Bharti Axa Term Insurance
Bharti Axa Term Insurance
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Bharti AXA Term Insurance

Bharti AXA Life Insurance is a joint venture between AXA Group and Bharti Enterprises. Presently, Bharti Group holds a 51% stake whereas AXA carries 49%. Bharti AXA Life insurance is one of the best life insurance companies which completely justifies its tagline of "Jeevan Suraksha ka kya Nazariya" by launching flexible term insurance plans. 

The company offers a wide array of effective life insurance products. However, its term insurance plans are very popular among customers. Bharti AXA term insurance provides regular financial support to your family after your death/disability. Let's find out more about it. 

Types of Bharti AXA Term Insurance Plans

To deal with the multiple needs of customers, it offers affordable yet effective term insurance plans. Below is the list of such helpful products for your perusal.

1. Bharti AXA Life Flexi Term

Bharti AXA Life Flexi Term is a traditional term insurance plan. It provides the flexibility to choose from 3 different Life Cover payout options. It offers the benefits of life insurance as well as a critical illness benefit.

Key Features

  • The plan offers maximum coverage up to age 75 years along with an option of health insurance with critical illness cover.
  • Under the critical illness cover, it allows you to select the comprehensive cover (34 illnesses) or major illnesses cover (15 illnesses) at the time of inception only.
  • You can choose the payout options as per your financial requirements– a) Lump sum b) Increasing Monthly Income c) Lump sum plus Increasing Monthly Income.
  • The plan provides tax benefits on the paid premiums and payout benefits received. The Tax benefits fall under the Income Tax Act, 1961.

Eligibility

Entry age

18 years to 65 years

Maturity age 

85 years

Minimum sum assured

Rs.10,00,000

Maximum sum assured

Rs.25,00,000

Additional covers

Life Cover: Rs.25,00,000

Critical Illness: Rs.25,00,000

**Last Updated on 05-11-2020

2. Bharti AXA Life Premier Protect

Bharti AXA Life Premier Protect is a pure protection plan. With this plan, you will be able to protect your family against any uncertainty in case of your unfortunate demise.

Key features

  • The plan provides the flexibility in policy term/premium payment terms. It offers the choice of multiple policy terms starting from 10 years to 35 years with multiple premium payment terms (Single, Limited and Regular Pay Options).
  • Under this plan, you are allowed to choose from 3 death benefit payout options:- Lump Sum (100% of Death Benefit is paid instantly), monthly income (death benefit is paid as 1.04% of the sum assured as monthly income for 10 years), lump sum plus monthly income (50% of the death benefit is paid instantly as a lump sum and the rest 50% is paid as 0.93% of the sum assured in the form of monthly income for 5 years).
  • The plan allows policyholders to increase the sum assured (by 50%) chosen at the time of inception during the policy tenure.
  • You can avail tax benefits on the paid premium under the Income Tax Act, 1961.

Eligibility

Entry age

18 years to 65 years

Maturity age 

75 years and 80 years

Policy term

10 years to 35 years.

Premium payment option

Single pay, limited pay and regular pay

Premium payment modes

Annual, semi-annual, quarterly* & monthly*

Sum assured

Rs.25,00,000- no limits (subject to underwriting process)

**Last Updated on 05-11-2020

*Through auto-pay only

3. Bharti AXA Life Smart Jeevan

This plan will provide the needful family protection cover for 12 years at a nominal premium in case of your unfortunate demise. If you survive until the end of the policy tenure, the plan will offer 100% of the invested premium in return.

Key Features

  • The plan is available at affordable premiums.
  • It comes out with a life insurance cover, which makes sure that you are adequately protected.
  • The plan is available for purchase without any underwriting procedures. You can invest in the same by giving a declaration of good health.

Eligibility

Entry age

18 years to 50 years

Maturity age 

62 years

Minimum sum assured

Rs. 50,000

Maximum sum assured

Rs. 5,00,000

Policy term

12 years

Premium payment term 

12 years

**Last Updated on 05-11-2020

4. Bharti AXA Life POS Saral Jeevan Bima Yojana

Bharti AXA Life POS Saral Jeevan Bima Yojana is a non-linked and non-participating term insurance plan that is designed to offer life insurance cover in case of death of the policyholder. It is an effective yet affordable term insurance plan.

