Elite Advantage Plan
Introduction/Overview Elite Advantage Plan is a traditional non-participating Savings and Protection plan. The plan provides guaranteed annual payouts post maturity or death to take care of the family and also provides life insurance cover. Key Features It is a non-participating plan with limited and regular premium payment options Guaranteed Annual Payouts provide regular inflow of cash
Details About Premium
Details About Premium Annual premium in Rupees for a term and PPT of 12 years Policy Details Grace Period: 30 days grace period is allowed for premium payment in all modes. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 2 or 3 full years premiums has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV = GSV Factor * cumulative annual premiums paid Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Additional Features or Riders The following riders are available under the plan: Bharti AXA Life Hospi Cash Rider Inclusions The plan provides loan of up to 70% of the Surrender Value Exclusions In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
On maturity, Guaranteed Annual Payouts expressed as a % of Sum Assured and depending on the policy term, PPT and premium amount is paid form the end of the term till 19th year. At the end of the 20th year, 100% of the Sum Assured is paid The Annual Payouts can be taken in lump sum discounted @ 5% On death of the policyholder , higher of the basic SA on Maturity including Simple reversionary bonuses and Terminal Bonus, if any, or 11 times the annual premiums or 105% of premiums paid is payable Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.