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Bharti AXA Life Insurance

Claim Settlement Ratio - 97.15%*
*Data according to IRDA Annual Report (2018-19)
*Please note that the quotes shown will be from our partners

Bharti AXA Life Insurance offers various plans to safeguard the life of the person insured and his/her family. The insurance plans include health plans, protection plans, saving plans, and investment plans. Each plan is designed uniquely to fulfil the needs and goals of the person insured.

What is Bharti AXA Life Insurance Plan?

Bharti AXA Life Insurance has different policies that provide financial security to the policyholder's family, helps to save tax, accumulate lump sum amount, and aid financial planning. There are various plans which are available for salaried persons, business people, self-employed persons, personal individuals, and senior citizens.

Life insurance plans can be broadly classified into four types. They are endowment plans, ULIP plans, pension plans, and term insurance plans. Term insurance plans provide death benefits only and are considered best for the financial security of the policyholder's family.

Endowment plans are considered as great investment options that offer death benefit as well as maturity benefit. 

Although ULIP plans offer death benefits and maturity benefits, there are risks associated with it. 

Pension plans are the best means of building a corpus for retirement years. Life Insurance plans have tax benefits too. So let's take a look at the Bharti AXA Life Insurance plans in detail.

Why should one buy Bharti AXA Life Insurance?

Here are the few reasons for buying the Bharti AXA plans:

  • Bharti AXA Life Insurance Plan provides risk coverage to the policyholder's family. The insurance company provides monetary compensation against premiums in case of the death of the policyholder
  • Life insurance has different plans for customers with different needs. For those who want to save for their retirement can choose pension plans with life insurance policy benefits. Parents wanting to secure their child's future can opt for child plans. Those interested in wealth accumulation can opt for endowment plans. Customers can also opt for ULIP plans if they have higher risk-taking capacity

  • Bharti AXA Life Insurance Policy covers health expenses or hospitalization charges in case of critical illness

  • The insurance provides multiple policies that promote savings and augments wealth generation

  • Bharti AXA Life Insurance comes with guaranteed income payable to policyholders

  • The insurance provider has a dedicated claim handler to handle all the claim requests. It provides personal assistance for the completion of documentation and settlement of claims. This helps in faster approval of plans

  • Bharti AXA also has a super retention desk which advises policyholders if the policy reaches surrender value

Types of Bharti AXA Life Insurance Plans

Bharti AXA Life Insurance provides the following type of plans:

  • Life Samriddhi Plan
  • Life Elite Advantage Plan

  • Life Aajeevan Sampatti Plus

  • Life Monthly Income Plan plus

  • Term Plan eProtect Plus

  • Term Plan eProtect

  • Life Invest Once Plan
  • Life Child Advantage Plan
  • Bharti AXA Life Samriddhi Plan

    Bharti AXA Life Samriddhi Plus is a non-linked participating plan that offers profits by investing in the participating funds of the company. The policy has non-guaranteed bonuses. There are maturity benefits as well as death benefits.

    Features of Bharti AXA Life Samriddhi Plan are:

    Type: Participating Endowment Plan

    Basis: Individual
    Policy Coverage Benefits:

    Death Benefit - On the death of the policyholder, the following benefits are paid to the nominee

    • Basic life insurance cover
    • Non-guaranteed – Annual simple reversionary bonuses and Terminal bonuses
    • The sum paid will be the higher of-
      • Sum Assured on Maturity or
      • 11 times the annualized premium or
      • 105% of the premiums paid 

    Maturity Benefits – 

    • The policyholder will get the higher of 100% of the sum assured
    • Non-guaranteed 
      • Annual simple reversionary bonus at the end of each year
      • Terminal bonus
      • Sum assured - depends on the premium
      • Premium frequency - Monthly, quarterly, semi-annually, or annually

    Policy term - 

    • For a limited premium term, the policy term is 10 or 20 years
    • For regular terms, the policy term ranges from 10-35 years

    Surrender value –

    The surrender value is acquired if a minimum of 2 years of the premium is paid for a policy term of 5 years.

    Eligibility Conditions of Bharti AXA Life Samriddhi Plan

    • Minimum Age - 0 years of age to 8 years of age varies with different policy terms 
    • Maximum Age - 45-55 years of age varies with the policy term
    • Premium Payment Term - 5 years to 35 years term
    • Policy Term - 10 years to 35 years of the policy term
  • Bharti AXA Life Elite Advantage

    Bharti AXA Life Elite Advantage is a non-participating plan with guaranteed annual payments to provide an inflow of cash.

