- About Coverfox
Bharti AXA is a leading life insurance provider that was initiated in 2006. It is a joint venture between Bharti Enterprises and AXA Group, offering a variety of insurance services for consumers, including wealth management and retirement plans. Bharti AXA has made a mark in multiple cities across India and is renowned for their quality of service and transparent interactions with customers.
One of the best offerings that Bharti AXA has is the Bharti AXA Flexi Term Plan. This plan ensures that your family's requirements are fulfilled under any situation. The multiple death benefits payout option of this term insurance plan truly protects your family at the time of crisis.
A term insurance plan is the best protection that you can offer your dependents. It offers a lump sum payout to the policyholder's family in case of their untimely demise during the term of the plan. Here, the term of the plan refers to the time period for which the insurance plan is taken. The insured must pay premiums for the duration of the plan, and the insurance company, in turn, ensures that the 'sum assured' is paid to the family of the policyholder in the event.
The Bharti AXA Flexi Life Term Plan will ensure that the 'sum assured' is paid to the 'nominee', in case of the death of the policyholder during the plan's tenure. The only requirement is that the insured individual should have been up to date with the premium payments. Moreover, there are three different ways that can be chosen by the policyholder for their dependents to receive this amount- as a lump sum or in the form of monthly instalments or as a partial lump sum and partial monthly income.
One of the greatest advantages of Bharti AXA Flexi Life Term Plan is that, as a policyholder, you can choose an option to get cover for certain specified critical illnesses. In this case, if you go on to suffer from any of these illnesses, you will receive a lump sum for your treatment. This amount is decided at the inception of the plan and does not depend on the option you have chosen for the death benefits payout. As long you have been on time with the premium payments, you can avail of these benefits.
There are three options under this; a comprehensive cover, major illness cover, and a heart and cancer cover. The comprehensive cover offers protection against up to 34 critical illnesses and the major illness cover protects against 15 major critical illnesses. The heart and cancer cover guards against 9 critical illnesses relating to heart and cancer.
The policy term is as per the choice of the policyholder, and Bharti AXA Flexi Life Term Plan offers various options that would fit any requirement. It could be for a period of 10, 15, 20 or 25 years. It can also be based on the age range from 60, 65, 70, 75 years, and 85 years.
One of the highlights of this plan is that you will receive cover until you reach the age of 85 years. The only two conditions to be fulfilled are that the policy should be in operation and all the premiums should have been paid on time.
The premium amount that you would have to pay under Bharti AXA Flexi Term Plan is completely affordable and will not be a burden on your monthly budget. Lower premiums are available for women and for low-risk groups like non-smokers. Moreover, you can enjoy the benefits of tax exemptions from the premium payments under the Income Tax Act, 1961.
Thus, Bharti AXA Flexi Term Plan is highly beneficial and acts an asset to any family. Let us take a closer look at some of the most notable advantages of this term insurance plan.
There are certain exemplary features that sets this insurance plan apart from the rest of the competitors.
If the policyholder dies under unfortunate circumstances during the tenure of the plan, the nominee will receive the sum assured as the highest of the following:
a. Ten times the yearly premium.
b. 105% of the premium paid amount at the time of the policyholder's demise.
c. The absolute sum assured is equal to the base sum assured at inception.
d. The guaranteed sum that has been assured on maturity that is equal to zero as per the policy.
The policyholder can choose between three options by which their nominees may receive the sum assured. These are as follows:
The entire death benefit is paid at once in a lumpsum
b. Monthly instalments or income
The amount is paid to the nominee in monthly instalments for a period of 15 years. The payout will increase by 10% at simple rate every year.
c. Part lumpsum and part monthly income
Under this option, 50% of the total sum assured is paid as a lump sum, and the remaining 50% is paid to the nominee in the form of monthly instalments over a period of 15 years. As stated above, the pay out here will also increase by 10% at simple rate annually.
There is an optional critical illness benefit option that the policyholder may choose under Bharti AXA Flexi Life Term Plan, as mentioned previously. This is a wonderful scheme to ensure that the life insured will receive a lumpsum coverage for any of the critical illnesses that they had opted for at the time of the plan's inception.
The Bharti AXA Flexi Life Term Plan hence offers a lot of additional benefits for policyholders to avail as per their choice.
There are two options that you may select, as a policyholder, at the time of inception of the plan.
As mentioned previously, in this case, there are three options for death benefit payouts; lump sum, part lump sum and part monthly income, and only monthly income.
You must choose the sum assured, the policy term, and the premium payment term.
As the life insured, you have to pay premiums as per the selected premium term. In case of the unfortunate demise of the life insured, the nominee will get the sum assured as per the selected death benefit payout option.
In addition to the above, you may opt for a critical illness benefit, choosing between a comprehensive cover, major illness cover, or a heart and cancer cover.
|Entry Age||18 to 65 years.|
|Maturity Age||85 years (maximum) 75 years for Life Cover with Critical Illness Options.|
|Policy Term||Fixed (10,15,20, 25 years) or Age (60,65, 70, 75, 85 years).|
|Sum Assured||Rs. 10,00,000 (minimum) and the maximum is subject to underwriting.|
|Premium Payment Term||Regular Pay as per policy|
|Premium Payment Frequency||yearly, half-yearly, every quarter, or every month.|
The same criteria apply as above, except that the maximum sum assured is Rs. 1,00,00,000.
The premium for the plan is based on the following:
Age at the time of the last birthday.
Policy term option.
Base sum assured.
Premium payment method maybe yearly, half-yearly, quarterly or monthly as per your choice.
An advance premium amount can be collected in the same financial year for the premium that is due in that year. In case the premium is collected in advance in the previous financial year, it should be only collected for a maximum of 3 months before the premium is due. This premium should be adjusted on the due date of the premium.
As elaborated above, the Bharti AXA Flexi Term Plan has numerous advantages for policyholders and ultimately their dependents. The flexibility of multiple death payout options empowers the insurance holder to ensure that their dependents are safeguarded in times of a crisis. Moreover, the unique critical illness benefits option is tailor-made and customisable to suit the unique needs of the life insured as well. The Bharti AXA Flexi Term Plan is thus a great option when seeking a term insurance plan for you and your loved ones to depend upon.