Renowned private life insurer Bharti AXA Life launched a new child plan on Monday. The new plan, Bharti AXA Life Shining Stars, is a non-linked, non-participating endowment plan that helps parents secure the future needs of their children. This policy comes with flexible options and allows parents to choose the maturity payout as per the specific needs of their children.
Vikas Seth, Bharti AXA’s Chief Executive Officer and Managing Director, stated that this new child insurance plan will provide financial security to children even in the absence of their parents. This plan helps children achieve their career goals and proceed with uninterrupted education.
This policy comes with a range of inbuilt benefits. Like all child plans, the premiums are waived under this policy following the death of the primary earning parent. In this case, the full maturity benefit will be paid to the child at the time of maturity. One of the most important benefits available under the policy is the flexible options for payment of the maturity benefit. There are two different types of maturity payouts plans available under this cover.
Under the ‘Flexi Payout Option’, policyholders can choose to receive the maturity benefit as a lump sum payout at the time of maturity or at the competition of any year following the maturity date. During the course of this time, the invested amount will continue to earn additional interest.
Under the ‘Annual Payout Option’, policyholders can choose to receive the maturity benefit in five equal annual payments after the date of maturity. This option is ideal for children who are pursuing their higher education. One of the notable features here is that the option chosen at the time of buying the policy can be changed at the time of maturity.
Bharti AXA Life is currently one of the top private life insurers in the industry. The company is renowned for its extensive product lineup that includes protection plans, savings plans, retirement plans, group plans, etc.
Source: Economic Times