    Benefits of Bharti AXA Life Elite Advantage are:-

    Policy Coverage
    Maturity Benefit

    100% sum assured is paid plus annual pay-outs paid yearly or yearly. Pay-outs can be taken in a lump sum at 5% discounted rate.

    Death Benefit-

    • Sum paid will be higher of necessary sum assured on maturity with bonuses (if any) or
    • 11 times the annual premium or 
    • 105% times the premiums paid

    Eligibility of Bharti AXA Life Elite Advantage Plan

    • Minimum Entry Age: 6 years of age
    • Maximum Entry Age: 65 years of age
    • Maturity Age: 77 years of age
    • Policy Term: 10 years of 12 years 
    • Premium Paying Term: 5 years for ten-year term & 7 or 12 years for a 12-year term 
    • Premiums Frequency: Quarterly, Half-yearly, or annually
    • Sum Assured depends on the premium paid
  • Bharti AXA Life Aajeevan Sampatti Plus

    Bharti AXA Life Aajeevan Sampatti Plus is a saving plan with multiple benefits like maturity benefit, death benefit; annual pay-outs till the age of 100, in addition to non-guaranteed cash bonuses until maturity. 

    Benefits of the policy are:

    The core benefits of Bharti AXA Life Aajeevan Sampatti Plus plan are as follows:
    Annual Pay-outs:

    The plan has guaranteed annual pay-outs until the maturity of the policy. From the 10th policy year, an annual payment is offered until the maturity of the plan or death of the policyholder.

    The rate of annual pay-out is as follows:

    • Up to the age of 100:- 5.5% of the sum assured
    • Up to the age of 85:- 6% of the sum assured

    Cash bonus:
    The policy has non-guaranteed cash bonuses given every 6th policy year. The bonuses continue till maturity of the policy or death of the policyholder. 

    Policy Coverage
    Death benefit:
    On the death of the policyholder, the nominee gets the highest of: 

    • Sum assured on maturity, or
    • 11 time the annualized premium, or
    • 105% of the premiums paid 

    Maturity benefit: If the policyholder survives until the maturity of the policy, the sum assured is paid.  

    Eligibility of Bharti AXA Life Aajeevan Sampatti Plus

    • Minimum Entry Age: 91 days
    • Maximum Entry Age: 
      • 60 years for a policy term of 100 years
      • 50 years for a policy term of 85 years
    • Policy term: 100 years or 85 years
    • Premium Frequency: Monthly, quarterly, semi-annually, or annually
  • Bharti AXA Life Monthly Income Plan Plus

    Bharti AXA Life Monthly Income Plan Plus is a life insurance policy with a monthly income. There are three different policy terms in this plan. 

    Features of the plan are- 

    • Type: Limited pay policy 
    • Policy term: 15, 20, and 30 years.
    • Sum Assured: 
      • Rs 1.92 Lakh for the 15-year policy term
      • Rs 2.1 Lakh for the 20-year policy term
      • Rs 1.35 Lakh for the 30-year policy term

    Policy Coverage
    Death benefit:
    In case of the death of the policyholder, the nominee receives the higher of the two -

      • Sum assured plus non-guaranteed bonuses, or
      • 105% of the premiums paid

    Maturity benefit: On maturity of the policy, the policyholder gets Reversionary and terminal bonuses, but neither is guaranteed.

    Eligibility Bharti AXA Life Monthly Income Plan Plus

    • Minimum Entry Age: 
      • Three years for a 15-year policy
      • 0 years for 20 or 30-year policy
    • Maximum Entry Age: 
      • 65 years for a 15 year policy
      • 60 years for a 20-year policy
      • 50 years for a 30-year policy
    • Maximum Maturity Age: 80 years
    • Policy Term: 15 years, 20 years, and 30 years
    • Premium Frequency: Monthly, quarterly, half-yearly, or yearly 
    • Premium Paying Policy Term: 
      • 7 years for a policy term of 15 years
      • 10 years for a policy term of 20 years
      • 15 years for a policy term of 30 years
    • It is a non-renewable policy
  • Bharti AXA Term Plan eProtect

    Bharti AXA Term Plan eProtect is a term insurance plan with lower premium options. It comes with two flexible payout option plans. 

    The features of the plan are as follows:-

    • Lower premiums compared to other plans.

