Bharti AXA term insurance provides a variety of term plans to provide financial security for the insurance holder’s family to meet the daily expenses and comfortable living in case of any mishappening. The company offers four programs such as Bharti AXA Life – Flexi Term Plan, Bharti AXA Life – Income Protection, Bharti AXA Life – Secure Confident, and Bharti AXA Life – Elite Secure.

Bharti AXA Life Insurance Company

Bharti AXA Life is a joint venture of two companies Bharti Enterprises and AXA Group with headquarter in Paris. At the time of a merger, AXA Group has the expertise in financial matters and Bharti Enterprises is leading group in financial services, retail, telecom, and business of agriculture. Together their stake in Bharti AXA is, 51 percent for Bharti Enterprises and 49 percent for AXA.

They are giving services on dedicated claims within 2 days or 48 hours before the release of fund. The company has around 16 thousand advisors that are trusted and trained and 124 branches.

Bharti AXA Term Plans:

Term PlanPolicy TermEntry Age (Min-Max)Maturity AgeSum Assured (Min-Max)
Bharti AXA Flexi Term10, 15, 20, and 25 years18 – 65 years85 yearsRs 10,00,000 – No Limit
Bharti AXA Income Protection12, 15, 20 years18 -58 years70 yearsRs 5,00,000 – No Limit
Bharti AXA Secure Confident5, 10, 15, 20 and 25 years18- 55 years60 yearsRs 5,00,000 – No Limit
Bharti AXA Elite Secure10, 15, 20, and 25 years18 – 75 years75 yearsRs 25,00,000 – No Limit

About Bharti AXA Life Term Plans

Bharti AXA Life Term plans provide different benefits beyond protecting the finances of the policyholder’s family and making it comfortable after any unexpected mishappening.

Bharti AXA Flexi Life Term Plan

There is always a thought of keeping your loved ones safe and secure. But again, there is a thought that in case of any mishappening how they will survive. In case the earning member of a family is diagnosed with any critical disease, it can be difficult for her/his family to manage both household expenses as well as cost of treatment.

Bharti AXA Flexi Life Term Plan offers both of benefits, i.e., securing the life of the insured from the listed critical diseases and life cover. Under the life cover option, this Bharti AXA term plan provides different options through which life assured can protect their family and give them a comfortable living.

Benefits and Features of Bharti AXA Flexi Life Term Plan:

Death Benefit

While opting for this Bharti AXA term plan, insurance holders have the option to choose the best sum assured payment method for their families to give them a comfortable living.

  1. Payment in a Lump sum – The nominee will get the entire amount as a lump sum.
  2. Income on monthly basis – The nominee will get the payout as monthly income and it will increase on yearly basis at a simple rate of 10 percent. This will be paid for 15 years. The increasing income on yearly basis will help the family to meet their daily expenses and help them fight inflation. The payout on monthly basis will be done on the basis of this table.
YearPercentage of Sum assured paid monthly
15.828  percent/12
26.411  percent  / 12
36.994  percent / 12
47.577  percent / 12
58.16  percent / 12
68.742  percent / 12
79.325  percent / 12
89.908  percent / 12
910.491  percent / 12
1011.074  percent / 12
1111.656  percent / 12
1212.239  percent / 12
1312.822  percent / 12
1413.405  percent / 12
1513.988  percent / 12
  1. Monthly income with a lump sum – From the sum assured, half will be paid as a lump sum to the nominee and rest of the amount will be given at a simple rate of 10 percent for the next 15 years. Through this arrangement, the family can meet their immediate needs as well as increasing needs with time. The schedule of the payout under this Bharti AXA term plan will be based on the below enlisted table: 
YearPercentage of Sum assured paid monthly
12.914  percent / 12
23.206  percent / 12
33.497  percent / 12
43.789  percent / 12
54.080  percent / 12
64.371  percent / 12
74.663  percent / 12
84.954  percent / 12
95.246  percent / 12
105.537  percent / 12
115.828  percent / 12
126.120  percent / 12
136.411  percent / 12
146.703  percent / 12
156.994  percent / 12

 

In both the plans having monthly income feature, there is an option for the nominee to take the monthly income benefit as a lump sum. This option is available with them only after they have received their first payment in monthly mode. The lump sum will be calculated at a rate of 5 percent based on the monthly income present value.

