A limited pay traditional participating life insurance plan
Bharti AXA Life Insurance, the private life insurance joint venture between Bharti Enterprises and AXA, one of the world’s largest insurance companies, has launched a limited pay traditional participating life insurance plan- ‘Monthly Advantage’. The plan offers guaranteed monthly payouts from the end of the premium payment term until the maturity of the policy.
Non-Guaranteed Annual Reversionary Bonus, if any, gets accrued to the policy from the end of the 1st policy year and gets paid out on maturity, death or accidental total permanent disability whichever is earlier as a lump sum. Policyholder may also receive Non-Guaranteed terminal bonus, if any.
Launching the new product Mr. Mudit Kumar, Chief and Appointed Actuary for Bharti AXA Life Insurance said, “With the intent to provide the best for their loved ones, young couples and parents alike are becoming more and more conscious about saving and advance planning. Investing in a plan like Monthly Advantage will not only help build a financial pool for starting a family but also reduce the monthly strain on the income by financing educational needs of the child. As the policy ensures additional income, it can be used either as a supplementary income or can be further invested during the early retirement stage to secure income for old age. Monthly Advantage gives the policyholders more than what they planned for.â€
Any survival benefit already paid as monthly income will not be deducted from the Death Benefits. Sum assured on Death will be paid in equal monthly installments starting immediately from the next monthly anniversary following the date of death or accidental total permanent disability and will be payable for 72 months, 96 months and 144 months for policy term of 12 years, 16 years and 24 years respectively.