    Policy Coverage:

    • Death benefit with two options:-
      • 1st Option: Death benefit will be paid in monthly instalments for 15 years
      • 2nd Option: 50% of the sum assured is paid immediately, and the rest of the amount is paid in increasing annual instalments
    • The policyholder can choose the more suitable option according to their family needs
    • There is no maturity benefit

    Eligibility of Bharti AXA Term Plan eProtect Plus

    • Minimum Entry Age: 18 years
    • Maximum Entry Age: 65 years
    • Maturity Age: 70 years
    • Minimum Policy Term: 10 years
    • Minimum Sum Assured: 25 Lakh
    • Premium Payment Policy Term: Equal to policy duration
    • Payment Frequency: Yearly or half-yearly
  • Bharti AXA Life Future Invest Plan

    Bharti AXA Life Future Invest Plan is a ULIP plan which provides good returns as well as the benefit of a life insurance plan.

    Features of the unit-linked insurance plan (ULIP) are:

    • Premiums: Can be paid in one lump sum
    • The premiums paid (after adjusting charges) are invested in one of the 6 funds chosen by the policyholder
    • Tenure: 10 years or 5 years if paid for a limited tenure
    • Death Benefit: In case of the nominee of the policyholder, the nominee gets
      • Sum Assured (less the partial withdrawals made 12 months before the death), or
      • 105% of the premiums paid till the death of the policyholder, or
      • Available fund value

    Sum Assured for:

    • Limited pay - higher of 10 times the annual premium or 0.5 times term annual premium
    • Single Pay - 1.25 times of single premium

    Eligibility AXA Life Future Fund

    • Minimum Entry Age: 18 years 
    • Maximum Entry Age: 59 years
    • Maturity Age: 69 years
    • Policy Term: 10 years
    • Premium Amount for: 
      • Limited Pay - Rs 18,000
      • Single Pay: Rs 50,000
    • Premium Payment Term: Single Pay or 5 years
  • Bharti AXA Life Invest Once Plan

    Bharti AXA Life Invest Once is a non-participating, non-linked, single premium plan.

    Features of the plan are:

    Policy Coverage:

    • Death Benefits – In case of the death of the policyholder, one of the following will be paid to the nominee:
    • Sum assured chosen by the policyholder, or
    • Sum assured on maturity, or
    • 125% of single premium + mortality premium for policyholders below 45 years of age
    • 110% of single premium + mortality premium for policyholders above 45 years of age
    • Maturity Benefits: On survival of the policyholder, maturity benefit equal to 100% of the premium paid till maturity + guaranteed additions are payable to the policyholder

    Eligibility of Bharti AXA Life Invest Once

    • Minimum Age: 
      • 8 years for a 10-year policy term
      • 13 years for a 5-year policy term
    • Maximum Age: 55 years
    • Maximum Maturity Age: 
      • 60 years for a policy term of 5 years
      • 65 years for a policy term of 10 years
    • Premium Pay Type: Single Premium 
    • Policy Term: 5 years or 10 years
  • Bharti AXA Life Child Advantage

    Bharti AXA Life Child Advantage is a saving plan with two flexible maturity options which can be chosen to suit a child's career prospects.

    Features of policy are:

    • The policy comes with two options:
      • Money-Back Option: 70% of the sum assured will be paid in the final 5 years before the maturity of the policy. The remaining sum assured will be paid at the end of the policy
      • Endowment Option: 125% of the sum assured will be paid at the end of the policy

    Sum Assured:

    • Death Benefit: In case of the death of the policyholder (parent), the nominee receives higher of:
      • 110% of sum assured if the money-back option is chosen
      • 125% of sum assured if the endowment plan is chosen, or
      • 11 times the annualized premium, or
      • 105% of all premiums paid
    • Continuation of Policy: On the death of the policyholder, the policy continues to provide all planned benefits to the child by waiving off future premiums
    • The policy provides a non-guaranteed simple reversionary bonus and terminal bonus

    Eligibility of Bharti AXA Life Child Advantage

    For Regular Pay Premium:

    • Minimum Entry Age: 18 years
    • Maximum Entry Age: 50 years
    • Maximum Age at Maturity: 71 years

    For Limited Pay Option:

    • Minimum Entry Age: 18 years
    • Maximum Entry Age: 55 years
    • Maximum Age at Maturity: 76 years

    For Both Options:

    • Policy term: 11 to 21 years
    • Minimum Sum Assured: Rs 25,000
    • Premium Payment Mode: Monthly, quarterly, semi-annually, or annually 

Inclusion, Exclusions, and Riders

Bharti AXA Life Insurance plans have different inclusions, exclusions and riders. They are discussed below:

  • Riders for the accidental death coverage plan

    Riders for the accidental death coverage plan are as follows:

  • Hospital Cash Rider

    It gives fixed benefits each day of hospitalization and lump sum benefit in surgeries.

