Bharti AXA Term Life Insurance Plans
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Bharti AXA Term Insurance

Bharti AXA Term Insurance is one of India’s leading life insurance companies that provide financial security to the beneficiary in the case of the demise of the policyholder during the active term of the policy. Term life insurance plans are popular because they offer high life coverage and tax benefits at low premium rates for the period of the policy.

The Bharti AXA term insurance plans also assist the insured person’s family in managing future needs, such as children’s education and marriage, pending loan installments, etc. They also provide disability cover, which may affect the policyholder’s job and income. 

Bharti AXA Life Insurance Company Limited Profile

TypePrivate
IndustryInsurance services
Founded in2006
HeadquartersMumbai, India
Area servedWorldwide
FounderSunil Bharti Mittal
Key PersonParag Raja,
CEO and managing director
ProductsLife Insurance
ParentBharti Enterprises(India) and AXA group(Paris)
Websitebhartiaxa.com
Customer service:1800 102 4444

Benefits and Features of Bharti AXA Term Insurance Plans

Bharti AXA Term plans are the most basic form of life insurance that protects the insured’s family monetarily and provides steadiness.

  • Cost-effective – Term insurance delivers more benefits for lower premiums.
  • Entry Age – As low as 18 years, allowing a long term policy with the minimum premium
  • Choice of Premium Payment – Premiums can be paid on a monthly, half-yearly, or yearly basis, or a single premium payment option.
  • Death Benefit – The total assured amount is paid by the insurance company to the policy’s nominee at the insured policyholder’s death as a lump-sum payment or regular income
  • Whole Life Cover – This covers the policyholder for a considerably longer time, therefore, you can get more benefits for a longer period. Bharti AXA Life Insurance’s term insurance plans offer maximum age of maturity until the age of 85 years.
  • Safeguard against critical Illnesses – Critical illness protection covers treatable life-threatening illnesses on payment of an additional premium and alleviates the anxiety of treatment.
  • Nuclear Family advantage – There is usually one wage earner in nuclear families, and term insurance plans lessen the financial burden the family would suffer in the event of the death of the breadwinner.
  • Tax saving Under Sections 80C and 80D Of The Income Tax Act Of 1961. Maturity benefit, if granted, is also tax-exempted.
  • Rider Benefit – By paying an additional payment, you can get riders or add-ons to enhance the benefits of the term insurance.
  • Maturity Benefits – A basic term insurance plan provides coverage only in the form of a death benefit to the nominee. It does not offer any maturity benefit.
  • Premiums Survival Return – Some term insurance policies offer a return of premium of all paid premiums if you survive the policy term, namely, the Term Return of Premium Plan (TROP).
  • Liabilities cover – The sum assured will protect your dependents from your financial commitments, such as a loan or other debt. They will be able to pay these off with the insurance death benefit they have received.
  • Disability Cover – A disability benefit rider at a low cost provides protection including disabling injury caused by an accident or sickness.

Bharti AXA Term Insurance Plans

1. Bharti AXA Life Premier Protect Plan

Parameter Eligibility
Minimum age at entry 18 years
Maximum age at entry 65 years
Maximum age at maturity 75 years
Policy Term 10 – 35 years and To Age 75
Policy term & premium payment term Premium Payment Option Minimum Policy Term Maximum Policy Term
Single Pay 10 years 57 years under To Age 75 years option
Limited Pay (5 years & 10 years PPT) 5 years PPT – 10 years and 10 years PPT – 15 years 35 years under Fixed Policy Terms
Regular Pay 10 years
Minimum Sum Assured `50,00,000
Maximum Sum Assured `No Limit, subject to underwriting
Premium Payment Modes Annual, semi-annual, quarterly, and monthly
Minimum Premium Based on the minimum Sum Assured

Features:

Flexible Policy Term/Premium Payment Terms: 

  • Policy terms ranging from 10 years to 35 years and age 75 years.
  • Premium payment terms (single, limited, and regular pay options).

Multiple Death Benefit Payout: Freedom to choose from 3 death benefit payouts.

  • Lumpsum –100% of the death benefit is paid immediately.
  • Monthly Income – where the death benefit is paid as monthly income for 10 years.
  • Lumpsum plus monthly income –50% of the death benefit as a lump sum and 50% as monthly income for 5 years.

Freedom to increase the assured sum:  the customer can increase the sum assured by 50% of the sum assured on the occasion of marriage, purchase of a house, birth of a child.

Tax benefits:  on the premiums paid, and the benefits received under Income Tax Act, 1961.

