BWI: Bharti AXA Life Launches ‘Flexi Save’

Press release from Business Wire India
Source: Bharti AXA Life Insurance Company Ltd.
Tuesday, July 16, 2013 11:46 AM IST (06:16 AM GMT)
Editors: General: Consumer interest, People; Business: Banking & financial services, Business services, Financial Analyst, Media & entertainment
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Bharti AXA Life Launches 'Flexi Save'
A limited pay, traditional participating endowment plan that provides flexibility to withdraw your savings with 100% maturity benefits, during the Flexi benefit Period

Mumbai, Maharashtra, India, Tuesday, July 16, 2013 -- (Business Wire India) -- Bharti AXA Life Insurance, the private life insurance joint venture between Bharti Enterprises and AXA, the world's largest insurance company, introduces a unique traditional participating endowment plan - Bharti AXA Life Flexi Save. The plan provides the policyholder a lump sum benefit at maturity with life insurance cover. This product also provides flexibility to the customer to modify the policy maturity date and withdraw their savings with full maturity benefits, based on their needs.

Bharti AXA Life Flexi Save

-- Flexi Benefit period: Flexibility to change the policy maturity date any time during the last 10 years (Flexi Benefit Period) of the Policy term and avail 100% maturity benefits

-- Maturity Benefit: Maturity benefit is 100% of Sum Assured + Accrued Bonuses (if any) + Terminal Bonus (if any)

-- Death Benefit: Life insurance cover is higher of Sum Assured or 105% of total premiums paid till date or a Multiple of Annual base premium (depending upon the term chosen)

-- Bonus: Non-guaranteed Bonus will be accrued from the 1st Policy Year and will be payable on Maturity or Death of the Life Insured (whichever is earlier)

-- Additional protection with rider : Hospi Cash rider is available with this plan which provides a lump sum benefit on hospitalization and surgery

Announcing the launch, Sandeep Ghosh, MD & CEO, Bharti AXA Life Insurance said, "Bharti AXA Life Flexi Save is the first product launch as per the new IRDA guidelines on traditional plans. The plan offers policyholders the chance to withdraw their savings at life stages best suited to them, which would assist them in achieving their long term goals in life."

The policyholder can decide to withdraw his savings anytime during the Flexi benefit period (i.e., the last 10 years of the policy term) and avail the maturity benefits (100% of Sum Assured plus accrued reversionary bonus till date plus terminal bonus, if any). In the unfortunate event of death, the policyholder or nominee shall receive higher of either sum assured or 105% of premiums paid till date of death or a multiple of Annual Base Premium.

About Bharti AXA Life Insurance Company Ltd.

Bharti AXA Life Insurance Company Ltd. is a joint venture between Bharti Enterprises and AXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti Enterprises and 26% stake of AXA Asia Life.



CONTACT DETAILS
Rahul Prabhakar, Genesis Burson-Marsteller, +91 9820936396, rahul.prabhakar@bm.com
Shreya Sharma, Genesis Burson Marsteller, +91 9833663673, shreya.sharma@bm.com

KEYWORDS
CONSUMER, PEOPLE, BANKING, BUSINESS SERVICES, Financial Analyst, MEDIA

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