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Bharti Axa Life Insurance

Bharti AXA Life was founded in 2006, with a motive to provide variety of innovative products and services to cater to specific insurance and wealth management requirements of their customers. It is a collaboration of Bharti Enterprises which is one of India’s leading business groups and the AXA Group with has its headquarters in Paris. This company aims to offer immense focus on its customers and become the most trusted insurer by 2020.

Bharti AXA Life Insurance Company has a wide distribution spread across 123 cities in India

This company offers various types of insurance products at a wide scale. Right from traditional products to different investment plans Bharti AXA Life Insurance Company assures you higher coverage at a lower cost. Use of basic infrastructure, customer base and knowledge from Bharti Enterprises makes Bharti AXA Life Insurance Company to grow at an efficient and considerable growth.

Highlights of Bharti AXA Life Insurance

  • The collaboration of the Bharti AXA Life Insurance Company has a contribution of 74% stake from Bharti and 26% stake from AXA

  • This company continues to carry an excellent claim settlement ratio each year. 96.85% was recorded as a claim settlement ratio for the year 2017-2018

  • This company holds a record of 100% grievances settlement in the year 2015-2016

  • The CEO of Bharti AXA Life Insurance Company is Mr. Sandeep Ghosh

  • It has a strong presence in India with 187 branches

  • Bharti AXA has received multiple awards. For the 2nd year in a row, it had been the most trusted brand in the country, as well as grabbed the 3rd spot in the customer loyalty, according to customer satisfaction.

Benefits of Bharti AXA Life Insurance

Life insurance is a complex concept. You buy a policy that provides a compensation in the form of lump sum amount to your beneficiaries when you are gone. Bharti AXA Life insurance provides a financial shield to you and your dependents after your demise. Let's have a look at the benefits offered by this company:

  • Variety: This company offers variety of online as well as offline plans

  • Customer Service: This Company has an excellent team of customer service that offers good and hassle-free pre-sales as well as post-sales services.

  • Tax benefits: Section 80C and 10(10D) of the Income Tax Act, 1961 provides tax benefits for premiums paid regularly.

  • Cost: Bharti AXA Life insurance plans are quite cheap.

  • Flexibility: Offers flexibility by providing options to make the premium payments

Documentation needed to apply for a Bharti AXA Life Insurance Policy

  • Age Proof: Pan Card, Voter’s ID, Passport, Driving License, School/ College Certificate, Birth Certificate.

  • Address Proof: Utility Bill, Passport, Voter’s ID, Telephone bill, Ration Card, Electricity Bill, Bank A/C Statement, Letter from Recognized Public Authority.

  • Photo Identity proof: Driving License, Voter’s ID Card, Passport, Pan Card, Letter from Recognised Public Authority or Public Servant with Photograph verifying the identity and residence, Aadhar Card.

  • Recent passport size photograph

  • Income Proof: Salary Slip, Form 16, ITR/ Assessment Order/ Employers Certificate.

  • Medical Reports – When required

Products and Services offered by Bharti AXA Life Insurance Company

Life is too unpredictable and uncertainties can rip you off emotionally, financially and physically too. To find solutions for these problems, term insurance plays a vital role in your life. Let’s have a look at the plans available under this category:

Bharti AXA Life Insurance Claims Process:

  • Dedicated claim handler will assist you throughout the claim process. Starting from intimation till the claim decision, your dedicated claim handler will explain the entire process, inform you about the documents required, will assist you while you fill the form and will also resolve your queries. If need be, he will visit you and update you at each milestone.

  • Fund release in 48 hours guaranteed to provide instant financial support. The Death Benefit under a Unit Linked plan contains a Fund Value, which will be released within 48 hours of the intimation. They also promise an additional pay-out of 1% of fund value for delay of every working day. The remaining component of the death benefit is processed as per the policy terms

  • Quick processing to make it convenient for you. Our processing timelines are much faster than IRDA. IRDA takes 15 days for raising requirements, while we aim to complete it in 5 days after receipt of all required documents; IRDAI takes 30 days for non-early claims, while we aim to complete it in 5; IRDA takes 180 days for early claims, while we aim to complete it in 90 days.

From receipt of all required documents.

Family care benefits to protect your family. A unique proposition by way of which, a part of the life insurance benefit i.e. Rs 100,000 is paid as a lump sum to the nominee in case of death of the life insured, within 48 hours** of submission of all relevant claim documents.

