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Bharti AXA Life Invest Once Plan Review

Bharti AXA Life Invest Once Plan

Bharti AXA Life Invest Once Plan is A life insurance plan which offers guaranteed returns on a single premium. This is a short term plan with only single Premium payment option.

Type of plan          : Endowment Non participating

Returns                    : Fully Guaranteed

Tenure                    : Short term (Premium payment term 1 years and Policy term 5/10 years)

Premium mode : Single premium only

  • SPECS

  • BENEFITS

    1. Short term plan
    2. Single Premium payment
    3. Need not worry about the market
    4. Guaranteed Returns
    5. No Regular premium commitment
    6. Better returns than other plans in the market
    7. Flexibility to increase death sum assured
    8. Tax Benefits

    1. Lesser Returns than other savings options
    2. No loans available under this plan
    3. Less liquidity
    4. Surrender charges are there till last policy year  
    5. Returns very less compared to Fixed deposit
    6. In 5 Year policy term returns is very less
    7. Lesser Life cover

  • scoring


Bharti AXA Life Invest Once Plan Review

Bharti AXA Life Invest Once Plan ensures a guaranteed maturity benefit at maturity. This is an Traditional Endowment Non participating plan. This plan doesn’t give any tax benefit on maturity. The returns are guaranteed but it is very less. Less Life cover(NOT EVEN 10 TIMES), Less tax benefit under section 80c and Maturity proceeds are taxable. Our strong suggestion is to avoid buying this plan. If you wish to buy this product, you can buy with add on life cover option.


What You Pay and What You get

Example  : Arun is 30 year old. He buys Bharti AXA Life Invest Once Plan with a Single premium of  Rs.500000 with sum assured of Rs.699996. His policy benefits are:

                            1. Guaranteed Maturity Benefit of 9.5 Lakh in 10th policy year.

                           2. Guaranteed Death Benefit of Rs.699996 anytime during the policy term.

TOTAL PREMIUM PAID : Rs. 500000*

TOTAL BENEFIT RECEIVABLE : Rs.950000*

  • (*Excluding taxes)

Bonus History

Since this is an Non participating policy there is no Bonus payable for this plans.


What happens if you discontinue your premiums?

  • This is an single term policy and hence there is no question of premium discontinuation.

Liquidity 

Loans : Not Available

Partial Withdrawal : Not possible

You cannot take loans or do withdrawals before maturity in this plan. If you want funds before maturity you have to surrender the policy.


If You want to surrender the policy 

Since this is single time insurance plan, You can surrender the policy  from 1st year onwards. The surrender benefit is as follows:

surrender 

  Bharti AXA Life Invest Once Plan is a traditional plan, the surrender benefits of this plan will be mostly lesser than the premium paid.Waytoinsurance.com suggests not to surrender this plan in-between to avoid loss.


For more details on this plan please go through the Product brochure.


**Disclaimer:

This post on Bharti AXA Life Invest Once Plan is just a review of what the plan offers to the customers. We aim at educating ins and outs of this plan. We are trying to simplify the product and make it easy to understand. The Returns provided in this post are for Illustrative purpose only.  The waytoinsurance score is given by our own metrics of calculation and are no way related to the performance of this plan. All these details are derived from the below link. We are aiming at providing financial literacy for the common man. We are just educating the people about this plan. The final decision to buy this plan is in your hands. We are not responsible for any individual decisions on this plan.We are not in support or against any insurance company or its products. Our main vision is to educate customers in deciding the best option available in the market.

Source : https://www.bharti-axalife.com/individual-life-insurance-plans/savings-plans/invest-once

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