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Bharti AXA Retirement Policy

Bharti AXA Pension Plans

Bharti AXA Life is a top insurance company offering various innovative and customer-focused insurance solutions. Bharti Life Ventures Pvt Ltd (BLVPL), the parent company of Bharti AXA Life Insurance, owns it entirely. With over 200 offices and a claims payout rate of 99.01%, policyholders can trust Bharti AXA to provide reliable pension plans and hassle-free claim payments. These plans are one of the popular pension plans on the market that ensure a steady income after retirement. This, in turn, helps individuals maintain their lifestyle and cover essential expenses without financial worry.

Features and Benefits of Bharti AXA Pension Plans

Let’s take a look at the key features and benefits of Bharti AXA Pension Plans. 

  • Cover Medical Emergencies

One of the key features and benefits of Bharti AXA Pension Plans is that they offer against medical emergencies with ease. As people age, health problems and related expenses typically increase. Medical costs can be a significant burden during retirement, especially without a steady income. Bharti AXA Pension Plans help accumulate funds to cover these rising medical expenses.

  • Deal with Uncertainties

Another major benefit of Bharti AXA Pension Plans is that they can help manage sudden risks and uncertainties, especially after retirement. They provide financial security, which can ultimately minimize stress and financial burdens during retirement.

  • Be Prepared for Rising Inflation

Inflation leads to a constant increase in the cost of goods and services. Effective retirement planning with Bharti AXA Pension Plans helps protect against inflation, ensuring long-term financial stability for you and your family.

  • Be Independent

There is no denying that in modern India, many parents cannot rely on their children for financial support due to the rise of nuclear families. Bharti AXA Pension Plans enable retirees to live independently without financial worries.

  • Meet Retirement Goals

Last but not least, a lack of regular income can make it difficult to cover daily expenses. Bharti AXA Pension Plans ensure a steady income stream, helping you meet your retirement goals and maintain your lifestyle.

Top Bharti AXA Pension Plans

Here are the top Bharti AXA Pension Plans. Let’s discuss them in detail!

1. Bharti AXA Life Swabhimaan Retirement Plan

The Bharti AXA Life Swabhimaan Retirement Plan offers you a guaranteed income for life after you retire. This plan allows you to start planning for your retirement early and secure your annuity rates now, which ensures you receive a steady, lifelong payment. With this plan, you can lock in the current rates and have peace of mind knowing that your income will continue for as long as you live, which ultimately provides financial security throughout your retirement years.

Parameters

Details 

Min Age at Entry of Annuitant* (as on last birthday)

45 years

Minimum Premium

Varies as per Annuity Amount, Annuitant Age, Annuity Variant and mode of Annuity payment chosen.

Modes of Annuity Payment

Monthly, Quarterly, Half-Yearly, Yearly

Key Features and Benefits: 

  • Guaranteed Lifetime Income

One of the key features of the plan is that policyholders can easily enjoy a guaranteed income for life, which provides financial security throughout retirement.

  • Multiple Annuity Pay-out Frequencies

Choose how often you want to receive your payments—monthly, quarterly, half-yearly, or annually—based on your needs and preferences.

  • Flexible Payment Options

Pay the purchase price as a single premium or spread the payments over a few years, giving you flexibility in managing your finances.

  • Save the Date Feature

Personalize your annuity payout date, allowing you to select the specific day you want to receive your payments, making it convenient and tailored to your lifestyle.

2. Bharti AXA Life Saral Pension

The Bharti AXA Life Saral Pension is an immediate annuity plan designed to ensure you can live life on your terms even after retirement. With its straightforward and easy-to-understand features, along with standardized options, this pension plan provides a reliable and convenient way to secure your financial future immediately upon retirement. It is the ideal choice for those seeking a simple and effective immediate annuity solution.

Parameters 

Details

Min Age at Entry

40 Years

Maximum Age at Entry

80 years

Maximum Annuity Amount

No Limit

Minimum & Maximum Purchase Price

As per Annuity Amount, Annuitant Age and mode of Annuity payment chosen.


Minimum Purchase Price:


Annuity Option First: Rs. 2,33,554

Annuity Option Second: Rs. 2,45,902

Modes of Annuity Payment

Monthly, Quarterly, Half-Yearly, Yearly

Key Features and Benefits: 

These are as follows:

  • Guaranteed Fixed Income for Whole Life

One of the prime features of the plan is that policyholders just need to pay a one-time purchase price and receive a guaranteed fixed income (annuity) for their entire life, ensuring continuous financial support.

