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Bharti AXA General Insurance
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Bharti AXA General Insurance

Bharti AXA General Insurance Company Ltd. is one of the leading insurers in India and was established as a merger venture between 2 companies operating in the country, which are AXA Business Group and Bharti Enterprises.

Both the parent companies share an almost equal percentage of stakes of Bharti AXA, wherein Bharti Enterprises possesses a 51% stake, and AXA Business Group has a 49% stake.

Bharti AXA General Insurance Co. Ltd. was founded and established in India in the month of July in 2008 when it opened its first branch. It is headquartered at Mumbai and has a PAN India presence through its 135 branches spread across 123 cities in the country.

During its initial stages of operation, the company was dealing with health insurance, and critical illness covers only. But presently, it offers insurance policies and solutions in various categories such as 4-wheeler and 2-wheeler vehicles, family and individual travel, student and study, property, agriculture and crops, etc.

Bharti AXA General Insurance: Major Highlights

Some of the significant and discernible specs of Bharti AXA general insurance are mentioned in a tabular format as follows (for FY 2018-19):

Features of the company

Particulars

Number of policies issued (till date)

More than 2 Crore

Number of health insurance policies issued (till date)

1.3 million

Number of claims settled (till date)

More than 19 Lakh

Number of branches across the country

135

Share in the Terrorism risk insurance pool in the Indian market

0.75%

Total amount of Single premiums

911.02 Crores

Total Life Insurance Premium

2075.50 Crores

Gross Direct Premium (Inside India and abroad)

2258.05

Claim settlement ratio (motor insurance)

94.06%

Claim settlement ratio (health insurance)

98.27%

Incurred claims ratio (motor insurance)

75%

Incurred claims ratio (health insurance)

89%

Overall incurred claims ratio

77%

Solvency ratio

1.76 (as of March 2019)

Cashless hospital network

More than 4500

Cashless garage network

More than 5200

Bharti AXA General Insurance: Products and Services

All insurance plans offered by Bharti AXA General Insurance Co. Ltd. are designed while keeping a prospective client’s financial requirements in mind. Considering this, the products meet the needs of the customer and at the same time are affordable with low premium rates. The insurer deals with property insurance, student insurance, crop insurance, travel insurance, life insurance, etc., out of which the plans under the health and motor categories are comparatively more popular.

Bharti AXA Health Insurance

A health insurance plan takes care of an individual’s medical expenses towards health and allows the insured to avail quality healthcare services without any restrictions. These plans also act as a barrier for the individual against rising medical costs. The company offers 2 comprehensive health insurance plans, which are as follows:

Smart Super Health Insurance Policy

This is a comprehensive health plan that covers all major hospital and medicinal expenses. It is available in 3 plan variants-Value, Classic and Uber.

Its prime features are:

  • Plan coverage from Rs 5 Lakh to Rs 1 Cr under 17 coverage options
  • Pre and post-hospitalization of 60 days and 90 days up to the sum insured amount
  • 100% of the sum insured can be restored upon exhaustion
  • Organ donor expenses covered up to sum insured
  • No- claim bonus up to 100% Sum Insured
  • Critical illness cover and hospital cash options available
  • Lump-sum benefit for critical illnesses
  • Outpatient dental emergency covered
  • Daycare treatment and Domiciliary hospitalization expenses covered up to the maximum sum insured
  • Hospital cash allowance, maximum up to 30 days with one-day deductible
  • Annual health check-ups
  • Emergency ambulance and domestic air ambulance charges covered
  • Convalescence benefit as per specified plan opted
  • Accidental OPD emergency treatment as per the plan opted
  • Maternity benefit up to two deliveries covered
  • Vaccinations for animal bites covered
  • AYUSH treatment

Smart Health Assure Policy

This Bharti AXA health insurance plan offers coverage for hospitalisation expenses that are incurred during the treatment of disease, illness, or injury. The Smart Health Insurance Policy is available in three variants – i) Smart Health Basic, ii) Smart Health Premium, and iii) Smart Health Optimum.

