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.
Why buy Term Insurance early?
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Bharti AXA Term Plans
Bharti Axa offers a variety of Term life insurance 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 Bharti AXA and the features of each of the plans.
- It is an online Term Plan from Bharti AXA 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.
- This Bharti AXA Term 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 Term Plan - eProtect+
A term plan with flexible payout options. The features of the plan are as follows:
- It is an online Bharti AXA 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 installments 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 installments 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 |
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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 |
5 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 |
Bharti AXA Term Insurance Plan FAQs
-
Ans: Bharti Axa Life term insurance offers 5 different payment modes to its customers:
Online banking:
Under this option, you don’t need to do any registration. You can use either of your Netbanking account or credit/ debit card to make an online payment towards Bharti Axa Life term insurance.
InstaPay:
By using InstaPay, you can make instant payments through your NetBanking accounts. Simply log on to your bank’s official website with your premium details and you can proceed with the payment.
Electronic Bill Presentment & Payment
- Through this method, you can pay your premiums online (electronically) using the NetBanking service.
- Register on your net banking account to make online premium payments and you will be able to use this service from the next payment cycle.
- The bill for your premium amount will be available 10 calendar days before the due date of premium renewal. You can choose to pay the premium using any of the following methods:
- By selecting the option of "View and Pay", you can view the details of your premium bill and authorize the payment.
- By selecting the option of "Auto Pay", you can schedule automatic premium bill payment on the due date of premium renewal.
- Any of the policyholders who have opted for cash/cheque payment for their premium renewal can opt for this facility.
Electronic Bill Payment for Nationalised and Co-operative banks
The policyholders can visit their respective banks to know more about this method where they can use the bank’s BillPay service to pay the premium renewal amount.
*Visa Bill Pay
- Through this method, you can make easy premium payments using your Visa debit/credit card. You simply have to register on www.visabillpay.in for making premium payments towards Bharti AXA Life Term Insurance. Once your card details are verified, you will receive the bill for your premium amount electronically at Visa Bill Pay.
- You will be able to access your premium amount bill 10 days before the payment due date to view and make the payment.
Note: The visa card should be in the name of the policyholder only.
*Bill Desk
Same as eBill payment
-
Ans: You can visit the given link to check the policy status for Bharti Axa life term insurance Plans:
Once you’re on the page, enter few details like your Policy Number, your date of birth, mobile number and email id. Following that, you will get the desired detail of your policy you were looking for.
- What is the policy renewal process for Bharti Axa life term Plans?
- What is the settlement process for Bharti Axa life term insurance Plans?
Bharti Axa life term insurance plans follow a 3-step easy insurance claims process which is designed with a clear objective to settle valid claims causing the minimum amount of trouble to the customers:
- Claim Intimation & Registration
- Payment of Fund Value
- Claim Settlement or Benefit Payout
-
Ans: Every Bharti Axa life term insurance Plan has a cooling off period assigned to it that allows the policyholders to assess their insurance policy and to ensure that they have got the right term plan suiting their needs. In case, a policyholder cancels his policy within the cooling off period, he will get a refund of the total premium paid by him until the return date excluding certain fees like administration & processing fee.
Step by step process to cancel your term insurance plan:
- The life assured has to contact his insurer and inform them about his wish to cancel his policy. Usually, the agents from the insurer provide alternate options to the policyholder.
- In case the insured still wishes to cancel his term plan, he can visit the insurer’s branch and submit his policy cancellation form. Alternatively, he can also visit the company’s official website to submit his policy cancellation request.
- Once the insurer has received the cancellation form, it will start the policy cancellation process.
- Please note that no refunds will be provided by the insurer if the plan is cancelled after the cooling off period.
-
Ans: The company will provide you with a grace period of 15 days to pay the pending premiums. However, if you are still not able to pay the premiums even after the grace period, your policy will get lapse.
-
Ans: Yes, an individual can have more than one term insurance plans with Bharti Axa life term plans.
-
Ans: The premium amount depends upon the sum assured and the tenure chosen by an individual. For instance, if a 25 years old healthy (non-smoker) individual opts for a sum assured of Rs 1 crore and tenure of 30 years, the minimum premium he would need to pay to be of Rs 6400.