Online Claims Process:

Offline Claims Process

Image Source: www.bharti-axalife.com

Online Premium Payment for Bharti AXA Life Insurance Plans:

3 Steps:

  1. Enter your policy details.

  2. Select your online bank account or debit/credit card & confirm the payment.

  3. Enter your authentication details & receive an online confirmation.

FAQs On Bharti AXA Life Insurance

What is the online claim filing process at Bharti AXA Life?

  • Register Your Claim

  • Upload Your Document

  • Track your Claim

What are the possible reasons my Bharti AXA Life claim was rejected?

Any information related to the Life Insured which has influence on the underwriter's decision is not disclosed in the proposal form, it is termed as "non-disclosure". Similarly providing incorrect information while answering questions in the proposal form is termed as "mis-statement". When such non-disclosure or mis-statement of material fact is observed, the claim may be rejected.

What is the average claim processing time for a Bharti AXA Life insurance policy?

Claim settlement time depends on complete submission of claim documents as required by the Company. At Bharti AXA Life Insurance, we endeavour to settle a claim in 5 working days from the date of receipt of last pending document. However, in case we need to investigate the matter, the time required for settling the claim would be extended.

Can I register for ECS to pay off my premiums?

Electronic Clearing Service (ECS) offers a convenient way to pay your premium directly from your bank account. To avail this facility, you simply have to submit the Auto Pay form along with a cancelled cheque (which helps record the MICR code of your bank) to your closest Bharti AXA Life branch.

What are the various ways I can pay my Bharti AXA Life insurance premium?

  • Online

  • InstaPay

  • e-Bill Payment

  • Visa Bill Pay

Where should all the documents be submitted for making a claim?

All duly completed claim forms and documents can be submitted to the nearest Bharti AXA Life Insurance Company Limited branch office or couriered directly to the Head Office.

How long does it take for a claim to be processed?

Bharti AXA, as a company, takes around 15 working days in total to process the claims. In case any additional requirement is raised, the time taken for claim settlement may increase.

When can a claim be rejected be Bharti Axa life?

According to Bharti AXA, any information related to the Life Insured which has influence on the underwriter's decision is not disclosed in the proposal form, it is termed as "non-disclosure". Similarly providing incorrect information while answering questions in the proposal form is termed as "mis-statement". When such non-disclosure or mis-statement of material fact is observed, the claim may be rejected.

Where can I register the claim?

As a policyholder, you can register the claim on the official website of Bharti AXA, through phone, SMS, email or in person at the branch office of Bharti AXA.

How do I register for online payment of premiums?

There is a module on the website of Bharti AXA that allows policyholders to register for online payment of premiums.

Can I give another proof of identification for an online insurance application if I do not have my PAN card?

Yes, you can provide any other valid proof of identification instead of your PAN card at the time of Online insurance application.

How can I surrender a Bharti AXA policy?

Surrender policy: A duly filled surrender/ cancellation form along with the reason for surrender needs to be submitted at the nearest Bharti AXA life insurance branch along with the documents listed here.

Documents required: Original policy documents, Cancelled cheque of the insured's name.

How can I calculate the ideal amount of sum assured?

To find out the ideal amount of sum assured, an applicant must factor in annual income, number of dependents, extent of liabilities, income of spouse, monthly expenditure and expected age of retirement. Ideally, the sum assured should be at least 15 to 20 times one’s current annual income.

Are the premium rates lower for non-smokers?

Yes, non-smokers are charged lower premiums when compared with those who smoke.

How long will it take for me to get my refund if my policy is not issued?

In case the insurance company declines or postpones the decision on the policy, the refund shall be settled in 10 working days.

How can I initiate an online claim?

To initiate an online claim with Bharti AXA, follow the below mentioned process:

  • Log on to www.bharti-axalife.com/claims/know-your-claims
  • Register your claim
  • Upload the required documents. The documents depend on the type of claim initiated
  • Track your claim online
  • The claim shall be processed within 5 working days

What is the processing time for claims?

Once a policyholder registers a claim, the company verifies the submitted documents and sends regular updates of the status of the claim through SMS, emails or letters. The process duration varies on a case to case basis. If the claim is approved the company makes the payment to the nominee’s account electronically, the company aims to process the claim within 5 working days.

How can I track my claim?

As a policyholder, you can track your claims here- www.bharti-axagi.co.in/track-your-claim

What are the document necessary to make a claim?

The documents required to make a claim vary according to the type of claim raised by the policyholder. A detailed list of documents required is mentioned here- www.bharti-axalife.com/claims/requirements

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