Bharti AXA is a leading player in the Indian insurance sector with a strong market presence and customer base. The company has a wide range of policies when it comes to term life insurance and has a history of providing customers with extensive coverage and quality services. The company has an impressive track record of providing financial aid to the insured on time. The Bharti AXA Life Term Plan products are designed to cater to the needs of customers that belong to various segments and fulfill their needs efficiently.
Table of Contents:
Types of Bharti AXA Life Term Plan
Mentioned below are the types of Bharti AXA Term Plan:
- Bharti AXA Life Serv Suraksha
- Bharti AXA Life Monthly Advantage
- Bharti AXA Life Elite Advantage
- Bharti AXA Life Super Series
- Bharti AXA Life Dhan Varsha
- Bharti AXA Life Samriddhi
- Bharti AXA Life Aajeevan Sampatti
- Bharti Life Smart Jeevan
Bharti AXA Life Serv Suraksha
- Bharti AXA Life Serv Suraksha plan ensures financial stability to your beneficiaries in one consolidated premium payment
- A handsome amount paid as the sum assured. This amount can be as much as 25 times of the single premium and will be provided to the beneficiaries if the insured passes away before the maturity of the policy
- At the time of maturity, the insured is paid 110% of the single premium
- The free look up period in this policy is 15 days from receiving the policy bond. In case the policyholder disagrees with any of the terms and conditions in this policy, he or she can cancel the policy within this time period. The policy will be cancelled after the policyholder surrenders the policy bond along with an application that justifies a reason for surrendering the policy. The paid premium will be refunded to the policyholder thereafter.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 50 years |
| Policy Term | – | 5 years |
Bharti AXA Life Monthly Advantage
- It provides the flexibility of choosing the income amount and the payment of premium
- The plan ensures the policyholder gets a steady monthly income and does not require him/her to pay premiums for extended duration
- The steady monthly income will start as soon as premium payment duration changes, and the income will be continued until the maturity of the policy
- The insured can select the amount that he/she wishes to receive every month, and the premium amount will highly depend on that
- The bonuses that are acquired by the insured like the Annual Reversionary bonuses are to be added up in the sum assured and paid in case of permanent disability or death of the insured
- In case the insured suffers from an accidental total permanent disability, the monthly income begins from the following month. The income continued till 12 years, 8 years or 6 years based on the option chosen by the policyholder
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 91 days | 65 years |
| Sum Assured | – | Rs.50,000 |
| Policy Term | 12 years | 24 years |
| Maturity Age | – | 84 years |
Bharti AXA Life Elite Advantage
- This is a dual benefit savings policy
- The term of premium payment is flexible. The insured can choose among the options of 12 years, 7 years and 5 years
- The maturity period of the policy is 20 years. If the insured survives the policy period, then he is provided with the promised payout at the time of maturity of the policy
- The policy has a 30-day grace period for payment of the premiums. The benefits of the policy are not compromised, provided the premium is paid before the end of the grace period
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 6 years | 65 years |
| Sum Assured | Depends on the minimum premium | |
| Policy Term | 10 years | 12 years |
| Maturity Age | – | 77 years |
Bharti AXA Super Series
- The sum assured is provided in multiple payouts, brief payouts are provided to the insured as soon as the premium payment period ends. The payouts are increased gradually, and a decent payout is provided at the time of maturity
- The plan has two variations – Super 6 and Super 10- and it is up to the policyholder to make a choice. In Super 6, the premium is to be paid for 6 years and benefits are also reaped for 6 years. Same is the case for Super 10, you pay the premium for 10 years, and the benefits are received for 10 years
- There are guaranteed payouts starting from the end of premium payment term and are paid till the maturity term ends. The payouts are divided as 12% of the maturity payout at the end of every policy year, 3% rise in the payout every year. 50% of the total payout is paid at maturity of the policy
- The sum assured for maturity will be paid in a single installment as soon as the policy matures
- A maturity addition is made in sum assured for loyal customers. Generally, this is an addition of 30% of sum assured on maturity and is payable at the time of maturity of the policy
- In case the insured passes away before the maturity of the policy,11 times of annual premium is paid for Super 6 as life insurance coverage. In case of Super 10, 15 times the annual premium is given out
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 6 years | 63 years |
| Sum Assured | Depends on the minimum premium | |
| Policy Term | 12 years | 20 years |
Also Read: Bharti AXA Smart Health Insurance Plan
Bharti AXA Life Dhan Varsha
- The benefits involved in this plan are lump sum benefit at maturity, survival benefits and cash bonuses (non-guaranteed)
- There are two variations in the policy with respect to the premium payment and maturity, 10 years premium and 20 years maturity and 15 years premium and 25 years maturity
- After 10 years of policy,the insured receives yearly cash benefits (6% of sum assured) until the end of policy term or the death of the insured
- The life insurance benefit is covered under this plan
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 91 days | 55 years |
| Sum Assured | Rs.25,000 | No limit |
| Policy Term | 20 years | 25 years |
| Maturity Age | – | 75 years |
Bharti AXA Life Samridhi
- The choice of premium payment and maturity term is with the policyholder