The salient features of this plan are as follows:

  • Hospital expenses, along with pre and post Hospitalisation expenses, are covered.
  • 130 Day Care Treatments Covered
  • Tax Benefits available under section 80 D
  • Restoration of Sum Insured (100% Reload of Sum Insured at No Extra Cost)
  • Ambulance Cover
  • Hospital Cash Allowance
  • Maternity Benefit
  • Extensive Critical Illness Cover
  • Annual Health Check-ups available
  • No Claim Bonus available
  • Organ Donor Cover
  • Lifelong Renewability option

Smart Super Top-Up Insurance

Bharti AXA Smart Super Top-Up Insurance plan offers additional coverage to the policyholder to meet medical expenses in case they exceed the sum insured coverage. Significant features of this plan are:

  • Wide Coverage up to Rs 60 Lakh
  • Day care treatments available
  • Domiciliary treatment
  • Transplantation of organ expenses covered

Motor Insurance

The number of vehicles has dramatically increased over the period of the last 5 years. Due to this, there has been a sudden rise in the number of vehicular accidents in India. This makes getting in an accident somewhat inevitable, from a normal person’s point-of-view. A motor insurance plan, as the name suggests, is a policy that protects an individual from losses incurred due to accidents or damage to the insured vehicle.

Car Insurance

All the car insurance policies offered by Bharti AXA General Insurance provide protection against vehicular damage or injuries suffered by the insured due to an accident while in the insured vehicle. There are 3 dedicated car insurance policies, which are mentioned below:

  • Comprehensive Car Insurance Policy-This is a complete car insurance package that comes along with a default third-party liability cover and onw-damge cover against the loss or damages  due to accidents and natural calamities like floods, fire or cyclones. It also protects your car against man-made acts of terrorism, damage, riots or vandalism. This insurance policy also offers a range of add-on covers, like Engine and gearbox cover, Zero Depreciation Cover, and Return to Invoice Cover. This policy is available as a long term product for 3-5 years, and also as a Bundled policy, where the compulsory third-party cover is for 3 years, while the own-damage cover is annual.
  • Third-Party Liability Coverage Policy- This policy is in accordance with the mandatory third-party liability coverage required by the Motor Vehicle Law for all Indian vehicles. It is a basic cover that protects your car from any third-party liabilities rising in case of accidents, loss or damage to person, property, or the vehicle of a third party. This cover does not extend coverage for any damage caused to the insured vehicle.
  • Standalone Own Damage Policy- For all those policyholders who do not want to opt for Comprehensive Car Insurance, a standalone car own damage policy is also available. This policy provides coverage for the policyholder’s vehicle against any damage due to natural or manmade calamities. This includes damage or loss caused by heavy downpours, hailstorms, cyclones, fire, floods, theft, robbery and burglary or riots.

Two-Wheeler Insurance

Similar to the car insurance policies, all the bike insurance plans also offer protection against injuries and vehicular damages. The 2-wheeler bike insurance policies provided by Bharti AXA General Insurance Co. Ltd. are as follows:

  • Comprehensive Two-Wheeler Insurance Policy- This coverage is not only for the mandatory third-party liabilities arising out of any accidents, but also for any damage or loss to the insured vehicle on account of any natural or man-madecalamity, or accident. All expenses related to vehicle repair due to breakdown caused by floods, fire, explosions, accidents, etc. are covered.
  • Third-Party Liability Coverage Policy- This cover is as per the mandatory motor coverage required by Indian Motor Law. This essential cover protects the insured two-wheeler against any liabilities that may arise due to loss or damage to a third-party or his property in an accident. It does not cover the loss suffered by the insured vehicle. This policy is a very basic cover that covers only the essential vehicle insurance requirements. For more protection features, a Comprehensive Cover or a Standalone Own Damage cover has to be taken.
  • Standalone Own Damage Cover-This is a customized cover for providing a damage repair coverage for all types of two-wheelers in case of damage to the insured vehicle because of accidents or other mishaps. However, it does not cover any mechanical or electrical breakdown of the vehicle, or any depreciation, or any damage caused due to the driver's negligence. All those individuals who have purchased only the Third-Party insurance cover for their vehicles can buy this policy for additional protection of their vehicles.