Critical Illness Benefit:

This benefit is given to the policy holders who are looking forward to get additional protection for them. In case of any occurrence of critical illness, the insurance holders will get the designated amount as the sum assured for the cause and won’t have to worry about the related expenses.

Here, it’s important to understand that the sum assured as death benefit is separate from this benefit. It means that the life assured do not have to worry about the finances for treatment of disease and could get treated easily without putting the burden on her/his family.

But this benefit will be available only when all the policy premium has been paid and the policy is in force. The option of critical illness benefit can only be availed of if the policyholder opts for this particular Bharti AXA term plan.

There are three types of options available under the critical illness benefit, from which life assured could choose –

  1. Comprehensive Critical illness Cover – This covers 34 critical illness such as –
  • Cancer with Specified Severity
  • First Heart Attack with Specific Severity – Myocardial Infarction
  • CABG – Open Chest
  • Heart Valves repair or Open Heart Replacement
  • Cardiomyopathy
  • Aorta Surgery
  • Pulmonary Hypertension primarily (Idiopathic)
  • Angioplasty
  • Pericardectomy
  • Coma with Specified Severity
  • Kidney Failure which requires Dialysis regularly
  • Transplant of Bone Marrow or Major Organ
  • Permanent Symptoms resulting from Stroke
  • Persisting Symptoms due to Multiple Sclerosis
  • Limbs Permanent Paralysis
  • Blindness
  • Burns of Third Degree
  • Trauma of Major Head
  • Lung Failure at End Stage
  • Liver Failure at End Stage
  • Deafness
  • Speech loss
  • Apallic Syndrome
  • Limbs Loss
  • Aplastic Anaemia
  • Medullary Cystic Disease
  • Benign Brain Tumour
  • Motor Neuron Disease with Permanent Symptoms
  • Brain Surgery
  • Alzheimer’s Disease
  • Muscular Dystrophy
  • Parkinson’s Disease
  • Poliomyelitis
  • Systemic Lupus Erythematosus
  1. Major Critical Illness cover – If the life assured opts for this cover, s/he will receive 15 critical illness covered, namely:
  • Cancer with Specified Severity
  • First Heart Attack with Specific Severity – Myocardial Infarction
  • CABG – Open Chest
  • Heart Valves repair or Open Heart Replacement
  • Cardiomyopathy
  • Aorta Surgery
  • Pulmonary Hypertension primarily (Idiopathic)
  • Angioplasty
  • Pericardectomy
  • Coma with Specified Severity
  • Kidney Failure which requires Dialysis regularly
  • Transplant of Bone Marrow or Major Organ
  • Permanent Symptoms resulting from Stroke
  • Persisting Symptoms due to Multiple Sclerosis
  • Limbs Permanent Paralysis
  1. Cover of Cancer and heart – In this cover, 9 critical diseases will be covered related to Cancer and Heart.

1) Cancer with Specified Severity

2) First Heart Attack with Specific Severity – Myocardial Infarction

3) CABG – Open Chest

4) Heart Valves repair or Open Heart Replacement

5) Cardiomyopathy

6) Aorta Surgery

7) Pulmonary Hypertension primarily (Idiopathic)

8) Angioplasty

9) Pericardectomy

If the life assured suffers from Angioplasty, s/he will only get Rs 5 lakhs as the sum assured and this amount will be reduced from the sum assured designated for critical disease. The premium amount will also get reduced after the payment.

Conditions with Critical Illness

  1. If the policy holder suffers from any critical illness but not Angioplasty, they will get sum assured for critical illness.
  2. Any one critical illness could be claimed once only.
  3. For 90 days from the start of policy as well as also from the date of policy revival, if the insurance holder is diagnosed with any of the critical illness found, no sum assured will be paid to her/him.

After completing this period of 90 days, in case the life assured is diagnosed with a critical illness, s/he will be paid the amount of premium. The benefit of critical illness will get terminated but the base policy of risk cover for life will continue. There is no need to wait for this 90 days period if critical illness happens because of an accident.