Key Features

  • The plan provides the required sum assured in the form of a lump sum on the death of the insured and it doubles the sum assured on death in case of death due to the accident.
  • It offers the flexibility to choose policy tenure as per your own convenience. You can choose from 4 policy terms, which are 10, 15, 20, and 25 years.
  • You can easily invest in this plan without any medical examination.
  • The plan allows you to enjoy tax benefits on the paid premium and pay-out benefits. The Tax benefits fall under the Income Tax Act, 1961.

Eligibility

Entry age

18 years to 55 years

Maturity age 

28 years to 65 years

Minimum sum assured

Rs. 50,000

Maximum sum assured

No limit

Policy term

10/15/20/25 years

Premium (Rs.)

Depends on Sum Assured

Premium payment term 

Regular Pay (Same as Policy Term)

**Last Updated on 05-11-2020

5. Bharti AXA Life Income Protection plan

It is an affordable term with the return of a premium insurance plan that assists your family (in case of your demise) with an annual income for a tenure of 15 or 20 years. It will also return the 100-120% of the paid premiums at the end of the policy tenure as a lump sum survival benefit.

Key Features

  • The plan offers an annual pre-planned income for your financially dependent family so that they can deal with the recurring expenses in case of your unfortunate demise.
  • It will provide a maturity benefit under which you will receive all your invested premiums.
  • The plan provides two death benefit options.
  • The plan allows you to receive tax benefits on the paid premiums as well as the benefits received as per Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

Eligibility

Entry age

18 years to 58 years

Maturity age 

70 years

Minimum sum assured

Rs. 5,00,000

Maximum sum assured

No limit (subject to underwriting)

Policy term

12 years, 15 years and 20 years

Premium payment term 

12 years, 15 years and 20 years

**Last Updated on 05-11-2020

Bharti AXA Term Insurance Riders

The company offers riders that allow you to enhance the basic cover. All you have to do is pay an additional yet nominal premium to make a purchase. Below is the list of Bharti AXA Term Insurance riders for your reference.

1.Bharti AXA Life Term Rider

This Life Term Rider assists the insured's family with the additional sum assured in case of the insured's demise. The amount that you receive with this rider will be an addition to the Death Benefit of the Base Policy.

2. Bharti AXA Life Premium Waiver Rider

Bharti AXA Life Premium Waiver Rider will waive off all your future premiums in case of an unfortunate situation like critical illness, permanent disability, or death of the policyholder. With this rider, the benefits under the base plan will remain active.

3. Bharti AXA Life Hospi Cash Benefit Rider

It is a health insurance rider that offers you a fixed amount of benefit for each day of hospitalization. It also offers a fixed amount benefit if you are admitted in an Intensive Unit Care or a lump sum benefit in case of surgery.

4. Bharti AXA Life Accidental Death Benefit Rider

It is a regular pay insurance rider that offers 100% sum assured to the nominee in case of death of the insured due to an accident, subject to the rider policy being in force.

5. Bharti AXA Life Group Accidental Death Benefit Rider

This rider provides better protection to the family in case of the insured's death due to an accident.

How To Buy Bharti AXA Term Insurance Plans?

You can buy Bharti AXA Term Insurance through PolicyX.com or from the official website of the company.

Buy via Bharti AXA Life Insurance Company

  • Visit the official website of the 'Bharti AXA Life Insurance Company'.
  • Take your cursor to the tab 'Buy Online'.
  • Now, click on the tab 'Flexi Term'
  • Click on 'Buy Now'.
  • Submit the required details such as DOB, gender, name, mobile number, and e-mail address among others.
  • Confirm the details and click on the tab 'Calculate Now'.
  • Check the details of the plan. You can also customize your plan as per your needs and budget.
  • Click on the tab 'Protect me'.
  • Provide your qualification, residential, and occupation information.
  • Click on the tab 'Proceed'.
  • Check the summary of the plan and click on the tab 'Pay Now'.
  • Submit the OTP and click on the tab 'Verify OTP'.
  • Make the payment using available payment modes.
  • The company will share the policy documents on your registered mail Id. It will also send a hard copy on your address.

