All about Bharti AXA Life Insurance Company

Bharti AXA Life was founded in 2006, with a motive to provide variety of innovative products and services to cater to specific insurance and wealth management requirements of their customers. It is a collaboration of Bharti Enterprises which is one of India’s leading business groups and the AXA Group with has its headquarters in Paris. This company aims to offer immense focus on its customers and become the most trusted insurer by 2020.

This company offers various types of insurance products at a wide scale. Right from traditional products to different investment plans Bharti AXA Life Insurance Company assures you higher coverage at a lower cost. Use of basic infrastructure, customer base and knowledge from Bharti Enterprises makes Bharti AXA Life Insurance Company to grow at an efficient and considerable growth.

Bharti AXA Life Insurance Company has a wide distribution spread across 123 cities in India.

Interesting Facts – Bharti AXA Life Insurance Company

The collaboration of the Bharti AXA Life Insurance Company has a contribution of 74% stake from Bharti and 26% stake from AXA
This company continues to carry an excellent claim settlement ratio each year. 80.02% was recorded as a claim settlement ratio for the year 2015-2016
This company holds a record of 100% grievances settlement in the year 2015-2016
The CEO of Bharti AXA Life Insurance Company is Mr. Sandeep Ghosh
Bharti AXA has received multiple awards. For the 2^nd year in a row, it had been the most trusted brand in the country, as well as grabbed the 3^rd spot in the customer loyalty, according to customer satisfaction.

Benefits of buying from Bharti AXA Life Insurance

Life insurance is a complex concept. You buy a policy that provides a compensation in the form of lump sum amount to your beneficiaries when you are gone. Bharti AXA Life insurance provides a financial shield to you and your dependents after your demise. Let’s have a look at the benefits offered by this company:

Variety: This company offers variety of online as well as offline plans
Customer Service: This Company has an excellent team of customer service that offers good and hassle-free pre-sales as well as post-sales services.
Tax benefits: Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly
Cost: Bharti AXA Life insurance plans are quite cheap.
Flexibility: Offers flexibility by providing options to make the premium payments

Plan Types of Bharti AXA Life Insurance

Term Insurance Plans

Life is too unpredictable and uncertainties can rip you off emotionally, financially and physically too. To find solutions for these problems, term insurance plays a vital role in your life.

Let’s have a look at the plans available under this category:

Bharti AXA Life Serv Suraksha

Here, you just have to make the payment once and this plan would ensure financial stability for your family. The features of this plan are mentioned below:

This plan offers an amount to the nominee in case of the unfortunate event of death of the insured which is equal to 25 times the single premium paid
The life insured is paid 110% of the premium, when the policy is nearing its maturity
If the life insured disagrees with any of the terms of the policy, then he/she has the option to return the original policy bond along with a letter stating reasons for the objection within 15 days of the receipt of the policy bond. The policy would then be cancelled and the premiums paid till date are refunded back to the insured.
Sum Assured is paid in the case of the unfortunate event of death of the policyholder
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders: None

Bharti AXA Life Term Plan eProtect

This is an online term insurance plan that offers the below features:

This plan offers higher coverage at a lower premium
This plan can be bought online without any hassles at your convenience
The sum assured decided at the time of policy issuance is given to the nominee in case of death of the insured
This plan offers family care benefit. Here, the condition applicable is at least 2 premiums should have been paid post policy issuance or reinstatement. Here, an amount of Rs.1 lakh is paid in lump sum to the nominee within 48 hours of the death of the life insured, only in case of informing the company. The pending amount is later settled post completing the formalities
Preferential premiums rates are offered to the non-smokers along with a sum assured of Rs.50 lakh and above
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders: None

Bharti AXA Term Plan –eProtect+

This term plan offers benefits of flexible payouts. The features of this plan are mentioned below:

This plan offers higher coverage at a lower premium
This plan can be bought online without any hassles at your convenience
On the death of the insured, there are 2 death benefit options available: a.) A monthly income is paid to the nominee for a period of 10 years from the death of the insured. b.) 50% of the sum assured is paid to the nominee immediately on the death of the insured. The balance 50% is paid in the form of increasing annual installments for the next 10 years
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders: None

Bharti AXA Term Plan Elite Secure

This is a unique term insurance plan that offers coverage till the age of 75 years. The features of this plan are mentioned below:

This plan offers higher coverage at a lower premium
The sum assured is paid to the nominee in case of death of the life insured
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders:

Hospi Cash Rider: This rider can be opted by paying an extra amount. Here, a fixed amount is paid on daily basis during hospitalization of the insured. The insurance company also pays an additional lump sum amount in case the insured has to undergo of any surgeries.