  1. Under this Bharti AXA term plan, the policyholder needs to survive for at least 30 days after being diagnosed with any critical illness. In case the policyholder dies before 30 days, no benefit will be provided to the nominee.
  2. It should be first case of critical illness diagnosis in the life of the insurance holder. The payment of sum assured will be given to the policyholder irrespective of the expenses incurred by them for their treatment.
  3. Sum assured for the critical illness cannot be more than that of base policy.
  4. The term of policy will be same as that of critical illness term.
  5. If there is a different critical disease which had occurred in 30 days of survival period, after diagnosis the critical illness with maximum amount will be paid to the policyholder.

Exclusion under Critical Illness cover:

  1. Any disease which existed earlier or has been mentioned by the policyholder while taking the policy, until a period of 48 months has been passed after taking the critical illness cover.
  2. If the policy holder had not taken the medical treatment earlier at the right time and delayed itself due to ignorance.
  3. If the policyholder inflicts any harm on her/his own.
  4. If the life assured suffers from AIDS or HIV.
  5. The treatment for the donor to help in organ replacement.

Premium rates applied to Critical illness

The rates of critical illness insurance may vary from time to time for Bharti AXA term plans. It remains fixed for a period of 5 years, after which the company could change the rates depending on the experience. After the review and approval of IRDA (Insurance Regulatory and Development Authority of India), the price will remain the same for next 5 years.

Benefit of waiver for a premium of critical illness

If any of the mentioned critical illness takes place to the life assured then there is no need to pay the premiums for covering the risk of life. However, this feature should be active at the time of diagnosis of the critical illness and this policy will continue for the life cover. The riders that are there with the policy will be terminated.

Rebate on premium

If the life assured is a non-smoker or a female candidate, there will be a discount on the premium.

Calculation of premium

Premium is calculated on the number of factors such as –

  1. Age, considered as per last birthday.
  2. Gender of life assured
  3. Basic sum assured.
  4. Term of the chosen Bharti AXA term plan
  5. Whether the life assured is a smoker or non-smoker

Frequency of paying a premium

The policy holder could pay the premium in monthly, quarterly, half yearly and yearly modes. But if the policy holder opts for the premium payment other than yearly mode then they will need to pay the loading charges based on yearly premium such as –

  1. Monthly – 0.0867 of the yearly premium
  2. Quarterly – 0.26 of the yearly premium
  3. Half yearly – 0.51 of the yearly premium

An option of paying a premium in advance

The premium will be taken in the same financial year in which it is due. If the premium is due in next financial year and premium needs to be collected in the previous financial year, that need to be collected with a span of 3 months before the premium due date. The premium which is collected in advance will be adjusted only at the time of premium due date.

Grace Period

Under Bharti AXA term plans, If the insurance holder could not pay the premium by the due date, the company provides the grace period of around 30 days to her/him to renew the policy. In case the policy holder dies within the grace period, the death benefit will be paid to the nominee after deducting the premium from the renewal date until the death of the policy holder from the death benefit.

After deducting the amount, all the death benefit will be given. As the death benefit is given to the nominee the policy will get terminated. If the policy holder dies when the policy had already gone into the lapsed state, the nominee will not get anything through policy.

If policy holder had diagnosed from the critical illness while the policy is in grace period, the amount of premium from the due date to diagnosis will be deducted and critical illness benefit will be paid to the policy holder. If the diagnosis of policy holder related to critical illness found after the policy is in a lapsed state, s/he will not receive anything under any Bharti AXA term plan.

Revival of the policy

There are times when it becomes difficult for the policy holder to pay the premium. In such cases, the policy holder has the option to revive the policy –

  1. Policy holder needs to give an application in written form for the revival of policy but it should be within a span of 2 years from the first unpaid premium.
  2. Evidence as required to ensure the health of life assured.
  3. All the premiums which are not paid with an interest as applicable by the company during that year.
  4. There are other things which could be asked by the company for their satisfaction and if found as per their standard then only it will be approved.

Surrender Benefit

If the life assured surrenders her/his policy, there will be no benefits provided against it.

