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BHARTI AXA -- SECURE CONFIDENT |
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Secure Confident Plan |
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Secure Confident Plan is a term assurance plan from the stable of Bharti AXA Life Insurance Company Ltd. This simple long term assurance plan aims at ensuring the financial well-being of the dependants in the unfortunate event of the death of the life assured. |
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Eligibility |
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Age at Entry: Minimum – 18 years; maximum – 55 years |
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Maximum age at maturity: 60 years |
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Sum assured: minimum – Rs.5,00,000; |
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Policy term: 5, 10, 15, 20, or 25 years |
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Premium paying term is equal to the policy term |
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Minimum premium: Rs.1,500 for annual; Rs.780 for semi-annual; Rs.405 for quarterly; and Rs.135 for monthly premium payment. |
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Policy Benefits |
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In the unfortunate event of death of the life assured during the policy term, the nominee or legal heir(s) will receive the full value of the sum assured. |
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There will be no maturity benefits in this insurance plan. |
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Riders Available |
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Critical Illness Rider: provides financial support in the event of contraction of six critical illnesses like cancer, heart attack, stroke, total kidney failure, major organ transplant and the bypass surgery. |
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Accident Death and Disability Benefit Rider: provides for the financial protection in the event of the death or total disability caused due to an accident. |
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The above rider benefits can be availed if the age of the life assured at the time of purchase of the rider(s) is between 18 years and 55 years. The benefit is available till the end of the policy term or till the life assured attains the age of 60 years, which ever is earlier. |
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Premium Illustration |
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For a sum assured of Rs.10 lacs under this plan the annual premium payable, for a 10 year policy with the life assured aged 25 years, is Rs.2,450. For a 15 year policy with life assured aged at 45 years, the annual premium is Rs.6,320. Likewise, the annual premium for a 30 year old life assured taking a 25 year policy, the premium payable annually will be Rs.2,940. |
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Tax Benefits |
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The premium payable / paid under this insurance plan will be eligible for deduction under Section 80C of the Income Tax Act 1961. The benefits payments from the received from the plan will be exempt from tax under Section 10 (10D). |
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Analyst’s view about the product |
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When the Indian insurance industry is concentrating on new and innovative insurance products, Bharti AXA Life Insurance Company – the latest entrant in the life insurance segment has added on to its product portfolio, a very simple term assurance plan. This being not much different from the already existing term assurance plans, has been very well priced and thus could be a very good choice for people who are looking at getting a high value (sum assured) cover for a competitive price. |
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