Bharti AXA eProtect+ term plan is an online term insurance plan that offers absolute protection to your family at a reasonable premium. This term plan can be all the more essential if you are the only earning member of your family or looking for an alternative to your present income.
The term plan policy term may be even customised in the ranges of 60 years, 65 years, 70 years and 75 years. The insurance plan provides very simple and nominal premium payment options which can be paid annually or in a semi-annual mode. Bharti AXA eProtect+ provides wide flexibility in terms of benefit payouts. These payouts are subjected to tax benefits and can be acquired as fixed monthly or escalating annual incomes, depending on your needs and requirements.
Besides the payouts, the paid premiums are also eligible for earning tax benefits. Thus, with the help of this insurance plan, you can arrange for a comfortable livelihood for your family by ensuring a regular income for them, even after you are gone.
Given below are some of the features of the eProtect+ term plan:
Bharti AXA eProtect+ term insurance policy is a pure term plan which can be purchased online.
The premiums for the respective term plan are at affordable prices.
There are two modes of paying the premium for the respective policy - annual and semi-annual modes. Semi-annual premium equals 0.52 times of the annual premium.
The premium paying term for Bharti AXA eProtect+ insurance policy is equal to the policy tenure.
The term plan offers a life insurance cover till the age of 75 years.
As already mentioned, benefits are provided to the non-smokers by offering them discounts on the premium payments.
Being the only earning member of the family, your death will heavily impact their livelihood. In such a case, the guaranteed sum will be offered by Bharti AXA eProtect+ policy. This will provide a persistent method of earning for your family in your absence.
The Bharti AXA eProtect+ is a simple and hassle-free online insurance term plan. You can choose the amount of sum assured and tenure of the policy as per your suitability. You would have to pay a premium for the eProtect+ plan which will be calculated based on your age, gender, sum assured and the policy tenure that is selected by you during the purchase of the policy.
If you are a non-smoker, then you might be offered with certain discounts and rewards on the premiums of the insurance term policy. In order to claim these rewards, you would have to apply for the life insurance benefit. The Bharti AXA eProtect+ policy is also associated with the following benefits:
Death Benefit:
In case of your sudden death during the policy term, certain death benefits will be payable to the appointed nominee. The Death benefit will comprise higher of the following:
Sum Assured as per the Policy schedule
10 times of the Annualized premium
105% of all the paid premiums, excluding the extra underwriting
During the commencement of the said Policy, you will be provided with two options to choose for the payment of the death benefit. The two categories for availing death benefits are given as follows:
Death Benefit Option 1: A monthly income, which will be INR 8.44 per 1000 of the sum assured, will be remunerated to the nominee for 15 years on a monthly basis in 180 equal instalments. The said income will be paid out to the nominee from the date of intimation of the death, subject to the approval of the claim by Bharti AXA. The monthly income is not supposed to increase during the period of deferment.
Death Benefit Option 2:
As per this option, 50% of the assured sum will be immediately paid out to the nominee as a lump sum amount, subjected to the acceptance of the claim by the company. The remaining 50% of the guaranteed sum will be rewarded annually in increasing instalments for a time period of 10 years. This annual income will comprise of INR 4.52 per 100 of the assured sum and an increase of 10% (compounding) each year till the end of the 10th year. Here’s a look at the percentage of annual instalments per year:
| End of Year | Percentage of Sum Assured |
|---|---|
| 1 | 4.52% |
| 2 | 4.52% X 110% |
| 3 | 4.52% X (110%)^2 |
| … | ….. |
| 10 | 4.52% X (110%)^9 |
In both of the options, the nominee can take the payable benefits as a lump sum amount, which will be calculated as a present value of the future outstanding death benefits, at an interest rate of 6.25% per annum. The minimum death benefit amount would be the assured sum less the instalments paid.
Maturity Benefit:
As the said policy is a pure term product, it doesn’t offer any maturity benefits. Once the policy term is over, the policy and the benefits will be terminated.
