Bharti AXA Life is a private sector life and general insurance provider based out of Mumbai, Maharashtra. It is a joint venture between the Indian conglomerate Bharti Enterprises, and AXA – one of the largest multinational financial and wealth services companies.
Bharti AXA Life insurance policies are available across a wide spectrum. Customers can choose products ranging from traditional to investment plans or ensure protection for their children through a child plan to name a few options. Here’s a brief overview of the available Bharti AXA life insurance products.
Key Highlights of Bharti Axa Life Insurance
1 Crore Life Cover
Get 1 Cr Life cover @₹ 17*/day
Claim Settlement Ratio
Claim-settlement ratio of 80.02% for year 2015-2016
100.00% Grievances Settled for year 2015-2016
To be eligible for Bharti AXA Life Insurance
You should be at least 18 years old
You should be less than 65 years old
You should be either Salaried, Self- employed, a professional or have your own business
Bharti AXA Life Insurance at a Glance
A maximum tenure of 65 years
Assured: Rs 25 Lakhs
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an Bharti AXA Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
Key Highlights of Bharti AXA Life Insurance:
Ever since its conception, Bharti AXA has been one of the leading providers of life insurance in the country. The company has been among the top insurers for a variety of reasons, the most important of which is focus on customer needs and satisfaction. The company focuses and strives to understand the needs of every single customer in order to deliver products which closely fulfil their needs. Operating with the motto of being Available, reliable and attentive, Bharti AXA offers digitally enabled services to allow customers to transact with ease and in a hassle-free manner.
Types of Life Insurance Plans Offered By Bharti AXA:
Understanding the diverse needs of millions of individuals, Bharti AXA offers a wide array of life insurance policies which have been designed specially to fulfill a diverse range of insurance and financial goals. These policies provide solutions for retirement planning, maximizing your savings, planning for your child’s future, among other goals. For group insurance purposes, Bharti AXA group insurance plans which enable employers to offer superior insurance cover to their employees while also assisting them to build their wealth. Following is the list of individual and group insurance plans offered by Bharti AXA.
Bharti AXA Life Insurance Plans For Individuals:
Bharti AXA Savings Plans:
- Bharti AXA Life Dhan Varsha – This is a traditional non-linked, participating plan which is accompanied by several benefits like flexible premium payment terms, annual benefits such as Non-guaranteed cash bonuses & guaranteed Survival Benefits, 100% Sum Assured payable as Maturity Benefit and an option to continue the benefits even after the passing away of the life insured.
- Bharti AXA Life Super Series – This unique plan comes with multiple benefits like allowing you to choose between 2 plans depending on your investment and returns, receive Maturity benefit in addition to a Guaranteed Maturity Addition and receive tax benefits not only on premium payments but also on benefits received.
- Bharti AXA Life Child Advantage – This is a traditional participating savings plan which comes with an in-built Premium waiver benefit. The plan gives you the freedom to choose between Money back and Endowment (maturity benefits), based on your needs.
- Bharti AXA Life eAjeevan Sampatti+ - This is a non-linked savings plan which is available online and offers the double benefit of cover up to the age of 100, along with guaranteed annual pay-outs.
- Bharti AXA Life Samriddhi
- Bharti AXA Life Elite Advantage
- Bharti AXA Life Aajeevan Sampatti+
- Bharti AXA Life Secure Savings Plan
- Bharti AXA Life Monthly Income Plan+
- Bharti AXA Life Secure Income Plan
- Bharti AXA Life Flexi Save
- Bharti AXA Life Invest Once
- Bharti AXA Life Monthly Advantage
|Plan||Sum Assured||Policy Term|
|Dhan Varsha||Min – Rs 25,000; Max – No limit||20 years & 25 years|
|Super Series||Depends on minimum premium||12 years & 20 years|
|Child Advantage||Min – Rs 25,000||11 years to 21 years|
|eAjeevan Sampatti+||Min – Rs 50,000; Max – No limit||-|
|Samriddhi||-||Varies depending on premium payment term|
|Elite Advantage||Depends on min. premium||10 years & 12 years|
|Aajeevan Sampatti+||Min – Rs 50,000||-|
|Secure Savings Plan||-||-|
|Monthly Income Plan+||Depends on policy term period||15, 20 & 30 years|
|Secure Income Plan||-||15, 17 & 20 years|
|Flexi Save||-||20, 25 & 30 years|
|Monthly Advantage||Min – Rs 50,000||12, 16 & 24 years|
Bharti AXA Protection Plans:
Bharti AXA Life traditional plans provide high death benefits on payment of nominal premium over a fixed pre-decided tenor. These plans are available for various tenors. However, no maturity benefits are paid out, and only death claims are allowed. Currently, two protection plans are available from Bharti AXA Life:
- Bharti AXA Life eProtect+ - This is an affordable online term insurance plan which provides protection to your loved ones and gives you the freedom to choose the benefit payout, while also providing tax benefits on premiums and pay-out benefits.
