Term Insurance 3426 views November 20, 2019

Bharti AXA Term Insurance

About Bharti AXA Term Insurance Plan

The term insurance policies from Bharti AXA are much sought after in India. This is mainly because the company offers some excellent term life covers at attractive rates. The insurer also has a high claim settlement ratio and offers other benefits. Take a look at this article to know more about the Bharti AXA term plan, their benefits and why you should choose them.

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Different Types of Bharti AXA Term Insurance Plans

As stated above, the term plan from Bharti AXA life insurance is very popular. One of the main reasons behind this is the variety and options the insurer offers to anyone who looks to buy term insurance. Here are some of the plans that you can choose from:

Bharti AXA Life Flexi Term Plan 

This is one of the best and most flexible term insurance plans from Bharti AXA. You get a wholesome life cover and avail benefits of riders such as a critical illness cover. You also get the advantages of multiple payout options, extended coverage duration and limited premium payment term. This is the best-selling Bharti AXA term plan that is very affordable and useful.

Bharti AXA Life Premier Protect Plan

The Bharti AXA Life Premier Protect Plan is one of the very good term plans available currently. You can choose between multiple payout options, review the policy during the free look period and also get all the tax benefits available on the premium payment. This is an economic plan that you can consider buying.

Bharti AXA Life POS Saral Jeevan Bima Yojana

This is a very flexible term plan from Bharti AXA. One of the main benefits of this plan is that the nominee gets two times the sum assured if the policyholder dies due to an accident. This apart, the plan is available for durations of 10, 15, 20 and 25 years. The plan can be bought online instantly as a pre-screening medical test is not required.

Bharti AXA Smart Jeevan

It’s a term insurance plan that comes with affordable premiums, 100% return of premium paid till the end of the policy term, besides the usual life cover. The policy comes with a minimum Sum Assured of INR 50,000.

Bharti AXA Income Protection Plan

It’s a plan where your family will receive regular income via annual installments for 15 or 20 years in case you die during the policy term. In case you survive throughout the policy term, you will get back the premium paid till maturity at around 100-120% of the overall payment made to the insurer.

Bharti AXA Life Grameen Jeevan Bima Yojana

It’s a non-linked non-participating term insurance plan that comes with two options – Pure Protection and Protection with Return of Premium. With Pure Protection, only death benefit is payable during the policy term, which means there will be no maturity benefits. Whereas in the case of Protection with Return of Premium, death benefit (in case of policyholder’s death) and maturity benefit of 100% of the premium paid till the end of the policy term (if the policyholder survives the policy term) are payable.

Understand the scope of cover offered by each of these plans. Once that is done, choose the term life insurance policy that you feel would be of greatest use to your family.

Pros and Cons of Bharti AXA Term Plans

While you get some excellent life insurance covers when you explore the Bharti AXA term plan, you must be aware of their pros and cons. This will help you to make an informed choice and get the most suitable term insurance policy. Read on to know more.

Pros – Let us begin by exploring the pros of a term insurance cover from Bharti AXA Life Insurance:

  1. Pure life cover – A term insurance plan offers a pure life cover. This is excellent for someone who is a sole breadwinner and wants to ensure his family stays financially secure if something happens to him. A term insurance cover from Bharti AXA promises to pay a sum assured to the nominee if the policyholder dies, in exchange for regular premium payments.
  2. Economic – The Bharti AXA term plan is very economical. You can get a comprehensive life cover by paying just a few hundred rupees a month. This is affordable and brings life insurance within everyone’s reach.
  3. Easy to understand and process – Term insurance is extremely easy to understand. You buy a life cover and pay your premiums on time. If you die within the policy period, your nominees get the sum assured and the policy culminates. If you outlive the policy period, there is nothing to expect in return. There are no complicated procedures to decode in term insurance.
  4. Tax Rebate – The premium you pay towards a term life insurance plan is tax exempted up to Rs 1.5 lacs in a year. This benefit is available under Section 80C of the Indian Income Tax Act.

Cons – Now for some cons:

  1. No return component – One of the major drawbacks of term insurance is that it does not have a return component. If you outlive the policy period, there is nothing given to you by the insurance provider. The premium you pay is lost.
  2. Limited benefits – The only benefit of a term insurance cover from Bharti AXA is a life cover. You do not get other benefits such as the option to choose investments, grow your wealth, etc.

As you can see, the advantages of term insurance outweigh the disadvantages. So if you have not bought a term cover yet, get one without any further delay from a good insurer such as Bharti AXA, which is undoubtedly one of the best life insurance company in India.

How to Pay the Premium for Bharti AXA Term Insurance Plans?