- The life insurance coverage is provided in the policy, either sum assured or 11 times of annual premium
- The payout of 100% of sum assured is guaranteed at the time of payout if the insured survives the maturity period
- The company also assures non-guaranteed bonuses, and they are paid along with the maturity benefit
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 0 years | 55 years |
| Policy Term | 10 years | 35 years |
Bharti AXA Life Aajeevan Sampatti+
- The premium payment period is limited to 10-15 years
- Annual payouts are assured to the insured until maturity of the policy/ death of insured
- There are cash bonuses (non-guaranteed) and lifelong protection (till 85/100 years of age)
- If the insured dies before the policy gets matured,the nominees are provided with sum assured or 11 times the annual premium amount
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 91 days | 55 years |
| Policy Term | 15 years | 29 years |
Bharti AXA Life Smart Jeevan
- The term policy is 12 years
- The sum assured in this policy is the 100% of paid premium along the policy tenure
- The death benefit is provided to the beneficiaries if insured dies unfortunately before the maturity of the policy
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 50 years |
| Sum Assured | Rs.50,000 | Rs.50,00,000 |
| Policy Term | – | 12 years |
| Maturity Age | – | 62 years |
Documents Required to Purchase Bharti AXA Term Plan
List of documents required to buy Bharti AXA Term Plans are mentioned below:
- Age Proof (PAN Card, Voter ID, Passport, Driving license, Birth Certificate)
- Address Proof (Electricity Bill, Ration Card, Telephone Bill, Aadhaar, Passport)
- Photo Identity Proof (Driving License, Voter ID, Passport, Aadhaar)
- Recent Passport size photographs
- Medical Reports
- Income Proof
Claim Process
Policyholders of Bharti Axa Term Insurance Plan can intimate the company regarding the claim in five easy ways through visiting the branch, register online, email or call at toll-free number mentioned on the company’s official website. Policyholders are required to submit the documents through online or offline mode. After the successful verification of the documents, company will intimate about the claim within 5 working days through regular updates via letters, SMS and emails.
Documents Required for Claim Process
Insured would be required to submit the following documents for claim process:
- Death Claim form
- Certificate of Insurance
- Copy of FIR
- Medical report
- Copy of Identity Proof
- Copy of Bank passbook
- Original Policy document
- Cancelled Cheque
- Copy of medical records
Claim Settlement
Claims of Bharti AXA Term Plans can be settled within 5 working days until and unless no fraudulent activity is involved.
Exclusions under Bharti AXA Term Insurance
Mentioned below are the exclusions of Bharti AXA Term Insurance plans:
- In case of death due to suicide
- Cancer of specific severity
- Organ Transplant
- Permanent paralysis of limbs
- Brain surgery
- HIV AIDS and others
Riders (Add-ons)
Bharti AXA provides different types of riders for its customers under term insurance plans and they are:
- Bharti AXA Life Term Rider
- Bharti AXA Life Premium Waiver Rider
- Hospi Cash Benefit Rider
- Accidental Death Benefit Rider
1. Bharti AXA Life Term Rider
Under this rider, insured are offered an additional sum assured in case of death. Also, the amount is in addition with the base policy. Insured can have an enhanced coverage term that ranges from 5 years to 25 years. Policyholders can also can avail tax benefits under section 80C of the Income Tax Act, 1961.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 60 years |
| Maturity Age | – | 70 years |
| Rider Term | 5 years | 25 years |
2. Bharti AXA Life Premium Waiver Rider
Bharti AXA Life Premium Waiver Rider offers additional protection that waives off the premium if any unfortunate thing happens such as critical illness, permanent disability or death.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Maturity Age | – | 70 years |
3. Bharti AXA Life Hospi Cash Benefit Rider
This health insurance rider offers a fixed amount of benefit to the insured for hospitalization on per day basis. In case of surgery, a lump sum amount is offered and in case insured is admitted to ICU, policyholders can avail fixed amount benefit under this plan.
Eligibility Criteria
| Parameters | Minimum | Maximum |
| Entry Age | 91 days | 65 years |
| Maturity Age | – | 85 years |
| Policy Term | 5 years | 20 years |
4. Bharti AXA Life Accidental Death Benefit Rider
This insurance rider offers customers 100% sum assured in case of death of the insured caused due to accident. Policyholders can avail tax benefits on rider premium paid under section 80C of the income Tax Act, 1961.
| Parameters | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Maturity Age | – | 75 years |
| Rider Term | 5 years | 75 years less age at entry |
Advantages of Bharti AXA Term Plans
Mentioned below are the advantages of Bharti AXA Term Insurance plans:
- Maturity Benefit
- Protection to the family
- Maximum coverage up to 85 years
- Coverage for Critical Illness, Personal Accident and Hospital Cash
- Tax Benefit under section 80C of the Income Tax Act, 1961
Important Aspects
- Early purchasing of term plan will help in paying lower premium in long-run
- Consider riders with their respective benefits to avail extra coverage
- Compare plans before purchasing to avoid any discrepancies
FAQs
Q1. How long does it take for a refund in case of policy cancellation?
The refund is provided within 10 days of the cancellation of the policy.
Q2. If the premium amount is not paid within the grace period, will the policy get cancelled?
In case the policyholder has not paid a premium in the given time frame, the policy status will lapse and it can be renewed only if the policy bond allows.
Q3. Is it possible to purchase Bharti AXA Term Plans through online insurance aggregators?
No, Bharti AXA term plans cannot be provided by online insurance aggregators.