Insurance Plans 169 views January 27, 2021

Bharti AXA Life Premier Protect Plan is a non-linked non-participating pure risk life insurance plan that protects your family financially in case anything untoward happens to you. This insurance plan provides you different types of premium payment terms such as single pay, regular pay and limited pay. There is also the flexibility of choosing your death benefit payout because you know your family needs and don’t want them to suffer from any financial crisis in your absence. Let’s go through this page below and learn more about Bharti AXA Life Premier Protect Plan features and benefits.

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Features of Bharti AXA Life Premier Protect Plan

Under the Bharti AXA Life Premier Protect Plan, you will get the following features so your payment and benefits become easily accessible.

Flexible Policy and Premium Payment Term – There are multiple policy terms and premium payment terms available for you. Check out the table to understand better.

Minimum Policy TermPremium Payment Term
10 yearsSingle
5 or 10 yearsLimited
10 yearsRegular

Note – The maximum policy term is 35 years and the maximum age at maturity should be 75 years.

Death Benefit Payout Options – At the time of Bharti AXA Life Premier Protect Plan inception, you can choose your death benefit payout from the following –

  1. Lump-Sum – 100% of the death benefit will be payable immediately
  2. Monthly Income – 1.04% of the sum assured will be payable in monthly installments for up to 10 years. The first installment will be paid immediately on the death of the life assured.
  3. Lump-Sum + Monthly Income – 50% lump sum on death and rest of the 50% in monthly installment of 0.93% for up to 5 years. The first installment will be paid along with the 50% lump sum on death.

Your nominee/beneficiary can convert the monthly income death benefit payout into a lump sum at the time of death or before the payment of the first installment. The lump-sum death benefit is calculated as the present value of monthly incomes at a discounted rate of 5% p.a. Its rate may be revised after approval from the Insurance Regulatory and Development Authority of India (IRDAI).

Increasing Sum Assured – You will have the option to increase your sum assured at different life milestones such as marriage, purchase of house and birth of a child. This feature can be exercised by the policyholder only if the outstanding policy term is a minimum of 10 years and his/her age is a maximum of 45 years.

At each milestone, your Bharti AXA Life Premier Protect Plan sum assured will increase by 50%. The accumulated sum assured increase is capped at 100% of the sum assured chosen at inception. You can claim the increasing sum assured feature within 6 months from the date of the milestone.

Premium Payment Frequencies – Bharti AXA Life Premier Protect Plan premium can be paid monthly quarterly, half-yearly and annually. The following modal factors will apply to it as per your chosen frequency.

Payment ModeModal Factor
Annual 1 of the annualized premium
Monthly 0.0867 of the annualized premium
Quarterly 0.26 of the annualized premium
Sem-annual 0.51 of the annualized premium

Benefits of Bharti AXA Life Premier Protect Plan

Death Benefit – Your nominee/beneficiary can claim the death benefit in case of your death during the policy term. And the benefit would be payable if the policy is in force and all due premiums are paid till the date of death. A death benefit is a sum assured on death, that can be the highest of the following –

  1. 11X the annualized premium
  2. 105% of all the paid premiums as per the date of death
  3. The absolute amount assured to pay on death is equal to the policy sum assured
  4. Sum assured on maturity, which is equal to zero under the policy

Surrender Benefit – You can get an unexpired risk premium when you surrender the Bharti AXA Life Premier Protect Plan. Your policy will acquire an unexpired risk premium after the payment of two annualized premiums if you have chosen the limited pay option with a five-year premium payment term. And the unexpired risk premium acquires after three annualized premiums for a limited pay option with a ten-year premium payment term. In a single payment option, the unexpired risk premium acquires immediately.

Note – No unexpired risk premium will be payable for regular pay

Tax Benefit – You may be eligible for tax benefits under Bharti AXA Life Premier Protect Plan on premium payments or received benefits as per the prevailing income tax laws.

Optional Covers Under Bharti AXA Life Premier Protect Plan

You can enhance your Bharti AXA Life Premier Protect Plan cover by adding any of the following –

Bharti AXA Life Hospi Cash – With this rider, you can avail of a fixed benefit amount on hospitalization per day for up to 40 days and also a lump sum in case of surgery.

Bharti AXA Life Accidental Death – Get an additional sum assured under this rider if the life assured dies in an accident.

Bharti AXA Life Premium Waiver – If any of the mentioned 13 critical illnesses are diagnosed to the life assured, the premiums will be waived and the benefits continue.

Note – The total premium will rise by adding any of these riders

Suicide Clause of Bharti AXA Life Premier Protect Plan

If you commit suicide within 12 months from the date of inception or revival, the nominee/beneficiary will be entitled to the following, whichever is higher, as on the date of death.

  1. 80% of the paid premiums
  2. Surrender value

Free Look Period on Bharti AXA Life Premier Protect Plan

In your Bharti AXA Life Premier Protect Plan, you will get a free look period of 15 days from the date of receipt of the policy document. During this period, you can read the policy terms and conditions and see whether they are agreeable or not. Because if you have any issue with the Bharti AXA Life Premier Protect Plan terms and conditions as mentioned in the policy documents, you can return it within the free-look stating the reason for your cancellation.

On cancellation, you will be entitled to a refund of the paid premiums less proportionate risk premium, medical examination and stamp duty charges.

Note – If the Bharti AXA Life Premier Protect Plan is sourced via distance marketing such as online mode, the free look can be extended up to 30 days from the date of receipt of the policy document.

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