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Business EconomyPosted at: Feb 11 2019 1:58PM


Bharti AXA launches new child insurance plan

New Delhi, Feb 11 (UNI) Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and AXA on Monday announced the launch of its new child insurance plan ‘Bharti AXA Life Shining Stars’ that provides life cover to parents and protects their children and family from any financial instability.
Bharti AXA Life Shining Stars is a non-linked, non-participating limited pay endowment life insurance plan that provides assured payouts at maturity and helps parents accumulate sufficient wealth secure their child’s future and finance his or her higher educational expenses and other life turning points through disciplined savings, Bharti AXA Life Insurance Managing Director and Chief
Executive Officer Vikas Seth said here.
The unique selling proposition of the new child plans is that it gives parents flexibility to choose between two maturity payout options, flexi payout option and annual payout option, which can be chosen at policy inception and modified at the time of maturity as per child’s needs so that the parents are not constrained by choices that they made years ago.
Under Flexi Payout Option, the maturity benefit can be taken as a lump sum at maturity or at the end of any year during maturity payout period so that payout timings can be customized as per child’s needs, while in annual payout option, five equal annual payouts will be paid at the end of every year starting from maturity to cater to child’s higher education expenses.
The plan comes with an inbuilt benefit where the
policy shall continue even after the death of the policyholder with no further premiums to be paid and the maturity benefit shall continue to be payable at the time of maturity.
Apart from offering comprehensive benefits of life cover along with maturity payout, Mr Seth said, the new child insurance plan also builds a
corpus for child’s educational expenses and safeguards his or her future needs, including higher education, career planning and marriage, after the demise of the parent.
The plan offers the flexibility to choose from nine combinations of premium paying terms and policy terms where the premiums are payable for a limited period of time.
The minimum age to enter the plan is 18 years and the maximum age to buy it is 60 years.
The insured will also be entitled for tax benefits on premium payment as well as the benefits received, as applicable.
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