- Bharti AXA Life eProtect
- Bharti AXA Life Elite Secure
|Plan||Sum Assured||Policy Term|
|eProtect+||Min – Rs 32 lakhs; Max – Subject to underwriting||10, 15, 20, 25, 30 years, To age 60, 65, 70 & 75 years.|
|eProtect||Min – Rs 2,500,000||10, 15, 20, 25, 30 years, To age 60, 65, 70 & 75 years.|
|Elite Secure||Min – Rs 2,500,000|
Bharti AXA Investment Plans:
The savings and investment plans from Bharti AXA Life are great avenues for seeing your investment grow safely and securely. The plans offer various benefits such as maturity benefits, guaranteed interest payments, or market linked plans for higher returns. These plans can presently be availed from Bharti AXA Life:
- Bharti AXA Life Future Invest Plan
- Bharti AXA Life eFuture Invest
|Plan||Sum Assured||Policy Term|
|Future Invest Plan||-||10 years|
|eFuture Invest||-||Policy benefit period – 10 years|
Bharti AXA Health Plans:
Bharti AXA Life Triple Health Insurance Plan – This is a comprehensive health insurance plan which has been designed to shield you from rising medical costs while providing tax benefits.
Bharti AXA Group Plans:
Group plans are meant to provide protection to a group of people under a single umbrella product.
- Bharti AXA Life Smart Bima – This is a comprehensive group term insurance plan which provides flexibility in terms of premium payment frequency, while also providing death benefit.
- Bharti AXA Life Loan Secure:
|Plan||Sum Assured||Policy Term|
|Smart Bima||Min – Rs 5,000; Max – Rs 5,00,000||-|
|Loan Secure||Rs 100,000||2 years to 30 years|
Bharti AXA Life Insurance Claim Settlement Ratio:
How to Check Bharti AXA Life Insurance Policy Status:
If anytime you wish to check the status of your Bharti AXA life insurance policy, you can easily do so by visiting their website. For checking the policy status and details, you will be required to provide policy related details like your policy number and your date of birth. Once you have provided that information, the page will immediately display the details and status of your policy.
Online Premium Payment For Bharti AXA Life Insurance Plans:
For the convenience of their customers and allow them to make premium payments on time, Bharti AXA offers multiple ways of making premium payment online. These are:
- Online – Customers can pay their premiums online in 3 easy steps via net banking, credit cards or debit cards. First step is to enter policy details, second is to choose the payment mode (net banking, credit or debit card) and confirming the payment. The final step is to enter your authentications details, following which you will get your payment confirmation.
- InstaPay – Customers can make instant premium payments via their net banking accounts held with any of the many leading banks like HDFC Bank, ICICI Bank, YES Bank, Punjab National Bank, Bank of India, Indian Overseas Bank, Allahabad Bank, J&K Bank and Oriental Bank of Commerce.
- E-Bill Payment – Customers can easily receive and pay their premiums electronically via net banking accounts held with the following banks, which include Citibank, ICICI Bank, HDFC Bank, SBI, Corporation Bank and Karur Vysya Bank.
- Visa Bill Pay – Customers can also make easy premium payments via their Visa enabled credit or debit cards. All they have to do is register on the Visa BillPay site for making premium payments to Bharti AXA.
