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Bharti AXA Term Insurance Plan

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Term plans refer to life insurance plans that aim to provide financial security to the family of the insurance holder, in case of the insurer’s untimely death. A term plan is like a contract between the insurance provider and the insurance holder, whereby the company promises to pay out the assured sum of the policy on the condition that the insured pays regular premiums to the company. The plan coverage and its terms and conditions differ from plan to plan. The term insurance plan is the most basic type of insurance plan in the market and can be availed at a low premium rate while getting high coverage.

Bharti AXA offers different kinds of term plans. Each plan differs from each other in terms of their policy coverage, terms, and conditions, the premium to be paid, riders, etc. The company has made it possible for people to buy their plans online for convenience and also through their other channels like brokers, agents, etc.

Bharti AXA Life Insurance is a leading insurance provider in India that was formed as a joint venture of Bharti Enterprises and AXA Group. Their best selling products are Bharti AXA term plans.

Features of Bharti AXA Term Insurance Plan

The features and benefits the insured gets when they purchase a term plan from Bharti AXA are as follows:

Below are the salient features comes packed with Bharti AXA Term Plan:

  • Term plans provide financial security to the insurer's family when the insured dies untimely. It is a great way to ensure the family’s needs including the children’s education is still being met
  • There is different coverage for different plans. The coverage options range from 10 years, 15 years, to 25 years

  • There are different premium rates for Bharti AXA term plans. Whether the sum assured is small or large, there are many different premiums to choose from, depending on the finances of the customer.

  • One can get the sum assured on their term plans up to INR 1 Crore and multiple premiums

  • The premium rates for specific categories of customers are higher. For example, smokers have a different premium rate because they are considered to be at high risk.

Benefits of Bharti AXA Term Insurance Plan

  • There are multiple pay-out options for the sum assured. One can have the amount paid out in lump sum, monthly or in a combination of both.
  • Bharti AXA has covers that can be added to increase the plan coverage from critical illness. There are different essential covers of illness with various diseases on their list.

  • Getting a term plan has many tax benefits, which can be availed under the Income Tax Act 1961.

  • Getting a Bharti AXA term plan is convenient and easy. One can buy preferred choice of term plan online from the leading website in the comfort of home.

  • Term plans can cover and protect the policyholder until the age of 85. This ensures that the nominee is taken care of after the death of the insured

List of Bharti AXA Life Term Insurance Plans

Currently, there are five different term plans on offer by Bharti AXA life insurance. All details of plans regarding entry age, maturity age, etc. have been listed in a table below.

Plan Name Entry Age Maturity Age Policy Term Sum Assured
Bharti AXA Flexi Term Plan 18 years to 65 years 85 years 10 to 25 years INR 10 Lakh and upwards
Bharti AXA Life Premier Protect Plan 18 years to 65 years 85 years Ten years to 35 years INR 25 Lakh and upwards
Bharti AXA Life Smart Jeevan Plan 18 years to 50 years 62 years 12 years INR 50,000 – INR 5,00,000
Bharti AXA Life POS - Saral Jeevan Bima Yojana 18 years to 55 years 28 years to 65 years 10, 15, 20 and 25 years INR 50,000
Bharti AXA Life Income Protection Plan 18 years to 58 years (for 12 years term), 55 years (for term 15 years), 50 years (for a term of 20 years) 70 years 12 years, 15 years and 20 years INR 5,00,000
Bharti AXA Life eProtect 18 years to 65 years 28 years to 75 years Ten years to 30 years From age 60 years to age 75 years INR 25 Lakh and higher
Bharti AXA Life eProtect+ 18 years to different maximum age depending on the policy term 28 years to 75 years Ten years to 30 years INR 50 Lakh and higher

 

  • Bharti AXA Flexi Term Plan

    Bharti AXA Flexi Term plan is a high coverage term plan that covers many different critical illnesses. The highly flexible plan allows death benefits to pay-out in a lump sum, monthly or lump sum, and monthly method, which can be chosen by the insured.

    Coverage: The term plan has three types of critical illness policy coverage like comprehensive – covering 34 critical illnesses, significant illness cover – covering 15 major critical illnesses, heart and cancer cover – covers nine significant diseases related to heart and cancer.

    Eligibility: The minimum age to avail is 18 years, and the maximum age is 65 years. The age of the insured at the maturity should be 85 years.

