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Bharti AXA Life Insurance

Bharti AXA Life Insurance

There is so much choice in Insurance. Getting the best deal is far more easier now, thanks to comparison options available online.

About Bharti Axa Life Insurance

Bharti Axa Life Insurance Co. Ltd. is the collaboration between Bharti Enterprises and the AXA group. It offers the combination of a trusted Indian company, Bharti Enterprises, a leader in the Asian-African business field. The AXA group, based out of Paris brings to the table its years of experience in the insurance field.

The company was founded as a joint venture between the partners in December 2006. Bharti Enterprises holds 51% of the company’s stake while the AXA Group owns the remaining 49%.Headquartered in Bangalore, it boasts of 124 branches spread across India. It promises the services of 16,000 well-trained advisers. IT operates with the aim to be attentive, reliable and available.

It prides itself on its professional attitude, practicality, integrity, innovation and the ability to work as a team. It promises to utilise the AXA group’s well researched and tested financial plans. It also offers equal opportunities for all its dedicated workers.

Company performance: The foundation for a bright future

The company has been operational for 9 years but boasts of a strong legacy.

The AXA group is Paris-based, it is the leading Insurance provider in 64 countries globally, with 103 million customers, a workforce of 166,000 and experience of 30 years in the business.

Bharti Enterprises is an Indian venture which has businesses in 18 countries. It has more than 40 years experience to its credit and has established itself in the sectors of agriculture, telecom, financial services and retail.

Despite its infancy, independently it has several awards in its kitty.

  • Ranked 3rd in ‘Customer Loyalty’ in 2016
  • Awarded ‘Most Trusted Private Insurance Brand in the Country’ for 2 years in a row
  • ‘Tech Initiative of the year’ by the Asia Insurance Industry Awards in 2014

It has gathered many other accolades since 2011.

Key Advantages and features: A step above the rest

Dedication – their focused approach to the customer, preparedness and attention to detail.

Technological superiority – their reach across digital platforms for convenient access has scored points with the younger generation

Claim handling – Promise to release funds in 48 hrs or provide additional interest. A dedicated claim handler with quick processing and family care benefits. It’s paid INR. 41,57,83,739.3 in claims in Jan’15 to Sep’15

The range of plans – Almost tailor-made to suit the needs of various customers.

Products: A design for every person’s need

The plans devised have covered every eventuality and are detailed meticulously.

Individual Plans

Designed to provide insurance and savings under a single plan, with tax benefits and flexibility of premium payments and benefits claims

Individual Plans

  • Sarv Suraksha – Single premium with 110% of the premium given as benefit
  • Monthly Advantage – assurance of monthly income on maturity
  • Super series – option of premium payment periods with annual cash payout from the end of payment period to maturity.
  • Dhan Varsha – Annual payments which on choosing continue after demise of the insured
  • Samriddhi – 8 types of payment terms
  • Elite Advantage – Regular benefits with the whole sum at maturity
  • Aajeevan Sampatti+ - Covers individuals up to 100 years of age
  • Secure Savings plan – Interest of 10% p.a. with life cover
  • Monthly Income plan – additional tax benefits on the same
  • Secure Income plan – Tax-free Monthly income with interest of 10% p.a.
  • Flexi Save – Option to modify policy after purchase and 3 payment plans
  • Invest once – Single premium with interest of up to 9% p.a.
  • Child advantage – Options of Money back on maturity or endowment payments for child’s needs with benefit of premium waiver
  • eAajeevan Sampatti+ - Option of Online Savings
  • Smart Jeevan – Affordable premiums with 100% premium returns

Protection Plans

Bharti AXA Life Insurance policies with additional options for a secure and comfortable life

  • Life Secure Confident – Complete protection of family in case of financial loss or loan payments
  • eProtect – High cover with affordable premiums
  • eProtect+ - Term plan with monthly payments or annual payments on maturity
  • Elite Secure – Covers person up to age of 75 years with total financial protection

Investment Plans

Insurance plans with investment options with good returns and low allocation charges with tax benefit

  • Future Invest Plan – Payment plan of 5 years with 10-year benefits and no allocation charge
  • eFuture Invest – Online plan

Health Insurance

Triple Health Insurance plan – Covers 13 critical illnesses with claims for up to 3 of them and 100% sum for each claim. Further premiums are waived off after the first claim.

Riders

Additional benefits on existing Insurance plans, which override the plan’s existing payment terms

  • Premium Waiver Rider – waives off further premiums in case of unforeseen events like disability or grave illness
  • Hospital Cash Benefit – Fixed amount given for expenses of hospitalisation and surgery
  • Accidental Death Benefit Rider – Non-linked plan which pays 100% of the premium sum in case of the death due to an accident.

Group Plans

  • Life Loan Secure – Covers multiple loans under a single policy
  • Life Group Accidental Death Benefit Rider – Additional benefits for family in case of accidental death of insured person/s
  • Life Smart Bima – Term plan at affordable premium for the group applying
  • Jan Suraksha – Designed for NGOs and self-employed persons for protection and with options of single premium p.a. and spouse cover.

