Bharti AXA Term Insurance

Bharti AXA Term Insurance: Brief Overview

Formed in 2006, Bharti AXA Life Insurance is an amalgamation of two financial experts, the first being Bharti Enterprises, a prominent India business group and the other Paris-headquartered AXA Group. The company aims to be the most preferred life insurance company in the country. Bharti AXA offers various term insurance plans that are very popular. 

With the right term plan, you can ensure that tomorrow if something happens to you, the bread earner of the family, your family will be able to live a well-maintained life. Bharti AXA allows you to keep your family financially stable even in your absence. 

Most Popular Bharti AXA Term Plans

Let us take a look at the various term plans offered by Bharti AXA and their main features:

1. Bharti AXA Flexi Term Plan

Bharti AXA Flexi Term Plan allows you to safeguard your family against an untoward event. It is a comprehensive plan that comes with the optional benefit of critical illness. You have the flexibility to choose from 3 different kinds of life cover payout options:

• Lump-sum
• Increasing Monthly Income
• Lump-sum and Increasing Monthly Income

Highlighting Features of the Plan:

• The plan offers maximum coverage tenure that goes up to 75 years
• There is an Optional Critical Illness Benefit, that covers 34 illnesses, if the insured is diagnosed with any of the listed illness there will be a waiver of premium
• You have the option to cover critical illness at the age of 75 years

Eligibility Conditions

1. Bharti AXA Grameen Jeevan Bima Yojna

Bharti AXA Grameen Jeevan Bima Yojna is a non-linked, non-participating life term micro-insurance plan. This plan offers life insurance cover in case of death of the insured member. The plan offers a return of premium option, in which at the end of the term 100% of the premiums paid are returned. 

Highlighting Features of the Plan:

• The plan gives you the flexibility to opt for any of the 2 plan options:
• Pure Protection Plan Option
• Protection with Return of Premium Option
• You can select any of the two policy terms: 5 years or 10 years
• No pre-policy medical tests required when buying this policy 

Eligibility Conditions

1. Bharti AXA Premium Protect Plan

Bharti AXA Premium Protect Plan offers a protective cover to your loved ones, along with the option of increasing protection at various stages of life.

Highlighting Features of the Plan:

• The plan offers flexibility in the frequency of premium paying options
• The policy term ranges from 10 years to 35 years and to 75 years
• You can choose the death benefit payout:
• Lumpsum
• Monthly Income 
•  Lump Sum plus Monthly Income

Eligibility Conditions

1. Bharti AXA Smart Jeevan

With Bharti AXA Smart Jeevan, you can offer your family a cover for a period of 12 years, that too at a very reasonable rate. When the policy ends, you will receive 100% of the premiums that have been paid.

Highlighting Features of the Plan:

• The plan offers maturity benefit  which is a 100% return of premiums that have been paid 
• Very easy and simple purchase policy

Eligibility Conditions

1. Bharti AXA POS Saral Jeevan Bima Yojana

Bharti AXA POS Saral Jeevan Bima Yojana is a non-linked, non-participating term insurance plan that offers life insurance in case of death of the insured member.

Highlighting Features of the Plan:

• The plan offers double the sum assured on death in case of accidental death of the policyholder
• You also have the option to choose from 4 policy terms: 10, 15, 20 or 25 years
• No pre-policy medical tests required when buying this policy 

Eligibility Conditions

1. Bharti AXA Income Protection Plan

With Bharti AXA Income Protection Plan you can provide your family with a regular income even in your absence. The income can continue for a period of 15 or 20 years. In case you survive the policy period, 100-120% of the premiums that have been paid will be returned at the end of the policy.

Highlighting Features of the Plan:

• The plan allows an annual pre-planned income for your family
• You will receive all the paid premiums as Maturity benefit at the end of the policy tenure

Eligibility Conditions

Benefits of Buying Bharti AXA Term Insurance Plans

1. Financial Security
   The death of the bread earner can be a big blow for the family, not just emotionally but also financially. With Bharti AXA Term Insurance Plans, you can be sure that even if something happens to you, your family won’t be in a financial crisis. 
2. Affordable Plans
   Bharti AXA Term Insurance Plans offers coverage at very reasonable prices, making it easy for almost everyone to afford term insurance.
3. Long Coverage Period
   No matter what age you invest in a term insurance policy, you can cover your family for a period that you think would be enough. 
4. Premium Payment Options
   Depending on the kind of plan that you have opted for, you can select the frequency of premium payment. You can choose a monthly, quarterly, half-yearly or yearly payment. 
5. Availability Of Riders
   An add-on benefit always helps in enhancing the coverage of your term insurance. With a little extra premium, you can greatly increase the scope of the insurance cover.
6. Easy to Purchase
   The online portal makes all insurance procedures very easy. The term insurance can be bought, renewed and claimed in a matter of minutes. 
7. Tax Benefits
   The premium that is paid up to INR 1.5 lakhs is eligible for tax-exemption. Also, the Death benefit and the Maturity benefit are eligible for tax-exemption.

What is Covered in Bharti AXA Term Insurance?