    Premium: Premium can be paid either monthly, quarterly, semi-annually, or annually. Premium to be paid is based on the age of the insured, gender, the sum assured, the term of the policy, etc

  • Bharti AXA Life Premier Protect Plan

    Bharti AXA Life Premier Protect plan is a non-linked and non-participating term plan with full flexibility of premium payment modes and multiple death benefits. The plan coverage can be increased as per the insured’s life milestones.

    Coverage: Insured can take out multiple riders to enhance coverage. There are riders to daily pay-out benefits when hospitalized, accidental death rider, and premium waiver rider if insured contracts certain critical illnesses.

    Eligibility: The insured must be at least 18 years and a maximum of 65 years at the time of purchasing the plan. Age at maturity must be 75 years for single premium pay and 80 years for limited and regular premium payments.

    Premium:  Three premium payment options depending on the policy term are available. Single pay is for a policy term of 10 years to 35 years; limited fee is for a time of 10 years and 15 years and regular fee for the term of 10 years to 35 years. The premium can be paid annually, semi-annually, quarterly, or monthly.

  • Bharti AXA Life Smart Jeevan Plan

    Bharti AXA Life Smart Jeevan plan protects the family of the insured for 12 years at an affordable premium. The plan pays out all the premiums at maturity if the insured survives the policy term.

    Coverage: The policy coverage includes the death of the insured before time, at the end of which the sum assured is paid out. If the insured was to survive the policy term, all the premiums are paid back.

    Eligibility: The minimum age of the insured must be 18 years to 50 years when purchasing the policy. The age at maturity of the insured is 62 years.

    Premium: Premium is decided based on the insured age. The premium rate, per 1000 of the sum assured, the company has a rate range from 6.46 to 16.16.

  • Bharti AXA Life POS Saral Jeevan Bima Yojana Plan

    The Bharti AXA Life PIS Jeevan Bima Yojana plan is a term plan that doubles up the sum assured, which is paid out in lump sum during the death of the insured. The plan has four terms to choose from, ten years, 15 years, 20 years, and 25 years.

    Coverage: The plan coverage includes the death of the insured during the policy term, or death other than an accident during the waiting period, death other than an accident after 90 days waiting period and death due to accident

    Eligibility: The age of the insured at the time of purchase of plan must be within 18 years to 55 years. At maturity, the age of the insured must be in the range of 28 years to 65 years.

    Premium: The premium rate depends on the age and policy term of the policy. For ages 18 years to 55 years, the premium rates offered are between 2.38 to 17.29 for sum assured less than INR 10 Lakh, and 2.32 to 16.86 for amount assured higher than INR 10 Lakh.

  • Bharti AXA Life Income Protection Plan

    The Income Protection term plan provides annual pay-outs over a specific period to the insured’s family, in case of the death of the insured. Also, 100% or 110% of the premiums paid are returned in a lump sum at the end of the term.

    Coverage: The basic policy coverage includes untimely death of the insured during which the sum assured and premium paid is paid out. An additional rider can also be taken out where the coverage of the plan can be increased.

    Eligibility: The minimum age of the insured must be 18 years and 58 years for a term of 12 years, 55 years for a term of 15 years and 50 years for a policy term of 20 years. The age at maturity must be 70 years.

    Premium: Premium rates depend on the age, policy term, percentage of premiums to be paid, and sum assured. The premium rate range is 5.46 to 72.8 for the amount assured up to INR 25 Lakh. For sum assured of INR 25 Lakh to INR 50 lakh, the premium rate range is 6.99 to 68.62. For sum assured higher than INR 50 Lakh, the rates are 5.95 to 63.81.

  • Bharti AXA Life eProtect

    This is a more economical term plan that pays out the policy’s sum assured on death of the insured. The premiums are affordable to be paid. For a sum assured of INR 1 crore, the premium is around INR 6100.

    Coverage: The plan coverage includes the death of the insured during the policy term. There are also riders to cover death due to accidents and rider to cover hospitalization costs.

    Eligibility: The minimum entry age must be 18 years to age 70 years for 40 years policy term and age 75 years for policy term above that.

    Premium: For a sum assured of INR 1 crore, the premium ranges from INR 6,100 to INR 14,700. The final premium will depend on the age of the insured and the term of the policy.

