• Term Life
  • Investment

Bharti AXA Elite Secure Term Plan

As the head of the family, the onus of looking after the family lies on you. And as a responsible member, many of us strive hard to keep our family and loved ones very safe, not only till the time he/she is around, but also long after he/she is gone.

Bharti AXA Elite Secure Term Plan is one such plan which is a long-term comprehensive plan that would help your family deal with the crisis that may arise in case of your untimely death. Let us take a look at how the plan works for you:

Tenure: When you buy the policy, you need to select the term of the policy that can be 5, 10, 15, 20, 25 and a “to age 75 years”. The “to age 75 years” is a unique feature offered by Bharti AXA Term Plan Elite Secure, where you have the option of having a life cover till the time you turn 75.

Premium: The premium of the policy is paid regularly depending upon the mode of premium payment you choose. You can opt for premium payment on a monthly, quarterly, half-yearly and yearly basis.

ModePremium
Annual premium18 years
Half Yearly Premium65 years for term plan of 5 years and “to age 75” term 75 years less term for term plan of 10,15,20 and 25 years
Quarterly PremiumINR 25 lakhs
Monthly Premium9% of the Annualized Premium

The premium amount that you pay depends on:

• Age as on last birthday, gender

• The sum assured you have opted for,

• The tenure of the policy and

• The mode of premium payment.

In case you, the policyholder, die during the tenure of the policy, then the company pays the nominee a pre-decided sum assured.

There is also the option of Advance Premium where you can may the premium in advance within the same financial year when the premium is due. If in case you are paying the premium in advance in the earlier fiscal year, it may be paid for a period of three months before the date due for premium payment.

Features of Bharti AXA Elite Secure Term Plan

Bharti AXA Elite Secure Plan is a simple plan that assures you a high sum assured. With this vanilla plan, if the insured individual dies during the term of the policy, the nominee of the plan receives the death benefit which is the sum assured. No maturity benefit is paid if the insured individual outlives the policy. The main feature of Bharti AXA Elite Secure Plan are:

  • It is a basic term insurance plan where the premium is paid for as long as the policy term continues.
  • Bharti AXA Elite Secure Plan is a non-linked non-participating term insurance plan, the policyholders do not receive any bonuses from the profits that are earned by the company.
  • A policyholder can get a life cover till the age of 75 years.

Death Benefit

The cover that is selected by you at the time of buying the policy is called the sum assured. The total amount that is received by the appointed nominee in case the insured dies during the term of the policy, is called the death benefit. If the premiums have been paid regularly and the policy is in force, then the death benefit that is payable is highest of:

  • 10 times of the Annualized Premium (Annualized Premium does not include modal factors)

  • 105% of the premiums that are paid till the death of the insured

  • GMSA-Guaranteed Maturity Sum Assured (in this case there isn’t any maturity benefit)

  • Absolute amount that is the Death Sum Assured

Maturity Benefit

As Bharti AXA Term Plan Elite Secure is a pure term plan, there is no maturity amount that the policyholder will receive in case he survives the policy.

Benefits of Bharti AXA Elite Secure Term Insurance

Easy-to-Understand Plan

This uncomplicated long-term pure term plan is available at very economical rates. Such a plan makes it easy for you to secure the future of your family without cutting corners in the present.

Protection of your Loved Ones The policy provides full protection to your loved ones against the financial crisis they may be in after your untimely death.

Flexibility in Premium Payment The policyholder can select the mode of paying the premium on the basis of his own convenience. There are 4 modes-Monthly, Quarterly, Half-Yearly and Yearly.

Saves on Taxes

The premiums that you pay and the death benefit that will be received by the nominee are exempted from income tax under Section 80C up to INR 1.5 lakhs per annum and Section 10 (10D) of the Income Tax Act, 1961, respectively. Nevertheless, the tax benefits in this plan are subject to the existing norms and tax laws prevailing in the country at the time of paying the premium and benefit.

Discounted Rates for Women Applicants

Women enjoy a discount in the premiums as the rate of premium that is offered to women is less than the rates for men.

Availability of Riders To ensure that you are able to provide a comprehensive protection plan to you family, Bharti AXA Term Plan Elite Secure lets you add on riders to your vanilla plan by paying a nominal charge.

Eligibility Criteria

DetailsEligibility
Age of Entry - Minimum18 years
Age of Entry - Maximum65 years for term plan of 5 years and “to age 75” term 75 years less term for term plan of 10,15,20 and 25 years
Minimum Sum AssuredINR 25 lakhs

Riders Elite Secure Term Plan

Bharti AXA Term Plan Elite Secure offers an added benefit, called Riders that can be the vanilla insurance plan. These voluntary add-on advantages can be added to the policy by paying a nominal extra amount above the premium that is to be paid for the insurance.

