Bharti AXA Life Insurance has launched 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.
The new plan 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/her higher educational expenses and other life turning points through disciplined savings. The new child plans 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.
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 customised 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, the new child insurance plan also builds a corpus for child’s educational expenses and safeguards his/her future needs, including higher education, career planning and marriage, after the demise of the parent,” said the company’s managing director and chief executive officer, Vikas Seth.
The plan also 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.
