11 min read
Updated on Jul 17, 2023
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Bharti AXA Life Insurance Company was formed as a joint venture between Bharti Group, one of the leading business groups in India, and AXA Group, headquartered in Paris with a 74% and 26% stake respectively. Later, in 2015, AXA Group increased its stake to 49%, and Bharti Enterprises’ stake was reduced to 51%. Bharti AXA Life Insurance began its operations in 2006. Today, Bharti AXA Life Insurance is one of India’s most trusted life insurance providers in the insurance sector.
Bharti AXA Life offers a variety of individual and group life insurance policies for both corporate and customers. You can choose from a range of insurance plans to fulfill your insurance needs and also customize the plans through riders. Bharti AXA Life Insurance plans provide comprehensive coverage at competitive premiums to ensure that the customers can afford the plans and avail of financial security.
Key highlights of Bharti AXA Life Insurance Company
Here are some of the key highlights about Bharti AXA Life Insurance Company:
|Claims paid||99.05% for the financial year 2020 21|
|Asset Under Management||9,374 crores|
|Bharti AXA branches||263 offices|
|Footprints||35 crore customers and 12 different companies across India|
Bharti AXA Life Insurance Company has been in the spotlight for various reasons. It has won many awards for its rich working culture and unique insurance policies. Here are some of the awards and achievements of Bharti AXA Life Insurance:
Bharti AXA Life Insurance Company is a smart choice for buying a life insurance policy for the following reasons:
Bharti AXA Life offers different types of insurance products to serve the various needs of its customers. Here’s a look at the type of plans offered by the company –
Term insurance is a type of life insurance that provides financial assistance and protection to you and your loved ones. Term insurance plans offer optimal coverage at affordable premiums. These plans are pure protection policies that cover the risk of premature death. There is, usually, no maturity benefit. However, some plans allow a premium refund on maturity.
Here is a term plan offered by Bharti AXA Life Insurance which you can buy through PayBima:
Premier Protect is a comprehensive term insurance policy that provides financial protection to your loved ones. Some of the salient features of the policy are as follows:
|Age at entry||Minimum: 18 years
Maximum: 65 years
|Age of maturity||Maximum: 75 years|
|Policy term||10 to 15 years|
|Premium payment term||Single pay, Limited pay of 5/ 10 year,s and regular pay|
|Sum assured||Minimum: 50 lakhs
Maximum: No limit
|Premium payment mode||Monthly, quarterly, half-yearly, and yearly|
Endowment plans are meant to provide you with the additional benefit of creating a savings corpus along with life insurance coverage. Under endowment plans, you can accumulate a corpus for your financial goals as these plans pay either a death benefit or a maturity benefit. Many endowment plans also offer bonus additions that enhance the death or maturity benefits further.
Bharti AXA offers different types of endowment plans to its customers. PayBima offers the following type of Bharti AXA endowment policy –
As the name suggests, this is a guaranteed income plan which pays guaranteed benefits on death or maturity. The salient features of the policy are as follows –
|Age at entry||Minimum: 91 days
Maximum: 65 years
|Age of maturity||Minimum: 18 years
Maximum: 84 years
|Policy term||6 years to 24 years|
|Premium payment term||Single pay – once
Limited pay – 5 years to 12 years
Regular pay – equal to the policy term
|Sum assured||Minimum: Rs.25,000
Maximum: No limit
|Premium amount||Depends on the sum assured, age, and selected plan details|
|Premium payment mode||Monthly, quarterly, half-yearly, and yearly|
Money-back policies are similar to endowment plans in the sense that they also help you create a savings corpus for your financial goals. However, what sets money-back plans apart from endowment plans is the pay-out. Under money-back policies, a part of the sum assured is paid back in installments, at specified intervals, during the policy tenure. These pay-outs are called money back benefits and they create liquidity. On maturity, the remaining sum assured is paid. In the case of death, however, the full death benefit is paid without making any adjustment for the money-back benefits already paid.
Unit-linked insurance plans are market-linked policies that not only provide life insurance protection but also help you invest in the market. Under ULIPs you can invest the premium in different market-linked funds and get returns based on the market performance. There are flexible benefits of switching, partial withdrawals, redirections, top-ups, etc. which help you manage your investments effectively.
Child insurance plans are goal-oriented plans which help in creating a fund for your child’s future needs. Child insurance plans can be offered as endowment plans, money-back plans, or ULIPs. Under child plans, the parent or the child is the life insured while the parent is always the policyholder. If the parent dies, the child plans to waive the future premiums through an inbuilt rider. The plan runs undisturbed and on maturity, the promised maturity benefit is paid. This premium waiver benefit ensures that a corpus for the child is created so that your child can fulfill their dreams.
Retirement plans are also goal-oriented plans which help in creating a corpus for your retirement. If you choose deferred annuity plans you can save and create a retirement corpus through premium payments over the policy tenure. If, on the other hand, you choose immediate annuity plans, you start receiving pensions that provide a source of regular, guaranteed, and lifelong income post-retirement.
Health insurance plans are designed for financial protection in the face of medical emergencies. These plans cover specific medical conditions and if you suffer from the covered conditions, you get a lump sum pay-out. This lump-sum pay-out is guaranteed and allows you financial assistance to meet your medical costs with ease.
Bharti AXA Life Insurance plans can be brought online through PayBima. PayBima offers a platform in which you can compare life insurance policies offered by Bharti AXA Life Insurance online and then buy a life insurance policy with best suits your requirement at a competitive affordable premium. The steps to buying Bharti AXA Life Insurance policy online through PayBima are as follows:
The premiums for the plan should be paid within due dates. If you do not pay the premium within the prescribed due date, then a grace period is offered within which you can pay your outstanding premiums for uninterrupted coverage. Bharti AXA Life insurance policies have a grace period of 30 days for all its premium payment modes except the monthly premium payment mode. For the monthly premium payment mode, the grace period offered is 15 days.
However, on non-payment of premium even during the grace period, your insurance policy might lapse. The coverage benefits of a lapsed policy will cease and you will not be able to enjoy the benefits of your policy.
However, you can revive your lapsed insurance policy and restore its benefits. Bharti AXA Life offers a revival period within which you can pay the outstanding premiums along with interest and revive your policy to restore the benefits under the plan. In order to revive your policy, you will also have to submit a good health declaration to the company. Upon revival, you can avail of coverage for the remaining tenure of the policy.
You can revive your lapsed insurance policy through PayBima. Just call at 800267 67 67 or email firstname.lastname@example.org and PayBima executives will you guide you through the process of revival.
Steps to file a claim for Bharti AXA Life Insurance plans are discussed as follows:
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You can contact Bharti Axa customer care in the following ways:
Call at 1800-102-4444
Send an email at email@example.com.
SMS “SERVICE” at 56677
Whatsapp at 02248815768.
In the event of postponement or decline of issuance of the policy, the insurance company will settle the refund amount in 10 working days.
Surrender benefit depends on the type of policy that you have bought. In the case of term insurance plans, there is usually no surrender benefit. If you stop paying the premiums and do not revive, the policy would lapse and the benefits would cease. However, in the case of endowment and other savings-oriented policies, you might get a surrender benefit provided you have paid a minimum number of premiums as specified by the policy.
Yes, if you choose riders, an additional premium would be payable for each rider that you add to your policy.
Yes, you can buy a Bharti AXA life insurance policy in the name of your child. However, do check the minimum entry age of the policy as not all plans allow coverage for minor children and infants.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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