Bharti AXA Life Guaranteed Income Pro, a new insurance product launched by Bharti AXA Life insurance which offers Life Insurance along with other maturity benefits and guaranteed returns. . Bharti AXA is a joint venture between Bharti Enterprises and AXA business Group that offers general insurance products to retail and commercial clients, and this plan is mainly designed to provide financial stability to individuals.
This is non-linked, non-participating savings insurance plan, which allows the policyholders to choose from income and endowment options that offers “helps them sail through uncertain times. Aforesaid endowment option, the insured will get lump sum benefits at maturity with guaranteed additions boosting annual corpus from the first year. Here, the guaranteed addition of 10% of one annualized premium shall be accrued from the end of first policy year till the end of policy tenure.
There are two variants, long term and deferred income and the new plan returns all premiums paid at the end of the pay-out period. Under the long-term income, customer get return for an income pay-out period of 25 or 30 years following the completion of policy term. The insurer said that, income pay-out under long-term income option ranges from 25.7% to 90% of annualized premium. Also company added that the short-term income option offers maturity benefits in the form of income which is defined as a percentage of one annualised premium. Its payable for fixed period of 10, 11 or 12 years upon payment of all due premiums and life assured surviving the policy term. The income pay-out short-term income option ranges from 165.8% to 197.9% of the annualised premium.
