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Saturday, 4 January 2014

Bharti AXA Life eProtect Plan

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

Bharti AXA Life eProtect

Objective

This term insurance policy can only be purchased online. It offers premium discounts to non-smokers and those seeking high value cover.

What does it do?

This is a pure term plan that pays sum assured to the nominee in case of insured member's death. The plan will pay Rs 1 lakh within 48 hours of a claim, provided the policy has been effective for at least two years, which is a USP of this plan.

Pros

The policy will pay Rs 1 lakh within 48 hours of a claim and has low premium rates for women and non-smokers.
Policies with sum assured over Rs 50 lakh get a high value premium discount.
Premiums paid towards this policy qualify for tax deduction under Section 80C.

Cons

Minimum sum assured is Rs 25 lakh.

Suited for

This is an easy-to-buy, hassle-free policy to be purchased at your convenience.
Non-smokers can benefit from the premium discount offered by the policy.

Our View

The immediate release of a part of the claim amount is a great feature to consider, especially for those with tight cash flows and dependents.
Check the premium rates for sum assured above Rs 50 lakh to avail high value discount.

 

Eligibility

Entry Age (years)

Minimum

18

Maximum

50

Maximum Maturity Age (years)

60

Policy Term (years)

Minimum

10

Maximum

30

Sum Assured (Rs)

Minimum

2500000

Maximum

No limit

Premium Payment Frequency

Yearly, Half-Yearly

Premium Payment Term

Equal to Policy term

Premium Factor (multiply with annual premium)

0.52 for Semi Annual

Policy Cover

Cover remains same throughout the policy term

Other Features

Free Look Cancellation

In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.

Grace Period

You are allowed to pay premiums within 30 days from the due date for all modes . If a due premium is not received within the grace period, your policy will lapse and the life insurance cover will be terminated.

Lapsed Policy Reinstatement

You can reinstate your lapsed policy any time (within 5 years from the due date of the first unpaid premium) by paying all the due premiums with interest and undergoing underwriting requirements, if any.

Tax Benefits

Section 80C, 10(10D) of the Income Tax Act, 1961 would apply.

Exclusions

In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable.

Customer Service

Address

Bharti AXA Life Insurance Company Limited, Unit 601 & 602, 6th Floor, Raheja Titanium, Off Western Express Highway, Goregaon (East), Mumbai 400 063

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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