2. Bharti AXA Life Flexi Term Plan

ParameterEligibility
Life CoverLife Cover with Critical Illness Options
Minimum age at entry18 years18 years
Maximum age at entry65 years65 years
Maximum maturity age85 years85 years
Minimum sum AssuredRs 10,00,000Rs 10,00,000
Maximum sum AssuredRs 25,00,000Life Cover: Rs. 25,00,000 Critical Illness: Rs. 25,00,000
Policy TermFixed: 5, 10, 15, 20 years To Age: 60 & 75 yearsSame as Policy Term of Life Cover
Premium payment termRegular Pay: Same as Policy TermRegular Pay: Same as Policy Term
Premium payment modesAnnual, Semi-Annual, Quarterly & MonthlyAnnual, Semi-Annual, Quarterly & Monthly

Features:

  • The maximum coverage term is up to age 75 years, giving an option of critical illness cover.
  • The choice between comprehensive cover (34 illnesses) or major illnesses covers (15 illnesses) at the beginning of the policy.
  • Flexible benefit payout options: a) lump sum or b) increasing monthly income or c) lump sum plus Increasing Monthly Income
  • Tax benefits on the Premiums paid and pay-out benefits received under the Income Tax Act, 1961.

3. Bharti AXA Life Flexi Term Pro

ParameterEligibility
Minimum age at entry18 years
Maximum age at65 years
Maximum Age at Maturity99 years
Policy termAs per Policy stipulations and regulations
Policy Term & Premium Payment TermAs per Policy stipulations and regulations
Minimum Sum Assured (Rs.)25,00,000
Maximum Sum Assured (Rs.)No limit
Premium Payment ModesAnnual, semi-annual, quarterly, monthly
Minimum PremiumBased on the minimum Sum Assured. Premium will vary depending upon the Option chosen.

Features:

  • The plan offers two options: With and without return of premium
  • Coverage for joint/single life cover for your spouse under the same policy.
  • Choose from multiple policy terms and premium payments terms, to suit your needs.
  • Whole life cover, by opting for cover up to 99 years.
  • This Product is also available for sale through Online mode.

4. Bharti AXA Life Grameen Jeevan Bima Yojana

Parameter Eligibility Criteria
Pure Protection Option Protection with Return of Premium Option
Minimum age at entry 18 years
Policy term 5 years 10 years 5 years 10 years
Premium payment option Single Pay/ Regular Pay Single Pay/ Regular Pay Single Pay Single Pay/ Regular Pay
Maximum age at entry (in years) 60 55 55
Maximum age at maturity (in years) 65 60 65
Minimum sum assured (Rs Rs 10,000
Maximum sum assured (Rs.) Rs 2,00,000
Premium payment modes Single, annual, semi-annual, quarterly, and monthly
Minimum premium Based on the minimum sum assured

Features:

Two plan options: 

  1. Basic cover option – Life Insurance cover throughout the policy term, but no maturity benefit.
  2. Protection with the return of premium option

Freedom to choose Policy Term/Premium Payment Terms: 

  • Choice of 2 policy terms – 5 years and 10 years.
  • The premiums can be paid once (single)or for the entire period of the policy term (regular).

A medical examination is not required for purchasing this plan

Tax benefits on the premiums paid as well as the benefits received as per the existing tax regulations.

5. Bharti AXA Life Smart Jeevan

ParameterEligibility
Min entry age18 years
Max entry age50 years
Max Maturity age62 years
Policy term12 years
Min Sum AssuredRs 50,000
Max Sum AssuredRs 5,00,000
Premium Payment ModesAnnual, semi-annual, quarterly, monthly

Features:

  • Easy and reasonably priced premiums
  • 100% Return Of Premiums (ROP) paid till the end of policy term as maturity payout
  • Life Insurance cover to guarantee that you are effectively protected
  • No drawn-out endorsement measures are involved. Only a declaration of good health is needed

6. Bharti AXA Life Income Protection Plan

ParameterEligibility Criteria
Minimum age of entry18 years
Maximum age of entry

58 years for a policy term of 12 years

55 years for a policy term of 15 years

50 years for a policy term of 20 years

Maximum age of maturity70 years
Premium payment term and policy term12,15 and 20 years
Minimum sum assuredRs 5,00,000
Maximum sum assuredNo limit
Minimum premiumdepends on the policy term and maturity benefit option
Premium payment modesAnnual, semi-annual, quarterly, monthly

Features:

  • Provides an annual income for the family for recurring expenses in the event of death of the insured.
  • Return of Premium (ROP) allows you to receive invested premiums as a maturity benefit.
  • Two death benefit options allow flexibility of payouts
  • Tax benefits on the premiums paid and the benefits received under Section 80C and Section 10 (10D) of the Income Tax Act, 1961.