The two riders available under Bharti AXA Elite Secure Term Plan are:

Bharti AXA Life Accidental Death Benefit Rider

The Accidental Death Benefit Rider can be added on to Bharti AXA Elite Secure Term Plan. This regular pay and non-linked rider provides more security to your family if your death unfortunately occurs due to an accident. Under the plan, if in case the insured individual dies due to the accident, an amount that is equal to the Accident Benefit Sum assured is payable to the nominee. It should be noted that in order to receive the Accident Death Benefit, the policy has to be active when the accident has occurred.

Exclusions: However, there are certain exclusions that are not eligible for a death benefit. They are:

  • There has been a suicide.
  • The accident has been because of some mental imbalance that were because of insanity or under influence of intoxication such as alcohol, narcotics or drugs.
  • The insured individual was involved in riots, civil rebellion, declared or undeclared war or an adventure sport such as paragliding, bungee-jumping, river rafting, mountaineering, racing etc.
  • The insured individual was engaged in an illegal act with a criminal intention such stealing or any other anti-social activity.
  • If the death has risen from services in the naval, military or air force operation during peace time.
  • If the disability or death occurred because of engaging in police services, this exclusion is inapplicable
  • If the insured dies after 180 days of the accident taking place

Bharti Axa Life Hospi Cash Rider

Bharti Axa Life Hospi Cash Rider is a regular pay and non-linked rider with the following benefits:

  • Daily Hospital Cash Benefit (DHCB)

    Under the Bharti Axa Life Hospi Cash Rider, there is a fixed benefit that is payable for every day that you stay hospitalized. It should be remembered that the benefit that you receive is a pre-decided amount and is not related to the actual expenditure that you have made. Also, for availing this benefit you should be hospitalized for 48 hours or more.

  • Intensive Care Unit Benefit (ICU)

    A fixed amount would be paid if you get admitted in an ICU, Intensive Care Unit.

  • Surgical Hospitalisation Benefit (SCB)

    In case of a surgery, there is also the option of a lump sum benefit.

Tax Benefits of both the Riders:

The premium paid towards the Bharti AXA Life Hospi Cash rider is eligible for Income Tax deduction under Section 80D of the Income Tax Act, 1961 up to INR 25,000. However, if you are more than 60 years of age, then the 80D limit is extended to INR 50,000.

Other Details of Bharti AXA Elite Secure Term Plan

Grace Period

The extended time period that is granted by the insurer from the date due to make the payment without penalizing the policyholder is called the Grace Period. Under Bharti AXA Term Plan Elite Secure, the customers are provided with a 30-Day grace period if the premium payment frequency is annual, bi-annual and quarterly and a grace period of 15 days if the frequency is monthly. If the policyholder is unable to clear the dues during this time, the policy will lapse.

Free-Look Period

If, for some reason, you are not pleased with the terms and conditions of the plan and wish to cancel the policy, there is provision to terminate it within the “Free-Look” period. The ‘Free-Look Period’ is a period of 15 days (30 days for Policy sourced through distance marketing) from the receipt of policy. The money will be refunded to your bank account, after all the formalities are complete and the cost of medical reports, stamp duty and the proportionate premium of the risk period covered is subtracted from the amount.

Nomination

As per the provisions made under Section 39 of the Insurance Act, 1938, Nomination is carried out. This may be re-scripted from time to time.

Renewal of the Policy

In case your Bharti AXA Term Plan Elite Secure has lapsed due to failure of payment of premium, there is a provision to revive it. However, the following conditions are to be kept in mind:

  • The revival has to be initiated within 2 years of the first unpaid premium and before the date of maturity of the policy. An application has to be submitted to the company requesting the renewal.
  • You are also required to present satisfactory evidence of your insurability. In this case, the revival is to be applied after 6 months or 180 days since the initial unpaid premium.
  • You will be required to pay all the premiums that are due along with the interest. The rate of interest is decided by the company and is revised from time to time. If the death of the individual takes place during this period, there would be no death benefit that would be payable.

Product Details

DetailsEligibility
Minimum Tenure of the Policy5 years
Maximum Tenure of the Policy25 years or ‘to age 75’ term
Minimum Sum AssuredINR 25 lakhs
Maximum Sum AssuredNo Limit
Premium Paying TermRegular
Modes of Premium PaymentMonthly, Quarterly, Half-Yearly, Yearly
Premium Amount Depends on parameters chosen by the policyholder

Premium Details

Let us have an idea of the premium a healthy male would have to pay. These amounts do not include the taxes and cess that might be applicable.

