Bharti Axa Smart Jeevan

Bharti Axa Smart Jeevan is a non-participating and non-linked individual life insurance plan. The policy protects the financial needs of an individual for a period of 12 years against an affordable premium. Once the policy matures, the policyholders can get back all the premiums paid and an assured sum. The policy offers death benefits, maturity and tax benefits. Although it does not provide a bank loan option, the policy acts as an investment solution to reduce tax expenses.

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It can be purchased through the insurer website or by visiting the nearest branch of Bharti Axa. If any discrepancies arise, they can follow the legal provisions mentioned in Insurance Act 1938 and Income Tax Act 1961. The interested individuals must read all the information related to the policy carefully before making a final decision. 

Salient Features of Bharti Axa Smart Jeevan

Parameters

Particulars

Plan Options

Premium 

Minimum

Maximum

Policy Tenure 

12 years

12 years 

18 years

50 years

Premium Paying Term

12 years

Sum Assured 

INR 50,000

INR 5,00,000

Premium Payment Frequency

Monthly, Quarterly, Semi-Annual, Annual

Loan Facility

No loan facility is offered in this plan

Benefits 

The policy offers key benefits at a nominal premium amount. These benefits are identified below.

  1. Features: 

    Bharti Axa Smart Jeevan applies to individuals at minimum entry age of 18 years and maximum of 50 years. The policyholders can get an assured sum of up to a maximum limit of INR 5 lakhs. They can pay the premium through monthly, quarterly, semi-annually and annual payment via online modes. 

  2. Grace Period: 

    Bharti Axa Smart Jeevan plan has a grace period of 15 days for policies with a monthly premium payment facility. However, it provides a 30 days grace period for annual, semi-annual, quarterly premium payment mode. The policy will not offer any benefit during the grace period. They can get the death benefits remaining after deducting the unpaid premiums.

  3. Free Look Option: 

    Bharti Axa Smart Jeevan has a 15 days free look period. During this period, the policyholders can return the policy purchased if they find discrepancies in the policy norms and offerings.

  4. Revival:

    The policyholders can revive the policy within five years from the due date of the last unpaid premium. The policyholder must pay all the outstanding premium and interest as applicable to date as a revival fee. The policy revival will be as per Board Approved Underwriting Policy. 

  5. Surrender Value:

    If the policyholders do not pay the annualized premium in two consecutive years, then the policy will receive paid-up status. The policyholders will get the surrender benefits if Bharti Axa Smart Jeevan is renewed after the revival period. The surrender benefits offered as maturity and death benefits are factored into the policy's surrender value.  

  6. Maturity Benefit:

    The policyholders will get a sum assured at the end of the policy term. It is the amount of 100% of total premiums paid during the policy period. The policy offers a maximum maturity age of 62 years.

  7. Life Insurance: 

    Bharti Axa Smart Jeevan offers a life cover facility for 12 years. The policyholders and their family members come under the cover of the life insurance facility. After the 12 years term, the policy returns the total invested premium amount to help the policyholders and their family members meet financial obligations.

  8. Death Benefit:

    The policy includes death benefits as a sum assured applicable within the policy year. The coverage amount is the maximum of 11 times of annualized premium, 105% of total premiums paid until the due date, and the sum assured on maturity or the assured sum of the policy. 

  9. Tax Benefits:

    Bharti Axa Smart Jeevan offers tax benefits as per the Income Tax Act 1961. The tax benefits depend on the amount of premium paid and applicable charges per the prevailing laws.

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

Premium Illustration

The policy has a 12-year term. The policyholders can pay the premiums monthly, quarterly, semi-annual and annual based on their premium payment mode preference. The individuals must be at least 18 years old to pay regular premium amounts. The premiums are charged based on the sum assured, which can be the minimum amount of INR 50,000 and the maximum amount of INR 5,00,000. They must consult with the sales advisors of the insurer before deciding the premium amount and assured sum amount.

  1. Multiple Policy Option:

    A policyholder can purchase more than one Bharti Axa Smart Jeevan plan. But, if their untimely death occurs, the nominee will get the cumulative sums of all the policies subject to the maximum assured sum of INR 5 lakhs. 

  2. Eligibility:

    Parameters

    Particulars

    Plan Options

    Premium 

    Minimum

    Maximum

    Entry Age 

    12 years

    18 years

    50 years

    Maturity Age 

    12 years

    62 years

What are the documents required to buy the Policy?  

The interested individuals must provide the below-mentioned documents during the policy purchase. They are required to follow a standard procedure of document submission through the online platform. However, if needed, they have to produce additional documents. 

List of officially valid documents:

  • Proposal form
  • Identity proof
  • Address proof
  • Bank details
  • Date of Birth proof
  • Recent passport size photo

How To Buy the Bharti Axa Smart Jeevan Online? 

The interested individuals must read all the information about the plan carefully and take the necessary decisions to purchase the plan online. They must follow four simple steps to buy Bharti Axa Smart Jeevan online. These steps are: 

  • Visit online the website of Policybazaar Insurance Brokers Pvt Ltd. Enter basic personal details such as name, address, contact details, and policy information such as premium term, policy term, payment frequency, annual investment amount, etc.
  • Compare different plans. You can also directly look for Bharti Axa’s term plan. After agreeing with the quoted amount of sum assured and premiums, make an online payment to complete the process.
  • Provide further personal details such as the number of dependents, annual income, occupational information, medical information and others
  • Further, upload identification documents for address proof and other details as necessary to help the KYC process of the company

Policy Exclusions: 

The policy excludes death all benefits if the insured individuals incur death due to a suicidal attempt. However, if death due to suicide occurs within 12 months from the date of purchasing the policy, the nominee can claim at least 80% of the total premiums paid to date or the surrender value as applicable.

FAQ's

  • Q. What will happen if the policyholders fail to pay the premium in the grace period?

    A. Bharti Axa Smart Jeevan will have surrender value if it has been active for two consecutive policy years. If the policyholders miss the grace period to pay the premium in the first two years, the policy will not have a surrender value. This leads to a policy lapse that cannot be revived. However, if it has achieved surrender value, it can be restored as per the norms. The beneficiary will be eligible for paid-up maturity benefits and death benefits at the policy's surrender value.
  • Q. How is the premium amount calculated?

    A. The premium amount for Bharti Axa Smart Jeevan changes as per their chosen premium mode. The policy has four premium modes such as monthly, quarterly, semi-annually and annually. The premium amount. The premium rates of the policy changes as per changes in the economic scenario. However, the company offers age-based premium rates. The key age brackets used in premium rate calculation are 18-35 years, 36-40 years, 41-45 years and 46-50.
  • Q. In case of any fraudulent activity identified, which legal provision is applicable? 

    A. If any issues related to fraudulent activities arise, the policyholders and other beneficiaries can follow the legal provisions as per Section 45 of the Insurance Act 1938. The Insurance Act 1938 also keeps requirement for any issues related to default and rebate or false representation. Section 41 of the Insurance Act 1938 helps to identify the process to follow for legal operations as required. In case of default, the policyholders may need to pay the penalty of up to INR 10 lakhs.
  • Q. In which cases Bharti Axa Smart Jeevan cannot be called in question?

    A. The policy cannot be called in question if the policy expires three years from the date of issuance, the commencement of risk, revival or rider to the policy, whoever is the latest. It follows the provisions as mentioned in Section 45 of the Insurance Act 1938. However, Bharti Axa Smart Jeevan can be called into question within three years in case of frauds or misrepresentation of data.

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