A joint venture between Bharti, one of India’s leading business groups in the field of agriculture, telecom and retail, and AXA which is counted among fore-runner organizations in finance and wealth management in the world, Bharti AXA Life Insurance is omnipresent across the country to satiate the financial and wealth protection of its customers. When it comes to best unit-linked plans, Bharti AXA Life Insurance ULIP Plans are among the top policies of the kind.
What is Bharti AXA Life Insurance ULIP Plans?
ULIP or Unit-Linked Insurance Plans are the life insurance plans that are designed to troubleshoot two targets, viz. insurance cover and investment, with one arrow. Bharti AXA Life investment plans are the perfect amalgamation of good returns coupled with life cover.
Types of Bharti AXA Life Insurance ULIP Plans
Bharti AXA provides as many as three unit-linked insurance plans termed under the name of ‘Investment Plans’:
- Bharti AXA Life Grow Plan
- Bharti AXA Life Future Invest Plan
- Bharti AXA Life eFuture Invest
Eligibility Criteria
| Particulars |
Details
|
| Entry Age | 91 days – 64 years |
| Maturity Age | 70 years |
| Premium Payment Term | Single pay – 20 years |
| Premium Payment Mode | Monthly, Quarterly, Half-Yearly, Yearly |
| Minimum/Maximum Premium | Rs.1,500 – Rs.1,00,000 |
Documents Required
You need to submit the following documents in soft-copy in order to process the purchasing of policy quick and easy:
- Photo ID Proofs (Adhaar, Pan Card, Passport, etc.)
- Address Proofs (Aadhar, Ration Card, Passport, utility bills, etc.)
- Passport sized photographs
- Application/Proposal Form (filled and duly signed)
- Salary Slip
This is not an exhaustive list which means it may lead to further addition/omission.
Claim Process of Bharti AXA Life Insurance ULIP Plans
The claim process of Bharti AXA Life Insurance ULIP plans consists of 3 broad steps, viz.:
Claim Intimation:
- This is the first step of making your claim in case of eventuality, i.e. intimating the insurance provider. This can be done in 5 easy ways:
- Physical visit ( Use this link to locate the branch nearest to you: https://www.bharti-axalife.com/contact-us/branch-locator )
- Call @ 1800-102-4444 (toll-free number)
- Email: claims@bharti-axalife.com
- Request a call back (https://www.bharti-axalife.com/contact-us/call-me-now )
- File the claim online (https://online.bharti-axalife.com/OnlineClaims )
Claim Processing:
- After claim registration, next big step is documentation and verification
- This submission can be done either by physically visiting the branch office or doing the same online
- After receipt of documents happens verification
- Policyholder is kept updated via SMS and emails on a regular basis
Claim Decision:
- Once verification is completed comes the final decision of releasing the claim payment
Documents Required:
- Original policy certificate
- Claimant’s Settlement Form
- Photocopy of self-attested Death Certificate issued by local authority
- Copy of photo ID proof along with address proof of the nominee
- Copy of bank passbook & personal cancelled cheque of the nominee
How Long Does It Take to Process the Claim?
Accrued fund value of all eligible ULIP contracts or policies is paid within a period of 48 hours starting from claim intimation
Normally, claim settlement requires no more than 5 days. Although for cases where further verification is required, it may take up to 6 months.
Advantages of Bharti AXA Life Insurance ULIP Plans
Unlike a traditional simple term life insurance plan, ULIPs carry good weight with themselves.
- Death benefit
- Maturity benefit
- Option to surrender the policy before expiry
- Affordability in the form of varied premium options
- Flexibility to choose investment tenure
- Multiple options for fund allocation to satiate your risk appetite
- Loyalty additions
- Zero allocation charges
Cases Where You Can’t Claim Insurance
- If the life insured/policyholder is involved in malicious activities and thus leads to demise
- Suicidal claims within one year of commencement of policy
Important Aspects
Charges levied:
- Premium allocation charges : Nil
- Policy administration charge: Yes, for limited period
- Mortality charge: Yes
- Fund management charge: Yes
- Surrender/Discontinuance charge: Yes
Withdrawal of funds:
Usually there is a lock-in period of 5 years after the expiry of which, funds can be withdrawn. Minimum fund withdrawal is of Rs.1, 000.
Delayed premium payment:
If the premium is not paid in time, there is a provision of grace period which varies from 15 days (for monthly payment mode) to 30 days (for other premium payment modes).
Fund Allocation:
| Name of the Fund | Allocation | Risk-Return Potential |
| Growth Opportunities Plus Fund | Govt. Bonds & Securities: (0-20)%
Equities: (80-100)% |
High |
| Grow Money Plus Fund | Govt. Bonds & Securities: (0-20)%
Equities: (80-100)% |
High |
| Build India Fund | Govt. Bonds & Securities: (0-20)%
Equities: (80-100)% |
High |
| Save ‘n’ Grow Money Fund | Govt. bonds and securities: (0-40) %
Corporate Bonds & bank Deposits: (0-50)% Cash, Money Market & Short-Term Bonds: (0-40)% Equity: (0-60)% |
Moderate |
| Steady Money Fund | Govt. bonds and securities: (40-60) %
Corporate Bonds & bank Deposits: (20-80)% Cash, Money Market & Short-Term Bonds: (0-40)% Equity: N.A. |
Low |
| Safe Money Fund | Govt. bonds and securities: (40-60) %
Corporate Bonds & bank Deposits: (0-60)% Cash, Money Market & Short-Term Bonds: (0-40)% Equity: N.A. |
Low |
Tax Benefit
In all the three unit-linked insurance plans, there is tax benefit that adds to their goodwill. As per the tax laws of India, the premiums (Section 80 C) you pay towards your policy along with receipt of benefits (Section 10 (10D)) are both exempt from tax.
Also Read: Bharti AXA Life Term Plan