Bharti AXA Life Flexi Term Plan

This plan offers total protection through discretionary critical illness benefit. The features of this plan are mentioned below:

This is a comprehensive term plan that offers protection against 34 critical illnesses
Offers maximum coverage term up to 85 years
This plan offers protection t you and your family from any unforeseen situations
Offers flexibility to select from 3 different life cover pay out to meet your family’s requirements
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders:

Critical Illness Benefit Rider: This rider offers lump sum amount in case the insured is diagnosed with any critical illness and the future premiums are also waived off and the life cover continues

Unit Linked Plans

These plans are a combination of insurance and investment and are subject to market risks. You need to select the allocation of the investments directly from the stock markets. If death occurs, your nominee gets the sum assured from the insurance company.

Let’s have a look at the plans available under this category:

Bharti AXA Life Future Invest Plan

This is a unit liked plan for a tenure which is fixed for 10 years. The features of the plan are mentioned below:

Here, you simply have to pay the premiums for 5 years, but the plan offers benefits for fixed term of 10 years
Your premiums are invested in the market for building your fund value
This plan has zero allocation charges
This plan offers flexibility to keep your funds invested for 5 years
Offers facility of partial withdrawal anytime post 5 years
Offers options to choose either a.) Higher of sum assured or the fund value b.) sum assured + fund value
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders:

Accidental death benefit rider. Here, you will receive an additional sum assured in case of death of the life insured due to an accident

Endowment Plans

Here, the insurance company pays the sum assured during both death and survival. The premiums of endowment plans are relatively higher because your funds are further invested in asset market both in equity as well as debt markets.

Let’s have a look at the plans available under this category:

Bharti AXA Life Monthly Advantage Plan

This is a traditional and participating insurance plan. The features of the plan are mentioned below:

This plan offers protection through life coverage along with regular monthly income payouts
Here, bonuses are offered
Insured has to select the plan from the 3 available term plans wherein premiums are paid only for a limited tenure
Here, regular monthly income is paid to the insured, only post completion of the premium paying term till the maturity of the plan
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders:

Accidental Total and permanent disability rider: This inbuilt rider offers payouts where if the insured meet with an accident resulting into total and permanent disability

Bharti AXA Life Elite Advantage Plan

This plan offers guaranteed payouts and provides comprehensive protection till the end of the policy term. The features of the plan are mentioned below:

This plan is a traditional, non-linked and non-participating endowment plan offering guaranteed payouts of around 8.5% to 9.5%. This amount is paid from the end of the policy term. This plan also offers 100% sum assured on maturity.
This plan offers life coverage for any uncertainties in life
This plan has a grace period of 30 days to pay the premium without any impact on the benefits it provides
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders:

Hospital Cash Rider: This rider offers a guaranteed sum payout on surgery, as well as fixed daily benefits for hospitalization and intensive care unit benefits

Bharti AXA Life Samriddhi Plan

This plan is a traditional, non-linked and non-participating endowment plan. The features of the plan are mentioned below:

Here, a lump sum amount is paid at the maturity and also bonuses
This plan offers basic sum assured along with accumulated non-guaranteed simple annual reversionary bonuses plus non-guaranteed terminal bonus to the nominee in case of death of the insured within the tenure of the policy
Offers 8 premium payment term options to be selected from 10 to 35 years
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders:

Hospital Cash Rider: This rider offers a guaranteed sum payout on surgery, as well as fixed daily benefits for hospitalization and intensive care unit benefits

Premium Waiver rider: This rider offers waiver of future premiums in case of critical illness of the life insured, death or total and permanent disability

Bharti AXA Life Secure Savings Plan

This is a plan that offers guaranteed additions. This is an endowment plan. The features of the plan are mentioned below:

This plan is a traditional, non-participating plan. This plan doesn’t offer any benefits of bonuses
Here, the premiums are required to be paid for 15 to 20 years of the policy tenure as chosen
Guaranteed additions are offered as a percentage of cumulative base premium varying from 8% to 10% based on the amount of the premium and the tenure of the policy
Offers maturity benefits by providing 100% of the sum assured along with guaranteed additions
In case of death of the insured during the policy period, higher of the base sum assured or 105% of the total premiums paid plus guaranteed additions on the amount of the premiums are offered to the nominee
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders:

Accidental death and disability benefit rider: Here, you will receive an additional sum assured in case of death of the life insured due to an accident

Bharti AXA Aajeevan Sampatti

This is a whole life limited pay and participating life insurance plan. The features of the plan are mentioned below:

This plan can be issued as both an online and offline plan. It offers non-linked savings with dual benefits of guaranteed annual pay-outs, covering up to 100 years of age
Here, the moment the 10^th policy year is completed, you will begin receiving yearly payouts until maturity or death of the Life insured (whichever is earlier)
This policy participates in the Insurance fund, and any surplus is distributed as bonus. This is a non-guaranteed benefit and is paid out as a percentage of the sum assured on the maturity annually starting from the 6^th Policy year, until maturity or death (whichever is earlier)
Offers coverage until you reach an age of 100 or 85 (depending on the type of policy selected). In case of death of the life insured, the nominee will be paid out the sum assured on maturity or 11 times the annualized premium (whichever is higher)
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders:

