Bharti Axa Premier Protect Plan

Bharti Axa Premier Protect Plan is a non-linked and non-participating life insurance plan. It is a pure risk plan which allows policyholders to choose the premium terms and policy benefits as per their requirements to meet life commitments.

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*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

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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

Parameters

Particulars

Plan Options

Premium 

Minimum

Maximum

Policy Tenure 

Single

18 years

65 years

Limited 

Regular 

Premium Paying Term

Single 

Limited 

5 year, 10 year

Regular

Sum Assured 

INR 50,00,000

No Limit

Premium Payment Frequency

Monthly, Quarterly, Semi-annual, Annual

Loan Facility

The policy does not have any loan facility

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:

Age

Sample Annual Premium (INR)

25

9,900

35

15,300

45

27,100

55

48,300

65

83,400

  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

  • Q. What is the grace period? What is the grace period included in Bharti Axa Premier Protect Plan?

    Ans: The grace period starts from the due date of the premium payment. During the grace period, the policyholders can pay the premium even if they miss the due date for premium payment. The policy has 15 days grace period for monthly premium mode and 30 days grace period for quarterly, semi-annual and annual premium modes. If the insured's death takes place during this period, the nominee will get death benefit with deductions as applicable. After that, the policy will be terminated.
  • Q. What is the free look period? What is the free look period included in the policy?

    Ans: The free look period offers the policyholders to return the policy if they find any discrepancies with the clauses or norms mentioned in the policy. They can also use the free look period to return the policy if any fraudulent activities are identified. The policy offers a 15 days free look period if purchased through a direct online platform. It has a 30 days free look period if it is purchased through distance marketing. The policyholders will get the refunds of premiums paid with charges and deductions as applicable.
  • Q. How can the policy be revived?

    Ans: Lapsed Bharti Axa Premier Protect plan can be revived if it has acquired surrender value. If the policyholders have failed to pay premiums within the grace period, the policy will be considered a lapsed policy. The policyholders can revive the policy within five years from the date of the first unpaid premium. To restore the policy, they must pay all the outstanding premiums with interests and charges as applicable. After the revival period, the policy will cease to exist and will be terminated.
  • Q. When can the policy lapse?

    Ans: Bharti Axa Premier Protect Plan will lapse if the policyholders fail to pay the premiums after the grace period. During this period, if the insured's death takes place, the nominee will not receive any death benefit, and the policy will be terminated.
  • Q. What are the key legal provisions applicable to Bharti Axa Premier Protect Plan?

    Ans: In case of issues related to fraudulent activities, misrepresentation of information, hiding information or taxation, the policyholders are liable to follow the norms and provisions of Insurance Act 1938 and Income Tax Act 1961. However, the norms and provision of these acts change as per government interventions.
Written By: PolicyBazaar - Updated: 20 July 2021
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