Rider Benefit

This Bharti AXA term plan provides only one rider which a policyholder can opt for, for further protection from any mishappening.

Accidental Death Benefit Rider – If the policy holder dies in the accident or due to an accident then the nominee will get an additional amount of sum assured.

A premium of both the rider and critical illness should not be more than the premium of basic plan policy. The premium paid for any rider in all the policies taken together should not be more than 30 percent of premium in base policy and even the sum assured should not be more than the base policy sum assured.

Exclusion of Suicide

If the policy holder is sane or insane but dies because of attempted suicide, her/his nominee will get around 80 percent of the premium paid till the policyholder’s date of death. However, it will only be paid if the policy is active.

Bharti AXA Income Protection Term Plan

The guardian of a family always wants to protect her/his family, but in turn of unexpected events, it becomes essential for them that their dependents can manage the cost with the lifestyle they are maintaining.

Bharti AXA Income Protection term plan form the wide range of Bharti AXA term plans provides regular income to the family for a period of 15 to 20 years. If the insurance holders survive their term, they will receive approx. 100 to 120 percent of the premium paid by them.

Benefits and Features of Income Protection Term Plan

Term of Policy

The policy could be taken for 12, 15, or 20 years.

Death Benefit

In case the life assured dies during the policy tenure, her/his nominee will receive income on monthly basis for 15 to 20 years as chosen by the policy holder. This option can be taken at the time of buying the policy. The nominee could also take the whole amount as a lump sum instead of monthly payment. This option will be available with the nominee after the death of life assured and before the first instalment payment.

If the nominee expires and the monthly income of payment is still going on, this Bharti AXA term plan allows the legal heirs of the nominee to receive the sum assured.

Maturity Benefit

If the policyholder survives, they are liable to receive the maturity benefit. There are two options to choose from as maturity benefit from which the policy holder could choose but this should be chosen at the time of starting of policy.

Term of Policy12 years15 years20 years
A Option100 %100 %100 %
B Option110 %115 %120 %

Frequency of Payment

The policyholder could pay the premium with any frequency of payment such as Monthly, Quarterly, Half yearly and yearly. There are certain loading charges that can be applied on Bharti AXA term plans if the insurance holder opts for premium payment as Monthly, Quarterly and Half yearly mode –

Payment ModeCharges
Monthly0.0867 of yearly premium
Quarterly0.26 of yearly premium
Half yearly0.51 of yearly premium

Premium in advance

The premium could only be collected in the same financial year. If the premium is collected in the earlier financial year then there should not be a gap of more than 3 months and that too the premium will be adjusted on the same date when the premium is due.

Grace Period

If the policyholder cannot pay the premium then they could pay them within a time frame of 30 days from the due date. But there are certain conditions such as –

  1. At least three yearly premiums have not been paid – If the policyholder does not pay the premium within the grace period, this Bharti AXA term plan could still be revived if the payment is done within a period of revival. If the insurance holder could not revive the policy within the period of revival, the policy will be terminated and no benefits will be given.
  2. At least three annual premiums have been paid – If the policy holder does not pay the premium by the given grace period, there is also an option to revive the policy by revival period.

If the policyholder does not revive the policy in the grace period then the policy will go into the paid status and policy holder will get the benefit depending on the premium paid. The paid up is paid on basis of following:

  • Death – In case of death of insurance holder the monthly income for the number of years chosen by policy holder will be paid to the nominee. This income will be calculated on pro rata basis. The nominee could take the amount as lump sum also but this should be told before taking the first income. 

The sum assured to be paid at death – (number of paid premium * death sum assured)/ number of payable premium

  • In case of maturity, the amount paid will be returned depending upon which particuar option is chosen.

The sum assured to be paid at maturity – (number of paid premium * maturity sum assured)/ number of payable premium

  • If the policy holder surrenders the policy, then based on the formula whichever has the higher value will be paid to the policy holder –

Factors of special surrender value * sum assured for life * (The number of paid premium/ the number of payable premium)

Or

Value factor of guaranteed surrender * the total premiums which are paid till the date of paid up.

