• Term Life
  • Investment

Bharti AXA eProtect Term Plan

The Bharti AXA Term Plan eProtect is an online traditional non-participating pure term plan. This online insurance policy helps you to ensure complete monetary security to your loved ones. If you are the only earning member of your family, then it is essential to find an alternative source of income for them which would help them to sustain their livelihood in your absence. The eProtect policy is such an insurance plan that would offer suitable life insurance cover to your family at nominal premium payments.

The premium amount to be paid to the company primarily depends on your chosen assured sum during the application for this policy. Besides, your age, gender, policy tenure and your status as a smoker or a non-smoker also affects the payable premium amount. The minimum sum assured for this insurance plan is INR 2,500,000.

The options associated with eProtect plan depend on the minimum age at the entry of the policy. Hence the options extend from 10, 15, 20, 25, 30, to age 60, to age 65, to age 70 and to age 75 years respectively. The payable premium will depend on these tenures. The payment of the premiums can be done either annually or semi-annually. The premium payment term is similar to that of the policy tenure. The eProtect policy states that if during the active insurance plan, something unfortunate happens to you then Bharti AXA will pay a lump sum amount of the assured sum to the appointed Nominee.

Features of Bharti AXA eProtect Term Plan

The eProtect insurance plan offered by Bharti AXA is an uncomplicated, easily understandable, trouble-free online policy. Following are some of the benefits coupled with the Bharti AXA eProtect insurance policy:

Death Benefit:

During the policy tenure, if you die, then the company will pay the assured sum to the Nominee of the respective plan. The Life Insurance Benefit or Death Benefit will provide a lump sum amount to your family to sustain their living, in your absence.

Family Care Benefit:

The Bharti AXA eProtect insurance plan provides immense financial support to your family in case of your sudden death. If you die, after completion of two policy years from the date of allotment of the term plan or the date of recent reinstatement, then a life insurance benefit of INR 1,00,000 will be provided to the Nominee immediately, subjected to the condition that the policy must be active and all the overdue premiums must be paid. The benefit will be paid to the Nominee within 48 hours of the submission of the relevant death claim documents. If the claim is settled then the Balance Sum Assured is released on a later date, generally soon after all legalities are done with.

Thus, the Family Care Benefit is one of the most unique and beneficial features which makes the Bharti AXA eProtect insurance plan a very special and popular policy.

Tax Benefit:

Besides the above-stated benefits, you can also opt for the tax benefits associated with this eProtect policy term. Under the Income Tax Act, 1961, tax benefits are provided on both the paid premiums and the benefits. Nevertheless, the tax benefits are subjected to modification as per the frequent alterations in the Tax Laws.

Maturity Benefit:

Since the Bharti AXA eProtect insurance policy is a pure term plan, you are not liable to receive any maturity benefit from this term policy.

Benefits of Bharti AXA eProtect Term Plan

The Bharti AXA eProtect term policy offers a wide range of benefits. A brief overview of the benefits associated with eProtect insurance plan are mentioned below:

  • Hassle-free Purchase of the Plan:

    This traditional non-participating plan can be purchased online at the click of a button. Hence, the policy provides you buying convenience at your fingertips in a much hassle-free process. This online insurance policy helps to save your time and effort that might have been required otherwise.

  • Comprehensible Policy Term:

    The rules and regulations of this policy are simple and easy-to-understand. This lucid long-term plan facilitates you to secure and protect the future of your family.

  • Secure the Future of your Loved Ones:

    The eProtect policy term offered by Bharti AXA is a life coverage insurance plan. This particular term plan provides a life insurance cover up to 75 years of your age. According to the norms of this plan, full protection is ensured to your loved ones against the monetary crisis they might be facing subsequent to your untimely death.

  • Reasonable Premium Rates and Flexible Terms:

    As per your chosen sum assured, age, gender, the tenure of the plan and smoker or non-smoker status, a reasonable premium amount will be determined. You can pay the respective amount of premium as per your convenience. Generally, there are two payment modes namely annual and semi-annual modes. The amount of the semi-annual payable premium is 0.52 times the annual premium.

  • Savings in Income Tax:

    According to the Income Tax Act, 1961, you can avail for tax benefits for the premiums as well as the benefits. However, with newer amendments in the tax laws, these tax benefits may be subjected to change.

  • Special Rewards for Non-Smokers:

    The Bharti AXA eProtect plan offers a wide range of special discounts on premiums for the non-smokers. If you do not smoke and have applied for a guaranteed sum in excess of INR 5,000,000; then you are eligible for those reduced rates and discounts on the payable premium amount.