  • Premium Waiver

    100% future premiums are paid by the insurance company in cases of the sudden death of the policyholder.

  • Inclusions

    Bharti AXA Life Elite Advantage Plan, Bharti AXA Life Aajeevan Sampatti Plus, and Bharti AXA Life Monthly Income Plan Plus provide a loan of up to 70% of the sum assured once the policy reaches surrender value.

  • Exclusion in case of all policies

    In case the policyholder commits suicide, one year from the death or revival of the policyholder, then 80% of the premiums are paid, or the surrender value will be paid (whichever is higher) to the nominee.

Features and Benefits of the Bharti AXA Life Insurance Plans

Here is a rundown to the key features and core benefits of Bharti AXA Life Insurance Plans:

  • Salient Features of Bharti AXA Life Insurance Plans

    Listed below are the features of Bharti AXA Life Insurance policies:

    • Bharti AXA Life Insurance provides a variety of offline and online plans for its customers according to their needs
    • The policy provider has excellent customer service for hassle-free claim processes
    • Bharti AXA Life Insurance Plans are quite cheap as compared to other policy provider plans
    • If the sum assured chosen higher than 4 Lakh, then the insurance provider gives a discount of 2% on the rate of the base premium
    • The policy provider gives a grace period of 30 days for paying the premium
    • In some policies, a loan is provided on the sum assured after it reaches surrender value
    • There are multiple premium options like single pay premium, limited premium, and regular pay
    • The premiums can be paid monthly, quarterly, semi-annually, or annually
    • The life insurance policy cover has claim pay-out. Under this, a fixed lump sum is paid to the nominee on death of the policyholder, and the rest of the amount is paid as monthly installments
    • There is a dedicated team for insurance plan renewal
  • Benefits of Bharti AXA Life Insurance

    Bharti AXA Life Insurance plans come packed with the following core benefits:

    • Tax Benefits: Under section 80C and 10(10D) of the Income Tax Act, 1961, there are tax benefits available on premiums paid regularly
    • The term plan can be customized through the addition of riders such as premium rate reducers and accident hospitalization
    • All the policies have a free look period of 15 days, if the policyholder wants to return the policy, all the premiums paid will be returned, and a small charge will be deducted

Documents required to apply for the Bharti AXA Life Insurance Plan

The documents required while applying for the Bharti AXA Life Insurance Plans are listed below:

  • Age Proof: Birth Certificate, School/College Certificate, PAN card, Voter Card, Adhaar Card, Passport, Driving License and such documents
  • Address Proof: Ration Card, Electricity Bill, Bank A/C statement, Passport, Utility Bill, Telephone Bill, Postpaid Bill or Letter from Recognized Public Authority
  • Photo Identity Proof: Aadhar Card, Voter ID, PAN Card, Driving License, Passport with Photograph
  • Recent passport size photograph
  • Income Proof: Salary Slip, Form 16, ITR/ Assessment Order/ Employers Certificate
  • Medical Health Record is required
  • Medical tests are also conducted

Claim Process of Bharti AXA Life Insurance

For the claim process, a person needs to call the insurance provider's claim handler and follow the below steps:-

  • The claim handler will assist throughout the claim process. He will inform about the entire process, documents required, form fill-up, and will resolve queries
  • To start the intimation process, an online form is to be filled and submitted along with the necessary documents
  • Once the verification is completed, the claim will be processed within five working days

Documents required for claim process are

  • Original policy bond

  • Claimant Statement form

  • Copy of death certificate by the local body.
  • Copy of photo id proof and residence proof
  • Copy of bank passbook of the nominee
  • Cancelled Cheque

Renewal Process of Bharti AXA Life Insurance

For the revival of Bharti AXA Life Insurance within two years of defaulted premium due dates, the documents required are:

  • A written application for life insurance policy renewal

  • Evidence of insurability

  • Payment calculated on the sum of unpaid premiums along with interest

How to Buy Bharti AXA Life Insurance?

One can buy Bharti AXA Life Insurance online or offline.

  • For the online process, visit the Bharti AXA -  website, calculate the premiums and click on buy option

  • Filling up the form and uploading KYC documents

  • Then the insurance provider will call for verification at the mobile number provided
  • After verification:
  • Uploading medical documents
  • Paying the premium amount

For an offline process, one has to visit the Bharti AXA branch.

Faqs

Written By: Paisawiki - Updated: 22 September 2020