Bharti AXA Life Flexi Term Plan

Bharti AXA Life Insurance, a joint venture between AXA, one of the leading organizations in the world dealing in wealth management and financial protection, and Bharti Enterprises, one of the leading business groups of India with interests in agribusiness, telecom, and retail, has a 51% share from Bharti and the remaining 49% stake from AXA.

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As they further grow their aura across the nation with a huge network of distributors, they continue to offer pioneering products and services catering to wealth management and specific insurance requirements of the customers. Whatever plans you have in your life, you can be assured that Bharti AXA Life will provide you with the right financial solutions to assist you in achieving them. Bharti AXA Life Flexi Term Plan is a one-stop solution to all your problems. 

Bharti AXA Life Flexi Term plan is a simple, and hassle-free term insurance plan that protects against unforeseen events. It also covers the losses of life along with an optional critical illness cover. This plan provides flexibility to select from three death benefit payout options – Death benefit paid as lump sum amount, Increasing monthly income, and a combination of both options. You can also protect yourself against critical illnesses using two options: Comprehensive protection against 34 illnesses or protection against 15 major illnesses. 

What are Term Insurance Plans?

Term Insurance Plans, also known as Term Plans, come with basic protection coverage of the individuals. Term insurance plans are the soul of life insurance that offers financial support to the dependents and the family of the policyholder in case of unforeseen demise of the individual. Technically, term plans can be described as a contract between the person insured and the insurance company wherein the company agrees to payout the lump-sum amount, referred to as the Sum Assured if the policyholder expires during the term of the plan. The policy term is the time, in years, for which the insured buys the plan. In the exchange of the promise the insurer makes, the policyholder is required to make payment of the premiums to the company against the coverage for the tenure of the policy he chooses.

Benefits of Bharti AXA Life Flexi Term:

Bharti AXA Life Flexi Term Plan comes with several benefits discussed below: 

  1. Multiple Death Benefits Payout Options are offered for Protection according to your Family’s Needs:

    In the case of unforeseen demise of the life insured, the Nominee will be paid the Death Benefit, subject to the Policy being operative and the payment has been made for all the due premiums.  At the time of obtaining the coverage under the Plan, you can select any of the death benefit payout options mentioned below, depending upon your requirements:

    • Lump-sum

    • Monthly Income

    • Lump-sum Plus Monthly Income

  2. Total Protection through Discretionary Critical Illness Benefit:

    You can also select to enhance your security ahead of life cover and get coverage for Critical Illness. In case, any of the mentioned Critical Illness occurs, the Benefit is paid to you as a Lump sum amount, as selected during the inception, heedless of the death benefit payout option you choose, subject to the policy being in function and the payment is made for all the due payments. This will assure that you can concentrate on your quick recovery without having any worry about any of the financial liabilities. Under the Critical Illness Benefit, you have the elasticity to opt for coverage under any of the following three options (you can select at the inception only):

    • Comprehensive Cover: Protection against 34 critical illnesses

    • Major Illness Cover: Protecting against 15 major critical illnesses

    • Heart and Cancer Cover: Guarding against 9 critical illnesses related to heart and cancer.

  3. Flexibility:

    You will be offered the flexibility to select the period of your coverage as there are several Policy Term options available under the scheme. You can either choose from options of Fixed Policy Term of 5, 10, 15, 20, and 25 years or options of 60 and 65 years from ‘To Age’.

  4. Choose Life Cover until you attain the age of 85 years:

    You can now acquire a cover for “To Age 85 years” and protect the future of your family all through your life. The nominee will be paid the life insurance benefit, in the case of unforeseen demise of the life insured before you attain an age of 85 years, subject to the policy being in operation and all the due premiums are paid.

  5. Premiums at Affordable Price:

    You can get your life insured at premiums at affordable rates. The rates of the premium are lower for female lives and non-smokers.

  6. Tax Benefits:

    Tax benefits can be availed by you on the premiums paid and benefits you receive subject to the existing provisions of the Income Tax Act, 1961. The tax benefits can be changed according to the changes in the tax laws from time to time.

Key Benefits with Bharti AXA Life Flexi Term for you:

  1. Death Benefit:

    In the case of unforeseen demise of the policyholder during the policy term, the benefits mentioned below are paid to the nominee, subject to the Policy being in function. The Death Benefit will be highest of:

    • 10 times of the Annualised Premium*

    • 105% of the paid premiums as on the date of the death

    • Absolute sum assured that is to be paid on demise is equivalent to the Base Sum Assured under this plan.

    • Guaranteed Sum Assured on Maturity that is zero under the policy.

    *Modal factors and underwriting extra is not included in Annualised Premium.  

  2. Multiple Death Benefit Payout Options:

    At the commencement of the Policy, the Life Insured has a choice to pick any one of the following Death Benefit Payout options:

    • Lump-Sum: Entire Death Benefit is paid as a lump sum

    • Monthly Income: Death Benefit is paid as monthly income for 15 years rising by 10% annually at a simple rate of interest.

    • Lump-Sum Plus Monthly Income: 50% of the Death benefit is paid as a lump sum and the amount remaining is paid as monthly income for 15 years growing by 10% at a simple rate annually.

  3. Optional Critical Illness Benefit:

    In case, any of the covered critical illnesses occur, depending upon the selected coverage options, the Sum Assured will be paid to the life assured on Critical Illness, subject to Policy being operational on the date on which the critical illness occurs and the payment of all the due premiums have been made.