The premium for Bharti AXA Term Insurance Plans can be paid online, on phone, by cash or cheque, using auto debit, etc. We will discuss each of them below.

Online Payment

  • Go to the official website of Bharti AXA Life Insurance
  • Enter your policy number, date of birth and click on ‘Validate’
  • Upon successful validation, you will need to choose from different modes – net banking, debit card, credit card – to complete the transaction

Payment Over Phone

  • Call the customer care at 18001024444 and choose the IVR payment service
  • Once redirected to the IVR, you will need to enter your credit card details to pay the premium
  • Presently, you can pay using any of the valid VISA or Master Credit Cards

Auto Debit Facility

There are three ways by which your premium can be debited automatically on the due date. These are – Electronic Clearing Service (ECS), Direct Debit and Standing Instruction to Credit Card.

ECS – It’s a simple way to pay the premium from your bank account without any delay. Just fill the Auto Pay form and submit it along with a cancelled cheque to initiate the transaction.

Direct Debit – It is an another way to get your premium debited automatically from your bank account. Submit the ECS or Direct Debit Mandate PDF along with a cancelled cheque at the nearest Bharti AXA branch. Account holders of the following banks can apply for the Direct Debit facility –

  • Axis Bank
  • State Bank of India
  • ICICI Bank
  • IDBI Bank
  • CITI Bank
  • Kotak Mahindra Bank
  • Union Bank o,f India
  • Bank of India
  • Federal Bank
  • Bank of Baroda

Standing Instructions to Credit Card

You can activate a standing instruction to credit card allowing the automatic payment of payment on the due date. For this, you need to submit the Credit Card Authorization Form PDF as well as a photocopy of your credit card at the nearest branch of Bharti AXA.

Cash/Cheque Payments

You can pay the premium in cash at any of the Bharti AXA branches across India. The maximum cash payment acceptable at any of the branches or retail outlets is INR 49,999. You can pay in cash even at Axis Bank and YES Bank branches. You will receive the payment slip from whichever you choose for cash payment.

In case you want to pay via cheque, draw it in favour of Bharti AXA Life Insurance Company Limited Policy Number. While doing so, don’t forget to mention your name and contact number on the backside of the cheque. You can submit the cheque at any of the branches of the insurer or to your advisor.

Register for E-NACH

You can register for E-NACH too on the official website of Bharti AXA Life Insurance. All you need to do is enter your policy number, date of birth and click on ‘Validate’ to complete. This way too, your premium payment can happen.

The All Important – How Will Your Dependents Get the Claim Amount In Case of Your Death?

Your dependents can get the claim in four steps –

  • Claim Intimation
  • Claim Processing
  • Document Submission
  • ‘Claim Disbursal

Claim Intimation

Your dependents can intimate the claim by visiting the nearest Bharti AXA Life branch, contacting the toll-free number 18001024444 or even sending an email to lifeclaims@bhartiaxa.com. What’s good is that your dependents can intimate even online. They need to enter details like the policy number, your date of birth, etc.

Claim Processing

The claim specialists of Bharti AXA will check the veracity of the claim being made by your dependents. In case these specialists seek any additional information or documentation to support your claim, Bharti AXA will intimate you the same via SMS, call or letter.

Document Submission

You can upload documents such as Policy Document, Death Certificate Issued by a Competent Authority and others online or you can visit the nearest branch of Bharti AXA to do so.

Claim Decision

If all goes well, the insurer will look to settle the claim within five working days. In case the claim needs investigation, Bharti AXA can take up to 4 months, the time allowed by the Insurance Regulatory Development Authority of India (IRDAI), to decide about the claim.

FAQs

What is the documentation process? 

The documentation process is quite straightforward in term insurance. The policyholder only needs to submit government-issued address proof, ID proof and proof of income. Once these documents are presented, the term insurance plan is issued.

Does a single person need term insurance? 

This greatly depends on the age of the policyholder. If the single person is older and has no intention of starting a family, a good health insurance plan and a pension plan may be enough for him. However, if it is a single youngster who wishes to settle down in the future, getting a term plan is a great idea. He can get it now at a much cheaper rate.

Conclusion

The Bharti AXA term plan is very handy and useful. You get many benefits when you buy a term life insurance cover from this insurance company. The company has a high claim settlement ratio of 97.28% for FY 2018-19 and so your family is assured of getting the death benefit if something happens to you. The insurer also is very helpful and has a good customer support team that you can easily reach out to. All in all, you make a great choice when you buy any one of the top term life insurance policies from the Bharti Axa Life Insurance Company.

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