Tax Benefit:
As per the Income Tax Act, 1961, for the term plan of Bharti AXA eProtect+, you can earn tax benefits on both the paid premiums and the received benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961 respectively. However, the tax benefits may change from time to time according to the changes in the Tax Laws of the country.
| Policy Term | Maximum Age of Entry | Maximum Age of Entry |
|---|---|---|
| 10 years | 18 years | 65 years |
| 15 years | 18 years | 60 years |
| 20 years | 18 years | 55 years |
| 25 years | 18 years | 50 years |
| 30 years | 18 years | 45 years |
| Till age 60 years | 18 years | 50 years |
| Till age 65 years | 18 years | 55 years |
| Till age 70 years | 40 years | 60 years |
| Till age 75 years | 40 years | 65 years |
Grace Period
The company provides the customers with a grace period of 30 days to pay the due annual and bi-annual amount. In case you forget to pay your premium on time, you can make the payment within these 30 days. No late fee will be charged from you and even the benefits that come under the policy will remain unchanged during this period.
Alteration or Modification of the Policy
In case you wish to alter the policy in some way, you must make a request at any of the branches. The request will be taken into account subject to the rules of the company and has to be done within the regulatory constraints.
Free Look Period
If you as the policyholder are not satisfied with the Bharti AXA Term Plan eProtect+, you can cancel it within 30 days of the commencement of the policy, if, of course, no claims have been processed. There is an option to return the original policy together with a letter defining the reasons for the opposition within a time period of 30 days of the receipt of the policy. The Bharti AXA eProtect+ policy will get terminated and you will be given a refund of an amount equal to the paid premium for the policy, subject to the subtraction of a proportionate risk premium for the period on the cover, the expenses incurred by the company for example on the medical examination (if any), and the stamp duty charges. All the assured benefits with this policy will get ruled out on termination of the policy under this period.
Surrender Benefit
There are no surrender benefits available in this plan.
Lapse of Policy
Not paying your due premiums before the expiry of the grace period can lead to lapse of your policy. The policy will be invalid from the date of the first unpaid instalment. With the lapse of the policy all the assured benefits shall also be terminated.
Reinstatement of Policy
As the policyholder, you have the provision of reviving your policy if the policy gets terminated due to non-payment of premium. But this has to be done as per the underwriting policy which is approved by the Board. The terms of the policy can be different now from the terms that were laid in case of the originally bought policy. The following conditions must be fulfilled:
The request must be raised in no more than 2 successive years of the earliest unpaid premium and before the end of the tenure of the policy.
You must present satisfactory evidence of your insurability.
All the premiums that are due along with the interest (as decided by the company) must be paid.
| Particular | Minimum | Maximum |
|---|---|---|
| Policy Term | 10, 15, 20, 25, 30, to age 60, to age 65, to age 70 and to age 75 | - |
| Sum Assured | Minimum: INR 32,00,000 | Maximum: Subject to the Underwriting |
| Premium Paying Term | Is equal to the Tenure of Policy | - |
| Payment Modes | Yearly and Half-Yearly | - |
Here is an example of Sample Premium Rates at different ages of life of a healthy non-smoker male for a sum assured of INR 1 crore as Lumpsum Life Cover Payout. The amounts below are inclusive of the prevalent taxes.
| Term Age | 10 years | 15 years | 20 years | 25 years | Upto Age 60 years | Upto Age 65 years | Upto Age 70 years | Upto Age 75 years |
|---|---|---|---|---|---|---|---|---|
| 20 years | 4,100 | 4,200 | 4,300 | 4,400 | 5,000 | 5,400 | 5,600 | 5,800 |
| 30 years | 5,000 | 5,200 | 5,800 | 6,400 | 7,000 | 7,300 | 8,000 | 8,600 |
| 35 years | 6,400 | 7,200 | 8,000 | 8,800 | 8,800 | 9,600 | 10,500 | 11,300 |
| 40 years | 9,200 | 10,400 | 11,500 | 12,800 | 11,500 | 12,800 | 14,100 | 15,400 |
While Purchasing the Policy As the Bharti AXA eProtect+ is an online insurance policy, while purchasing the term plan, only certain identity or address details may be required. You need to provide your income proof to verify the authenticity and legitimacy of your salary.
