s higher education. The endowment option provides a guaranteed lump sum amount at the time of plan maturity which will help you ensure your child has financial resources to pursue his/her career goals.
Moreover, in case of your unfortunate demise of the life assured, the plan waives off all the future premiums to ensure that at the time of maturity of the plan your child gets the maturity benefit as planned by you. This life insurance plan also provides for simple reversionary bonuses and a terminal bonus, subject to declaration, to help you grow your savings with time.
Key Features of Bharti AXA Life Child Advantage
Following are some of the key features of Bharti AXA Life Child Advantage plan -
- Maturity Benefit Options: This plan offers a choice between 2 types of maturity benefit options namely Money-Back and Endowment options.
- In-Built Premium Waiver Benefit: Bharti AXA Life Child Advantage plan offers an in-built premium waiver benefit. Under this feature of the policy, all future premiums are waived off in case of an unfortunate demise of the life assured.
- Bonuses: The plan provides non-guaranteed annual simple reversionary bonus and a non-guaranteed terminal bonus, if declared, to appreciate your wealth over time.
- Policy Loan: You can avail a policy loan of up to 70% of the surrender value to meet unplanned financial requirements. These loans feature an interest rate of 10.35% in FY 19-20.
- Rider Benefits: The plan provides 2 optional rider benefits namely Hospi Cash Benefit Rider and Accidental Death Benefit Rider.
- Reduced Paid-up Policy: If you fail to pay the premiums, after the payment of 2 annualised premiums, your policy acquires a paid-up policy status and continues with reduced benefits.
- Policy Revival: A lapsed or reduced paid-up policy can be revived within 5 years from the date of the first unpaid premium. The policy revival rate of interest for FY 19-20 is 8.04%.
Benefits of Bharti AXA Life Child Advantage
Following are the key benefits provided by Bharti AXA Life Child Advantage Plan to its investors -
1. Maturity Benefit
In case of survival of the life assured till the plan maturity date, a maturity benefit is payable in accordance with the maturity benefit option chosen at the time of policy inception -
Option 1 - Money-Back Option: Under this option, 40% of sum assured is paid at plan maturity. In addition to that, 5 guaranteed payouts of 10%, 10%, 15%, 15%, and 20% are made annually, starting from the end of the 5th year before the maturity date.
Option 2 - Endowment Option: Under this option, 125% of the sum assured is paid at the time of maturity of the policy as a lump sum amount.
Policy Continuance: With the in-build Premium Waiver benefit under this plan the policy continues even in your absence. In case of your unfortunate demise, all the future premiums get waived off, this benefit ensures that your child receives the maturity benefit and is able to pursue his goals even when you are not around.
2. Death Benefit
In case of an unfortunate death of the life assured during the policy term, the highest of the following shall be paid as the death benefit to the nominee -
- Sum assured on maturity equivalent to 110% of sum assured for money-back option and 125% of the sum assured for the endowment option
- 11 times of the annualised premium
- Sum assured
The payment of the death benefit is subject to a minimum of 105% of the total premiums paid till the date of death. Moreover, all the future premiums payable shall be waived off by Bharti AXA Life Insurance and all benefits will continue as scheduled.
Bharti AXA Life Child Advantage Plan Eligibility
The Bharti AXA Life Child Advantage plan comes with the following eligibility conditions -
|Eligibility Criteria For Bharti AXA Life Child Advantage Plan|
|Premium Payment Type||Regular Premium Payment Term||Limited Premium Payment Term|
|Policy Term||11 years - 21 years|
|Premium Payment Term||Same as policy term||5 years less than policy term|
|Minimum Age At Entry||18 years|
|Maximum Age At Entry||50 years||55 years|
|Maximum Age At Maturity||71 years||76 years|
|Minimum Sum Assured||INR 25,000|
|Minimum Annualised Premium||Depends on the minimum sum assured amount|
|Premium Payment Mode||Monthly, Quarterly, Half-yearly, and Yearly|
Bharti AXA Life Child Advantage Plan Review
Bharti AXA Life Child Advantage plan is specially crafted for individuals who want to save and grow their savings to fulfil their child’s financial requirements in future. The benefits under this plan can be availed via either its Money-Back Option or Endowment Option. Moreover, the plan waives off all the outstanding premiums in case of an untimely demise of the life assured to ensure the dreams of your child get fulfilled as planned by you.
Other notable features of this plan are its policy loan benefit and reduced paid-up policy benefit. You can revive a lapsed or reduced paid-up policy within 5 years from the date of the first missed premium. This plan can be considered by individuals who either want regular payouts or a lump sum to finance their child’s higher education, marriage, etc. along with enjoying benefits of a life cover.
Bharti AXA Life Child Advantage Plan FAQs
1. What is the grace period under Bharti AXA Life Child Advantage plan?
Under this plan, a grace period of 15 days is provided in case of monthly premium mode and of 30 days in case of quarterly, half-yearly, and yearly premium payment modes.
2. What is the minimum loan amount allowed under the plan?
The minimum loan amount allowed under the plan is INR 15,000.
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