1. Death Benefit
   The payout that the appointed nominee receives, in case the policyholder expires is called the death benefit. This lump sum amount can be very helpful for your family as they would be able to avoid a financial crisis that your death may otherwise cause. Depending on the plan you buy, you have the choice to select a single or regular payout option.
   
    
2. Maturity Benefit
   Some plan variants of Bharti AXA term insurance offer a maturity benefit which is given to the insured member when he survives the policy period. 

What is Not Covered In Bharti AXA Term Insurance?

Just like any other insurance plan, Bharti AXA term insurance also has a set of exclusions, which are covered in a policy. The major exclusions are listed below, for an exhaustive list, refer to the company website.

• Death due to a pre-existing condition, that existed before the time of inception of the policy will not be covered 
• Death caused due to suicide, self-inflicted injuries, insanity and immorality is not covered
• Death due to participation in illegal or malicious activities are not covered
• Death due to overuse/ abuse of an intoxicant is not covered

How to Apply For Bharti AXA Term Insurance Plan?

Applying for a Bharti AXA Term Insurance Plan is an easy task. You must, however, make sure that you go through all the details of the various plans that are available. This will help you in making an informed decision. In order to find out about the premium amount, you can make use of an insurance premium calculator as well. Once you are certain about the plan you wish to invest in, follow the instructions given below:

• Online Method
  Today, when just about everything can be done online, why should buying a term insurance plan be any different. Applying for Bharti AXA term insurance is very easy and simple. It would not take more than a few minutes. Just make sure that you follow all the instructions carefully and keep all required documents handy. 
  
  Visit the company website and select the plan that you wish to invest in. Fill in the application form and select a rider if you wish to. You then need to pay the premium. Once all details are authenticated by the company, the policy will be issued.
  
  If you want, you can also purchase the plan through an insurance aggregator website. The procedure will be quite similar.
• Offline Method
  In case you want to purchase the policy by physically visiting a branch office, you can do that too. Click https://www.bharti-axalife.com/branch-locator to locate a Bharti AXA branch near you. You can get in touch with the Helpdesk for any assistance in filling the application form. Make sure you carry all the required documents with you. Once the paperwork is complete, you would have to pay the required premium. As soon as your application is accepted by the company, the policy papers would be issued to you. 
  
  If you want, you can also buy the policy through a company insurance agent or broker. Click https://www.bharti-axalife.com/pdf/irda-corporate-agent-websiteformat.pdf to view the list. 
  
   

Bharti AXA Term Insurance Riders 

If you wish to add the protection of the term insurance plan, you have the option to include riders to your base policy. When you add a rider to your plan, you need to pay a little extra, and you can enhance the coverage manyfold. Depending on the kind of term insurance plan that you have opted for, you can select the following riders:

• Bharti AXA Life Hospi Cash Rider 
  Subject to a maximum of 40 days, the insured will receive a fixed benefit for each day spent under hospitalisation. 
• Bharti AXA Life Term Rider
  With this rider, you can further enhance the life insurance cover.
• Bharti AXA Life Accidental Death Benefit Rider
  In case of accidental death, the nominee would receive an extra sum assured as chosen under the rider.
• Bharti AXA Premium Waiver Rider 
  With this rider, if during the policy term the insured member is diagnosed with any of the listed diseases, the future premiums will be waived off. The policy and its benefits will continue. 

Bharti AXA Term Insurance Claim Process

In a basic term insurance plan, the claim will arise when the policyholder dies. In some variants, however, there is the option of maturity benefit. In case of a death claim, the appointed nominee can carry out the procedure. For a maturity benefit, the policyholder can do the needful. Let us take a look at how a claim is to be processed. 

• Step 1: Intimation of the Claim
  The first thing that is to be done is notifying the company about the claim. The Claim Form is to be filled, which can be obtained from a branch office or can be downloaded from the company website. 
  
   
• Step 2: Furnish the Paperwork
  In order to get a smooth and successful claim, all the documents must be submitted. The documents include:
• Policy papers
• Death Certificate issued by an Authority
• All medical reports in case of death due to any illness
• In the event of accidental death: Certificate by a Medical Practitioner to certify the cause of death, Post Mortem Report, (FIR) First Information Report, Inquest Report and the Final Investigation Report of the Police
• ID proof of the appointed Nominee
• Bank Details
  
   
• Step 3: The Payout
  Once all the paperwork is submitted, the company generally processes the claim within 30 days. Depending on how old the policy is, or reason of death more investigation may be carried out. 
  
   
• Maturity Claim
  In case of a maturity claim, you can get in touch with customer care. The company executives will guide you through the procedure.
  
  
   

Bharti AXA Term Insurance Customer Care Details 

Bharti AXA Term Insurance Review

Having sold over 10.5 policies, Bharti AXA surely enjoys its customers’ trust. The company recorded a Claim Settlement Ratio of 97.28% in the financial year 2018-19. With low premium rates, the term plans offered by the company allow you to afford high coverage plans. The plans further offer a lot of choices with which you can customise the plan as per your insurance needs. A few variants offer a maturity benefit, allowing you to keep yourself financially secure too.