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BHARTI AXA -- FUTURE CONFIDENT |
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Future Confident |
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Future Confident plan is a unit linked ‘regular premium’ life insurance plan from Bharti AXA Life Insurance Co. Ltd. |
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Basic plan parameters |
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Minimum age at entry – 0 years |
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Maximum age at entry – 60 years |
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Maximum age at maturity – 70 years |
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Maximum policy term – 70 year less age at entry |
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Minimum regular premium – Rs.10,000 for yearly; Rs.5,000 for half-yearly; Rs.2,500 for quarterly; and Rs.834 for monthly premium |
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Minimum top-up premium – Rs.500 |
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Policy Benefits |
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Death benefit - a guaranteed sum assured is available to the nominees in the unfortunate event of death of the life assured. The sum assured being a multiple of the annual regular premium payable under the policy, dependant on the entry age for the policy. |
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Maturity benefit - when the life assured attains an age of 70 years, the maturity benefits in form of current fund value are paid and the policy ceases to exist. |
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Special additions - payment of the additional units is made to the policy at regular intervals throughout the term, thereby enhancing the long term wealth creation. |
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End of policy year |
7th |
10th |
15th and every 5 years thereafter |
Addition as % of average policy fund value |
1% |
1.5% |
2.5% |
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Choice of investment funds |
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The investment component under the policy can be invested in one or a combination of the following funds: |
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| Fund |
Objective |
Asset allocation |
Risk & Return profile |
Grow money |
To earn potentially higher returns on investments |
Cash & money market instruments: 0% to 20%
Listed equities: 80% to 100% |
High |
Steady money |
To earn steady returns on investments |
Cash & money market instruments: 0% to 20%
Government bonds & securities: 20% to 80%
Corporate bonds: 20% to 80% |
Low |
Protect money |
To obtain capital protection on investments and accumulated wealth |
Cash & money market instruments: 0% to 20%
Government bonds & securities: 0% to 60%
Corporate bonds: 0% to 60% |
Capital protection |
Save 'N' Grow money |
To achieve a balance between capital appreciation and steady income |
Listed equities: 0% to 60%
Cash & money market instruments: 0% to 20%
Government bonds & securities: 0% to 40%
Corporate bonds: 0% to 50% |
Moderate |
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Switching between the funds – the investment allocation can be changed between the funds, subject to the minimum value of switch being Rs.2,500. Four switches per year are free of charge. |
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Riders available |
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Critical illness benefit – offers financial protection against contraction of the critical illnesses covered under the rider such as cancer, heart attack, stroke, bypass surgery, major organ transplant and total renal failure. |
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Accident death and disability benefit – this rider offers a lump sum amount, chosen as the sum assured for this rider, in the event of death or a total and permanent disability caused due to an accident. |
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The eligibility criteria for both the above two riders is entry age of the life assured which needs to be between 18 years to 55 years. |
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Policy charges |
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The charges applicable under the policy are: |
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Premium allocation charge – is deducted from the regular premium payable under the policy, and would vary depending upon the premium amount and the policy year. First year this will be 50% to 38%. Second year: 15%; fourth and fifth year: 7.5%; sixth to tenth year: 3% and eleventh year onwards: 1.5% |
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Mortality charge – is levied for the provision of life insurance depending on the entry age of the life assured and is deducted monthly by cancellation of units. |
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Policy administration charge – is a fixed charge of Rs.60 per month and is deducted by cancellation of the units on a monthly basis. |
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Fund management charge – is annual charge levied on the investment fund, ranging from 1.00% to 1.50% p.a. depending on the investment fund. This charge is adjusted in the unit value calculation itself. |
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Top up charge – top up premium is subject to an allocation charge of 1.5%. |
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Switching charge – a switch for investment allocation beyond the first four ‘free-of-charge’ switches shall be charged at Rs.100 per switch. |
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Tax Benefits |
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The policy is eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act 1961 |
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