Bharti AXA Life Insurance Premium Calculator:
Before you make any purchase, don’t you always find out the price of the product you’re about to buy beforehand? Life insurance is no exception, as it is a major expense which gets added to your future monthly budget. In case you plan to purchase a Bharti AXA Life Insurance policy, it is easy to find out how much your chosen plan will cost you, with the help of the online Premium Calculator tool. The tool is simple to use and provides accurate results. To calculate the premium amount, you must provide certain details regarding the policy which you’ve chosen, like the term of the policy, your age and the amount of sum assured which you have chosen. Based on this, information, the tool will calculate the premium amount which you will be paying towards your insurance cover.
Bharti AXA Life Insurance FAQs:
Q. How can I initiate a claim?
A. You can initiate a claim by:
Approaching a branch office nearest to you.
You could also call or email Bharti AXA
Q. What is the process for claims?
A. Step 1: Register your claim with the options mentioned above.
Step 2: Upload or submit your documents.
Step 3: Track your claim.
Step 4: Receive benefits.
Q. How can I track my claim?
A. Claim status can be tracked on the website at a designated page.
Q. What are the documents necessary to make a claim?
- Original Policy bond.
- Statement form of the claimant.
- Death certificate attested by a competent authority.
- Photo ID proof of the nominee.
- Address proof of the nominee.
- Nominee’s bank passbook and cancelled cheque.
- Copy of First Information Report (FIR), if applicable if death is due to accident, murder, or suicide.
- Copy of post mortem report, if applicable if death is due to accident, murder, or suicide.
- Copy of medico legal cause of death certificate, if applicable for non-accidental death.
- Copy of all medical records.
Q. When can a claim be rejected by Bharti Axa Life?
A. Claims can be rejected when:
Information is withheld by the policyholder at the time of taking the policy.
The event resulting in death does not come under the coverage of the policy.
Misstatement of facts.
Q. Where should all the documents be submitted for making a claim?
A. All the documents must be submitted at any Bharti Axa branch office, or mailed directly to the head office.
Q. How long does it take for a claim to be processed?
A. Bharti AXA works towards processing and resolving claims at the earliest, but it could take up to 6 months depending on the complexity of the case.
Q. Where can I register the claim?
A. Claims can be registered online at the Bharti AXA website.
Q. How do I register for online payment of premiums?
A. There is a module on the Bharti AXA website which allows you to register and make premium payments online.
Q. How do I register for ECS payment for premiums?
A. Premiums can be paid through Electronic Clearing Service (ECS) by filling and submitting an ECS / Direct Debit Mandate Form, which can be found here www.bharti-axalife.com/media/pay-premium/ECS-Mandate-Form.pdf
Q. Can I give another proof of identification for an online insurance application if I do not have my PAN Card?
A. No, the PAN Card is compulsorily required for all online applications.
Q. Is the eProtect Plan available for NRIs (non resident Indians) or PIOs (person of Indian origin)?
A. NO, the eProtect Plan is only available for purchase by residents of India. You may contact a Bharti AXA representative for information on plans available for NRIs and PIOs.
Q. How can I determine the ideal amount of Sum Assured?
A. Customers can increase or decrease their chosen sum assured based on their income status. The ideal amount of sum assured will be displayed in the box displaying the premium.
Q. Are the premium rates lower for non-smokers?
A. Yes, the premium rates for non-smokers will be lower for non-smokers, due to the lower health risk involved.
Q. If my policy is not issued, how long will it take for me to get my refund?
A. If the policy has been postponed or declined, your refund amount will be returned to you within 10 working days.
How to Apply Bharti AXA Life Insurance Online
News About Bharathi Axa Life Insurance
Bharti AXA Life Insurance launches ‘Invest Once’.
Bharti AXA Life Insurance Company – the leading life insurance provider in India recently launched ‘Invest Once’ - a single premium non- linked, non-participating guaranteed life insurance plan. The main purpose behind the launch of this product to attract young investors into to field of insurance. The plan comes with a lot of benefits which include - guaranteed additions of up to 9%, optional insurance coverage of 10 times of premiums paid and tax savings on investment as well as return. The plan offers flexible investment tenures where a policyholder has the option to choose between 5 years and 10 years by paying a single premium. The 5 year term offers guaranteed additions at 7% while the 10 year term offers 9%. An investor can invest in this plan by paying a minimum premium of Rs. 5000.