Bharti AXA General Insurance: Renewal Process

For continued protection under an insurance plan, policy renewal is a must. A policyholder is not able to enjoy the benefits of an insurance policy if it has expired. Thus, for uninterrupted protection and coverage, renewal of the policy is mandatory.

Now, Bharti AXA offers a seamless and hassle-free renewal process with minimal to no documentation. The process itself is fast and simple. The company has a simple and quick process for its customers to renew their existing insurance policies through the online or offline mode. Also, the renewed policy is issued within one day of making the premium payment.

Bharti AXA also offers a specific duration of time, known as the Grace Period, for the policyholders to renew the policy after it has expired. The grace period for Bharti AXA General Insurance policies is 90 days. If the policyholder is unable to renew the policy within this timeframe, then the policy is considered as permanently expired or lapsed.

However, Bharti AXA also provides the option to revive lapsed insurance plans.

Online

The online mode for renewing health as well as motor insurance policies is faster and more convenient as compared to its offline counterpart. One can also check the Bharti AXA Policy Status to know if their policy is still active or get the expiry or renewal date of the existing policy.

Policyholders who want to renew their existing insurance plans through the online can approach paisawiki.com as well for a fast renewal process. They can follow these steps:

  • Visit com to get an instructive overview on how to proceed with the online renewal process.
  • Go to the menu overlay button and click on "Renew."
  • Select the insurance category and the plan
  • Enter the policy number
  • Enter the health card number, in case of health insurance and vehicle registration number, in case of motor insurance
  • Enter other relevant details
  • Make the payment
  • You will receive a notification stating that you have successfully renewed your policy.

Offline

This mode is somewhat troublesome and involves visiting a nearby branch office of Bharti AXA to complete the renewal process. Those who want to renew their existing plans through the offline mode are requested to go through the following steps:

  • Visit a branch office in your close proximity.
  • Ask for a renewal form at the reception.
  • Duly fill-up the form and submit it.
  • Make the payment.
  • You will receive a notification stating that you have successfully renewed your policy.

Documents Required for Bharti AXA General Insurance Renewal

Policy renewal for Bharti AXA General Insurance policies normally does not require submission of any documents. However, if the policy term expires and the policyholder fails to renew the policy within the prescribed time limit, an insurance policy may lapse. In such a situation, he may need to present the following documents which are same as the ones submitted when purchasing an insurance policy:

  • A proof of identity, which may include Passport, Aadhar, PAN card, Driving license, or a Government-issued photo ID
  • A proof of address, which may include Passport, Bank or post office passbook, driving license, Government issued address proof.
  • Passport size photographs of the insured
  • Medical reports of the insured people, in case of health insurance, wherever required
  • Driving license and registration certificate of the vehicle, in case of Motor Insurance

Bharti AXA General Insurance: Claim Process

An insurance policy is bought as a means of protection against unforeseen financial losses or contingencies that a policyholder may have to incur. Through an insurance claim, a policyholder can demand funding or reimbursement for losses incurred in the event that is insured by an insurance policy. Understanding the claim process plays a crucial role in making use of an insurance policy.

Claims are of 2 types:

  • Cashless Claim

These claims refer to the cashless facility that an insurance plan has to offer. In simpler terms, cashless claims are made by the policyholder whenever he/she wants to acquire appropriate funds from the insurer as a form of compensation for losses incurred or seed funding for medical expenses or vehicle repairs, etc.

