New Delhi, Feb 11 : Leading private life insurer Bharti AXA Life Insurance on Monday introduced 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.
Bharti AXA Life Shining Stars 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 unique proposition of the new child plans is that it 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 so that the parents are not constrained by choices that they made years ago.
‘’Education and career planning of a child are prime responsibilities for any parent and they require a prudent financial management. Mere monthly savings might not suffice the rising education costs and the changing needs. Hence, we designed a comprehensive child plan in Bharti AXA Life Shining Stars with twin benefits of savings and protection to help parents ensure their children’s future financial needs, provide financial aid at their different career stages and empower them to fulfill the dreams without any compromise,’’ Vikas Seth, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance, said here.
It 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, a company release said.
Apart from offering comprehensive benefits of life cover along with maturity payout, Mr. Seth said, 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.
The minimum age to enter the plan is 18 years and the maximum age to buy it is 60 years. ‘’Our new child insurance plan allows the child to continue uninterrupted education and choose his/her career goal. We are confident that Bharti AXA Life Shining Stars will help the new age children shine in the cut-throat environment,’’ he added.
Bharti AXA Life Insurance, a joint venture between Bharti Enterprises and French insurance major AXA, has recorded a surge of 52 per cent in its new business premium at Rs 398 crore in the first half of financial year 2018-19 against Rs 262 crore in the corresponding fiscal period.
The company expects a double-digit growth by the end of this fiscal. (UNI)