Period of Revival

The Bharti AXA term plan which is lapsed could be paid within a period of 2 years from the first premium unpaid and depending on the conditions laid down by a company from time to time.

Surrender Benefit

If the policy holder could not able to make the payment and want to surrender Income Protection Bharti AXA term plan in mid of the policy tenure, s/he must have paid at least three annual premiums of the policy.

On the basis of the premium paid by the policyholder, a percentage is given which is known as the guaranteed surrender value. The surrender value will be higher than that of special surrender value or the guaranteed surrender value. Factors affecting guaranteed surrender value are–

Year of policyTerm of Premium payment
12 Years15 Years20 Years
10 %0 %0 %
20 %0 %0 %
330 %30 %30 %
450 %50 %50 %
550 %50 %50 %
650 %50 %50 %
750 %50 %50 %
860 %50 %50 %
970 %50 %50 %
1080 %55 %55 %
1185 %65 %55 %
1290 %70 %55 %
1375 %60 %
1485 %60 %
1590 %65 %
1670 %
1775 %
1880 %
1985 %
2090 %

The policy will be terminated once the surrender value will be paid. 

Riders of Income Protection Term Plan

  1. Hospital Cash Rider – If the policy holder is hospitalized for any reason, s/he will be paid a fixed amount for each day, s/he is at the hospital and a lump sum will be given to her/him in case of a surgery.
  2. Accidental Death Benefit Rider – If the policyholder died due to the accident, then a sum assured will be given to the nominee.
  3. Life Term Rider – If the policy holder has opted for this rider offered by Bharti AXA term plan, her/his life cover could be increased with a premium of nominal cost.

The premium of the rider should not be more than that of base premium. The premium given in all other insurance policy for rider should not be 30 percent of the premium of base policy and the benefits from their riders should not be more than the sum assured in base policy.

Loan under Policy

In case, the policyholder has any monetary needs, s/he can always use the loan facility available under Income protection plan offered by Bharti AXA term plans. However, to avail of this facility, the policy should have the surrender value. The loan amount will be decided on the basis of terms and conditions of the plan.

  • The interest rate on loan will be based on the Guaranteed Surrender Value of 10 years from 1st April and an addition of 3 percent extra for the full financial year.
  • The interest rate will be reviewed by the company every year on 1st
  • Minimum loan amount should be of Rs 15000/-.
  • Maximum loan amount should not be more than 70 percent of the surrender value.
  • The current rate of interest for loan under this Bharti AXA term plan is 10.47 percent per annum.

Suicide

  • If the life assured whether sane or insane medically commits suicide within one year from the date of policy start, around 80 percent of the premium will be paid to the nominee till the date of death.
  • If the life assured commits suicide whether sane or insane medically within one year from revival of the policy, the nominee will get more than 80 percent of the premium or surrender value whichever is of a high amount to the nominee.

Bharti AXA Life Secure Confident Term Plan

Life Secure Confident Term Plan is offered under the wide range of Bharti AXA term plans. Under this plan, the insurance holder receives the life cover benefit which can be used to financially protect her/his family in case of any mishappening, an amount will be paid to the family member. It will help the family members to live their life comfortably even after an unexpected event.

Benefits and Features of Secure Confident Term Plan

Frequency of Premium payment

Under this Bharti AXA term plan, the premium could be paid by the policy holder in monthly, quarterly, half yearly and yearly mode. If the premium is being paid monthly, it could only be done through ECS.

Death Benefit

In case the life assured meets with an unexpected event then the nominee will get the lump sum amount of sum assured. However, the policy should be active and all premiums should be paid.

Maturity Benefit

If the policy holder survives, in that case on maturity there will be no benefit that will be provided. On the maturity of policy, the policy will get terminated.

Revival of policy

If the premium of the policy is missed by the insurance holder, s/he gets an option to revive the policy within 2 years from the first unpaid premium payment. Under this feature, the policyholder needs to pay the premium for the number of years the premium was not paid together with the interest accumulated (as decided by the company from time to time). If the policy holder dies within the period of revival of policy then no benefit will be given to the nominee as the policy will be deemed as inactive.

