Bharti AXA Term Insurance

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Bharti AXA Term Insurance

Bharti AXA Life Insurance, founded in 2006, is a joint venture between AXA Group and Bharti Enterprises. Presently, Bharti Group holds a 51% stake whereas AXA carries 49%. The company offers life insurance products that focuses on its customer's needs. Coming to Bharti AXA term insurance plans, the company offers 8 protection plan that provides regular financial support to your family after your death/disability.

Features of Bharti AXA Term Insurance Plan

  • Affordable premium rates for non-smokers
  • Avail Lump sum benefit in case of death of insured
  • Multiple payout options

Benefits of Bharti AXA Term Insurance Plan

  1. Death Benefit

    In this plan, an accidental death benefit rider can be added that protects against any mishap in the future.

  2. Quick Claim Settlements

    The company has a claim settlement ratio of 97.35%, and usually settles them within a time frame of 48-hours.

  3. Family Care Benefit

    This benefit assures the plan's nominee with the mentioned sum assured, in case of the insured's death during the policy tenure.

  4. Online Plans

    Bharti AXA Term plans can be easily bought online.

  5. Tax Benefits

    Get the tax benefits on premiums paid as per the prevailing laws

Claim Settlement Ratio of Bharti AXA Term Insurance

Claim settlement ratio is one of the crucial factors that a customer should consider before buying a life insurance plan. It is the percentage of claims that an insurance company settles in a year out of the total claims. IRDAI publishes CSR of different companies in its Annual Reports. So, according to IRDAI Annual Report 2019-20, Bharti AXA Life Insurance has a CSR value of 97.35%.

Let's compare the claim settlement ratio of Bharti AXA with other life insurers:

Claim Settlement Ratio of Top Term Plan Insurance Companies (2019-20)

Claim Settlement Ratio of Top Term Plan Insurance Companies (2019-20)

Types of Bharti AXA Term Insurance Plans

S.No. Name of Plans Who Should Buy?
1.Bharti AXA Life Flexi Term ProThe plan provides life insurance coverage and secures the family's financial requirements.
2.Bharti AXA Life Saral Jeevan Bima PlanOffers protection to your family for 12 years against any unfortunate event
3.Bharti AXA Life Premier Protect PlanIt provides insurance coverage and helps you to protect the future of your family.
4.Bharti AXA Life Grameen Jeevan Bima YojanaFlexible to choose from multiple policy terms along with single and regular pay options
5.Bharti AXA Life Flexi TermThe plan provides you with an optional cover of critical illness
6.Bharti AXA Life Smart JeevanIt provides 12 years of protection to your family in case of any mishap
7.Bharti AXA Life POS Saral Jeevan Bima YojanaThe plan provides life insurance coverage in case of an unfortunate event like the death of the life assured
8.Bharti AXA Life Income ProtectionPlan continuously provides income to the family in the form of installments for about 15-20 years.

**Last Updated on August, 2021

Let's discuss the above-mentioned plans in detail:

  1. Bharti AXA Life Flexi Term Pro

    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 flexibility in choosing from multiple policy terms and premium payment as per your requirements.
    • Whole life cover is available under the plan for a lifetime if an insured opts for cover up to the age of 99 years.
    • Plan rewards for a healthy lifestyle on quitting smoking.
    • A grace period of 15 days is allowed for monthly medium and 30 days for annual/semi-annual/quarterly premium payment modes.
    • The plan provides tax benefits on the paid premiums and payout benefits received. The Tax benefits fall under the Income Tax Act, 1961.

    Eligibility

    Minimum Entry Age18 years - 65 years
    Maximum Maturity Age99 years
    Minimum Sum Assured1,25,00,000
    Maximum Sum AssuredNo Limit

    **Last Updated on August, 2021

  2. Bharti AXA Life Saral Jeevan Bima Plan

    Bharti AXA Life POS Saral Jeevan Bima Yojana is a non-linked and non-participating term insurance plan that offers life insurance cover in case of the death of the policyholder. It is an effective and 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 at your own convenience. You can choose from 4 policy terms, which are 10, 15, 20, and 25 years.
    • You can 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 Age18 years - 55 years
    Maturity Age28 years - 65 years
    Policy Term10/15/20/25 years
    Minimum Sum AssuredRs. 50,000
    Maximum Sum AssuredNo Limit
    Premium Payment ModesAnnual, semi-annual, quarterly, and monthly

    **Last Updated on August, 2021

  3. 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 flexibility in policy term/premium payment terms. It offers the choice of multiple policy terms starting from 10 years to 75 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 of tax benefits on the paid premium under the Income Tax Act, 1961.

    Eligibility

    Entry Age18 years - 65 years
    Maturity Age75 years
    Policy Term10-35 years and to Age 75
    Minimum Sum AssuredRs 5,00,000
    Maximum Sum AssuredNo Limit
    Premium Payment ModesAnnual, Semi-annual, Quarterly, and Monthly

    **Last Updated on August, 2021

  4. Bharti AXA Life Grameen Jeevan Bima Yojana

    Bharti AXA Life Grameen Jeevan Bima Yojana is a non-linked, non-participating insurance plan that provides whole life cover at affordable premium rates.

