Term Insurance 339 views February 19, 2021

There is no certainty to life considering the times we are living in. Any unfortunate event can leave your family and loved ones financially unsecured, and you certainly don’t want to leave them in crisis when you are not around. Bharti AXA Life Elite Secure Plan can be a suitable tool if you are looking for something that can protect your family in your absence in the same way as you do. With this life insurance plan, you can make sure that the dreams of your family remain intact. We are showing some of the highlights of the Bharti AXA Life Elite Secure Plan. Have a look!

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  1. Complete financial protection in case of an unfortunate death
  2. Long term cover availability
  3. Affordable premium
  4. Multiple premium payment modes
  5. Rider options
  6. Free look period of 15/30 days
  7. Tax benefits

On this page, we will be discussing these key features in detail along with other aspects of Bharti AXA Life Elite Secure Plan, such as the policy term, premium amount, etc. Do read to know more!

Key Features of Bharti AXA Life Elite Secure Plan

Bharti AXA Life Elite Secure Plan is a non-linked non-participating term insurance plan that can protect yourself and your family for a long period against any eventualities. Let’s know its key features in detail.

Life Insurance Benefit

One of the most striking features of the Bharti AXA Life Elite Secure Plan is that you stay worry-free about your family’s financial security, in case something unfortunate like a death happens to you. In a way, you can enjoy comprehensive protection for your loved ones. Also, this is a single plan that will make sure that all your needs are fulfilled.

In case the policyholder dies during the policy term, the company will provide benefits to the nominee known as life insurance benefits. This benefit can be highest of the following amounts –

  1. 10 times the annualized premium (excluding taxes, rider premium, etc.)
  2. 105% of all premiums paid up to the date of death
  3. Absolute assured amount to be paid on the date of death, which will be equal to the basic sum assured under the policy
  4. The guaranteed sum assured on maturity, which is zero for this policy

Do remember that there should not be any due premiums up to the date of death, and policy should be in force to receive death benefits.

Longer Coverage Availability

Bharti AXA Life Elite Secure Plan can be a suitable plan for yourself if you are looking for a plan with longer coverage. The reason: you can choose this plan with a policy term up to the age of 75 years. It means you will be able to get coverage until you reach the age of 75. You can choose other policy term options according to your convenience. These options are 5, 10, 15, 20, and 25 years.

The premium payment term will be the same as your chosen policy term. Suppose you choose a 5-year policy term, you will need to pay the premium for 5 years. However, you can pay the premium amount at any of annual, semi-annual, quarterly and monthly modes.

Affordable Premium Amount

One of the key features of the Bharti AXA Life Elite Secure Plan is its affordable premium, which depends on several factors such as the sum assured, policy term, and age at the time of entering into the policy. The minimum premium amount stands at INR 3,925 per year for a 30-year individual choosing a sum assured of INR 25 lakh for the 5-year policy term. However, the maximum premium can be INR 90,100 for a 50-year individual choosing a sum assured for INR 1 crore for a 25-year policy term.

Sum Assured

You can also choose the sum assured according to your requirements. The minimum sum assured for Bharti AXA Life Elite Secure Plan can be INR 25,00,000, while it can go up to INR 1 crore.

Rider Options

Bharti AXA Life Elite Secure Plan also offers two rider options (add-ons) to enhance your overall protection. These two rider options are Hospi cash rider and Accidental death benefit rider. With the hospi cash rider, you will receive a fixed benefit per day during your stay in a hospital. Other than this, this rider also provides a fixed amount benefit in case you need to admit to an Intensive Care Unit (ICU) or a lump sum benefit in case you need to undergo surgery.

With the accidental death benefit rider, the nominee will receive 100% of the sum assured if the life assured dies due to an accident during the policy term. You will need to pay an additional nominal cost for these riders apart from your basic premium.

Free Look Period

In case you disagree with the terms and conditions of the policy, you can choose to return the policy within a free look period of 15 days (offline modes) or 30 days (online mode) from the receipt of the policy. You will also need to submit a letter stating the reasons for the objection.

Tax Benefits

Policyholders can also enjoy the tax benefits on the premium paid towards the policy and benefits received under Section 80C and Section 10(10D) of the Income Tax Act, 1961, respectively.

Bharti AXA Life Elite Secure Plan Eligibility Criteria

Let’s check out the conditions that an individual will need to fulfill when choosing this Plan.

  1. The minimum age at entry stands at 18 years for all individuals.
  2. The maximum age at entry depends on the policy term. If you are choosing a policy term of 10, 15, 20, or 25 years, it can be 75 years, while the maximum age can be 65 years for a policy term of 5 years and to the ‘Age 75’ term.
  3. The maximum age at maturity will also depend on the policy term. An individual can be 75 years for 10, 15, 20, 25-year terms and ‘to age 75’ term, while for the 5-year policy term, the maximum age can be 70 years.

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