Bharti AXA Life Flexi Term Plan

*Please note that the quotes shown will be from our partners

Bharti AXA Life Insurance, a joint venture between AXA, one of the leading organisations 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.

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.

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 policy holder in case of unforeseen demise 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 policy holder 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 policy holder 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:

 

 

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

In the case of an 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

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.

Flexibility:

You will be offered flexibility to select the period of your coverage as there are several Policy Term options open under the scheme. You can either choose from options of Fixed Policy Term of 10, 15, 20 and 25 years or from options of 60, 65, 75 and 85 years from ‘To Age’.

Choose Life Cover until you attain an 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.

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.

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:

 

 

Death Benefit:

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

  1. 10 times of the Annualised Premium*
  2. 105% of the paid premiums as on the date of the death
  3. Absolute sum assured that is to be paid on demise is equivalent to the Base Sum Assured under this plan.
  4. Guaranteed Sum Assured on Maturity that is zero under the policy.

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

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 simple rate annually.

Optional Critical Illness Benefit:

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

How does the Product Work?

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

Scenario One: When you opt only for Life Cover:

 

 

Scenario Two: When you opt for Life Cover with Critical Illness:

 

 

Eligibility Details Bharti AXA Life Flexi Term

Life Cover:

 

Parameters

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

 

85 years

Policy Term

Fixed: 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.

-

 

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:

(i). 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.

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