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Income Benefit for 10 years, immediately after the Policy Term (Payout Period)
Guaranteed monthly income offered in first 5 years of the payout period is doubled in the remaining 5 years
The plan offers guaranteed Death Benefit
The plan offers flexibility to choose from two Policy Term options
Features and Benefits
Plan at a Glance
Start enjoying guaranteed tax free* monthly Income Benefit for 10 years, immediately after the Policy Term (Payout Period)
Guaranteed monthly income offered in first five years of the payout period is doubled in the remaining five years. Additionally the plan also offers you guaranteed tax free* Terminal Benefit at the end of Payout Period
The plan offers guaranteed Death Benefit. On death during the Policy Term, the nominee can choose to select either a) Lump sum Death Benefit or b) Income for 10 years post death
The plan offers flexibility to choose from two Policy Term options; 6 years or 12 years Policy Term, depending on your financial goals. The Premium Payment Term will be equal to the chosen Policy Term.
*Please note that all the tax exemptions are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage
Income Benefit + Terminal Benefit
Monthly income payable during the 10 year Payout Period post completion of the policy term
One time lumpsum payout payable at the end of Payout Period
The policyholder also has the option to avail the Survival Benefit in lump sum at the end of the policy term, before the commencement of the payout period. On exercising this option, the GMSA is paid to the policyholder. The policy shall terminate on the payment of the GMSA.
On death of the Life Insured during the Policy Term, lumpsum Death Benefit equal to Guaranteed Death Sum Assured (GDSA) will be payable to nominee. GDSA is:
While the Death Benefit is payable as a lumpsum benefit to the nominee, the nominee also has the option to avail the Death Benefit in monthly installments for a period of 10 years post the date of death. On exercising the option, the Death Benefit is paid as monthly income as follows:
*Death Benefit will be higher of a) 10 times the Annualised Premium; b) 105% of Total Premiums Paid; c) Guaranteed Maturity Sum Assured (GMSA) or d) Guaranteed Death Sum Assured (GDSA)
Note: In case of death of the Life Insured during the Payout period, the nominee will have the option to either continue receiving the Income Benefit and one time Terminal Benefit or opt for the commuted value of the same.
The Commutation Option can be exercised by the Policyholder anytime during the Survival Benefit payout OR by the nominee on death of the Life Insured to receive the present value of the outstanding Survival and Death Benefit respectively, as lump sum. The policy shall terminate on payment of commuted value. The commuted value is derived by using a discount rate of 5.7% per annum from the date of receipt of request of commutation and is paid out as a lump sum amount to Policyholder or nominee on exercising this option. The discount rate can be changed by the Company subject to IRDAI’s approval basis changing investment returns
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This is to inform you that by clicking on the hyper-link/ok, you will be accessing a website operated by a third party namely mybustickets.in. Such links are provided only for the convenience of the Client and Axis Bank does not control or endorse such websites, and is not responsible for their contents. The use of such websites would be subject to the terms and conditions of usage as stipulated in such websites and would take precedence over the terms and conditions of usage of www.axisbank.com in case of conflict between them. Any actions taken or obligations created voluntarily by the person(s) accessing such web sites shall be directly between such person and the owner of such websites and Axis Bank shall not be responsible directly or indirectly for such action so taken. Thank you for visiting www.axisbank.com
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