You can choose from the below-mentioned coverage options, at the commencement of the policy: 

Critical illnesses

Covered Critical illnesses

Comprehensive Cover

Major Illness Cover

Cancer of specified severity 

Yes

Yes

Open Chest CABG

Yes

Yes

Cardiomathy

Yes

Yes

Myocardial Infarction 

Yes

Yes

Surgery to Aorta 

Yes

Yes

Angioplasty 

Yes

Yes

Primary Pulmonary Hypertension 

Yes

Yes

Coma of Specified Severity 

Yes

Yes

Open Heart Replacement 

Yes

Yes

Pericardectomy

Yes

Yes

Kidney failure that requires dialysis 

Yes

Yes

Bone Marrow Transplant 

Yes

Yes

Permanent Paralysis of limbs 

Yes

Yes

Multiple sclerosis of Limbs 

Yes

Yes

Stroke resulting in Permanent Symptoms 

Yes

Yes

Blindness

Yes

No

Third-degree burns 

Yes

No

End-stage lung and liver failure 

Yes

No

Loss of speech

Yes

No

Deafness 

Yes

No

Loss of limbs 

Yes

No

Apallic Syndrome 

Yes

No

Major Head Trauma 

Yes

No

Aplastic Anaemia 

Yes

No

Benign Brain Tumor 

Yes

No

Medullary Cystic disease 

Yes

No

Brain Surgery 

Yes

No

Muscular Dystroply

Yes

No

Poliomyelitis

Yes

No

Medullary Cystic Disease 

Yes

No

Alzheimer’s disease 

Yes

No

Parkinson’s disease 

Yes

No

Motor Neuron Disease with permanent symptoms 

Yes

No

How does the Product Work?

Bharti AXA Life Flexi Term is an inclusive and comprehensive term plan that comes with critical illness benefits. The plan provides you complete flexibility through several options and can be bought hassle-free.

Eligibility Details Bharti AXA Life Flexi Term

  1. Life Cover:

    Parameters

    Minimum

    Maximum

    Entry Age

    18 years

    65 years

    Maturity Age

     

    85 years

    Policy Term

    Fixed: 5, 10, 15, 20, 25 years

    To Age: 60, 65, 75, 85 years

    Sum Assured

    Rs. 10, 00, 000

    Subject to Underwriting

    Premium Payment Term

    Regular Pay: Same as Policy Term

    -

    Premium  Payment Frequency

    Annual, Semi-Annual, Quarterly, and Monthly.

    -

  2. Life Cover with Critical Illness Options:

    Parameters

    Minimum

    Maximum

    Entry Age

    18 years

    65 years

    Maturity Age

     

    75 years

    Policy Term

    Fixed: 10, 15, 20, 25 years

    To Age: 60, 65, 75, 85 years

    Sum Assured

    Rs. 10, 00, 000

    Life Cover: Subject to Underwriting

    Critical Illness: Rs.1,00,00,000

    Premium Payment Term

    Regular Pay: Same as Policy Term

    -

    Premium  Payment Frequency

    Annual, Semi-Annual, Quarterly, and Monthly.

    -

How is the Calculation of the Premium Done?

  • The determination of the premium is done on the basis of your gender, age as on the last birthday, policy term option you choose, base sum assured, and your smoking habits. The Critical Illness benefit premium is determined depending on your age as on gender, age as on last birthday, policy term you choose, and Critical Illness sum assured.

  • The Life Cover premium for female lives and non-smokers is lower.

  • Premium Payment Mode: You can select annual, semi-annual, quarterly, or monthly premium payment mode.

  • Advance Premium:

    • A Collection of the advance premium is allowed within the same fiscal year for the due premium in that fiscal year. However, where the due premium in one fiscal year is collected in advance in the previous year, the same might be collected for a maximum duration of three months in advance of the premium’s due date.

    • The adjustment for the premium so collected in advance must be done on the premium’s due date.

Additional Benefits or Riders

A Policyholder can easily customize the policy by opting for the following riders that enhance the coverage:

  • Bharti AXA Life Accidental Death Rider 

  • Bharti AXA Life Hospi Cash Benefit Rider 

Sample Premium Rates 

Age (in Years)

Life Cover 

Option of Critical Illness 

Life Cover with major illness Cover 

Life Cover with Comprehensive cover 

25

4260

9375

8485

35

6060

16530

14830

45

10420

32670

29130

55

17840

62835

53830

65

31020

104775

90015

Policy Details 

  1. Grace Period

    The grace period is the time given to the policyholder from the due date of premium, to pay the amount of premium without impacting the policy benefits. 15 days of grace period is allowed for monthly mode and 30 days for annual or semi-annual or quarterly premium modes of payment. 

  2. Surrendering of Policy

    A policyholder can pay the premium regularly till the completion of the policy term. In case if the life assured is not able to pay premiums (all) and wishes to surrender the policy, the policy will get terminated. In such cases, no surrender value will be paid to the life assured under this policy.

  3. Revival

    A policyholder can revive all the benefits under this product within 5 years after the premium’s due date in default. 

  4. Free Look Period

    If you are not satisfied with the T&Cs of the policy, the life assured to have the option to return the policy along with a letter mentioning the reasons for the objection within 15 days of policy receipt in case of offline plan whereas 30 days of policy receipt in case of policy sourced via online sales. 

Exclusion 

If the death is due to suicide within 12 months from the inception of the policy, the beneficiary/nominee of the life assured shall be eligible to receive at least 80 percent of the total premiums that is paid till the death date or the available surrender value as on the death date, whichever is more, provided the policy should be in force.

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