Bharti AXA Life Insurance, a well known private insurance company that is basically a joint venture between Bharti Enterprises and AXA, one of the world’s largest insurance companies, has announced the launch of new non-linked, non-par life insurance policy namely “Bharti AXA Life Super Series”. It is basically a money back policy which provides guaranteed income that raises through-out the payout period and gives a definite lump sum payment at the start and end of the payout time. The policy has an alternative to select between Super 6 or Super 10 options depending on the desired investment and time period.
Under Super 6 option, an insured requires to pay premiums for 6 years where the time for definite money back advantages will also be 6 years thereby offering 270% of ‘Sum Assured on Maturity’ as total guaranteed benefits. Whereas under Super 10 option an insured requires to pay premiums for 10 years where the time for guaranteed money back benefits will also be 10 years thereby offering 396% of ‘Sum Assured on Maturity’ as total definite benefits.
Mr. Mudit Kumar, Chief and Appointed Actuary for Bharti AXA Life Insurance said, “Money back life insurance policies are popular plans as they offer dual benefits of insurance and redemption of money at regular intervals. Bharti AXA Life Super Series provides guaranteed income that increases every year along with lump sum payment at the start and end of the payout period that will help our customers to secure important milestones of life such as education, marriage and also save for their retirement and old age. The policy not only provides insurance and investment but also a guaranteed return”.