While Making a Claim
However, if you pass away suddenly, then the nominee of the policy can avail the Death Claim. In order to support the claim, the nominee would require producing some primary documents to Bharti AXA. The documents required to validate a death claim are stated below:
However, the insurance company is liable to contact the nominee for additional documents, if such documents are mandatory to process the claim.
Bharti AXA Term Plan eProtect+ would be invalid if the insured individual, whether sane or under insanity, commits suicide which results in his death directly or indirectly during
12 months of the date of buying the policy. (Date of Issue of the Policy)
12 months of the date of reinstating the policy In any of the above mentioned conditions, the nominee will be paid 80% of the total premiums that have been paid till the death of the insured, on the provision that the policy is active on the date of demise of the insured.
Bharti AXA Term Plan eProtect+ is a pure term insurance plan which is available online. With the click of a few buttons, it helps you to cater for the financial protection of your family at very economical premium rates. Buying the plan online is not just convenient, but also saves on times and effort.
The eProtect+ plan has a very special feature where it offers two options to claim the death benefit. The first option being a monthly income, which will be remunerated to the nominee for 15 years on a monthly basis or the second option where 50% of the assured sum will be immediately paid out to the nominee as a lump sum amount. The remaining 50% of the guaranteed sum will be rewarded annually in rising instalments for a time period of 10 years.
Investing in Bharti AXA Term Plan eProtect+ is all the more a prudent choice if your family is dependent on your income. And when it comes to planning for your family, you would take it as your top priority. In just about a decade, Bharti AXA Life Insurance Company has become one of the most popular insurance companies, which itself is a proof of the dedication and sincerity of the company towards all its customers.
How would I know about my guaranteed sum?
The appropriate income for your assured sum is portrayed on the policy schedule.
What are the company’s rules and regulations on cancellation of the policy within a month of the receipt of the policy?
As a policyholder, if you are displeased with any of the terms or any conditions of the respective insurance policy, there is an option to return the original policy together with a letter defining the reasons for the opposition within a time period of 30 days of the receipt of the policy. The Bharti AXA eProtect+ policy will get cancelled and you will be refunded an amount equal to the paid premium for the policy, subject to the deduction of a proportionate risk premium for the period on the cover, the expenses incurred by the company on medical examination (if any) and stamp duty charges. All the rights associated with this policy will get debarred on cancellation of the policy under the free look option.
What is the Free Look Period for an existing e-insurance account in Bharti AXA Term Plan eProtect+?
If the policy is opted through the Insurance Repository (IR), the Free Look Period for an existing e-insurance account begins from the date of delivery of the email confirming the credit of the insurance plan by the IR.
What is the Free Look Period for a new e-insurance account in Bharti AXA Term Plan eProtect+?
If the policy is chosen through the Insurance Repository (IR), the Free Look Period for a new e-insurance account commences usually from the date of receipt of the “Welcome Kit” from the IR, along with the credentials required to log in to the e-insurance account. At times, the Free Look Period begins either from the delivery date of the email validating the grant of access to the eIA or the delivery date of the email verifying the credit of the insurance term policy by the IR to the eIA.
How much Grace Period is given to pay the unpaid premiums of the eProtect+ plan term?
Bharti AXA extends the time to facilitate the policyholders to pay the unpaid premiums. A Grace Period is given in case the premiums are not paid within the stipulated deadline. The company provides a Grace Period of about 30 days for the payment of the overdue premiums and the benefits under the policy remain unaltered during this period.
Under what conditions can my policy get lapsed?
If you do not pay the premiums within the permissible grace period, then the company will terminate the policy with effect from the date of such unpaid premiums. Once the policy has lapsed, you are no more entitled to the rights and benefits of the respective policy, unless you reinstate it.
What is the process of reinstatement of the policy?
The process of reinstatement has to be carried out as per the underwriting policy which is approved by the Board. The terms of the policy can be different now from the terms that were laid in case of the originally bought policy. The following conditions must be fulfilled:
What is the process for alteration or modification of the policy?
In the case of policy modification, you must contact the Company branch and place your request. The request will be taken into to account, subject to the rules of the company and within the regulatory constraints.
What is the procedure for nominating my child who is a minor?
If the nominee is a minor, details of the appointee should be provided while purchasing the policy. To find out more details you are requested to contact the nearest Branch Office.
