Term Insurance April 23, 2021

Bharti AXA e-Protect Plus Plan offers you life coverage with flexible payout options for your family in case you are not around. Key features of this plan are as follows:

  1. Life Insurance Benefits
  2. Flexible Policy Term
  3. Free Look Period
  4. Hassle-Free Purchase

Keep reading this post and know about the benefits of the Bharti AXA e-Protect Plus Plan in detail.

Bharti AXA e-Protect Plus Plan Life Cover

In case of an unfortunate event of the life assured death, the company will pay the life insurance benefit to the nominee. This life insurance benefit will be the highest of the following:

  1. Sum Assured
  2. 10X the Annualized Base Premium
  3. 105% of all paid premiums (excluding underwriting extra)

The payout to the nominee is based on the option chosen by the life assured at policy inception:

Death Benefit Option 1 – If you choose this option, your nominee will receive monthly income for 15 years. The monthly income will be INR 8.44 per INR 1,000 of Sum Assured. Death Benefit monthly income payout will start from the date of intimation of death, provided the insurer has accepted the claim request.

Note – The monthly income does not increase during the death benefit payment period.

Death Benefit Option 2 Under this option, 50% of the sum assured will be paid as a lump sum to the nominee on acceptance of death claims. Plus, the nominee will receive the remaining 50% sum assured on annual installments over 10 years. Here, a lump sum is 50% of the sum assured chosen by the life assured at policy inception. The annual income will be INR 4.52 per INR 100 of sum assured, and in this option, the annual income increases by 10% (compounding interest) each year till the end of the 10th year.

Whether life assured chooses Death Benefit Option 1 or 2, the nominee will have an option to take the death benefit as a lump sum. This option is valid during the death benefit period as well. The insurer will calculate the lump sum as a present value of future outstanding death benefits at an interest rate of 6.25% per annum.

Bharti AXA e-Protect Plus Plan Policy Term

You can get life cover under Bharti AXA e-Protect Plus Plan by choosing any one of the following policy terms:

  1. 10 years
  2. 15 years
  3. 20 years
  4. 25 years
  5. 30 years
  6. Up to the age of 60 years
  7. Up to the age of 65 years
  8. Up to the age of 70 years
  9. Up to the age of 75 years

The minimum sum assured for Bharti AXA e-Protect Plus Plan is INR 32 Lakh, while the maximum sum assured is subject to underwriting. And the premium payment term is the same as the policy term. Under this plan, you can pay your premium yearly or half-yearly, as per your choice.

Free Look Period

If you disagree with any of the terms and conditions of the Bharti AXA e-Protect Plus Plan, you can return the policy to the insurer stating the reason for objection. You have a 30-day free look period from the date of receipt of the policy bond to review the terms and conditions of the policy. On such cancellation, the insurer will refund the paid premium after deducting the proportionate risk premium for the period on cover, medical examination fees (if any) and stamp duty charges.

Suicide Exclusion

If you commit suicide within one year from the policy issuance date or the date of the latest reinstatement of the policy, the company will pay 80% of the paid premium to the nominee/policyholder, provided the policy is in force.

Hassle-Free Purchase

You can purchase Bharti AXA e-Protect Plus Plan by visiting the official website of the life insurance company.

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