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 80.90% for year 2014-2015
93.80% Grievances Settled for year 2014-2015
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
Min Sum 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
Bharti AXA Life Insurance Plans in India
- Bharti AXA Life 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 a pure term plan that offers 1 crore life cover for a very nominal premium. With the option for online enrollment this plan becomes even more attractive and more hassle free.
- Bharti AXA Life Elite Secure: This pure term insurance plan offers the policyholder competitive premiums and attractive payouts.
Customers can choose Bharti AXA Life Premium Waiver Rider to get more protection out of their life insurance products.
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 Samriddhi: Life Samriddhi is an endowment, participating, and non-linked plan that provides basic life coverage, and non-guaranteed terminal and accrued annual bonuses.
- Bharti AXA Life Elite Advantage Plan: This plan Guarantees payouts between 8.5%-9.5% starting from end of the policy term, along with a basic life cover. The maturity benefits include 100% of the sum assured.
- Bharti AXA Life Aajeevan Sampatti+ : This is a plan that gives guaranteed annual payouts, death and maturity benefits, and non-guaranteed cash bonuses.
- Bharti AXA Life Secure Savings Plan: The Secure Savings Plan offers comprehensive coverage and guaranteed increments up to 10% at the end of every year. The maturity benefits of this plan are the payouts of the sum assured and the guaranteed additions.
- Bharti AXA Life Monthly Income Plan+:This is a traditional insurance plan with limited premium payments and a guaranteed tax-free monthly income.
- Bharti AXA Life Secure Income Plan:This plan offers a limited premium payment plan with a guaranteed monthly income, in addition to guaranteed increments as maturity benefits.
- Bharti AXA Life Flexi Save: This is a savings plan wherein funds can be withdrawn within policy term. The plan also offers maturity and death benefits as applicable.
- Bharti AXA Life Future Invest:This plan is a ULIP and is Ideal for people looking to make limited time investments that provide higher returns. The plan also offers the flexibility to switch between funds is also provided.
- Bharti AXA Life Invest Once : A single premium plan that provides 10 times Life Cover and guaranteed additions of up to 9%. Maturity amount comes with guaranteed additions and Death Benefit has an option of Enhanced Life Cover. Tax benefits can be availed as per Section 80C and 10(10D) of the Income Tax Act of 1961.
- Bharti AXA Life eFuture Invest : An online investment plan with good returns and added life cover, which gives the policyholder an option to choose from two premium paying terms – Single Pay and 5 years. This market-linked plan builds your fund by investing your premium amount, without charging allocation fee.
Group plans are meant to provide protection to a group of people under a single umbrella product.
- Bharti AXA Life Loan Secure: This is a single premium group term insurance plan that gives large credit protection under various loan sectors under an individual product.
The Accidental Death Benefit Rider may also be purchased along with group plans to provide coverage for accidental death.
Bharti AXA Life is one of the leading insurance providers in India and they have a comprehensive network for Insurance Claims. A dedicated Claims Handler who provides a personal touch is assigned to the claimant so that the process goes smoothly and without aggravating the situation. The Claims Handler provides all the necessary information and assistance to the claimant, ensuring that all queries are answered.
Types of claims offered by Bharti AXA Life
- Death Claim – This claim can be made at the time of death of the insured person.
- Rider Claim – Bharti AXA Life offers three types of Rider Claims, Critical Illness Rider, Triple Health Plan and Premium Waiver Benefit Rider.
- Hospitalization Claim – This claim can be made during hospitalization.
How to make a claim?
The procedure to make a claim at Bharti AXA Life is simple and involves the following steps.
- Claim Intimation – A person who wishes to make a claim can do so by either mailing the claims team, call them on their toll free number, request for a call back from the team, or approach the team at the nearest Bharti AXA Life branch. A claim will be formally registered when the Claims team or the branch officer receives a written intimation.
- Claim Processing – Once the claim intimation is received, the claim team checks the documents submitted to see if all criteria are met. In case of any missing documents or the need for additional documents, the team informs and guides the claimant throughout the process. The claimant is constantly updated about the process via letters, e-mails and SMS.
- Claim Decision – Once all the documents are in order the claims team aims to process it within 5 working days. In cases where investigation is needed a 6 month time period is given to the claims team to decide on it.
The documents required vary depending on the type of claim made. Here are the list of documents needed for each individual claim type.Death Claim
- Original Policy Bond and Claimant’s statement form.
- Self-attested copy of Death Certificate.
- Copy of Residence address proof and valid photo ID.
- A cancelled cheque and copy of bank passbook of the nominee.
- In case of suicides, murders or accidents a copy of the FIR and the Post Mortem report should be provided.
- In case of non-accidental deaths a copy of medical records, the treating doctor’s certificate, employer certificate and family physician certificate is needed.
- Original Policy document and Claimant’s statement form.
- A cancelled cheque and bank passbook of the claimant.
- Copy of medical records, treating doctor or family physician certificate and employer certificate.
Bharti AXA Life strives to simplify the claims procedure and tries to understand the claimant’s point of view during emergencies. A dedicated team to look into claims ensures that justice is delivered to the claimant.
Bharti AXA Life Insurance FAQs:
- Q. How can I initiate a claim?
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?
- 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
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