Exclusion of Suicide

Under this Bharti AXA term plan, if the policyholder whether sane or insane medically commits suicide from one year to the date of issue of policy or from one year in which the policy is revived then the nominee will get around 80 percent of the premium paid till the date of death of the life assured. But in this, the policy should be active.

Bharti AXA Life Elite Secure Term Plan

This policy offered under Bharti AXA term plans, helps an individual for securing their family in case of any unexpected event.

Benefits and Features of Elite Secure Term Plan

Death Benefit

If the life assured had any mishappening then the nominee will receive the sum assured. However, it is essential to have the policy in force.

Calculation of Premium

There are a number of factors on which the premium will be calculated such as –

  1. Age of the policyholder on her/his last birthday.
  2. The term of policy chosen by the applicant
  3. Gender of the life assured
  4. Sum assured chosen for protection
  5. The life assured is a smoker or non-smoker

Rebate on premium

If the life assured is a non-smoker and a female candidate, they will get a rebate on the premium.

Frequency of paying premium

The life assured can pay the premium in different frequencies such as monthly, quarterly, half-yearly and yearly mode. There will be loading chargers for payment of premium on monthly, quarterly and half yearly based on the yearly premium.

Payment ModeCharges
Monthly0.09 of yearly premium
Quarterly0.27 of yearly premium
Half yearly0.52 of yearly premium

The premium could be paid in advance for the same financial year but in case of different financial year, they could be paid only 3 months in advance. But the premium will be credited on the date of the premium.

Riders Under Elite Secure Bharti AXA Term Plan

  1. Hospital Cash Rider – If the life assured is in a hospital then the rider will be given a fixed amount for every day in a hospital. It will also give the benefit of a fixed amount if the person is admitted in the ICU (Intensive Care Unit) and also receive a lump sum in case of surgery.
  2. Accidental Death Benefit Rider – If the policy holder meets an accident and died due to that accident then the nominee will get an additional sum assured. This rider is a regular and a non-linked plan.

The premium of the rider should not be more than the premium of base policy and the premium under all the policy for the rider should not be more than 30 percent of the base policy premium. The riders sum assured also cannot be more than sum assured of base policy.

Revival of policy

The Elite Secure policy offered under Bharti AXA term plans could be revived if the policyholder has not paid the premium but this could be done within a period of two years from the first premium not paid. The company will also be requiring –

  1. Application in written form by the life assured for the revival of policy within a span of 2 years from the date of the first premium not paid.
  2. Evidence which should be satisfactory that insurance could be given to the life assured again.
  3. The payment of all the unpaid premium with the interest as levied by the company from time to time.

If the company finds the request to be satisfactory then only the revival of the policy can be concluded.

Surrender Benefit

In case the policyholder surrenders the policy, there will be no benefit given to them for surrendering this Bharti AXA term plan.

Exclusion of Suicide

  • If the policyholder whether sane or insane medically commits suicide within one year of taking the policy then the nominee will get around 80 percent of the premium paid. However, the policy should be active.
  • If the policy holder revives the policy and then commits suicide within a period of one year from revival, the nominee will get more than 80 percent of the paid premium.

Bharti AXA Term Plan’s Benefits & Features:

Free Look Period

If the policyholder is not satisfied with the T&C of a Bharti AXA term plan and does not want to take it after reading the policy document, s/he could return the policy within a prescribed time span.

If the policy is purchased offline, the given time span is of 15 days from getting the policy document; whereas, it’s 30 days after receiving the policy, if one has got the policy online.

The premium amount deducted will be refunded back after making a deduction of the period in which the policy holder is given the cover of risk, an amount invested by the company for doing the examination of medical and charges of stamp duty. The benefits and features of the particular Bharti AXA term plan will get ceased as cancellation is being processed.

In case of taking the Bharti AXA term plan through eInsuance Account, the policy holder will receive an email providing the information to access the eIA. The email would either contain the information regarding the insurance policy in eIA or the welcome kit. The date of the email received by the policyholder will be considered as the date the free look period will be calculated.

Tax Benefits

Bharti AXA term plans also offer tax benefit of the paid premium in that financial year as per Income Tax rule prevailing.