Cashless claims can only be availed at the insurance company’s partner institutions. If the policyholder has to undergo surgery or has to repair damages to a vehicle, then he/she can avail the cashless facility at any hospital or garage (respectively) under the insurer’s network.

  • Reimbursement Claim

These claims provide reimbursement in exchange for some form of payment made by the policyholder as a result of some event that is covered under the corresponding insurance plan.

Suppose a policyholder, who has a health insurance plan, is in need of immediate medical care and has to be hospitalized. In such a case, the medical bills have to be paid by him/her to get admitted to a hospital. These expenses incurred by the insured are then reimbursed by the insurance provider when a reimbursement claim is raised. Reimbursement claims are applicable to all types of insurance plans. Same is the case with motor insurance reimbursement claim.

 

Bharti AXA General Insurance has a claim settlement ratio of 94.06% for motor insurance claims and 98.27% for health insurance claims, which is a positive reflection on the insurance provider’s ability to settle claims. The overall incurred claims ratio is 77%, which shows that the company is quick to process claims and settle them even faster.

Documents/details Required for Claims Process

The below documents are needed to claim Bharti AXA general insurance plans:

Health Insurance

Cashless Claims:

  • Original policy documents
  • Policy number
  • Health card
  • Name, age and address of the policyholder.
  • Original medical bills/receipts
  • Original consulting/attending doctor’s prescription
  • Bharti AXA Claim Form

Reimbursement Claims:

  • Original policy documents
  • Policy number
  • Name, age and address of the policyholder.
  • Original medical bills/receipts
  • Bharti AXA Claim Form

 Motor Insurance

Accident Claims:

  • Original RC of the insured vehicle
  • Original DL of the policyholder
  • Original charge sheet or FIR (applicable in case of major third-party damage, property or person)
  • Original repair estimate and payment receipt
  • Satisfaction letter (for availing cashless facility)
  • Bharti AXA Claim Form

Third-Party Claims:

  • Copy of RC of the insured vehicle
  • Copy of FIR
  • Original version and a self-attested copy of policyholder’s DL
  • Satisfaction letter (for availing cashless facility)
  • Bharti AXA Claim Form

Theft Claims:

  • Copy of RC of the insured vehicle
  • Original version and a self-attested copy of policyholder’s DL
  • Original FIR
  • Original FR
  • RTO transfer documents
  • Bharti AXA Claim Form

 Online

Those who want to complete the claims process via the online mode are requested to go through the following steps:

For both Health and motor insurance claims

  • Visit the official website of Bharti AXA
  • Go to the menu overlay button, and click on "Claim."
  • Click on “Register Claim”
  • You will be redirected to the claims portal.
  • Enter the policy number and expiry date to start the process
  • Enter other relevant details in the subsequent claims form
  • After submitting the form, you will receive a notification stating that you have successfully raised a claim.
  • You can track the claim status on this page too.
  • You can also intimate the insurer on raising a claim by sending an email to their mail ID, This email address is being protected from spambots. You need JavaScript enabled to view it.

 Offline

Those who want to complete the claims process via the offline mode are requested to go through the following steps:

For both health insurance and motor insurance claims

  • Visit a nearby branch office of Bharti AXA
  • Ask for a claims form at the reception
  • Enter all relevant details
  • Submit the form at the claims department
  • You will receive a notification that you have successfully raised a claim
  • You can also intimate the insurer on raising a claim by calling them at their 24/7 active toll-free customer care number 1800-103-2292

Bharti AXA General Insurance: Premium Payment Process

An insurance plan is a means of security and protection for an individual from financial loss. It is basically a type of risk management, which is primarily used to protect one’s financial interests against the risk of an unforeseen loss or contingent.

Policyholders can enjoy this advantage of having insurance in exchange for paying a certain amount of money to validate the policy. This amount is known as premium and can be paid on a regular basis or all in one go, which differs from insurer to insurer.

