Bharti AXA Life Insurance has unveiled Bharti AXA Life Income Laabh, a plan that provides financial protection and ensures a steady income stream, the company notified in a statement.
It said that the plan gives customers a regular stream of assured income for 10-12 years, depending on the policy term they choose. The initial income pay out is 100 per cent of the annual premium one pays, which then increases to 150 per cent after five years for 10-year policy term. In case of 12-year policy term, the income increases by 200 per cent after six years. Further, the policyholder or the nominee will receive a guaranteed lump sum amount in the last year of the income period.
Bharti AXA Life Income Laabh plan (a non-linked, non-participating, individual savings plan) will also provide life insurance coverage throughout the policy term. For those seeking even more comprehensive coverage, the plan offers optional riders. These riders will allow policyholders to enhance their protection coverage, providing them added security. Furthermore, Bharti AXA Life Income Laabh will give the flexibility to choose premium payment term or policy term along with providing tax benefits for the customers, the statement added.
Speaking on the launch, Parag Raja, MD and CEO, Bharti AXA Life Insurance, said in the statement, “We are delighted to bring this product to our customers, which will add to their financial wellness through its unique benefits. Our sole purpose to launch Bharti AXA Life Income Laabh is to offer financial security at every stage of their life in a simple way, so they can relish in the joys of their life. With our commitment to make insurance simple and accessible to all, we will continue to design simple and unique products which fulfll customers’ financial requirements as they step up in their respective lives.”