Bharti AXA Wealth Maximizer Plan

About Bharti AXA Wealth Maximizer Plan

Bharti AXA Wealth Maximizer is a Unit Linked Life Insurance Plan (ULIP) offered by Bharti AXA Life Insurance. 

It is a unique blend of life insurance and investment options designed to offer you a holistic financial solution. With coverage up to 10 times your premium, it not only protects but also helps you grow wealth for your family's future. 

You have the flexibility to choose from 8 funds and two investment strategies, tailoring your approach to match your risk appetite and life goals. Plus, you can switch your investment strategy to gain market advantages.

Eligibility Criteria

The eligibility criteria to buy the Bharti AXA Wealth Maximizer Plan are as follows:

Features of Bharti AXA Wealth Maximizer Plan

Some of the key features of the Bharti AXA Wealth Maximizer Plan are listed below:

1. Full Refund of Charges: 

   Get back 118% of all charges paid during the premium payment term, including Mortality charges, Premium allocation charges, Fund management charges, and Policy administration charges, refunded into your Policy Fund Value.

2. Loyalty Additions for Wealth Growth: 

   Boost your wealth with Loyalty Additions, where a percentage of your Fund Value gets added as Loyalty Additions, as long as your Policy stays active.

3. Flexible Payment and Policy Options: 

   Choose from a variety of Premium Payment and Policy Term options that suit your preferences.

4. Diverse Investment Strategies: 

   Tailor your investment approach with two strategies: Dynamic Fund Allocation and Systematic Transfer Plan. Select from multiple fund options based on your financial goals and risk tolerance.

5. Tax Benefits Assurance: 

   Enjoy tax benefits on your premiums paid and benefits received, in line with prevailing tax laws. 

   People also read: Bharti AXA Life ULIP Plans

Benefits of Bharti AXA Wealth Maximizer Plan

Bharti AXA Wealth Maximizer Plan is one of the best investment options that provide you with the following benefits:

• Death Benefit: If the insured person passes away during the policy term, the Death Benefit will be paid to the nominee or policyholder, depending on the Policy's status. The benefit is the higher of:

  • The Sum Assured minus any partial withdrawals made within the two years before the insured's death.

  • The Policy Fund Value at the time of intimation of death.

  • 105% of all premiums paid until the date of death. The Sum Assured is 10 times the Annualized Premium.

• Maturity Benefit: Upon maturity, you will receive the Maturity Benefit, equal to the Policy Fund Value.

• Settlement Option: At maturity, choose to receive the Policy Fund Value as:

  • Lump sum payment.

  • Regular intervals during a Settlement Period, not exceeding five years.

  • A combination of both.

• Loyalty Addition: Annually, Loyalty Additions of 0.2% of the Policy Fund Value are credited, starting from the year following the Premium Payment Term until maturity. These additions are allocated across Investment Funds proportionally.

• Accessing Funds through Partial Withdrawals: You have the flexibility to withdraw a portion of your funds from the Policy Fund Value after the Lock-In Period. 

• Free Withdrawals: You can make multiple partial withdrawals within a Policy Year without incurring charges, within the specified withdrawal limits.

• Systematic Withdrawal Benefit (SWB): You can opt for automated partial withdrawals with SWB for added convenience:

  • Automated Withdrawals: A predetermined amount is withdrawn annually from your Policy Fund Value and disbursed to you until the end of the Policy Term.

  • Customization: Specify the annual withdrawal amount, starting policy year, and receive funds annually.

• Asset Allocation Control: Switch between equity and debt funds based on your risk preferences. For instance, move funds to lower-risk investments before maturity to mitigate market fluctuations.

• Fund Switching Flexibility: Make unlimited switches annually at no extra cost, ensuring each allocated fund maintains a minimum of 5% of the Fund Value at allocation.

• Premium Redirection: Redirect premiums to different funds while ensuring each fund receives a minimum investment of 5% of the premium amount.

• Additional Protection with Riders: Enhance your coverage by opting for additional riders, such as the Bharti AXA Life Linked Complete Shield Rider, by paying extra premiums along with your Bharti AXA Life Wealth Maximizer policy.

People also read: What is ULIP

Investment Fund^≈ Options

The different investment fund options available under Bharti AXA Wealth Maximizer Plan are as follows:

Disclaimer: ≈ Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is done in alphabetical order (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

Portfolio Management Strategies

Bharti AXA Wealth Maximizer plan offers two main portfolio management strategies:

• Dynamic Fund Allocation (DFA): This strategy involves automatically adjusting the investment mix across different fund options based on market conditions. The plan uses a predefined set of rules to determine the allocation percentages for each fund. This approach aims to potentially reduce risk by shifting investments towards less volatile options during market downturns and vice versa.

• Systematic Transfer Plan (STP): This strategy involves periodically transferring a fixed amount from one fund option to another. This allows for disciplined investing and potentially averaging out the cost of units over time. You can choose the source and target funds, as well as the transfer frequency, to align with your risk tolerance and investment goals.

People also read: ULIP Calculator

Policy Details

The policy details of the Bharti AXA Wealth Maximizer Plan are as follows:

• Grace Period for Premium Payment: You have a grace period to settle unpaid premiums without affecting policy benefits:

  • 15 days for Monthly Premium Payment Mode.

  • 30 days for Annual/Semi-Annual/Quarterly Premium Payment Mode.

  • During this period, your Policy remains in force, allowing you to catch up on missed payments.

• Discontinuance during Lock-In Period: If you do not pay premiums after the grace period, the Policy ends. The remaining fund value, minus charges, goes into a discontinued policy fund. Cover stops.

• Discontinuance after Lock-In Period: If you miss premiums after the grace period, the Policy becomes reduced paid-up. The sum assured reduces, and the Policy continues without rider cover. Charges are deducted during revival, but mortality charges are based on the reduced sum assured.

• Revival Conditions for Discontinued or Paid-Up Policies: Apply for revival within 3 years of the first missed premium. You have to pay all outstanding premiums.

• Reviving a Discontinued Policy during Lock-In Period: Revive to restore risk cover and investments from the discontinued fund, with applicable charges waived except for policy administration and premium allocation.

• Reviving a Discontinued Policy after Lock-In Period: Same revival process as above, with the original risk cover restored and option to revive rider.

• Policy Surrender: Surrender anytime during the term: 

  • Within Lock-In Period: Get surrender value after completion of lock-in, subject to charges and minimum guaranteed interest.

  • After Lock-In Period: Receive total fund value upon surrender, ending the Policy and cover.

Suicide Exclusion Criteria

• If someone covered by the Policy dies by suicide, the plan won't pay out any benefits.

• This rule applies for the first year after starting or renewing the Policy. If suicide happens during this time, the benefits won't be given, but any premiums paid will be refunded.

• After the first year, if suicide occurs, the policy benefits will be paid out as usual.