  • Accessibility of Riders:

    In order to enhance the protection to your family under this policy term, Bharti AXA provides the feature of adding riders to your plan by paying an affordable extra-charge.

Eligibility Criteria

ParametersEligibility Criteria
Minimum Entry Age 18 years for all terms except To Age 70 and To Age 75 years. 40 years To Age 70 and To Age 75 years
Minimum Policy Term10 years
Maximum Policy Term 75 years minus Entry Age

Plans offered by Bharti AXA eProtect Term Plan

To further enhance the benefits of Bharti AXA Term Plan eProtect, you can add the below two riders to your base policy.

Bharti Axa Life Accidental Death Benefit Rider

This rider is a non-linked and regular pay rider and as the name suggests it covers the death in an accident. If you, the policyholder die in an unfortunate accident, 100% of the sum assured is payable to the nominee. In order to receive the Accident Death Benefit, the policy has to be active when the accident has occurred.

Bharti Axa Life Hospi Cash Rider

With this rider managing finances during a hospitalisation becomes easy. The rider pays a pre-determined benefit per day of hospitalisation. A benefit is also payable if you are in ICU or undergo surgery.

Other Details of Bharti AXA eProtect Term Plan

  • Grace Period

    Once the due date of premium payment passes, a 30-day grace period is given to you to clear the outstanding premium. During this period no late fee is charged and the benefits that come under the policy also remain unchanged.

  • Free-Look Period

    If after buying the policy you feel the terms and conditions do not suit you, you may return the policy to the company within 30 days of commencement of the policy. You would also need to submit a letter defining the reasons for the cancellation within a time period of 30 days of the receipt of the policy. Once all the formalities are done with the policy will be cancelled and the assured benefits under this policy will be terminated.

  • Surrender Benefit

    If you are unable to make the premium payments regularly, you can surrender your policy and get it terminated. Under the eProtect policy term, there is no provision for remunerating any surrender benefit to you. In simple words, no surrender benefit is payable under this policy.

  • Policy Lapse

    Not paying the outstanding instalment of your premium will result in a policy lapse. If the dues are not cleared even in the grace period, all the assured benefits shall be terminated.

  • Alteration or Modification of the Policy

    After activation of your term policy, if you feel the need to make any changes in your plan, then you must contact the branch office with a request for the same.

  • Renewal/Reinstatement of the Policy

    The eProtect insurance plan can be reinstated for receiving the complete benefits subjected to certain conditions:

    • The appeal for reinstatement of the plan must be made within two years from the date of the first overdue premium
    • Adequate proof of insurability of the policyholder must be provided
    • All the overdue premiums must be settled along with the interest rate as provided by the company

    It is recommended that you find out the details terms and conditions of both the Riders before investing. You will find all the possible details on the official website of the company.

Product Details

ParametersEligibility Criteria
Minimum Sum AssuredINR 25 lakhs
Death benefitSum Assured
Premium Paying Tenure Same as the Tenure of the Policy
Premium Paying ModesYearly, Half-Yearly

Premium Details

The calculated premium refers to the annual premium payment mode excluding the service tax, for a non-smoker male individual. These premiums are subjected to further applicable taxes. The premium rates vary for non-smoker individuals. The amount of payable premiums for the eProtect policy also differs for female policy-holders. Please adhere to the official website of Bharti AXA Insurance Company to calculate your estimated premium for the term plan.

Premium For Sum Assured of 1 Crore (INR)
Age (Years)Term (Years)
102030
256,1006,1006,100
306,8007,0007,300
358,7008,7009,700
4012,20013,50014,700

Documents Required for Bharti AXA eProtect Term Plan

  • For Purchasing the Plan

    Since the Bharti AXA eProtect term plan is an online policy, whilst the purchase of the insurance plan, a valid address and identity proof would be required. To validate your salary, you are also required to submit an income proof.

  • For Making Death Claim

    The Nominee of your term plan would have to apply for a Death Claim if something unfortunate happens to you during the policy tenure. Certain relevant documents are to be produced to Bharti AXA by the Nominee so as to support his/her claim. The documents necessary for making a Death Claim are as follows:

    • Original Policy Bond
    • Statement Form by the Claimant
    • A photocopy of the Death Certificate of the policyholder
    • The Nominee’s KYC documents which include the identity proof, address proof and bank details.

Nevertheless, Bharti AXA is eligible to ask the Nominee for supplementary documents to route the Death claim, as and when required.

