Bharti AXA Life Insurance

Bharti AXA Life Insurance Ltd. is a joint venture between the Paris-headquartered Insurance MNC (AXA Group), and the Indian conglomerate Bharti Enterprises. It was founded in 2006,and offers a wide range of insurance products to its customers. Based on the regulatory framework prescribed for the insurance companies, AXA has a 49% stake, while Bharti holds the majority 51% stake in the joint venture. It provides protection, savings, investment, health, and group plans. Bharti AXA Life Insurance company has a distribution across 123 cities in India and has issued 17,70,000+ policies. As per the latest IRDAI Report, Bharti AXA has a Claim Settlement Ratio (CSR) ratio of 97.35%.

Awards and Recognitions

• Customer Service Excellence Awards at ABP New BFSI Awards, 2019
• Technology Initiative of the Year at ABP News BFSI Awards, 2019
• General Insurance Company of the Year- at ET Now presents BFSI Awards, 2019
• Micro Insurance Leader- General Insurance at ET Now presents BFSI Awards 2019
• Non-Life Insurer of the Year, 2019 at ASSOCHAM
• General Insurance Company of the Year at CMO Global Stars of the Industry Awards, 2019
• Technology Initiative of the Year- General Insurance at CMO Global Stars of the Industry Awards, 2019

Key Features of Bharti AXA Life Insurance

Accidents and mishappenings are strong indicators of how fragile human life is and how everyone needs to insure their lives systematically. Life insurance is a vital tool that provides you and your family with safety and security. The average density and the penetration of life insurance in India is approximately 2.59%. However, there have been improvements in this domain but overall growth is quite slow in India because of the lack of awareness. Not many people are aware of the key features and the benefits or what factors to consider before buying life insurance.

To help understand the key features of Bharti AXA Life Insurance, here's a quick lay down:

1. Market Share

   Market Share determines the business volume i.e., the total number of policies that are sold by an insurance company. It also measures the preferences of a consumer for a product. As per IRDAI Annual Report 2019-20, the company's Annual Gross Premium is Rs 828.56 Crores.

   Annual Premium Of Bharti AXA Life Insurance Company for FY 2016-2020

   

   ** Data from IRDAI Annual Reports

   Annual Premiums of Private Insurers for FY 2016-20

2. Solvency Ratio

   The Solvency Ratio measures the cash flow of a company and its liabilities by helping an individual to assess the company's ability to manage its short and long-term liabilities.

   IRDAI mandates maintaining a healthy solvency ratio of 1.5 for every insurer. As per IRDAI Annual Report 2019-20, the solvency ratio of Bharti AXA Health Insurance is 1.8.

   Solvency Ratio of Bharti AXA Life Insurance Company from FY 2016-2020

   

   ** Data from IRDAI Annual Reports

3. Claim Settlement Ratio

   Claim settlement ratio is one of the most important factors that should be considered before buying life insurance. The ratio determines how many claims out of 100 have been settled by the insurer during a financial year. The IRDAI releases the claim settlement ratio of all life insurers in their annual reports every year.

   As per IRDAI Annual Report 2019-20, the CSR of Bharti AXA Life Insurance is 97.35.

   The below graph illustrates the yearly CSR values of Bharti AXA Life Insurance over the past few years:

   Claim Settlement Ratio Of Bharti AXA Life Insurance From 2016-2020

   

   ** Data from IRDAI Annual Reports

4. Operating Network

   Bharti AXA Life Insurance has a distribution channel across 123 cities in India.

What Are The Different Types Of Bharti AXA Life Insurance Plans

Life is unpredictable and sometimes uncertainties in your life can eat all your hard-earned savings, leaving you emotionally and financially unstable. Bharti Axa Life Insurance offers a range of life insurance products to protect you and your loved ones.

Let's have a look at the Bharti AXA Life Insurance plans mentioned under different categories:

**Last Updated on August, 2021

How to File a Claim For Policies Offered By Bharti AXA Life Insurance?

There are four stages of claim processing for death, rider, hospitalization, and group death claims.

1. Claim Intimation

   A claim needs to be raised with the company by using any of the following platforms- online claims submission, toll-free number, email, or by visiting a branch.

2. Claim Processing

   Once the claim is formally registered, a claim specialist will assess the claim and will contact you for documentation.

3. Document Submission

   You need to submit the documents online or by visiting the nearest branch.

4. Claims Decisions

   Based on the documents submitted, a decision will be taken and will be conveyed to you.

5. Documents Required for a Smooth Claim Process

   • Original Policy Bond
   • Claimant's Statement Form
   • Copy of self-attested Death Certificate issued by Local Authority
   • Copy of Photo identity proof & Residence address proof of the nominee
   • Copy of Bank passbook of the nominee & personalized cancelled cheque

How To Contact Bharti AXA Life Insurance?

Corporate Office Address:

7th Floor, Mercantile House,

15, KG Marg Connaught Place,

New Delhi -110001

Contact Number: 1800 102 4444

E-mail Address: claims[at]bharti-axalife[dot]com