- About Coverfox
"Bharti AXA Term Insurance is an excellent term protection policy offered by Bharti AXA Life Insurance. The insurer is a joint venture between the Paris-headquartered AXA Group and Bharti Enterprises. Currently, Bharti AXA Term Insurance has six plans under its protection portfolio - Bharti AXA Life Grameen Jeevan Bima Yojana, Bharti AXA Life Flexi Term, Bharti AXA Life Premier Protect Plan, Bharti AXA Life Smart Jeevan, Bharti AXA Life POS Saral Jeevan Bima Yojana and Bharti AXA Life Income Protection. Each of these plans mentioned above are unique in their own set of features and benefits. But your favourite plan on Coverfox."
Instant financial support, 48hour limit on fund release
Bharti AXA Life insurance boasts an amazing claim payout, at over Rs. 40 Lakhs, and offers a 48 hour limit on fund release, to ensure an instant financial support at the time of need. Bharti AXA makes buying Life Insurance plans a simple and easy process for people from all walks of life.
Customer Centric Approach: Bharti AXA focuses on the specific needs of every single customer. Bharti AXA workers are available, reliable and attentive, and understand the individual needs, which make it easy to provide the right product for each customer.
Easy Claim Process: The service is also digitally enabled, and this makes any type of transaction convenient and hassle-free.
Fast Claim Settlements: Bharti AXA offers dedicated claims handlers and a 48 hour fund release, which an industry first.
Awards and Accolades: Bharti AXA has received multiple awards, and for the 2nd year in a row, is the most trusted brand in the country, as well as grabbed the 3rd spot in the customer loyalty, according to customer satisfaction.
Premium for a sum assured of Rs.1 crore starts for as low as Rs.6100.
Includes the Family Care benefit that assures the nominee of a Bharti AXA term insurance plan of the pre-decided sum assured, in case of the policyholder’s demise during the policy tenure.
Offers individuals the convenience and flexibility of purchasing Bharti AXA term insurance plan online.
Lower premium rates for non-smokers against a sum assured of more than Rs.50 lakhs.
Includes tax benefits under Sections 80C and Section 10(10D) of the Income Tax Act, 1961.
Healthy Claim Settlement Ratio: With a healthy claim settlement ratio of 92.37%, as per FY 2016-17, Bharti AXA is one of the most reliable insurance companies in terms of quick and easy claim settlements.
Customer Centric Approach: A team of skilled professionals with in-depth industry knowledge follows the customer-first approach in guiding and assisting customers with their requirements and queries. The sole objective is to ensure customer satisfaction.
Holder of Recognized Awards: Bharti AXA boasts of awards for exemplary records in customer satisfaction and customer loyalty.
A policyholder will not be able to file the claims in the following situations:
In order to claim your benefits, you need to inform Bharti AXA. You can do this in different ways – Visit the Bharti AXA Life Branch nearest to you, call the toll-free number – 1800-102-4444, send an email at firstname.lastname@example.org, , or register online for your claim. If you are not able to reach us with this system, we can get in touch with you ourselves by giving you a call. After initiating the claim, you need to submit the documentation needed for your claim. You can do this in the nearest local branch, or you can submit the documents online. You can be rest assured of receiving updates with regards to the progress of your claim. If no investigation is needed on the ULIP contracts, the value is paid to the client within the time frame of 48 hours. If there are investigations to be carried out, the issuer of the claims has at most 6 months to make a choice based on the claim.
Proof of Age: Acceptable documents are Birth Certificate, PAN Card, Voter’s ID, Driving License, Passport, School or College Certificate, etc.
Proof of Address: Acceptable documents are Ration Card, Telephone Bill, Electricity Bill, Passport, Voter’s ID, Bank A/C Statement, etc.
Photo Identity Proof: Aadhaar Card, PAN Card, Driving License, Passport, Voter’s ID, etc.
Income Proof: Salary Slip, Employer’s Certificate, Form 16, etc.
Medical Reports – If asked by the insurance company
Passport size photograph
Accidental Death Benefit Rider: Offers additional sum assured in case of the life insured’s demise arising from an accident.
Waiver of Premium (WoP) Rider: With this rider, all future premium payments are waived off in the case of the death or total permanent disability or critical illness of the policyholder. The remaining premiums are paid by Bharti AXA, so that the policyholder can continue to avail the benefits of his/her policy.
Hospital Cash Rider: This rider makes the Bharti AXA term insurance policyholder eligible for receiving a fixed amount when he/she is hospitalized. Further, he/she can also avail an additional lump sum in case he/she has to undergo surgeries.
Bharti AXAhas an amazing rate of claim settlement ratio. With a 0.98 ratio of claims settled to claims reported, it means that 98% of the claims reported in the first quarter of 2016 were paid out. Repudiated claims are mostly done on the basis of incorrect disclosure of age, occupation/income, non-disclosure of previous insurance, or medical adversities, and most commonly, fraudulent claims are repudiated. This, along with their 48 hours payout, makes Bharti AXA one of the safest and most honest insurance companies on the market.