Exclusions - Bharti AXA eProtect Term Plan

If a policyholder commits suicide within the first year of the sanction or the date of the recent reinstatement of the policy, then 80% of the paid premiums are rewarded to the Nominee, provided the eProtect term plan is active.

Review of Bharti AXA eProtect Term Plan

As the head of the family, it is your primary responsibility to look after your family. An insurance policy lets you do that even after you are gone, with Bharti AXA Term Plan eProtect you give your family the resources to sustain their lifestyle even if something unfortunate happens to you.

The most unique feature of this plan is the Family Care Benefit under which immense financial support is offered to your family in case of your sudden death. A life insurance benefit of INR 1,00,000 is provided to the Nominee within 48 hours of the death of the policyholder, provided that the policy is active and all the overdue premiums must be paid.

The option of adding riders to your vanilla policy has the ability to enhance the benefits of Bharti AXA Term Plan eProtect. Bharti Axa Life Accidental Death Benefit Rider and Bharti Axa Life Hospi Cash Rider will help your family deal with the financial implications of your untimely and unfortunate hospitalisation as well as death.

This plan which comes at an affordable cost is a simple and clear plan which you can invest in, and secure the future of your loved ones. Putting your hard-earned money in this plan can surely help you plan for your family.

FAQs on eportect term plan

If I have an existing insurance policy cover with some anonymous company can I still buy the Bharti AXA eProtect term plan?

While purchasing the Bharti AXA eProtect policy term, you would be required to unveil the details of the income and the existing policy cover in the corresponding sections of the application form. Thereafter, depending on the underwriting decision, your appeal for the Bharti AXA eProtect cover will be either discarded or acknowledged at a lower cover value (counter-offer).

If my plan term is not sanctioned, within how many days would I receive my refund?

If due to unavoidable circumstances your request for the Bharti AXA eProtect policy is not sanctioned, then the company will settle your refund amount within 10 working days.

Can the Bharti AXA eProtect term plan be purchased by Non-Resident Indians (NRIs)?

No, the Bharti AXA eProtect insurance policy is only for the Indian residents. However, we offer other policies which can be bought by the NRIs and PIOs via our advisors.

Due to certain circumstances if I fail to pay the premiums within the due date, will my eProtect term plan lapse

Usually, it is recommended to pay the premiums within the due date, but again the company understands that certain abrupt circumstances might misbalance your economic condition which hinders your ability to pay the premiums on time. So, usually a grace period of 30 days from the due date of your premium is provided to pay the overdue premiums without affecting the benefits of the term plan. Failing to do will make your policy to lapse and then you will have to reinstate the plan so as to receive the benefits.

Is it necessary that only the Nominee can be the claimant for the Death and Family Care Benefit?

Yes, only the Nominee or appointee for minor nominees of the eProtect term plan can claim the policy benefits.

What is the rate of interest charged by Bharti AXA for not paying the overdue premiums even after the grace period?

We charge at the interest rate of 8% on overdue premiums in case the policy has lapsed. Non-payment of the premiums even after the grace period will lapse your term plan.

Suppose I am the policyholder and during the reinstatement period I expire, would full benefits be paid to the Nominee of the policy?

If you being the policyholder of the eProtect term plan pass away during the reinstatement period of the policy, then no benefit will be remunerated to the Nominee.

Am I liable to get the benefits of the eProtect insurance plan under all circumstances?

No, you can receive the full benefits of the eProtect insurance policy only if the term plan is in force and there are no overdue payments. In case your policy is lapsed and not revived within the reinstatement period, then the plan will be terminated and no benefits will be provided.

Is suicidal death included in the eProtect policy?

If a policyholder commits suicide within the first year of the sanction or the date of the recent reinstatement of the policy, then 80% of the paid premiums are rewarded to the Nominee, provided the eProtect term plan is active.

How long would it take to process a death claim and pay the Family Care Benefit amount to the beneficiary of the insurance policy?

Within 48 hours after submission of the relevant death claim documents by the beneficiary, the Family Care Benefit will be released in favour of the Nominee. These 48 hours exclude weekends, holidays announced by the company and the public holidays.

Are there any riders that an I attach to my plan?

Yes, there is an option to add 2 riders to your Bharti AXA eProtect term plan, namely: Bharti Axa Life Accidental Death Benefit Rider and Bharti Axa Life Hospi Cash Rider. Under the Accidental Death Benefit Rider if in case the insured individual dies in an unforeseen accident, an amount equal to the Accident Benefit Sum Assured is payable to the nominee. And under Bharti Axa Life Hospi Cash Rider, there is a pre-determined benefit that is payable for every day that you stay hospitalised.