Bharti AXA Life Insurance has launched a traditional participating endowment plan, called Bharti AXA Life Flexi Save. The plan provides the policyholder a lumpsum benefit at maturity with life insurance cover.
This product also provides flexibility to the customer to modify the policy maturity data and withdraw their savings with full maturity benefits based on their needs, said a press release issued by the company.
Sandeep Ghosh, MD and CEO, Bharti AXA Life Insurance said since the plan offers policyholders the chance to withdraw their savings at life stages best suited to them, it would assist them in achieving their long term goals in life.
This is the company's first product as per the new IRDA guidelines on traditional plans.
The policyholder can decide to withdraw his savings anytime during the Flexi benefit period (that is, the last 10 years of the policy term) and avail the maturity benefits (100 per cent of sum assured plus accrued reversionary bonus till date plus terminal bonus, if any).
In case of death of the policyholder, the nominee shall receive higher of either sum assured or 105 per cent of premiums paid till date of death or a multiple of Annual Base Premium, the release said.