What if i already have a term plan from another company? Am i still eligible for buying Bharti AXA Life eProtect?
If a customer has any existing insurance, they must disclose it, along with their income details in the sections required when fulfilling an application for Bharti AXA Life eProtect. Depending on the company’s decision, the request can be either declined, or a counter-offer will be issued to be accepted.
Can I buy the Bharti AXA policies from insurance policy aggregators?
Whenever an aggregator website has any of the Bharti AXA products on its website, they are only advertising it. Any and all viable applications for purchasing Bharti AXA products are available on the main website. The aggregator may only route you to them, but you cannot purchase a policy directly from an aggregator.
Are all claims settled? Are there any circumstances which may stop my claim from being settled?
In general, all policies are void if the person that is Life Insured, commits suicide, whether sane or insane. There may be extenuating circumstances allowing for some form of settlement, but these differ from policy to policy. For specific Terms, it is best to review the Policy Bond.
If I apply for a policy and it is declined and not issued, when will I get my money back?
If your policy is declined or postponed, the amount you paid will be refunded within 10 days (excluding weekends and holidays).
What will happen if the premium renewal is still not paid, and the holder of an eProtect policy is not available? Can I still settle the claim?
In cases where premiums are overdue, the policy is considered in a lapse state. No claims can be payable during this, however, customers have the option to renew or reinstate their policy as their specific contract allows.
What is the death benefit available under Bharti AXA e-protect plan?
The death benefit payable under Bharti AXA e-protect plan will be an amount equal to sum assured.
What is the death benefit available under Bharti AXA e-protect+ plan?
The death benefit payable under Bharti AXA e-protect+ plan will be:
|Option A||Monthly Income for 15 years paid out on a monthly basis. This monthly income does not increase during the deferment period.|
|Option B||50% lump sum of Sum Assured (paid immediately on acceptance of death Claim) + 50% sum assured paid out on an annual basis in increasing installments over a period of 10 years.|
If I already have a term plan cover with another company, can I still buy Bharti AXA Life eProtect?
Yes, however, the customer will need to disclose his or her existing insurance policy details in corresponding sections at the time of applying for Bharti AXA Life eProtect cover. On the basis of the underwriting decision, the customer's application for the cover will either be declined or accepted at the reduced cover (counter-offer).
Which term plans by Bharti AXA are available at affordable rates and provide high cover?
Bharti AXA Life Flexi Term, Bharti AXA Life Secure Confident and Bharti AXA Life eProtect are some of the term insurance plans that offer high cover at affordable rates.
Are the premium rates for Bharti AXA Life lower than policies of other life insurance companies?
Term plans by Bharti AXA Life Insurance are available at low cost.
The premium rates for any policy will come down to the age of the applicant and sum assured level chosen. In case age and sum assured levels are high, premiums will be more and vice versa.
In what circumstances will a claim not get settled?
If the insurer detects a fraud, the claims are not settled and therefore would be rejected. Also, in the event that the life assured commits suicide within a year from the date of risk commencement, the company shall pay the nominee or beneficiary 80% of the premiums paid till the date of demise.
What is Keyman Insurance? Is it included in Bharti AXA Life eProtect Plan?
Keyman insurance is availed by a company on the life of key employee to protect the business against financial losses that may occur due to the premature death of the keyman. Bharti AXA Life eProtect is a term insurance policy that can only be taken by individuals - not corporates. Therefore, keyman insurance does not form part of Bharti AXA Life e-Protect.
What riders can be added to Bharti AXA e-Protect Plan?
The riders available under Bharti AXA e-Protect plan are Accidental Death Benefit Rider and Hospi Cash Rider.
Do preferential premium rates apply to non-smokers Bharti AXA Life e-Protect?
Non-smokers who have applied for a sum assured of more than Rs. 50,00,000 are eligible for reduced rates i.e. preferential premium rates (compared with smoker rates).
What is the minimum coverage amount for Bharti AXA Life e-Protect+ plan?
The minimum sum assured for Bharti AXA Life e-Protect+ plan is Rs. 32,00,000.
What is the minimum coverage amount for Bharti AXA e-Protect plan?
The minimum sum assured for Bharti AXA e-Protect plan is Rs. 25,00,000.
What is the maximum limit of coverage amount for Bharti AXA term plans?
The sum assured levels will differ depending on the type of Bharti AXA term plan chosen. The maximum Sum assured for Bharti AXA Life term plans are subject to underwriting guidelines.
What is the entry age (minimum and maximum) for Bharti AXA e-Protect plan?
The minimum age of entry for Bharti AXA e-Protect plan is 18 years. The policy can be availed 'To Age 75 years'.
How can premium payments be made for Bharti AXA term plans?
Premium payments can be done via the online or offline route. Under the online mode, an individual can make payments using credit card, debit card or net banking. There is also the Electronic Clearing Service (ECS) facility where one can instruct his or her bank to transfer the premium amount to the insurance company. In case one chooses the offline mode, premiums can be paid in cash or cheque at any of the insurance company’s branch offices.