Bharti Axa Premier Protect Plan

The policyholders can increase the assured sum amount by 50% at each of the three key milestones such as marriage, house purchase and childbirth. The increase of the assured sum amount will be capped at 100% of the amount assured at the time of issuance.

Salient features of Bharti Axa Premier Protect Plan

Features and Benefits

Bharti Axa Premier Protect Plan offers high flexibility to choose different policy terms from 10 years, 35 years and up to age 75 years. These policy terms have multiple premium payment modes such as monthly, quarterly, semi-annual and annual. However, the policyholders are required to assure a minimum sum of INR 50,000. The maximum assured sum amount is decided based on the Board Approved Underwriting Policy (BAUP) of the insurer. 

1. Death Benefit

   Bharti Axa Premier Protect Plan offers death benefits to the nominee immediately after the death of insured individuals. The death benefit includes the highest of 11 times the annualized premium, 105% of all premium paid until the date of death, or the absolute sum assured to be payable on death. 

   The policyholders can choose from three pay-out options such as lump sum, monthly and lump sum plus monthly.

   • The lump sum option offers 100% of the death benefit as a lump sum amount.
   • The monthly instalment offers the death benefits as a monthly instalment at a 1.04% rate for the next 10 years, with the first instalment payable immediately on death to the beneficiary.
   • The lump sum plus monthly pay-out option offers 50% death benefit as a lump sum amount and the other 50% as a monthly instalment at 0.93% for the next five years. The first instalment or lump sum is paid immediately on the death as per norms.

2. Tax Benefits

   Bharti Axa Premier Protect Plan offers tax benefits as per the prevailing tax norms as per Income Tax Act 1961. Tax benefits depend on the number and amount of premiums paid by the policyholders in an assessment year.

   “Tax benefit is subject to changes in tax laws. Standard T&C apply.”

3. Increasing Sum Assured Option

   Bharti Axa Premier Protect Plan includes three milestones, such as marriage, purchase of a house, and childbirth when the policyholders can increase the 50% of the sum assured at policy inception.  However, the total increase of sum assured after achieving three milestones will be capped at 100% of assured sum at the time of policy inception. 

   The policyholder must have an age less than 45 years and have at least 10 years of the outstanding policy year to exercise the option. On the increase of the assured sum amount, the amount of premiums will increase accordingly. The rate of premium will be based on the age, income and outstanding policy years.

4. Advance Premium Payment Option

   The policyholders can pay 3 months' premium in advance on the date of policy commencement if they choose the monthly premium payment option. The advance premiums paid will be adjusted on the due date of the premium. The advances will be applicable for that policy year only.

Premium Illustration

If a policyholder of 25 years purchases the policy of sum assured 1 crore for a policy term of up to age 75 years and 10 years premium payment term, he/she would require to pay the following premiums:

1. Unexpired Risk Premium

   Bharti Axa Premier Protect Plan acquires an unexpired risk premium payable during the policy surrender time. This benefit is applied to the policy with a limited pay option with 5 years and 10 years PPT and single pay option. In the single pay premium case, the risk premium is applicable immediately after the premium paid. In the 5 years and 10 years PPT option, the risk premium is appropriate after two annualized premiums and three annualized premiums are paid respectively.

2. Additional Riders

   Bharti Axa Premier Protect Plan offers three rider facilities such as Bharti Axa Life Hospi Cash Rider, Bharti Axa Premium Waiver Rider and Bharti Axa Life Accidental Death Benefit Rider. These riders are illustrated below.

   • Bharti Axa Life Hospi Cash Rider: One gets the facility to get fixed cash payment for each day the insured is hospitalized. The rider supports 40 days of expenses in a policy year. The rider offers a lump sum amount in case of a surgery.
   • Bharti Axa Life Accidental Death Benefit Rider: The policyholders can get an additional assured sum as a death benefit if any unfortunate death occurs due to an accident of the insured person.
   • Bharti Axa Premium Waiver Rider: If the policyholders diagnosed with any of the 11 listed critical illnesses mentioned in the rider, they can be levied of any future premiums. However, the benefits will continue as usual as offered by the policy.

3. Eligibility

   Parameters	Particulars
   	Plan Options	Premium	Minimum	Maximum
   Entry Age	Single		18 years	65 years
   	Limited
   	Regular
   Maturity Age	Single			75 years
   	Limited
   	Regular

What are the documents required to buy? 

The interested individuals must submit the necessary documents as mentioned below to buy Bharti Axa Premier Protect Plan:

• Proposal form
• Identity proof
• Address proof
• Age proof
• Bank details such as bank statements, account details etc.
• Recent passport size photograph

How to buy the Bharti Axa Premier Protect Plan online?

The interested individuals must read all the documents and information about the policy carefully before purchasing the policy. They can buy the policy online by following four simple steps as mentioned below:

1. They must visit the website and get a quoted price of the policy by providing personal details such as contact name, contact number, age, smoking habits and policy-related information such as policy term, premium payment modes and others.

2. If they agree with the quoted price, they can purchase Bharti Axa Premier Protect Plan through digital transactions. They are required to accept the terms and conditions related to the policy of an insurer.

3. The individuals must provide further personal details such as income, family members, nominee details, and occupations.

4. In this step, the policyholders must upload necessary documents such as ID proof, age proof, address proof, bank details and others to help in the KYC operations of the policy.

Exclusions

Bharti Axa Premier Protect Plan excludes death benefits in case of death due to a suicidal. However, suppose the incident occurs within 12 months of policy risk commencement date or policy issuance date. In that case, the nominee will get 80% of all the premiums paid or the surrender value as applicable.

FAQ's