18th November 2015
Bharti AXA Life set to open 5 new branches
Bharti AXA Life, one of the biggest private life insurance providers in the country is all set to expand its operations, with 5 new branches in the pipeline. These new branches are expected to begin operation in the FY 2016 and will be opened in the north east and tier 3 cities, bridging the gap in their current operations. The company is expected to hire around 300 sales personnel to suitably equip these new branches.
Bharti AXA Life is also planning to enter the health segment in the coming year, apart from launching new online products in the upcoming years, with a view to target young investors.
17th November 2015
AXA allowed to raise stake in Bharati AXA Insurance
French Insurance major AXA has been allowed by Competition Commission of India to raise its stake from 26% to 49% in life insurer Bharati AXA Life Insurance, news reports said. Europe’s 2nd biggest insurers Bharati AXA had expressed interest in increasing the stake by 23 % last year. The AXA group operates in 59 markets with a 157,000-strong workforce. It has a client base of 103 million. Last year, the company earned Euro 5.1 billion and had revenue worth Euro 92 billion. Its assets under management (AUM) stood at Euro 1,277 billion.
1st June 2015
Deepak Iyer takes over as CEO and MD of Bharati AXA
Deepak Iyer, earlier MD at Wrigleys, has the new CEO and MD of Bharati AXA general Insurance Company, a company release said. Deepak takes over from Milind Chalisgaonkar, interim CEO for the insurance company, after regulatory approvals from June 2015. Deepak has 22 years of experience behind him and has acted in various capacities across various geographies like Africa and SAARC countries in Sales and Distribution functions of PepsiCo, where he worked earlier. Deepak’s experience, leadership capabilities and customer service focus will take the company to new heights, it’s CEO of AXA Asia (general Insurance) Gaelle Olivier noted. After seven years since it was established, Bharati AXA has emerged as one of the leading general insurance players in India.
28th May 2015
Bharti AXA first to increase foreign stakes to 49%
With a go-ahead from the Foreign Investment Promotion Board (FIPB), AXA becomes the first foreign participant to enhance its stake in its Indian insurance ventures. AXA will infuse about Rs.1,290 crores of fresh capital i.e. Rs.858.60 crores in Bharti AXA Life Insurance Co. Ltd. and Rs.431.40 crores in Bharti AXA General Insurance Co. Ltd.
Under new norms, foreign partners can hold up to 49% in domestic insurance companies. 18 other companies have proposed to increase stakes of their foreign partners. With competition heating up in the Indian insurance sector, companies are gearing up to meet capital requirements for growth and expansion.
7th May 2015
European Insurance Major AXA to Increase Investment with India’s Bharti Enterprises
As predicted, foreign players are showing keen interest in strengthening their investment positions in India after the government approved higher FDI limits in the insurance industry As per new norms, the FDI cap now stands at 49% as opposed to the previous limit of 26%.
AXA SA, a leading European insurance company, has stated it will raise its stake in its joint ventures with Indian based Bharti Enterprises. On obtaining the requisite approvals and completing mandated processes, AXA will enhance its stake from 26% to 49% in both its insurance joint ventures viz. Bharti AXA Life Insurance Co. Ltd.
The Insurance Bill, which was passed as an Ordinance in Dec. 2014, was recently passed by the Rajya Sabha in the parliament’s budget session. Insurance companies in India, most of whom are partnered with foreign players, are responding favorably to the new limits on foreign investments. The Indian insurance industry has strongly cited capital infusion as one of the major necessities for expansion. Foreign players are generally fund-rich and investing in Indian markets will allow them to benefit from growth opportunities given that Indians are grossly underinsured.
23rd March 2015
Bludgeoned by the budget 2015: Inflation hits the common man
The recently announced budget has taken the common man by surprise with an increase in service tax rates, insurance premiums, air travel, dining out expense and many other services. The service tax rate has gone up from 12.36% to 14%. While inflation might seem negligible initially, it will hit hard when service tax on all services is considered.
Banking services weren’t spared from the inflation too. The increase in the service tax rate has in turn made banking services like ATM, loan processing charges dearer. The managing director of Bharti AXA Life Insurance accepted that the premium on life insurance will go up.
All in all, this inflation pertaining to services outlined in the budget has definitely shocked the common man.
4th March 2015
GST of 18% is applicable on life insurance effective from the 1st of July, 2017