Bharti AXA Life Insurance Company, an India-based private insurer, has introduced a non-market linked life insurance plan.
Dubbed Bharti AXA Life Super Series, the money back plan provides guaranteed income which increases throughout the payout period and gives a guaranteed lump sum payment at the start and end of the payout period.
The insurance policy includes two options: Super 6 or Super 10.
Under the Super 6 option, a policyholder pays premiums for six years and the duration of guaranteed money back benefits will also be six years, thereby offering 270% of ‘Sum Assured on Maturity’ as total guaranteed benefits.
Under the Super 10 option, a policyholder pays premiums for 10 years and the guaranteed money back benefits is also for 10 years, resulting in 396% of ‘sum assured on maturity’ as total guaranteed benefits.
Bharti AXA Life Insurance chief and appointed actuary Mudit Kumar said: "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 secure important milestones of life such as education, marriage and also save for their retirement and old age.