    Key Features

    • In case of demise of the insured during the policy, the company pays all the due premiums till the date of death.
    • The plan offers multiple premium payment modes - monthly, quarterly, semi-annual or annual premium.
    • Insured can revive the lapsed/paid policy within the 5 years of the revival period.

    Eligibility

    ParametersPure Protection PlanReturn of Premium Option
    Minimum Entry Age18 years
    Maximum Entry Age60 years55 years55 years
    Policy Term5 years10 years5 years10 years
    Maturity Age65 years60 years65 years
    Minimum Sum AssuredRs 10,000
    Maximum Sum AssuredRs. 2,00,000

    **Last Updated on August, 2021

  5. Bharti AXA Life Flexi Term

    Bharti AXA Life Flexi Term plan provides protection against any unfortunate event and offers coverage against loss of life. The plan also offers an optional cover of critical illness.

    Key Features

    • The plan offers multiple death payout options such as Lump Sum, Monthly Income, and Lump Sum plus Monthly Income as per the family's requirements
    • Flexibility to choose policy terms - 5, 10, 15, and 20 years.
    • Grace period is 15 days for monthly mode and 30 days for annual, semi-annual, quarterly payment modes.
    • Avail tax benefits on paid premiums as per the prevailing laws

    Eligibility

    Parameters Eligibility Criteria for Life Cover
    Minimum Entry Age18 years
    Maximum Entry Age65 years
    Maximum Maturity Age85 years
    Minimum Sum AssuredRs. 10,00,000
    Maximum Sum AssuredRs. 25,00,000
    Premium Payment ModeAnnual, Semi-Annual, Quarterly & Monthly

    **Last Updated on August, 2021

  6. 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

    • 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 Age18 years - 50 years
    Maximum Maturity Age62 years
    Policy Term12 years
    Premium Payment Term12 years
    Minimum Sum AssuredRs 50,000
    Maximum Sum AssuredRs 5,00,000

    **Last Updated on August, 2021

  7. 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 the death of the policyholder.

    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 amount on death if it is due to the accident.
    • It offers the flexibility to choose policy tenure at your convenience. You can choose from 4 policy terms, which are 10, 15, 20, and 25 years.
    • You can invest in this plan without any medical examination.
    • The plan allows you to avail tax benefits on the paid premium and pay-out benefits. The Tax benefits fall under the Income Tax Act, 1961.

    Eligibility

    Parameters Eligibility
    Entry AgeMinimum : 18 years
    Maximum : 65 years
    Maturity AgeMinimum : 28 years
    Maximum : 65 years
    Premium Payment TermRegular Pay
    Policy Term10/15/20/25 years
    Sum AssuredMinimum - Rs 50,000
    Maximum - No Limit
    Premium Payment ModesAnnual, Semi-annual, quarterly and monthly

    **Last Updated on August, 2021

  8. Bharti AXA Life Income Protection

    It is a term plan which offers return of premium 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 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

    Parameter Eligibility Criteria
    Minimum Entry Age18 years
    Maximum Entry Age58 years for a policy term of 12 years
    55 years for a policy term of 15 years
    50 years for a policy term of 20 years
    Maximum Maturity Age70 years
    Premium Payment Term & Policy Term12 years, 15 years, and 20 years
    Sum AssuredMinimum - Rs 5,00,000
    Maximum - No Limit
    Premium Payment ModesAnnual, Semi-annual, quarterly, and monthly

    **Last Updated on August, 2021

Buying Process of Bharti AXA Life Insurance

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

Buying Process Of Bharti AXA Term Insurance
Buying Process Of PolicyX website

Claim Process of Bharti AXA Life 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@bhartiaxa.com. With all these options, you will land on 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 file a 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.

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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.

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.8/5 (16 Total Rating)

September 22, 2021

Sheersha Walia

Dehradun

very kind person that i had a discussion with...patient too! like kept answering everything back with detail...special thanks to the agent!

September 22, 2021

Samir Pal

Delhi

my brother s recent death had a huge impact on his family. This actually led by to buy a term plan for my own family. Hopefully the cover will be sufficient for them

September 21, 2021

Diksha Rawat

Pune

happy to have receieved help from policyx.com...bought one just yesterday online and it was too easy!

September 20, 2021

Shailendra K

Chandigarh

satisfied with the purchase...very easy and convenient! did it online in fact after some discussion with agents!

September 17, 2021

Tanishk Sharma

Amritsar

bhaut hi badhiya help mila mereko bharti axa walo se...I mean I had like an idea about insurance but i wanted to make sure the plan was ideal for me...and bharti enable djust that! so Thanks a lot!

Last updated on August, 2021

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