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Bharti AXA Life Premier Protect Plan

Bharti AXA Life Premier Protect Plan is a non-linked non-participating life term insurance plan offered by Bharti AXA Life. This plan is designed to take care of your family’s future in case of your unfortunate demise.

Features of Bharti AXA Life Premier Protect Plan

The key features of this plan are:

  • Flexibility to choose from multiple death benefit payout options
  • Option to increase the protection level at important milestones of life
  • Choice of multiple policy and premium payment terms
  • Avail tax benefits on the premiums paid as per Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Benefits of Bharti AXA Life Premier Protect Plan

The key benefits of this plan are:

  • Death Benefit - In case of death of the Life Insured during the policy term, the Death Benefit will be paid to the nominee/beneficiary immediately on the death. Death Benefit is the Sum Assured on Death, which is the highest of:
  • 11 times Annualized Premium
  • 105% of all premiums paid as on date of death
  • Absolute amount assured to be paid on death equal to the Sum Assured
  • Sum Assured on Maturity, equal to the zero under the policy
  • Multiple Death Benefit Payout Option - The Life Insured is required to select the Death Benefit Payout Option from one of the three options below:
  1. Lump sum - 100% of the Death Benefit will be paid immediately on death as lump sum.
  2. Monthly Income - The Death Benefit will be paid as 1.04% of the Sum Assured every month, payable for 10 years with the first installment being payable immediately on death.
  3. Lump sum plus Monthly Income - 50% of the Death Benefit is paid immediately on death as lump sum and the remaining 50% of the Death Benefit is paid as 0.93% of the total Sum Assured every month, payable for 5 years with the first installment being payable immediately on death.
  • Increasing Sum Assured Benefit - Under this benefit, the policyholder has the option to increase the Sum Assured on three milestones during the policy term. At each milestone, the Sum Assured can be increased by an amount equal to 50% of the Sum Assured. The three milestones are:
  1. Marriage
  2. Purchase of House (loan repayment)
  3. Birth of Child These options need to be exercised within six months from the date of the milestone and the increase in Sum Assured shall be effective from the policy anniversary following the exercise of this option and additional premium shall be collected for the additional Sum Assured.

Eligibility Criteria

The eligibility criteria for this plan are:

Minimum Age at Entry18 years age last birthday
Maximum Age at Entry65 years age last birthday
Maximum Age at Maturity
75 years age last birthday for Single Pay
80 years age last birthday for Limited and Regular Pay
Minimum Sum AssuredRs. 25,00,000
Maximum Sum AssuredNo such limit

Policy and Premium Payment Details

Policy Term & Premium Payment TermPremium Payment OptionMinimum Policy TermMaximum Policy Term
Single Pay10 years35 years
Limited Pay (5 year & 10 year PPT)
5 year PPT - 10 years
10 year PPT - 15 years
Regular Pay10 years
Premium Payment ModeAnnual, semi-annual, quarterly & monthly

Premium applicable depends on the age, gender, policy term, premium payment term and smoker status of the policyholder.

For monthly premium payment mode policies, the insurer may accept three months premium in advance only on the date of commencement of the policy.

Additional Plan Details

  • Grace Period - The grace period for all premium payment modes is 30 days.
  • Lapsation - The policy will lapse if you do not pay the due premiums within your grace period.
  • Revival - You can revive your lapsed policy within the revival period of five years after the due date of the first unpaid premium. For revival, it is mandatory to pay all the outstanding premiums and interest on the outstanding premiums and applicable taxes.
  • Surrender Value - The policy acquires a surrender value post payment of two annualized premiums under limited pay option with 5 years PPT and three annualized premiums for limited pay option with 10 years PPT and immediately for single pay option.

Other Benefits under the Plan

  • Bharti AXA Life Hospi Cash Rider - This rider provides a payment of a fixed benefit for each day of hospitalization, subject to a maximum of 40 days per year, along with lump sum benefit in case of surgery.
  • Bharti AXA Life Accidental Death Benefit Rider - Under this benefit, the nominee will receive additional sum assured in case of unfortunate event of death (policyholder) due to an accident.
  • Bharti AXA Life Premium Waiver Rider - In case the policyholder is diagnosed with any of the 13 critical illnesses mentioned in the rider, the future premiums will be waived off and the policy benefits will continue to exist.

Documents Required for this Plan

The following documents are required for this plan-

  • Application Form
  • KYC Details - Proof of ID and Address
  • Proof of Age
  • Bank Statement
  • Medical Test Report, if required
  • SIP/SI/Auto Debit/Bank Mandate Form

Why you should buy Bharti AXA Life Premier Protect Plan?

Buying a protection plan for your family has a lot of benefits. Bharti AXA provides excellent claim settlement services along with cashless facilities across a large number of network hospitals. This plan is specifically designed to protect your family against any uncertainty in your absence.

Exclusions under Bharti AXA Life Premier Protect Plan

Suicide Exclusion - In case of death of the policyholder due to suicide within 12 months from the date of commencement of risk or from the date of revival of the policy, the family beneficiary of the policyholder will be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death, whichever is higher.

Faqs on Bharti Axa Life Premier Protect Plan

What is the difference if I purchase a plan from an aggregator?

  • There is no difference, whether a plan has been purchased from an aggregator or directly from the insurer. The plan and its features remain the same and the insurance contract is honored by the insurer.

Is there an alternative document for income proof?

No. Form 16, bank statements and salary slips are mandatory for proof of income.

Can I get a copy of my health report?

  • Yes, you can get a copy of your medical report along with the policy document on successful completion of the policy purchase process.

Can I purchase a plan if I do not work in an organisation and have my own business?

  • Yes, towards income proof you will have submit your income tax statements in place of the salary slips.