Bharti AXA Life eProtect is a simple term insurance plan that has low costs of premium and it allows one to provide for his/her family in case of an unfortunate untimely demise. The plan can be applied for online and the medicals can be done from the comfort of one's home.
Eligibility Criteria for Bharti AXA Life eProtect:
Age - The ages mentioned are as per the last birthday
- Age at entry - Minimum 18 years and maximum 65 years
- Age at maturity - Minimum 28 years and maximum 75 years
Features and Benefits of Bharti AXA Life eProtect:
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The key features of this policy can mentioned as below -
- Available for individuals from 18 to 75 years of age.
- Minimum Sum Assured of Rs 25 lakhs.
- Critical Illness and Accident Death and Injury riders available at low additional premiums.
- Tax benefits under Section 80 (C) and 10 (10 D).
- Simple and easy to maintain policy.
- Premium can be paid in monthly/quarterly/half-yearly/yearly instalments.
- Quick and hassle-free processing.
- Benefits paid out to nominee if death occurs within policy period.
- No maturity benefits.
- Policy Term -
- Fixed Policy Term -
- Minimum - 10 years
- Maximum - 30 years
- Customised Policy Term -
- Up to 60 years
- Up to 65 years
- Up to 70 years
- Up to 75 years
- Fixed Policy Term -
- Premium Payment Terms - The premium payment term for this policy is the same as the policy tenure
- Premium Payment Frequency - The premiums for this policy can be paid in annual or semi-annual modes
- Sum Assured - The minimum sum assured is Rs. 25,00,000 and there is no maximum limit on the same, based on the company’s discretion
Benefits offered by Bharti AXA Life eProtect are -
- Life Insurance Benefit - In case of the death of the life insured, an amount equal to the sum assured will be paid to the nominee
- Family Care Benefit as part of Life Insurance Benefit - In case the policy is in force and at least 2 consecutive years’ premiums have been paid, a sum of Rs. 1,00,000 can be paid as a lump sum to the nominee within 48 hours of submission of relevant claims pertaining to the death of the insured
- Monthly Income Benefit as part of Life Insurance Benefit - In this option, the lump sum amount of Death Benefit is paid over a course of 15 years per month
- Lump-sum + Increasing Income Benefit - Apart from a lump sum, an income is provided to the nominee and it increases by 10% per subsequent year and ends at the 15th year
- Tax Benefits - As per the Income Tax Act of 1961, the premiums paid and the benefits from this term insurance plan are acceptable terms for tax benefits
Govind, aged 30, has just switched jobs and is about to get married soon. He opts for a Rs. 2 crore life cover with Bharti AXA Life eProtect. Being a non-smoker, he gets preferential rates and needs to pay Rs. 12,000 per year under a fixed policy that will cover him for 65 years. He also applied for a lump sum benefit along with increasing income option to try and be future ready.
32 years later, Govind, father to Nikhil and husband to Rati, unfortunately passes away. Nikhil’s wedding had been planned, and Rati’s medical treatment was in full swing. The loss was unprecedented, but their financial life hasn’t been affected in the least. As per the policy options chosen by Govind, they will now receive an approximate amount of Rs. 82 lakhs as a lump sum benefit and for the next 15 years, an annual income starting at Rs. 7 lakhs growing at 10% every subsequent year will be provided to them by Bharti AXA Life.
Frequently Asked Questions:
- What are the exclusions to the policy?
If the insured commits suicide within 12 months of the commencement or revival of the policy, the nominee shall receive a sum equal to 80% of all the premiums paid and no insured benefit will be provided.
- What happens if I do not pay the premiums on time or discontinue payment completely?
A grace period of 30 days will be allowed to continue the payment of premiums, but if in case payments are not done within that time, the policy will lapse. If the demise of the life insured happens within the grace period, the Death Benefit will be less the unpaid premium amount.
- Can the policy be revived?
The policy can be revived within 2 years from the date of the last paid premium after it has lapsed. All outstanding premiums along with the interest as applicable need to be paid for a successful policy revival
- What if I decide not to go ahead with the plan?
A free look period of 15 days is allowed after the policy is availed, and the policy can be returned within the same time frame.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017