7. Bharti AXA Life Saral Jeevan Bima Plan

ParameterEligibility Criteria
Minimum age of entry18 years
Maximum age of entry65 years
Maximum Maturity70 years
Policy term5 – 40 years
Policy Term & Premium Payment Term
Premium Payment OptionMinimum Policy TermMaximum Policy Term
Single Pay5 Years40 Years
Regular Pay5 Years40 Years
Limited Pay (5 Years)6 Years40 Years
Limited Pay (10 Years)11 Years40 Years
Sum AssuredMin Sum Assured: 5,00,000 Max Sum Assured: 50,00,000 (SA in multiples of 50,000)
Premium Payment ModesAnnual, semi-annual, and monthly
Minimum PremiumAs per Sum Assured chosen

Features:

  • Numerous blends of the policy term and premium payment term
    • Riders add-ons to enhance protection
    • Special premium rates for female policyholders.
  • Tax benefits on the premiums and benefits under the Income Tax Act, 1961.
  • This policy is also available for sale through Online mode.

8. Bharti AXA Life POS Saral Jeevan Bima Yojana

ParameterEligibility
MinimumMaximum
Age at entry18 years55 years
Maturity age28 years65 years
Policy Term10/15/20/25 years
Premium Payment TermRegular Pay (Same as Policy Term)
Sum AssuredRs 50,000No limit (in multiples of 50,000)
PremiumDepends on Sum Assured
Premium Payment ModesAnnual, semi-annual, quarterly, and monthly

Features:

  • Double the Sum Assured on death due to Accident: The plan offers a lump sum of assured sum on the death of the Life Insured and double the sum assured on death due to accident.
  • Freedom to choose policy terms:  that are 10, 15, 20, and 25 years.
  • The plan is available without any medical examination of the Life Insured.
  • Tax benefits:  Tax benefits on the premiums and maturity benefits received under Income Tax Act, 1961.

Inclusions And Exclusions Of Bharti Axa Term Insurance 

Inclusions of Bharti Axa Term Plans: 

  • The entire assured sum on the death of the policyholder is transferred to the nominee, provided all premiums until the death are paid.
  • Tax benefits allowed under Section 80C and 10 (10D) of the Income Tax Act, 1961
  • Bharti AXA offers a variety of riders for protection against specified emergencies to improve the safeguarding of a term policy.
  • If the terms and conditions of the term policy do not satisfy you, then you have the option to return the policy bond along with giving reasons for the objection within 30 days of receipt of the policy. This is called the “free–look period”
  • A pre-decided grace period of 30 days is given to pay missed premiums. Failing this, the policy may lapse.
  • A lapsed policy can also be revived by paying up all unpaid premiums within a period.

Exclusions of Bharti Axa Term Plans: 

No recompense will be given if:

  • The policyholder lives past the term of the policy plan
  • Any error in filing the claim application
  • In case the policy has lapsed due to non-payment of premiums
  • Death during war or a natural calamity
  • If any mandatory information is withheld while signing the policy bond.
  • In case an unfortunate event takes place within the first two years of the policy term, the claim will first be investigated for fraud, including improper disclosure of information or even misrepresentation.
  • Fraud is discovered at the time of signing the policy, Eg claiming to be a non-smoker to avail discount in the premium
  • In the event of suicidal death or due to sexually transmitted disease.
  • Death as a result of alcohol abuse or involvement in illegal or unsafe activities 
  • Death is caused by complications in childbirth and pregnancy such as racing and adventure sports

It is the responsibility of the insured person to read the policy document cautiously to understand the exclusions applicable.

Riders Offered With Bharti AXA Life Term Policies

Riders are add-ons that can complement a term insurance plan

  • Accidental Total and permanent impairment – Coverage against total and permanent disability due to accidents
  • Life term rider – The nominee receives an additional enhanced sum assured in case of death of the life insured over and above the death benefit under the basic policy.
  • Discontinuation or waiver of premium – Waives off or discontinues future premiums, in case you are inflicted with critical illness, permanent impairment, or death. The benefits of the basic plan are not affected
  • Accidental death – Provides complete 100% sum assured in case of death of the policyholder due to an accident,
  • Group Accidental rider – Under this rider benefit, if the life insured dies due to an accident, the company shall pay the death benefit to the beneficiary.
  • Hospital cash – Provides you with a fixed amount benefit for each day of hospitalization or a lump sum in case of surgery.

How To Buy Bharti AXA Term Insurance Plans Online?

