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)

Types of Bharti AXA Term Insurance Plans

**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 Age	18 years - 65 years
   Maximum Maturity Age	99 years
   Minimum Sum Assured	1,25,00,000
   Maximum Sum Assured	No 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 Age	18 years - 55 years
   Maturity Age	28 years - 65 years
   Policy Term	10/15/20/25 years
   Minimum Sum Assured	Rs. 50,000
   Maximum Sum Assured	No Limit
   Premium Payment Modes	Annual, 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 Age	18 years - 65 years
   Maturity Age	75 years
   Policy Term	10-35 years and to Age 75
   Minimum Sum Assured	Rs 5,00,000
   Maximum Sum Assured	No Limit
   Premium Payment Modes	Annual, 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

   Parameters	Pure Protection Plan		Return of Premium Option
   Minimum Entry Age	18 years
   Maximum Entry Age	60 years	55 years	55 years
   Policy Term	5 years	10 years	5 years	10 years
   Maturity Age	65 years		60 years	65 years
   Minimum Sum Assured	Rs 10,000
   Maximum Sum Assured	Rs. 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 Age	18 years
   Maximum Entry Age	65 years
   Maximum Maturity Age	85 years
   Minimum Sum Assured	Rs. 10,00,000
   Maximum Sum Assured	Rs. 25,00,000
   Premium Payment Mode	Annual, 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 Age	18 years - 50 years
   Maximum Maturity Age	62 years
   Policy Term	12 years
   Premium Payment Term	12 years
   Minimum Sum Assured	Rs 50,000
   Maximum Sum Assured	Rs 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 Age	Minimum : 18 years Maximum : 65 years
   Maturity Age	Minimum : 28 years Maximum : 65 years
   Premium Payment Term	Regular Pay
   Policy Term	10/15/20/25 years
   Sum Assured	Minimum - Rs 50,000 Maximum - No Limit
   Premium Payment Modes	Annual, 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 Age	18 years
   Maximum Entry Age	58 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 Age	70 years
   Premium Payment Term & Policy Term	12 years, 15 years, and 20 years
   Sum Assured	Minimum - Rs 5,00,000 Maximum - No Limit
   Premium Payment Modes	Annual, 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.

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.