Payment of premium is one of the important aspects of having an insurance plan if the policyholder has opted for the regular pay option. With Bharti AXA, the premium payment process is quite easy and uncomplicated.

Policyholders can opt to pay the premiums via the old-fashioned mode that is the offline mode, or they can opt for the easier Bharti AXA Insurance Online Payment Process.

Also, Bharti AXA offers a plethora of options regarding online premium payment, which are as follows:

  • Credit/Debit card
  • NetBanking
  • UPI payment
  • Electronic payment
  • Auto debit

Online

As can be guessed, this mode involves paying the premium amount online, through Third-party websites like paisawiki.com or through the insurers’ website. The advantages of online premium payment over its offline counterpart are as follows:

  • Payment can be made from the comfort of one's home.
  • Handling lots of documents is not required, as the documentation process is completely online-based.
  • No need for travelling to the company's branch office or any TPA's office.
  • The payment process can be completed through the click of a button.
  • It does not require the policyholder to retain numerous hard copies of policy documents as these documents can be saved as a soft copy in the system for future reference.
  • This mode is much faster and more reliable than the offline mode.

The company understands the fast-paced life of the policyholder and the struggles that come with it, and as such, the online payment process is simple and can be completed in a short amount of time.

Bharti AXA Insurance Online Payment Steps

People trying to pay the premiums through the online mode for their insurance plans are requested to follow the steps mentioned below for completing the process:

  • Visit comto get an instructive overview on how to proceed with the online payment process.
  • Go to the menu overlay button, and click on "Health Insurance."
  • In the ensuing drop-down menu, select the insurance category and the plan that you want to pay the premium for.
  • Go to the ‘compare plan’ option & calculate the premiums online.
  • Click on "Pay premium."
  • Enter your details and the policy number and complete the transaction to receive an online notification stating that you have successfully paid the premium.

 Offline

As mentioned earlier, this mode is difficult and involves the policyholder travelling to one of the branch offices of Bharti AXA to make the premium payment.

Offline Premium Payment Steps

People trying to pay the premiums through the offline mode for their insurance plans are requested to follow the steps mentioned below for completing the process:

  • Visit a branch office of Bharti AXA in your close proximity.
  • Ask for a Customer Relations Manager or Insurance agent at the reception.
  • Submit applicable details and the policy number.
  • Make the payment.
  • You will receive a notification stating that your payment was successful after a couple of days

Bharti AXA General Insurance: Achievements and Awards

Bharti AXA Insurance Company is one of the widely acclaimed and favoured insurance providers in India. Throughout its existence, it has always strived to deliver exceptional services to its customers. This has helped them gain numerous awards and accolades, which they consider as a reflection of their passion and commitment towards customer-centricity.

Some of the awards and titles received by Bharti AXA General Insurance Co. Ltd. are mentioned below:

  • Customer Service Excellence Award at BFSI Awards, 2019 organized by ABP News
  • Best Large Private Sector General Insurance Company by ET Now, 2019
  • Technology Initiative of the Year Award by ABP News at BFSI Awards, 2019
  • Non-Life Insurer of the Year title by ASSOCHAM at ILME Awards, 2019
  • General Insurance Company of the Year Awards at CMO GSI Awards, 2019
  • Technology Initiative of the Year Award at BIB Awards, 2018
  • SKOCH Bronze Award for the category “Crop Insurance” at the 53rdSummit of SKOCH, 2018
  • India’s Greatest Brand 2017-18 title by Asia One
  • Best Private Insurance Company by BFSI Awards 2014
  • Outstanding Performance Award (Insurance Category) at CCS Vendor Conclave, 2013
  • Finnoviti Editor’s Choice Award – Service Innovation, 2013
  • Claims Initiative Award, 2012
  • IES Excellence Award by Institute of Economic Studies

FAQs

Written By: Paisawiki - Updated: 15 December 2020

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