-
Ans: Following is the list of critical illnesses covered in Bharti Axa life term insurance:
- Cancer of Specified Severity
- Open Chest CABG
- Myocardial Infarction (First Heart Attack of Specific Severity)
- Open Heart Replacement or Repair of Heart Valves
- Surgery to aorta
- Cardiomyopathy
- Primary (Idiopathic) Pulmonary Hypertension
- Angioplasty
- Kidney Failure Requiring Regular Dialysis
- Major Organ / Bone Marrow Transplant
- Coma of Specified Severity
- Permanent Paralysis of limbs
- Stroke resulting in Permanent Symptoms
- Multiple Sclerosis with persisting symptoms
- Pericardectomy
-
-
Ans: Yes, there are certain deaths that are not covered under HDFC term plans:
- The death happened due to suicide
- The death occurred due to driving under alcohol’s influence
- The death occurred due to participating in dangerous activities such as hiking, parachuting, skydiving, etc.
- The death occurred during childbirth or due to pregnancy
- The death occurred due to pre-existing health conditions at the time of buying HDFC term plan
- The death occurred due to participating in illegal activities (prescribed by state laws)
- The death happened due to STDs (sexually transmitted diseases) like HIV, AIDS, etc.
- The death occurred due to natural disasters such as tsunamis, earthquakes etc, (unless the life assured has purchased an additional rider to cover deaths due to these natural disasters)
-
Ans: HDFC term insurance will offer you a 15 days’ grace period to pay the unpaid premium amount. However, if you still don’t pay the unpaid premium in the grace period, your HDFC term insurance plan will lapse.
-
Ans: Yes, HDFC Life term plans do offer surrender benefit to its customers. If you haven’t made any claim against your HDFC Life term plan and your policy has acquired its surrender value, you can surrender your plan and the company will pay you back the surrender benefit.
-
Ans: An HDFC Life term plan ensures that your family has much needed financial protection in case something unfortunate happens to you. The plans are designed with the sole purpose of providing coverage against the risk of death. Below-enlisted is a few of the major reasons that you should buy an HDFC Life term plan:
- Affordable Premiums
- Peace of Mind
- Tax Benefits
- Works is an Expense Manager for your family in your absence
-
Ans: Below is the list of 34 critical diseases covered under HDFC term insurance plan:
- Cancer Of Specified Severity
- Open Chest CABG
- Myocardial Infarction
- Major Surgery of Aorta
- Kidney Failure Requiring Regular Dialysis
- Stroke Resulting In Permanent Symptoms
- Alzheimer's Disease / Irreversible Organic Degenerative Brain Disorders
- Apallic Syndrome
- Benign Brain Tumour
- Coma Of Specified Severity
- End Stage Liver Failure
- End Stage Lung Failure
- Loss of Independent
- Blindness
- Third Degree Burns
- Major Head Trauma
- Motor Neuron Disease With Permanent Symptoms
- Multiple Sclerosis with Persistent
- Open heart replacement or repair of heart valves
- Angioplasty
- Cardiomyopathy
- Parkinson’s Disease
- Permanent Paralysis Of Limbs
- Primary (Idiopathic) Pulmonary Hypertension
- Major Organ / Bone Marrow Transplant
- Scleroderma
- Muscular Dystrophy
- Poliomyelitis
- Medullary Cystic Disease
- Systematic Lupus Erythematosus with Renal Involvement
- Aplastic Anaemia
- Loss of Limbs
- Loss of Speech
- Deafness
-
Ans: Yes, HDFC term insurance plans are covered under section 80C of Income Tax Act, 1961.
-
Ans: Yes, an individual can have more than one HDFC Term Plans.
-
Ans: The maximum age limit for HDFC term plans is of 65 years.
-
Ans: The minimum premium amount for HDFC term insurance plans depends upon the sum assured & the tenure (policy term) chosen by the policyholder. For instance, if a 40 years old healthy (non-smoker) individual opts for a sum assured of Rs 50 lakhs and tenure of 20 years, the minimum premium he would need to pay under is of Rs 7783.
-
Ans: No. Currently, there is no such provision that allows switching a term insurance plan from another provider to HDFC.
