Bharti AXA Life offers new ULIP with triple benefits of protection, savings and wealth creation

Besides the maturity and applicable tax benefits, the ULIP also provides a host of optional rider benefits.

Bharti AXA Life Insurance, a joint venture between Bharti Enterprises, one of India’s leading business groups, and AXA, one of the world’s largest insurance companies, today announced the launch of Bharti AXA Life Wealth Pro, a unit-linked individual insurance plan, that offers triple benefits of regular savings, enhanced protection and market-linked returns.

The new and value-loaded ULIP helps customers plan and achieve their financial milestones as per the changing life-stages along with financial security for their families. The unique proposition of Bharti AXA Life Wealth Pro is that it offers triple benefits of savings, insurance and investment within a single solution.

“We believe it is important for new age customers to exercise goal-based savings for accomplishing their life and financial goals. To avoid the hassle of choosing from multiple protection and investment products, Bharti AXA Life Wealth Pro brings out a protection-oriented investment solution that provides multifold benefits from helping policyholders plan their finances prudently at different stages of life to providing risk cover on loss of life. We are confident that our new ULIP shall allow customers to focus on their life and long-term wealth creation goals with strategic investment options to maximize savings for their future,’’ said Mr. Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance.

The unique plan provides protection and wealth creation benefits from an early age of 91 days up to the age of 99 years by paying premiums either for a limited duration or once at the commencement of the plan.

Bharti AXA Life Wealth Pro has two variants – Growth and Legacy. In Growth variant, the customers have three policy term choices, 10, 15 or 20 years, and can pay premium once or for 5, 7, 10, 15 or 20 years. While the customer chooses to pay premium once, he/she can opt for higher life insurance coverage of 10 times life insurance cover. The Legacy variant also provides the policyholder with a life insurance cover of 10 times the annualized premium throughout the policy term up to 99 years of age and a legacy fund for his/her loved ones to build wealth and fulfill life aspirations. Under this, the customer has to pay premiums for only 5, 7, 10 or till 60 years of age.

A percentage of fund value is added as wealth booster for policies in force. Wealth Boosters are available under both the variants to complement fund value by allocating extra units to the policy fund at the end of 5th policy year and at maturity of the policy.

Apart from Wealth Boosters, the plan also encourages the customers to stay invested for a long-term in the policy by providing loyalty additions from 10th policy year under the Legacy option. Further, it returns mortality and premium allocation charges deducted during the policy tenure at maturity under the Growth variant. They help customers maximize their accumulated fund value and boost maturity benefits.

It allows the customers to choose from two automatic investment strategies – Dynamic Fund Allocation and Systematic Transfer Plan – or the policyholders may opt for self-managed strategy wherein they can choose from seven funds in any proportion basis the investment goals and risk-return potential.

The flexibility offered to the policyholders by the company allows liquidity through partial withdrawals at any time after the completion of lock-in period. The plan also offers an automated partial withdrawal facility – Systematic Withdrawal Plan – only under the Legacy variant wherein the customers can opt to receive an annual payout from 10th policy year or thereafter as per their request.

Besides the maturity and applicable tax benefits, the ULIP also provides a host of optional rider benefits – Bharti AXA Life Hospi Cash Rider, Bharti AXA Life Accidental Death Benefi­t Rider, Bharti AXA Life Premium Waiver Rider and Bharti AXA Life Term Rider – to enhance protection cover. They can be availed by paying an additional premium.

“In these challenging times, Bharti AXA Life Wealth Pro is not only providing its valued customers certainty of regular income and market-linked returns but also enriching them with benefits as per their needs,’’ Raja added.

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