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Bharti AXA Life Insurance: Overview
Bharti AXA Life Insurance Ltd. is a joint venture between the Paris-headquartered insurance MNC (AXA Group) and the Indian conglomerate Bharti Enterprises. Founded in 2006, it offers a wide range of insurance products to its customers. Based on the regulatory framework prescribed for the insurance companies, AXA holds a 49% stake, while Bharti holds the majority 51% stake in the joint venture.
Providing protection, savings, investment, health, and group plans, Bharti AXA Life Insurance has a distribution across 123 cities in India with 263 offices and has issued over 17,70,000 policies. Bharti Enterprises has a diversified portfolio of operations based out of Europe, North America, and the Asia Pacific area. Bharti AXA offers multiple plans, providing customers with an array of choices ranging from traditional to investment plans, or protection for their children through a child plan.
Bharti AXA Life Insurance brings together strong values, functioning on customer-centricity. Their commitment to solving insurance problems is reflected in their impressive claim settlement percentage.
Bharti AXA Life Insurance ensures to look after your insurance needs by offering:
- Reliable and hassle-free claim settlement
- 24*7 customer service
- A wide variety of options
- Longer coverage
Features of Bharti AXA Life Insurance
Bharti AXA Life Insurance offers several key features. These include:
- Solvency Ratio: The solvency ratio helps an individual ascertain the company's ability to meet its long-term financial obligations. For 2022-23, Bharti AXA Life Insurance Company's solvency ratio is 1.6 (IRDAI mandates a minimum of 1.5).
- Claim Support: The company boasts a reliable claim settlement process with a CSR of 99.01% (IRDAI report 2022-23), ranking among the highest in the industry.
- Annual Premiums: As per the IRDAI report 2022-23, Bharti AXA Life Insurance recorded annual premiums of Rs. 2,920.58 Crores.
- PAN India Presence: Bharti AXA Life Insurance Company has over 250 branches across India and additional distribution touch-points through several new tie-ups and partnerships. Beyond its extensive presence, the company provides consultants to guide customers in choosing the right products.
Exclusions of Bharti AXA Life Insurance Plans
- Death due to pandemics such as COVID-19 or Ebola will not be covered by the company.
- Death due to indulging in any type of adventure sports.
- Death due to consumption of any type of drugs and alcohol.
- Death due to any pre-existing disease not declared at the policy's inception.
- If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the incident date or the policy's surrender value, whichever is greater.
Benefits of Bharti AXA Life Insurance Plans
Bharti AXA Life Insurance Plans offer numerous advantages. Key advantages include:
Economical Term Plans
Bharti AXA's nominal premiums make plans affordable and budget-friendly.
Longer Coverage
Opt for term plans with coverage up to age 85, or whole life insurance up to age 99.
A Wide Variety of Options
Recognizing diverse individual needs, Bharti AXA Life Insurance offers multiple plan alternatives and a variety of riders to supplement your coverage.
24*7 Customer Service
Bharti AXA connects with customers via phone, email, and social media, ensuring quick responses to all queries.
Riders Available with Bharti AXA Life Insurance Plans
| Name of the Riders | Benefits |
|---|---|
| Accidental Death Benefit Rider | Provides an additional payout over the base cover in case of accidental death. |
| Accidental Total & Permanent Disability Rider | Offers additional coverage over the base plan for total and permanent disability due to accidents. |
| Premium Waiver Rider | Waives future premiums in case of critical illness, permanent disability, or death. |
| Hospi Cash Benefit Rider | Provides a fixed daily benefit for hospitalization and a lump sum for surgery. |
Documents Required to Purchase Bharti AXA India Life Insurance Policy
Here is the list of documents required to buy Bharti AXA India Life Insurance Plans:
- Photo ID Proof (any one): Passport, Aadhaar card, PAN card, Driving license.
- Age Proof (any one): Passport, Aadhaar card, PAN card, Driving license.
- Address Proof (any one): Utility bill, passport, Voter ID, ration card.
- Medical Records (if requested).
- Income Proof (any one): Bank statement, last three months' salary slips (for salaried individuals).
How to Calculate Premiums
- Visit the official website of Bharti AXA Life Insurance Company and scroll down to the end of the page.
- Click on the "Buy Online" tab under Popular Links.
- Click on 'Know More' under 'Types of Plans'.
- Click on 'Calculate' at the top right corner.
- Fill in the required details and click 'Calculate'. Upon payment, a confirmation will be sent to your registered email address.
How to File Bharti AXA Life Insurance Claims?
Every claimant/nominee is assigned a dedicated Claims Relationship Officer who assists throughout the entire process. The life insurance claim settlement process at Bharti AXA Life Insurance involves the following three steps:
Online Process
1. Claim Intimation
Inform the company about the incident via various channels: email at [email protected], calling the toll-free number (1800-102-4444), filling out the online claim form on its website, or visiting the nearest branch. A claim reference/intimation number will be provided upon successful registration.
2. Document Submission
Submit the necessary documents requested by the insurer to process the claim.
For natural death: death claim form, death certificate, original policy documents, claimant's identity and residence proof, medical records, and nominee's account details.
For accidental death: the above documents plus FIR and post-mortem report.
3. Claim Settlement
Once Bharti AXA Life Insurance receives your claim, they will verify all details and may request additional documents if needed. A claim reference number will be sent after document verification.
Offline Process
Claims can also be reported by visiting a local Bharti AXA Life Insurance Branch Office. Visit their website to locate the nearest branch. Submit the essential documents at the branch for claim processing.
How to Port Your Policy
- Fill out the form at the top of this page with the necessary details.
- Select your income and city, then click 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click 'Buy this plan'.
- Select the policy term, premium period, and riders (if required), then proceed to payment. A confirmation will be sent to your registered email address upon successful payment.
Conclusion
Bharti AXA Life Insurance has established itself as a trusted provider of financial security in India, offering a wide range of life insurance products to meet diverse customer needs. With a strong focus on customer service, innovation, and reliable claim settlement, the company continues to strengthen its position in the market. For more information on Bharti AXA Life Insurance, contact PolicyX.com at the toll-free number 1800-4200-269 or email us at [email protected].