Sum AssuredEntry Age5 years10 years25 yearsTo age 7525 yearsTo age 75
INR 25 lakhs30392539254150440051009825
40575064007350877510,47515,200
5011,40013,80016,70020,15024,72524,725
INR 50 lakhs307,1007,1007,50079509,20017,850
4010,40011,80013,70016,35019,55028,200
5021,10026,05031,55038,15046,55046,550
INR 1 crore3012,20012,20013,10014,20017,20033,800
4018,70021,20025,80031,00037,30054,200
5040,20049,30060,30073,20090,10090,100

Documents required

In case the policy holder dies during the term of policy, the nominee has to submit the claim form along with-

  • Original policy documents

  • Death certificates the insured individual

  • Claimant’s Statement

  • Medical details if any

  • Bank account details.

The company if feels the need, can ask for documents certifying - death that could be because of accident, illness or other reasons.

Exclusions Elite Secure Term Plan

If the insured individual, whether sane or insane, commits suicide within one year of buying the plan or within one year of renewing the plan, the Company will not present any claim other than 80% of the amount that has been paid as the premiums, on the condition that the policy is in force.

Review of Bharti AXA Elite Secure Term Plan

As the earning member of your family, a big share of looking after your family members and keeping them financially secure is your responsibility. Bharti AXA Term Plan Elite Secure is a comprehensive and long-term insurance plan that helps you cater to the needs and requirements of your loved ones as they are financially dependent on you.

With the premiums which do not make a big hole in your pocket, you can invest your hard-earned money and ensure that even in your absence, your family will not have to struggle to make their ends meet. The “to age 75” is a unique feature that is offered by Bharti AXA, that helps you add a life cover to yourself till the time you turn 75 years.

This plan helps you attain peace of mind for years to come. Though receiving tax benefits should not be the only reason why you buy an insurance plan, Bharti AXA Term Plan Elite Secure helps you save a lot on taxes as well. This surely becomes an added advantage of the plan.

Overall, Bharti AXA Term Plan Elite Secure is indeed a smart option to invest in for the sake of looking after your family.

FAQs on Elite Secure Term Plan

What do you mean by maturity date?

The date on which the policy term ends is called the maturity date. It is chosen by the policyholder at the time of commencement of the policy.

Can I attach any riders to my plan?

Yes, there is an option to add 2 riders to your Bharti AXA Term Plan Elite Secure, namely: o Bharti AXA Life Accidental Death Benefit Rider and o Bharti AXA Life Hospi Cash Rider. Under Bharti AXA Life Accidental Death Benefit Rider if the insured individual dies due to the accident, an amount that is equal to the Accident Benefit Sum assured is payable to the nominee. Under Bharti AXA Life Hospi Cash Rider, there is a fixed benefit that is payable for every day that you stay hospitalized.

Can I save taxes with the Bharti AXA Term Plan Elite Secure?

As with all other insurance policies, tax benefits from Bharti AXA Term Plan Elite Secure are subject to the prevalent tax laws while making the premium payment. However, premiums that are paid are exempted under Section 80C and the death benefit is exempted under Section 10 (10D) respectively.

For my Bharti AXA Term Plan Elite Secure can I have two nominees?

Yes, a nominee is the person who is nominated or appointed as the person who will receive the benefits in case the insured individual dies during the term of the policy. It is possible to have multiple nominees with varying or same payout to all nominees.

What are the modes of premium payment under Bharti AXA Term Plan Elite Secure?

Under Bharti AXA Term Plan Elite Secure, the policyholder can select the mode of paying the premium on the basis of his own convenience. There are 4 modes for premium payment-Monthly, Quarterly, Half-Yearly and Yearly.

What are the modal factors for premium paying modes?

The modal factors under Bharti AXA Term Plan Elite Secure are as follows:

What is a non-participating insurance plan?

In a non-participating insurance plan, the policyholders do not receive any bonuses from the profits that are earned by the company. Bharti AXA Term Plan Elite Secure is a non-participating plan.

Do I get a grace period to make the premium payment?

Under Bharti AXA Term Plan Elite Secure, the customers are provided with a 30-Day grace period if the premium payment frequency is annual, bi-annual and quarterly and a grace period of 15 days, if the frequency is monthly.

What will be the consequences of not paying the instalment for premiums?

When you buy an insurance policy, you must invest in it regularly and religiously. In case of non-payment of premiums, the policy will lapse and all the benefits will be ceased.

Leave a rating!
5.0 (1 votes)