In just a few steps, you can easily purchase a term plan of your choice. Here’s how: 

Steps:

  • Carefully make an estimation of your sum assured based on your financial needs.
  • Visit the Bharti AXA website and click on calculate the premium
  • You will be asked to enter a few basic questions about your age, address, smoking habits, and income.
  • Select your payment term
  • You can select from various available riders
  • Request a quote
  • Once you’ve decided on your riders and received the quote, fill out the remaining information
  • Submit the documents to finish your application for a term life insurance policy
  • You may now pay the payment online itself
  • Your Bharti AXA Term Insurance Plan will become active immediately and be sent to you by email.
  • The policy document remains safe in your inbox.

Documents Required To Buy Bharti AXA Term Insurance Online

  • Proof of age: Any of the following:
    • Aadhaar card
    • Voter ID
    • Driving license
    • PAN card
    • School-leaving certificate
  • Address Proof:
    • Any utility bill such as electricity or House tax bill 
    • Voter ID
    • Aadhaar card
    • Ration card
    • Passport
  • Photo ID:
    • Driving license
    • Aadhaar card
    • Voter ID
    • PAN card
    • Passport size photographs
  • Proof of income:
    • Salary slip
    • ITR document
    • Employer’s certificate 
    • Form 16
  • Medical Reports as required by the company.

Renewal Of Bharti Axa Life Term Insurance Online

You can pay your renewal premium online in the following easy steps

  •  Visit the Bharti AXA official website customer portal page and login
  •  Enter your policy detail
  •  Select your debit/credit card or bank account
  •  Enter your authentication details
  •  Check all entries
  • Make the payment through any safe mode (credit/ debit card or your Net-Banking Account)
  • Receive affirmation online 

Other modes of payment accepted by Bharti AXA are

  • Instant Pay: Instant Payments through net banking through any partner bank
  • E-bill Payment: Electronic bill presentment and payment.
  • Visa Bill Pay: Make your premium payment to Bharti AXA Life Insurance Co. Ltd on www.visabillpay.com

How To File A Claim For Bharti Axa Term Insurance Plans

  • Inform the company immediately about your intent to present the claim.
  • Claims form can be found at the branch outlet and Bharti AXA Life’s online portal.
  • Fill in details such as the cause of death, name of the recipient, the site of the death.
  • Personal details such as the name and date of birth of the beneficiary and policy number need also to be filled in the form.
  • Arrange all the essential documents needed to make certain that your claim is realized successfully.
  • After the above submissions, the claim will be routed within 30 days.
  • In some cases, especially when claims are made within 3 years of the purchase of the policy, additional investigation with the hospital where the deceased registered is undertaken to rule out the fraudulent claim.

Documents Required For Making A Term Insurance Claim

Keep the following documents at hand for filing a Term Insurance claim

  •  Original death certificate of the deceased policyholder
  •  Age of the deceased
  •  Original copies of the policy document
  •  The beneficiary’s ID proof
  •  Attested NEFT mandate form of canceled cheque leaf with Payee name printed on it
  • Copy of the FIR and medical records depending on the type of death.

Frequently Asked Questions

If both the policyholder and the nominee die, the next legal heir can claim the death benefits.

The Bharti AXA term insurance plans will end on the completion of the policy term or in the event of the demise of the insured person before the term concludes.

Yes. You will need to visit the company website and enter your policy number and your own details on the ‘policy tracker’ page. Then click on the ‘Submit’ button. The status of your policy will appear on the page.

The premium is calculated depending on numerous aspects including gender, age, livelihood, way of life, etc.

Any resident Indian between18 and 65 years can get a Bharti AXA term insurance plan.

The gender of the insured individual does decide the cost of the term policy. Women have a higher life expectancy as compared to men, which is why insurers charge lower premiums from female applicants. Also, to encourage more women to invest in term life insurance.

The best option ideal for a salaried person is the monthly payment plan.

Insurance needs change with increasing responsibilities so yes, Bharti AXA advises you to reorganize your term insurance plan and increase the sum assured, when required.

It is best to buy a term insurance plan when you are young. The premiums of term insurance are lower because young individuals have a lower chance of becoming inflicted with life-threatening diseases or being subject to death.

Term insurance transfer is not authorized for all policies as per the IRDAI.

His term plan will continue. He needs to inform Bharti AXA about his change of status and update his KYC, failing which he will not be able to renew the policy premium.

Occasionally a claim may get rejected due to some discrepancy in the policy document. However, do not panic as the nominee can re-apply for the claim by approaching the Bharti AXA grievance redressal cell of the company or approach the IRDAI.

You will be at a loss. In a term insurance plan, you do not get any benefits if you surrender your policy.

The claim settlement ratio of Bharti AXA Life is among the finest in the country, with outstanding customer service, and innumerable options.

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