In case you’re looking for a tool that will help you create wealth 10-years from now in order to meet your mid-term goals, then this article is for you. Say hello to Bharti AXA Life Future Invest Plan, one of the best wealth creation plans by the company.
As a responsible individual, you might be on the lookout for a life insurance product that secures your family members’ future in your absence and offers opportunities to create wealth through market investments. This is because to achieve your Mid Term and Long-Term Life Goals, Life Insurance can be very helpful. One such product that can provide a life cover and help you create substantial wealth is Bharti AXA Life Future Invest Plan.
Bharti AXA Life Future Invest Plan
Bharti AXA’s Future Invest Plan is a Linked Limited Pay Life Insurance Plan that offers a host of benefits. Thishelps you get the best possible returns to fulfil your mid-term life goals. These goals could range from Child’s Education, Child’s Marriage Expenses, your Dream Automobile or Home,Foreign Vacation with family and a lot more. Precisely, 10 years later, your financial needs, can easily be achieved with the help of this plan. While Bharti AXA isn’t as big a name in the industry as its counterparts, this plan seems to stand out given the various features and benefits it has to offer. So, let’s take a look at benefits of investing in this plan.
Benefits of the Plan
- Get Life Cover and Investment under one Roof–Bharti AXA Future Invest Plan is the perfect blend of Life Insurance Cover and investment opportunities in a single plan. The sum assured in this plan is the life cover of 10 times the premium amount chosen by you, which is designed to help your loved ones in case of your untimely death.
- Maturity Benefit –You will receive the policy fund value as on the date of maturity, once the policy matures.
- No Allocation Charges - This plan has no charges associated with the allocation of your premiums in the funds that you choose to invest in. This means that more units shall be allocated to your chosen fund which helps in increasing your wealth corpus.
- Get Flexibility to choose from 6 Investment Funds –A unique feature of this plan is that it gives you access to 6 investment funds and the choice to decide which fund is most appropriate to best suit your risk profile. So far, these funds have made their mark, in the markets with outstanding returns. To cite a few, the 3-year returns against their benchmark stand at:
- Grow Money Plus Fund - 18.68 per cent
- Growth Opportunities Plus Fund - 17.82 per cent
- Build India Fund - 18.49 per cent
(Source: Bharati AXA Life Insurance Investment Newsletter February 2019)
- Limited & Single Pay Term – This plan is suitable to many as it offers a short premium payment term of only 5 years for a policy term of 10 years. Hence, as a policyholder, you can freely choose the most appropriate payment option as per your financial planning. You can also take the advantage of single premium option, in case you don’t wish to be burdened by the premium commitments. This shall let your investments generate great returns while you sit back and relax.
- Tax Benefits–It is also possible to reduce your tax liability by investing in this plan. The premiums paid in this plan are eligible for deduction from your taxable income under Section 80C of the Income Tax Act, 1961. Moreover, the benefits received in the hands of the policyholder/nominee, be it on death or maturity, are completely tax-free under Section 10(10D) of the Income Tax Act, 1961.
Also, as a life insurance product, Bharti AXA Life Future Invest Plan, does not fall under the axe of the LTCG or Long-Term Capital Gains Tax, inspite of investing in equities and equity related instruments.
- Fund Switching - Even as a life insurance product, it offers a plethora of flexible features that relate to understanding how differently your premiums are invested inand managing them. Moreover, if you feel that the future equity market potential is unpredictable, you can always make use of the premium redirection facility and redirect the future premiums payable to a more secure and safer debt fund. Simultaneously, in case you want to protect your profits you have generated, you can switch all your funds to a secure fund. Future Invest Plan provides 12 free switches in one policy year. This helps you make substantial profits from switching funds at the appropriate times, thereby making good use of your market knowledge.
- Liquidity – In unfortunate times, when you face an emergency, you might be in dire need of financial assistance to overcome it. Hence, for such sudden financial emergencies, you are given the choice of making a partial withdrawal from this plan, on the account of completion of the mandatory 5-year lock-in period.
- Settlement Option – If you feel your financial requirement has changed i.e. you no longer need a lump sum pay out but instead a monthly pay out, before your plan reaches its maturity date, you can choose to settle. The plan comes with a settlement option that enables you to collect a lump sum maturity benefit or withdraw a specified amount at regular intervals over a period of 5 years or a combination of both.
So, who can buy this plan?
- The Minimum age to enter this plan is 18 years (age last birthday)
- The Maximum age to enter this plan is 59 years (age last birthday)
- The Maximum age at maturity is 69 years (age last birthday)
- The available premium modes are Yearly, Half-yearly, Quarterly* and Monthly*.
- The minimum premium amounts are Rs. 18,000 (Annual), Rs. 9,000 (Semi-Annual), Rs. 4,500 (Quarterly), Rs. 1,500 (Monthly) or Rs. 50,000 (Single Pay)
- The maximum premium amount is Rs.1 crore for 5 pay and Rs.8 crore for Single Pay.
- The Policy Term is 10 years
- The Premium Payment Term can range from a Single Pay and 5 years
The final word
When you need to meet your long-term goals, you have numerous choices. Nonetheless, making arrangement for mid-term goals is no cakewalk and requires advance planning. Bharti AXA Life Future Invest Plan is therefore a great choice in case you wish to get desired results by paying for a limited period of time. With this plan, you get a life cover that will take care of your loved ones in your absence. What’s more? By investing in equity, debt or combination of both these instruments, you can generate good returns from the growing markets. So, wait no more. Buy this plan toachieve your mid-term life goals today!
