Bharti AXA Flexi Term Plan
Bharti AXA Flexi Term Plan
Bharti AXA Flexi Term plan is a basic term insurance plan. This plan offers financial protection to your family members in case of your unforeseen demise along with an optional critical illness cover benefit. Bharti AXA Flexi Term plan offers the choice between 3 different death benefit payouts options, which are Lump Sum, Monthly Income and Lump Sum plus Monthly Income. Moreover, there are 3 types of critical illness covers available with this plan namely Comprehensive Cover, Major Illness Cover, and Heart & Cancer Cover.
For Bharti AXA Flexi Term plan the policyholder is offered with a free-look period of 15 days if the policy is purchased offline and 30 days if the policy is purchased online or through distance mode, wherein you can review the policy term and conditions. Within this free-look period you have an option to return the policy stating the appropriate reasons for not being satisfied with the policy.
Best Features of Bharti AXA Flexi Term Plan
Here are some prime features of Bharti AXA Flexi Term plan which makes it different from the other term insurance plans available:
- Bharti AXA Flexi Term plan lets you choose between 3 different death benefit payout options.
- This plan offers availability of an optional critical illness cover.
- This plan offers 3 types of critical illness cover that you can choose according to your requirement.
- This plan offers you the flexibility to choose the policy term according to your preference and budget.
- Bharti AXA Flexi Term plan provides life cover till the age of 85 years of age.
Benefits of Bharti AXA Flexi Term Plan
Here are some of the benefits of Bharti AXA Flexi Term plan that can be useful for you once you purchase this plan:
- Multiple Death Benefit Payout Options
Bharti AXA Flexi Term plan lets you choose the type of death benefit payout that you would prefer. Multiple death benefit payouts under this plan are Lump Sum, Monthly Income and Lump Sum plus Monthly Income.
- Under the Lump Sum death benefit payout the whole death benefit amount as lump sum to the nominee.
- Monthly Income death benefit is paid as monthly income for 15 years that increases yearly at a decided rate.
- With the Lump Sum plus Monthly Income the death benefit is paid as 50% as lump sum and 50% as monthly income for 15 years which increases every year at a decided rate.
- Optional Critical Illness Benefit Available
With this plan Critical illness Benefit option is available. With the help of the critical illness benefit if you are diagnosed with any of the listed critical illnesses the benefit will be payable as a lump sum despite the death benefit option chosen, this is to ensure that you are able to recover without worrying about the financial obligations. The critical illness benefit under this plan has 3 categories that are:
- Comprehensive Cover which provides protection against 34 critical illnesses
- Major Illness Cover which provides protection against 15 crucial critical illnesses
- Heart & Cancer Cover which provides protection against 9 critical illnesses related to Heart & Cancer
- Flexibility to Choose the Policy Term
Under Bharti AXA Flexi Term plan you have the flexibility to choose the policy term at the time of inception of the policy according to your financial requirement and budget. You get to choose the time period for which you are insured under Bharti AXA Flexi Term plan. You can choose from the policy term options that are 5, 10, 15, 20, 25 years up to the age of 85 years.
What is Covered?
Under Bharti AXA Flexi Term plan following eventualities are covered:
- Death Benefit: Bharti AXA Flexi Term plan provides life cover that is the family of the policyholder would receive death benefits in the event of policyholder untimely death. The family of the policy will receive the entire sum assured in the event of the policyholder's death.
- Critical Illness Coverage: This plan offers 3 types of optional critical illness cover option wherein if the policyholder is diagnosed with any of the listed critical illness during the policy term, the sum assured is payable to the policyholder so that his/her family don’t need to worry about the financial aid in case of being diagnosed with such an illness.
- Hospital Expenses: Bharti AXA Life Insurance offers Bharti AXA Hospi Cash Rider under this plan which provides the policyholder with a fixed amount to overcome everyday hospital expenses till the policyholder is admitted in the policyholder for the treatment of the illness diagnosed.
What is Not Covered?
The most important exclusion under Bharti AXA Flexi Term plan is death due to suicide. The claims in such scenarios shall take place as follows:
- If the policyholder commits suicide within 12 months of commencement of the policy or within 12 months of reviving the policy, the suicide will not be covered under the policy.
- In such scenarios the insurance company promises to pay 80% of the total premiums paid till the death of the policyholder.
- Other than suicide, this plan does not provide any survival benefit, which is payable to the policyholder only if he survives the policy tenure. Under Bharti AXA Flexi Term plan there are no survival benefits offered to the policyholder.
