Flexi Save Plans
Flexi Save Plan is a traditional participating savings plan which builds a customized corpus which can be utilized any time as per requirement and also provides the benefit of life insurance cover
On maturity, the basic SA along with the aggregate bonuses and Terminal Bonus, if any, is paid to the policyholder On death of the policyholder , higher of the basic SA plus vested Bonuses including Terminal Bonus or 11 / 7 times the annual premiums or 105% of premiums paid till death 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.
Additional Features or Riders
Discount in premium for premiums of Rs. 1 lakh and above Bharti AXA Life Hospi Cash Rider is available under the plan Inclusions Loans @ 70% of the Surrender Value can be availed Exclusions In case of suicide committed within 12 months of policy inception only 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
It is a participating plan with premium payment option The policy term chosen can be changed in the sense that the maturity date can be pre-ponded if required subject to the following time period Once the policy acquires the flexi benefit, surrender is not required as the full Maturity benefit can be partaken anytime
Details About Premium Annual premium in Rupees for a term of 20 years and PPT 5 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 /3 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 including the GSV of Vested Bonuses 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.
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.