Claim Settlement Procedure of Bharti AXA Term Plans:

At the time of claim, their representatives will be of great help and provide services such as –

  1. A representative will be dedicated to handle the claim and will provide assistance all through the process of claim.
  2. The funds will be released within a period of 48 hours if all the documents required are submitted well in time.
  3. The processing of the benefit is done quickly.
  4. It will protect the family from any frauds in getting the claim.

Process of claim for Bharti AXA term plans through online services:

  • A claim should be registered online
  • All documents should be uploaded
  • Claim form could be traced to know the status of a claim
  • Feedback should be provided

 How to intimate the company about a claim made towards Bharti AXA term plans?

  1. The nominee could visit any of the Bharti AXA Life insurance branches that are nearby.
  2. The nominee could make a call on 1800-102-4444.
  3. Through email also the intimation could be done at claims@bharti-AXAlife[dot]com
  4. SMS could be made by writing SERVICE and send to 56677.

Processing of claim:

  • Bharti AXA term plans provide with the option to submit the documents either online or by visiting the branch.
  • If any of the documents is missing, it will be informed by the company to the claimant.
  • Updates regarding the process of documents will be received by the nominee on their number through SMS or an email or through letters.

Their main aim is to process the claim within 5 days which requires any kind of investigation. Though, regulator from Bharti AXA term plan gives the insurer a time of 6 months for making the decision.

Claim of Death under Bharti AXA Term Plans:

Documents that are deemed as mandatory

  1. Documents of policy in original
  2. Settlement form by the claimant
  3. Photocopies of self attested certificate of death which is issued through local authority
  4. Photocopy of identity proof with a photo of the nominee
  5. Photocopy of address proof of the nominee
  6. Cancelled cheque with a photocopy of passbook of the bank of a nominee.

Document required in case of suicide, murder or accident:

  • FIR (First Information Report) copy
  • Copy of report of post mortem

Document required in a non-accidental case:

  1. Photocopy of Death Certificate with medical legal cause
  2. Medical records photocopy such as admission reports, test reports of present and past both, discharge, death summary and many others.
  3. Certificate from a doctor treating the life assured
  4. Certificate from employer
  5. Certificate from a family physician

Claim of Riders under Bharti AXA Term Plans:

In case, the policy holder had taken riders following documents need to be submitted –

  1. Policy documents in original
  2. Statement from claimant
  3. Cancelled cheque and photocopy of passbook of a bank from the claimant.
  4. Photocopy of medical records such as admission reports, test reports of present and past both, discharge, death summary and many others.
  5. Certificate from a doctor treating the life assured
  6. Certificate from a family physician

Claim on Hospitalization

List of documents in case the life assured is hospitalized and opted for the hospital rider:

  1. Policy certification in photocopy
  2. Statement from claimant
  3. Photocopy of medical records such as admission reports, test reports of present and past both, discharge, death summary and many others.
  4. Certificate from a doctor treating the life assured

Any other additional information that may be required by the company for processing the form.

FAQ of Bharti AXA Term Plans:

1. What is the time frame to settle a claim made against Bharti AXA term plans?

To settle the claim they took around 5 days from the date of receiving all the documents required, but as per IRDA, the timeline could be increased.

Different ClaimsTimelines of IRDAAim of Bharti AXA
Raising different requirements15 days5 days
Claims non-early30 days5 days
Claims early180 days90 days

 

In case the investigation is required, the time for settling the claim will also increase.

2. How to know the status of a claim?

To know the status of claim, customer can contact the company’s representative:

  • Either by calling toll free helpline 1800 – 102 – 4444.
  • or, by writing an email that is claims@bharti-AXAlife[dot]com

3. Who would receive the amount of claim under Bharti AXA term plans?

Generally, the policy holder and life assured are same. In such case, the claim amount will be given to the nominee as mentioned while taking the policy or being communicated by the policyholder.

4. When could a claim be rejected for Bharti AXA term plans?

If any of the information has been not disclosed on the form of a proposal as per the company then it will come into non disclosure category. On the other hand, providing the information which is not correct in the proposal form will be treated as the misstatement. When this type of non disclosure or misstatement is found, the claim will be established as rejected under any Bharti AXA term plan.