Premium Waiver rider: This rider offers waiver of future premiums in case of critical illness of the life insured, death or total and permanent disability

Money Back Plans

This being a variant of another type of life insurance i.e. endowment plan. You get a certain portion of the sum assured at regular intervals. If you outlive the policy, the remaining sum assured is paid to you. However, in case of death, your nominee receives the entire sum assured from the insurance company

Let’s have a look at the plans available under this category:

Bharti AXA Life Secure Income Plan

This is a traditional, non-participating and a limited premium payment. The features of the plan are mentioned below:

This plan doesn’t offer any bonuses
Here, you are required to make a premium payment for 5, 7 or 10 years only, however the policy still continues
Offers 8% of the sum assured which is a monthly income benefit, only after completion of 10 years of the premium payment term
Offers guaranteed additions each year post the premium payment term is completed
Offers the death benefit as – a.) Sum assured + guaranteed additions b.) 105% of the total premiums paid till date c.) 11 times annualized premiums for a policy tenure of 15 or 17 years. 13 times the annualized premiums for 20 years
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders: None

Bharti AXA Life Monthly Income Plan

This plan is a limited premium payment plan. The features of the plan are mentioned below:

This is a traditional participating plan, monthly income benefit plan that also offers bonus
Here, you are required to make the premium payments just for 7, 10 or 15 years only, but the policy still continues
Offers discount in premiums in case a higher monthly income is opted
This plan offers annual reversionary bonus
Here, the monthly income begins post the death of the insured or post the premium payment term which ever happens earlier
Section 80C and 10(10D) under the Income Tax Act, provides tax benefits for premiums paid regularly

Riders:

Critical illness benefit rider: This rider offers lump sum amount in case the insured is diagnosed with any critical illness and the future premiums are also waived off and the life cover continues

Premium waiver benefit rider: This rider offers waiver of future premiums in case of critical illness of the life insured, death or total and permanent disability

Exclusions – Bharti AXA Life Insurance

The claims would not be admitted under the below exclusions:

Suicide- If the insured commits suicide within the first year of the plan, then 80% of the premium paid till date is given to the nominee.

Claim Process – Bharti AXA Life Insurance

The claim can be filed in a simple and hassle-free process. Mentioned are the steps for claim process:

Claim Intimation: The nominee of the insured needs to intimate the claim to the insurance company by filling a claim form completely. Necessary documents needs to be attached along with the claim form. They are mentioned below:

Terminal illness claim form
Critical illness claim form
Accidental disability form
Natural/Accidental death form

The nominee needs to ensure that the form is filled based on the type of claim and submitted to the Bharti AXA Life Insurance office along with the doctor’s certificate, death certificate, physician statement etc.

Visit the Bharti AXA Life Branch nearest to you, call the toll-free number – 1800-102-4444, send an email at claims@bharti-axalife.com, , or register online for your claim

Fund value payment: On receiving the documents, the fund value of the plan is paid to the nominee of the policy. This process happens only during death claim.
Arrange for documents: Based on the type of claim, your nominee would then have to attach the relevant documents in original or photocopies. These photocopies are needed to be attested by a Gazette officer.
Settlement payout: The insurance company would verify the documents once received. In case of any more documentation, the verification process would be complete after receiving the same. The clauses and riders if any would also be examined. If all the documents are found right as per the requirement, then the funds would be released in the nominee’s favor.

The payment is done via NEFT (National Electronic Fund Transfer) to the nominee. The insurance company ensures complete transparency to reduce any possible frauds and financial discrepancy.

List of documents to be submitted to the insurer:

Filled-up claim form
Certificate of death issued by Local Authority
Policy document
Legal evidence of title, if the policy is not assigned or nominated
Copy of Post Mortem
Form of discharge executed and witnessed
Claimant’s Identity and Residence Proof
Medical Records at the time of death and past illnesses (Medical Attendant Certificate, Hospital treatment Certificate, Admission Notes, Discharge/Death Summary, and Test reports, etc.)
Copy of FIR / Panchnama Report /Police Inquest Report / Police Final Report, in case of Un-natural death

Review – Bharti AXA Life Insurance

Bharti AXA Life Insurance offers wide-ranging term coverage that takes care of your overheads associated with liabilities and offers a peace of mind by making arrangements for a financially secured life for your loved ones. The variety of plans offered by this company would enhance your insurance policies at a very minimal rate. Bharti AXA Life Insurance is a well-known company that claims of user-friendliness and unswerving customer service. With diverse coverage plans suiting every individual, this company undeniably has a potential to be ranked as one of the best insurance companies of India. This company has a highly committed sales force with a touch of customer delight. It also strives hard to deliver good claim settlement ratio.