Exclusions for Critical Illness Benefit
In addition to general exclusion of suicide mentioned above, the following exclusions may apply to Critical Illness Benefit under this insurance plan:
- Pre-existing conditions at the time of commencement of the policy. Any pre-existing medical condition or injuries will not be covered under the critical illness benefit applicable to the Bharti AXA Flexi Term plan.
- Self-imposed injuries, suicide, and insanity are not covered under the critical illness benefit of the Bharti AXA Flexi Term plan.
Bharti AXA Flexi Term Plan Eligibility
Given below are the eligibility parameters of buying Bharti AXA Flexi Term plan –
Life Cover with Critical Illness
|Minimum Entry Age||18 years||18 years|
|Maximum Entry Age||65 years||65 years|
|Maximum Maturity Age||85 years||75 years|
|Minimum Sum Assured||INR 10 Lakh||INR 10 Lakh|
|Maximum Sum Assured||Subject to Underwriting|
Life Cover: Subject to Underwriting
Critical Illness: Subject to the policy cover and underwriting
|Minimum Policy Term||10 years (up to 60 years of age)||10 years (up to 60 years of age)|
|Maximum Policy Term||25 years (up to 85 years of age)||25 years (up to 85 years of age)|
|Premium Payment Modes|
Monthly, Quarterly, Half Yearly and Yearly
Monthly, Quarterly, Half Yearly and Yearly
Bharti AXA Flexi Term Plan Claim Process
For Bharti AXA Flexi Term plan you can request for claim online on the website and you can request for claim at the Bharti AXA Life Insurance branch office. Claim Settlement for Bharti AXA Flexi Term plan is hassle-free and quick. Here are the claim settlement process for Bharti AXA Flexi Term plan with or without the Critical Illness Cover:
- The nominee is required to intimate the insurance company about the demise of the policyholder.
- The claim can be intimated online through the website or through the company’s branch office.
- To lodge a death claim, the nominee must fill the death claim form and submit the claim form along with required documents online on the website or at the branch office.
- The claim specialist of the insurance company will assess the claim and if everything is provided for the claim to be approved then the claim will be settled by the earliest.
Documents required for death claims
- Original Policy Document
- Claimant’s Statement Form
- Copy/Original Death Certificate issued by local authority
- Photo ID Proof of the Claimant
- Address proof of the Claimant
- Bank Details of the claimant such as Copy of Cancelled Cheque/Copy of Bank Statement/ Copy of Bank Passbook.
Documents required for critical illness
- Photocopy of Hospital Discharge Summary and the Final Bill
- Medical Certificate stating the treatment details and patient’s fitness
- Photocopy of the Investigation Report confirming the diagnosis of the illness.
Bharti AXA Flexi Term Plan Riders
Bharti AXA Flexi Term plan offers 2 optional riders that lets you enhance the life cover of your insurance. Following are the riders available under Bharti AXA Flexi Term plan:
- Bharti AXA Life Accidental Death Benefit Rider: Bharti AXA Life Accidental Death Benefit Rider provides the whole sum assured amount in the event of accidental death of the policyholder. The nominee is entitled to receive the sum assured along with the death benefit applicable in the policy.
- Bharti AXA Life Hospi Cash Benefit Rider: Bharti AXA Life Hospi Cash Benefit Rider offers a fixed amount of benefit for each day the policyholder has been hospitalised. This rider promises to provide a fixed amount in case the policyholder is admitted in Intensive Care Unit and offers a lump sum amount at the time of a surgery.
Bharti AXA Flexi Term Plan Review
Bharti AXA Flexi Term plan is a simple term insurance plan that provides financial support to the family of the policyholder in the event of policyholder’s untimely death. Along with multiple death payout options, there’s an optional critical illness cover is also available with this plan. In case the policyholder is diagnosed with any of the listed critical illnesses, this plan provides financial aid for the treatment expenses also.
Bharti AXA Life Insurance featured the claim settlement ratio of 97.28% in the FY 2018-19. Bharti AXA Life Insurance has won the ‘FICCI Claims Excellence Award’ at 20th Annual Insurance Conference. People who are looking for a term plan that provides life coverage along with coverage from the risk of critical illness to avoid any kind of financial liabilities can shortlist this plan. Also, under this plan you get 15 days of grace period for monthly premium payments and 30 days grace period for quarterly, half-yearly and yearly premium payments.