Rest of the Bharti AXA term insurance plans are not available online. You have to visit the nearest Bharti AXA Life Insurance Company's branch to make your purchase.

Buy Via PolicyX.com

  • Scroll up to the 'Get Bharti AXA Term Insurance Quotes Online' section available at the top-right corner of this page.
  • Submit the basic details such as your phone number, name, and D.O.B.
  • Click on the tab 'Continue'.
  • Provide information related to your Income, City, and then click on the tab 'Proceed'.
  • Now, fill details related to your education and occupation.
  • Analyze quotes and choose the Bharti AXA Term insurance plan.
  • Click on 'Buy this plan' present under the chosen term insurance policy.
  • Check the details. Add riders if you want to.
  • Click on the tab 'Save & Continue'.
  • Click on the tab 'Pay Now'. You will land at the Bharti AXA's website.
  • Fill the details and make the payment using available payment options.
  • The company will share the policy documents over the registered email ID.

What Is The Claim Process of Bharti AXA Term Insurance?

  • Visit the official website of the Bharti AXA Life Insurance Company.
  • Take your cursor to the tab 'Customer Service'.
  • Click on the tab 'Claims'.
  • Click on the tab 'Know More Under Death Claim'. For riders and group death claims, please click on the respective section.
  • To initiate a claim, click on the tab 'Register Online' under the claim intimation section. You can also initiate a claim by calling on the toll-free number or sharing an email at lifeclaims[at]bhartiaxa[dot]com. With all these options, you will land at the Claim Registration Page.
  • Select 'Death Claim' or 'Living Benefit Option' as per your requirements.
  • Provide your policy number, name, and date of birth.
  • Click on the tab 'Proceed'.
  • Submit your documents. You can do the same online.
  • Now, the claim specialist will analyze the claim and will reach you through call or SMS if required.
  • Normally, the company settles the claim within 5 days. But it varies from situation to situation.
  • If your claim is approved, then the company will notify you through SMS/Call/Email.
  • It will transfer funds directly to the nominee's bank account.
  • In the case of rejection, it will convey the same along with the reason behind it.

Note: You can carry out the claim process by visiting the nearest branch of Bharti AXA Life Insurance Company.

Documents Required To Register The Bharti AXA Term Insurance Claim

  • Claimant statement in the claim form.
  • Policy documents as given at the time of purchase.
  • Death certificates issued by the local municipal body must be self-attested.
  • Proof of identity and residence(keep original as well as copies).
  • Photocopy of bank passbook and cancelled cheque.

Bharti Axa Term Insurance : FAQs

1. What documents are necessary to make a non-accidental death claim?

  • Medico-Legal cause of the death certificate.
  • Copy of medical records (Discharge/ Death Summary, Admission notes, Test Reports including past medical records).
  • Certificate from attending doctor.
  • Employer certificate carrying the employment details of the assured like salary, medical, etc.
  • Family Physician Certificate.

2. Is the option of the grace period available under Bharti AXA Life term plans?

Yes, the life assured is given a grace period of 30 days to pay the due premium. After termination of the grace period, the policy will be declared as lapsed or terminated.

3. Can we revive a lapsed policy?

Yes. If the life assured wants to regain the lost benefits and coverage, he/she has to fulfil the below criteria-

  • Payment of all the due premium till the date of revival.
  • Pay the additional interest on due premiums.
  • Revival can be practised within two years starting from the date of unpaid premium.

4. Can I share a bank statement as an alternative document if I don't have income proof?

No, the Bank statement cannot be considered as income proof for Bharti AXA Life Term Plan.

5. Can a self-employed person invest in Bharti AXA term Insurance?

Yes. To invest in Bharti AXA Term Insurance Plans, you have to submit documents and details related to your Proprietorship/Partnership.

6. Can I get a copy of my medical report?

Yes, you can get a copy of the medical report but the FMR report as per the company guidelines.

Last updated on 05-11-2020