Bharti AXA Life Term Insurance Plans

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Bharti AXA Term Plans 

Bharti AXA Life Insurance is a joint venture between Bharti Enterprises which is the Indian counterpart and AXA Group, the foreign counterpart. Bharti Enterprises is one of the leading companies engaged in telecom, agricultural businesses, financial services and retail. The insurance company was launched in December 2006 and since then the company has come a long way and has a dedicated work force providing efficient solutions and advice and also meets the life insurance needs of the population through products designed with exclusive features and benefits.

What are Term Insurance Plans?

Term Insurance Plans, also called Term Plans in short, offer the basic protection coverage to individuals. Term plans are the essence of life insurance which provides financial support to the family of the individual in case of premature death of the individual. In technical terms, term plans can be defined as a contract between the insurance company and the person insured wherein the company promises to pay a lump sum amount, called the Sum Assured, if the insured dies during the term of the policy. The term of the policy is the time, in years, for which the plan has been bought by the insured. In exchange of the promise made by the insurer, the insured needs to pay premiums to the company against the chosen coverage for the term of the policy.

Why Term Insurance Plans?

Life is uncertain and everybody faces the risk of untimely death. On the death of a family member, the family suffers both emotional and financial loss. While emotional loss cannot be compensated, the financial loss suffered can be compensated considerably through insurance.Term Insurance, being the basic insurance plan, is the cheapest plan in the market where by paying a minimal amount of premium one can avail a high coverage for protection purposes. Term insurance, at the same time, offers high coverage at lower costs thus making it affordable to have a high coverage. A high coverage ensures that the family is properly taken care of in the absence of the bread-winner without any financial hiccups.

Bharti AXA Term Plans

Aviva offers a variety of Term Plans to individuals and each plan differs with respect to the features and availability. While some plans can be bought online at a lower premium, other plans are not available online and can be availed through other marketing channels like agents, brokers, bancassurance channel, etc. Let us take a look at the different plan offered by Aviva and the features of each of the plans.


Bharti AXA Life eProtect
An online term insurance plan with the following features:

  • It is an online Term Plan which can be bought online lowering the premium and avoiding the hassles of unnecessary paperwork. Thus the plan can be bought instantly at a premium which is lower than plans sold through other intermediaries.
  • The premium rates are low making the plan affordable for customers
  • In case of death of the life insured within the duration of the plan, the Sum Assured chosen at the inception of the plan is paid to the nominee.
  • The plan provides a unique feature of Family Care Benefit which states that if the policy is in force and at least 2 consecutive premiums have been paid post inception or reinstatement, the benefit will be applicable. The benefit provides a payment of Rs.1 lakhs of the Sum Assured in lump sum to the nominee within 48 hours of death of the insured if the company has been duly notified. The rest of the coverage amount will be settled after completing all the formalities
  • This benefit ensures availability of necessary cash so that any emergency financial requirement can be taken care of by the family of the deceased
  • Non-smokers are given preferential rates of premium if they buy a plan with a Sum Assured of Rs.50 lakhs and above
  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details:

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

-

70 years

Policy Term

10 years

75 – entry age

Sum Assured

Rs.25 lakhs

No limit

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly or half-yearly

 

Sample Premium Rates

Premium for a Sum Assured of Rs.1 crore

Age

Term

10 years

15 years

20 years

25 years

25 years

30 years

25 years

6100

6100

6100

6200

6400

6400

30 years

6800

6800

7000

7200

7300

7300

35 years

8700

9000

9300

9500

9700

-

40 years

12, 200

12, 900

13, 500

13, 600

14, 700

-

45 years

18, 400

19, 800

19, 900

21, 000

26, 900

-

50 years

29, 300

29, 600

13, 600

37, 800

-

-

 

Bharti AXA Life eProtect+

A term plan with flexible payout options. The features of the plan are as follows:

  • It is an online Term Plan which can be bought online lowering the premium and avoiding the hassles of unnecessary paperwork. Thus the plan can be bought instantly at a premium which is lower than plans sold through other intermediaries.
  • The premium rates are low making the plan affordable for customers
  • The death benefit is available under two options. Under the first option, the benefit is paid as monthly incomes for a period of 15 years from the month following the death of the insured. Under the second option, 50% of the Sum Assured is paid immediately on death of the life insured in lump sum. The rest 50% of the Sum Assured is paid in increasing annual installments over a period of 10 years
  • So, the customer can choose either the monthly payout option under Option 1 or the annual payout option under Option 2 whichever is more suitable for meeting his family requirements
  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details:

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

-

70 years

Policy Term

10 years

75 – entry age

Sum Assured

Rs.50 lakhs

No limit

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly or half-yearly


Sample Premium Rates 

Option 1
 – death benefit is paid in monthly instalments for a period of 15 years

Age

Term

10 years

20 years

30 years

25 years

4900

4900

5100

30 years

5400

5600

5800

35 years

7000

7400

7800

40 years

9800

10, 800

11, 800

45 years

14, 700

15, 900

21, 500


Option 2 –
50% of the Sum Assured is paid immediately and the rest 50% is paid in increasing annual instalments over a period of 10 years

Age

Term

10 years

20 years

30 years

25 years

5200

5200

5400

30 years

5800

6000

6200

35 years

7400

7900

8200

40 years

10, 400

11, 500

12, 500

45 years

15, 600

16, 900

22, 900


Bharti AXA Life Elite Secure-
A  term insurance plan which covers the individuals to the ripe old age of 75 years. The features of the plan are as follows:

  • The premium rates are low making the plan affordable for customers
  • In case of death of the life insured Sum Assured is paid to the nominee
  • Bharti AXA Hospi Cash Rider can be added to the plan for availing a comprehensive coverage by paying a fraction of the premium extra.
  • The rider promises a fixed daily amount to be paid in case the insured is hospitalized. Moreover, if there is any surgery undertaken on the insured, an additional lump sum amount is also paid by the company.
  • Tax benefit is available on the premium paid and the claim received. The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details:

 

Minimum

Maximum

Entry Age

18 years

75 years or 70 years for a 5 year term

Maturity Age

-

75 years

Policy Term

10 years

75 – entry age

Sum Assured

Rs.25 lakhs

No limit


Sample Premium Rates 

Sum Assured

Entry Age

Policy Term

5 year

10 years

15 years

20 years

25 years

75 – entry age

25 lakhs

30 years

3925

3925

4150

4400

5100

9825

40 years

5750

6400

7350

8775

10, 475

15, 200

50 lakhs

30 years

7100

7100

7500

7950

9200

17, 850

40 years

10, 400

11, 800

13, 700

16, 350

19, 550

28, 200

1 crore

30 years

12, 200

12, 200

13, 100

14, 200

17, 200

33, 800

40 years

18, 700

21, 200

25, 800

31, 000

37, 300

54, 200



Reviews for Bharti AXA Life Term Insurance Plans

TOTAL REVIEWS (1)
Vivek Sinha
Delhi
December 18, 2015

Bought a Bharti axa term plan for 10 years

I am an civil engineer just got a job in an MNC at Delhi, one of my very close friend suggested me to buy a term insurance, I was unaware about such term insurance existence in this world. So I searched on Google and found policybazaar. After reading all the info from there I found it is very essential for me to get a term insurance because I have many responsibilities towards my family. Also, as I have taken education loan so its very much in need because it will take at least 10 years to establish myself in this society. Therefore I choose Bharti axa because again the premium is cheap and terms are best... Also I really thankful to Policybazaar for their excellent customer care and right information’s.

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