Insurance Plans January 25, 2021

The occurrence of a critical illness can be as fearful as death. With Bharti AXA Life Flexi Term Plan, individuals can protect their lives along and choose a critical illness rider. With this term insurance plan from Bharti AXA, individuals can be assured of the financial safety of their family in case something unfortunate like death or critical illness happens to them. You can choose from 3 benefit payout options according to your family’s requirements.

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Want to know more about the key features of the Bharti AXA Life Flexi Term Plan? Well, you can know the same on this page where we will discuss its key features along with sum assured and policy term options, etc. Keep reading to know more!

Why Choose Bharti AXA Life Flexi Term?

A term life insurance plan helps individuals protect themselves and their families in case of an unfortunate event. But what are those reasons that make Bharti AXA Life Flexi Term Plan one of the popular plans among customers? Well, you can understand the same by looking at its key features shown below. Please check!

  1. Bharti AXA Life Flexi Term Plan comes with multiple Death Benefit Payout options as per the financial needs of the policyholder’s family. These options are 一 Lump Sum, Monthly Income Payout, and Lump Sum plus Monthly Income Payout. This option can only be chosen at the time of policy inception.
  2. There are two plan options that individuals can choose from while going for this Bharti AXA plan – Life Cover and Life Cover with Critical Illness Option.
  3. With this term life insurance plan from Bharti AXA, individuals can also get the option of comprehensive protection through critical illness benefit until the age of 75. With this option, you can get coverage beyond your life cover. The company will pay a lump sum amount in case of a critical illness. There are two options that individuals can choose from 一 Comprehensive Cover (protection against 34 critical illnesses) and Major Illness Cover ( protection against 15 major critical illnesses).
  4. Bharti AXA provides two rider options – Accidental Death Benefit Rider and Hospi Cash Benefit Rider – allowing policyholders to enhance their financial protection
  5. This policy from Bharti AXA also provides tax benefits on the premium paid and pay-out benefits received under Section 80D and Section 10(10D) of the Income Tax Act, 1961, respectively.

Sum Insured for Bharti AXA Life Flexi Term Plan

Sum Assured is one of the most important aspects to look for when choosing a term insurance plan. In the case of the Bharti AXA Life Flexi Term Plan, the minimum and maximum sum assured will be as follows.

ParameterLife Cover option (In INR)Life Cover with Critical Illness Option (In INR)
Minimum Sum Assured10 lakh10 lakh
Maximum Sum Assured25 lakhLife Cover - 25 lakh
Critical Illness - 25 lakh

Policy Term and Premium Payment Term Options Under This Plan

When it comes to the policy term of the Bharti AXA Life Flexi Term Plan, individuals can choose from different options. Also, the policy term remains the same for both Life Cover and Life Cover with Critical Illness option. There are two options from which you can choose. In the fixed policy term option, you can choose a policy term of 5, 10, 15 or 20 years. Other than this, you can choose a policy term up to the age of 60 or 75 years.

The premium payment term will be the same as the chosen policy term. Bharti AXA also provides different premium payment modes such as annual, semi-annual, quarterly and monthly.

What are the Key Benefits of Bharti AXA Life Flexi Term Plan?

Bharti AXA Life Flexi Term Plan provides a range of benefits that you can see below.

Death Benefit

The company will pay a death benefit to the nominee in case of the unfortunate demise of the policyholder. The death benefit will be the highest of the following amounts.

  1. 10 times the annualized premium
  2. 105% of all premiums paid up to the date of death
  3. Absolute amount assured to be paid on the date of death equal to the base sum assured
  4. The guaranteed sum assured on maturity, which is zero under this policy

Multiple Death Benefit Payout Options

Individuals can choose from the following death benefit options at the time of entering into the policy. Have a look below!

  1. Lump Sum Option where the company will pay the entire death benefit as a lump sum
  2. Monthly Income Option where this amount will be paid over 15 years as monthly income increasing annually at a simple rate of 10%
  3. Lump sum plus monthly income option where 50% of the death benefit will be paid as a lump sum amount, and the rest 50% will be paid over 15 years as monthly income at a simple rate of 10% per annum

Optional Critical Illness Benefit

If any critical illness (covered under the policy) occurs, the company will pay a sum assured to the policyholder at the time of its occurrence. Do remember that policy should be in force with no due premiums to get this payout.

Bharti AXA Life Flexi Term Plan Eligibility Criteria

An individual should keep a few important points when choosing this plan from Bharti AXA. We are showing these points below. Please check!

  1. The minimum age at entry stands at 18 years, while it can go up to 65 years.
  2. An individual can be as old as 85 years at the time of policy maturity under both options.

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