What is not covered in Bharti AXA Term Plans?

The term plans offered by Bharti AXA have the following exclusions from their terms and conditions. Some of the below-mentioned exclusions apply to the riders of the policy too.

  • Death due to suicide

    If the insured has committed suicide resulting in death within 12 months of inception of the policy, the date of revival of the policy, non-participating policy

  • Death due to alcohol and drugs

    If the insured has died under the influence of alcohol or drugs, policy claim is not approved

  • Death due to taking part in hazardous activities

    If the insured took part in dangerous activities and sports that have caused death the policy claim is refused

  • Death due to taking part in criminal activities

    Taking part in criminal activities which have resulted in the death of the insured is excluded from policy claim

  • Death due to pregnancy complications or during childbirth

    Any death that has occurred due to complications during pregnancy or delivery is not entertained during policy claim

Claim Process of Bharti AXA Term Plan

The process of filing a claim for a Bharti AXA insurance plan is as below.

The term plans offered by Bharti AXA have the following exclusions from their terms and conditions. Some of the below-mentioned exclusions apply to the riders of the policy too.

  • Intimating the claim

    The first step is to intimate the claim by registering online at the Bharti AXA Life Insurance website or the nearest office, calling the helpline at 1800-102-4444 or emailing at claims[at]bharti-axalife.com

  • Claim processing

    Once the company receives the request for a claim, a specialist will look at the claim. The specialist will attempt to contact the insured through email, call or a letter if more information and documentation is needed

  • Upload documents

    Upload all documents like the original policy bond, statement form, self-attested death certificate from a local authority, bank passbook copy of the nominee and a cancelled cheque

  • Wait for the decision

    Once all information is given and documents are uploaded, the final decision is communicated within five days. However, if a thorough investigation is required, it could take up to 4 months.

Tax Benefits of Bharti AXA Term Insurance Plan 

  • All term plans enjoy different tax benefits under the income tax act. All deductions and tax benefits are as follows.

  • As per section 80C of the Income Tax Act, all premiums paid by the insured are exempt from taxation for a limit of up to INR 1.5 lakh

  • Tax deduction benefits can be availed under section 80U of up to 10% of the sum assured

  • The entire sum assured that is paid to the nominee on the death of the insured is exempt from taxation

How to buy Bharti AXA Term Insurance Plan?

All term plans offered by Bharti AXA Life insurance can be bought easily and without any hassle. All term plans can be purchased in the following ways:

Online: Bharti AXA Life Insurance can be obtained from the leading website for Bharti AXA. All details of the term plans can be viewed, upload documents to buy the policy and more.

Visit the nearest branch office: Bharti AXA Life has many offices all around the country. One can look up the address of the closest office online from its website and visit the branch to make the purchase.

Customer care: Bharti AXA has an efficient 24x7 customer care line that can be contacted for details regarding the term plans. One can email them or call them.

How to renew Bharti AXA Term Plan?

Renewing of a term plan is allowed if the policy’s coverage allows it. The insured has to pay a renewal premium to keep the policy and the plan coverage active. To renew the following can be done:

Contact company customer care: Emailing Bharti AXA Life, calling them, or dropping a message on its main website stating the renewal request is counted for a renewal

Visiting an office: If one wishes to talk in-person regarding the renewal that can be done. It could help generate confidence regarding the plan.

Required documents to purchase a Bharti AXA Term Plan

The necessary documents that are required to be submitted to buy a Bharti AXA Term Plan are listed below. It must be noted that the company can ask for more documents to support the application.

  • Identity proof like PAN card, driver’s license, voter ID card

  • Address proof like utility bills, passport, voter’s ID card

  • Income proof like salary slips, income tax returns slips

  • Age proof like birth certificate, school leaving certificate, PAN card

Bharti AXA Life Insurance

Bharti AXA Life Insurance is a leading insurance provider in India that was formed as a joint venture of Bharti Enterprises and AXA Group. Bharti Enterprises, established by Bharti Mittal, is a leading MNC of India that started with manufacturing bicycle parts. AXA Group is a multinational insurance provider from the country of France that provides group insurance, investment services, and others. Both companies came together to form the Bharti AXA Life Insurance in 2006 to provide various insurance services to the Indian public. Their best selling products are their Bharti AXA term plans.

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Written By: Paisawiki - Updated: 05 October 2020