  • Joint Life Option

Another major benefit is that you can easily extend the benefit of guaranteed fixed income to your spouse. If your spouse outlives you, they will continue to receive the same annuity income for their lifetime.

  • Multiple Annuity Pay-Out Frequencies

With the plan, you can choose to receive your annuity income on a monthly, quarterly, half-yearly, or yearly basis, tailored to suit your financial needs and preferences.

  • Return of Purchase Price

In the event of the annuitant’s death (or the last surviving annuitant in the case of Joint Life), 100% of the purchase price (excluding taxes) will be returned to the nominees or legal heir, providing additional financial security to your loved ones.

How Does Bharti AXA Pension Plan Work?

  • Plan Overview

Mr Rajeev Kumar Singh, a 55-year-old government employee from Chandigarh, wants to secure an additional income source alongside his government pension as he nears retirement.

  • Plan Selection

He chooses the Bharti AXA Pension Plan, which includes a Life Annuity option and 100% Return on Premium. The plan also includes a 10-year deferment period.

  • Premium Commitment

Mr Singh commits to paying annual premiums of Rs. 1,00,000 (excluding taxes) for 5 years into the plan.

  • Annuity Payments

After the deferment period, Mr Rajeev will receive an annual annuity of Rs. 55,040 for the rest of his life.

  • Death Benefit

If Mr Singh passes away during the annuity period, his nominee will receive a lump sum payout of Rs. 5,00,000.

  • Financial Security

This plan ensures a steady income for Mr Singh post-retirement and provides financial stability for his family in his absence to fulfil his retirement and legacy planning goals effectively.

How to Choose the Best Bharti AXA Pension Plan?

Here is a list of the steps to consider while choosing the best pension plan. 

  • In-depth Research

Begin by researching the available pension plan options. Compare different plans offered by various insurance companies or financial institutions. Look into factors such as the type of plan (like pension plans, annuities, or mutual funds), features, benefits, flexibility, and reliability of the provider.

  • Thorough Understanding

Take the time to thoroughly understand the pension plan you are considering. Read through the plan documents, terms, and conditions carefully. Pay attention to details such as the payout structure, maturity benefits, withdrawal options, charges, and fees. Ensure you understand how the plan will work for you both during the accumulation phase and after retirement.

  • Avoid Solely Tax-Driven Decisions

While tax benefits are important, they should not be the sole deciding factor when choosing a pension plan. Consider the plan’s overall suitability to your financial goals, risk tolerance, retirement timeline, and income needs. Evaluate how well the plan aligns with your retirement lifestyle expectations and long-term financial security.

How to buy Bharti AXA Pension Plan?

Listed below are the steps to buy Bharti AXA Pension Plan. 

  • In the first step, you will need to visit the official website of Bharti AXA. 
  • After that, you will need to hover your cursor over “Savings Plan” and then click on “Retirement Plans”. 
  • The moment you click on it. You will need to scroll down a bit and then find the right pension plan that suits your needs. For example, if you choose “Bharti AXA Life Swabhimaan Retirement Plan”, click on the “Read More” button. 
  • Ensure you go through all the details of the plan so that it matches your needs and budget. After that, click on “Ask an Advisor” located on the banner. Alternatively, you can select your state and city to choose the nearest branch and visit to proceed with buying your Bharti AXA pension plan procedure. 
  • Before you visit the branch, ensure you carry all your relevant documents like Aadhar Card, Voter ID, photographs, and more.

Frequently Asked Questions

Listed below are the frequently asked questions related to the Bharti AXA Pension Plans.

Yes, you can purchase a pension plan from Bharti AXA Life Insurance even if you have an existing plan with another insurance provider.

Yes, once you buy the policy, you will remain covered whether you are in India or abroad.

Yes, Bharti AXA Pension plans do provide tax benefits.

While many people wait until they are close to retirement to start investing in pension plans, it’s not always necessary. You can start investing in a pension plan as soon as you begin working.

No, the Saral Pension Plan from Bharti AXA allows only one mode of premium payment, which is a Single Premium, also known as the Purchase Price.

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