Private sector life insurer Bharti AXA Life Insurance, recently, announced the launch of new traditional savings plan named Secure Savings, which insures guaranteed returns along with the life cover of the policyholder.
Mr. Sandeep Ghosh, MD & CEO, Bharti AXA Life, said, Given the volatile investment scenario today, consumers are looking for safe investment opportunities that provide guaranteed returns. The new plan provides guaranteed additions of up to 10 percent of each year’s cumulative base premium paid.
Under the plan, the Sum Assured along with Guaranteed additions is payable at maturity of the policy. In case of the death of the Life Insured, higher of Sum Assured or 105% of premiums paid along with accrued Guaranteed additions is payable Premium paid under the policy is eligible for tax deduction benefit under section 80C and 10(10D) of Income Tax Act.
Minimum age at entry is 3 years for 15 years policy term, and 0 year for 20 years policy term. And, the maximum age at entry is 55 years for 15 years policy term, and 50 years for 20 years policy term.
Minimum Premium for 15 year policy term is Rs 18,000 per annum, and Rs. 12,000 per annum is for 20 year policy term.
‘Bharti Axa Life Secure Savings Plan’ also gives policyholders an option to enhance protection by choosing from three riders – (a) Accidental Death & Disability Rider, which provides increased protection against total disability or death caused due to an accident. (b) Critical Illness Benefit Rider, which pays a lump-sum benefit in case of diagnosis of any of the six critical illnesses – Cancer, Stroke, Heart attack, Coronary Artery Bypass Graft surgery, Major Organ Transplant and Kidney failure, and (c) Premium Waiver Rider, which allows premium payments to be waived in case of an unfortunate event of death of the policyholder.
Bharti AXA Life Insurance is a joint venture between India’s Bharti Enterprises and AXA, an international financial protection and wealth management firm. Bharti Enterprises holds the major stake of 74% in the joint venture, and the rest 26% is held by AXA.
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