Life Group Suraksha – One year, renewable policy without the requirement of Medical approval

Product Plans Details: To understand for a more secure future

1. eProtect

Minimum age 18 years; If cover needed up to 70 – 75 years, 40 years at entry
Maximum age
Available term (yrs) Maximum Age
10 65 years
15 60 years
20 55 years
25 50 years
30 45 years
To age 60 50 years
To age 65 55 years
To age 70 60 years
To age 75 65 years
Minimum sum assured INR. 25,00,000
Death benefit Sum assured
Policy term As detailed above
Premium Payment Term Same as policy term
Premium Payment Modes Annual and Semi  - Annual modes

Benefits

  • Policy cover of up to INR 1 Crore at premium rates of Rs. 6100 p.a.
  • Family care benefit – with sum assured being paid in case of demise of the insured person to the nominee. It also provides up to Rs. 1lakh within 48 hours of document submission in case of death of the insured
  • Non-smokers benefits – Special premium rates for non-smokers if insurance above Rs. 50 lakh is purchased
  • Online purchase – Policy can be purchased online without the need to visit the office
  • Tax benefit – The premiums paid are tax-free

2. eProtect +

The plan’s details are as follows

Minimum age 18 years; If cover needed up to 70 – 75 years, 30 years at entry
Maximum age  

Available term (yrs) Maximum Age
10 65 years
15 60 years
20 55 years
25 50 years
30 45 years
To age 60 50 years
To age 65 55 years
To age 70 60 years
To age 75 65 years
Sum assured  Min. - INR. 25,00,000
Max. – subject to underwriting
Death benefit As detailed below
Policy term As detailed above
Premium Payment Term Same as policy term
Premium Payment Modes Annual and Semi  - Annual modes

Benefits

  • Affordable premium rates according to the ability of the customer
  • Death benefit – It is available as per the customer’s choice between two options
  • Option 1. Monthly Income – over a period of 15 years, which doesn’t increase over the time it is deferred.
  • Option 2. 50% of the assured sum paid when the claim is accepted; the remainder of the sum is paid in increasing instalments over a duration of 10 years, annually.
  • Available for purchase online
  • Tax Benefit – can be availed on the premiums paid

3.Flexi Save

A savings plan, which offers the ability to save and withdraw the savings at anytime within a period termed ‘Flexi-Benefit Period’. It offers an option of 3 Payment terms.

Term of Premium payment 5 years 7 years 12 years
Policy term 20 years 25 years 30 years
Min. Age at entry 8 years 3 years 0 years
Max. age at entry 65 years 60 years 55 years
Max. age at maturity 85 years 85 years 85 years
Flexi Benefit period Anytime between 10 and 20 years Anytime between 15 and 25 years Anytime between 20 and 30 years

Benefits

  • Flexi Benefit Period – Option to withdraw the savings with the accumulated bonus during the Flexi Benefit Period
  • Bonus – non-guaranteed simple interest which starts accumulating from the first year of payment and is paid at Maturity or Death (whichever is earlier)
  • Basic Life Insurance Benefit – To paid to the nominee
  • Higher of Base sum or
  • 105% of premiums paid or
  • Multiple of annual base premium with any bonus accrued
  • Maturity benefit – 100% of the promised sum and any interest accrued is given at maturity
  • Tax benefit on premiums paid can be availed

4. Child advantage

The savings plan is for families with children old or young. The details of the plan

Premium  type Regular Pay Limited Pay
Policy term 11 to 21 years

11 to 21 years

Premium Payment term Same as Policy term Policy term minus 5 years
Min. age at entry (age of last birthday) 18 years 18 years
Max. age at entry (age of last birthday) 50 years 55 years
Max. age at maturity (age of last birthday) 71 years for Regular pay 76 years for Limited pay
Min. Sum Assured Rs. 25,000
Min. Annualized Premium Depending on the Min. Sum assured
Premium payment modes Annual, Semi-Annual, Quarterly, Monthly

Benefits

  • Flexi Benefit Period – Option to withdraw the savings with the accumulated bonus during the Flexi Benefit Period
  • Bonus – non-guaranteed simple interest which starts accumulating from the first year of payment and is paid at Maturity or Death (whichever is earlier)
  • Basic Life Insurance Benefit – To paid to the nominee
  • Higher of Base sum or
  • 105% of premiums paid or
  • Multiple of annual base premium with any bonus accrued
  • Maturity benefit – 100% of the promised sum and any interest accrued is given at maturity
  • Tax benefit on premiums paid can be availed

The Quarterly and Monthly payment modes are to be paid by direct account transfer automatically.

Benefits

    Maturity Benefits – two options are available which have been mentioned above and can be chosen when buying the policy Money Back option Offers payouts in the last 5 years before maturity of up to 40% of sum assured, as given below:
Time of Payout % of sum assured payable
End of 5th year before maturity 10%
End of 4th year before maturity 10%
End of 3rd year before maturity 15%
End of 2nd year before maturity 15%
End of 1st year before maturity 20%
  • Endowment option – a lump sum of 125% of sum assured is given at maturity
  • Policy continuance – in case of demise of the insured, future premiums are waived off, but benefits are still give
  • Bonus- any profit of the company is given to the insured
  • Tax benefit
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