Bharti AXA Insurance Company

Bharti AXA Insurance Company
Bharti AXA Insurance Company

Table of Content

  • Bharti AXA Life Insurance Key highlights
  • Bharti AXA Life Insurance Awards and achievements
  • Why choose Bharti AXA Life Insurance Company?
  • Types of insurance plans offered by Bharti AXA Life Insurance Company
  • How to buy Bharti AXA Life Insurance plans?
  • Lapse of insurance policy and its revival
  • Claim process of Bharti AXA Life Insurance policy
  • Bharti AXA Life Insurance Company Review

About Bharti Axa Life Insurance

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 paid99.05% for the financial year 2020 21
Asset Under Management9,374 crores
Bharti AXA branches263 offices
Footprints35 crore customers and 12 different companies across India

Awards and achievements of Bharti AXA Life Insurance Company

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 Guaranteed Income Pro & Flexi Term plan was awarded as Voted Product of the Year, 2021 in the Consumer Survey of Product Innovations Awards. 
  • The company was awarded as Company with Great Managers, 2019 among the leading 20 companies
  • Technical Business Transformation Award 2021 by Mint. 
  • Bharti AXA Life Insurance was awarded as Best Insurance Company (Claim management) – Life in 2019 by Insurance Alerts
  • Bharti AXA Life Insurance received the Customer Service Provider of the Year Award at the 4th Annual Insurance India Summit and Awards in the year, 2019. 
  • FICCJ during 20th Annual Insurance Conference FINCON awarded the company with Claim Excellence Award in Life Category in the year, 2019. 

Why choose Bharti AXA Life Insurance Company?

Bharti AXA Life Insurance Company is a smart choice for buying a life insurance policy for the following reasons: 

  • The company brings together the financial expertise of two great visionaries – the AXA Group and Bharti Enterprises. 
  • Bharti AXA Life offers flexible products with the benefit to change the coverage limit and adding riders within minutes
  • Bharti AXA Life offers assistance to access your account anytime from anywhere
  • Its claim settlement ratio is high showing the company’s ability to settle its claims easily
  • Bharti AXA recognizes the needs of its customers and offers multiple coverage options

Different types of insurance plans offered by Bharti AXA Life Insurance Company

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 –

1. Term insurance plans

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:

A. Bharti AXA Life Premier Protect plan

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: 

  • It offers flexibility to choose from multiple options of death benefit pay-outs according to your needs. You can receive the death benefit in a lump sum, as a monthly installment, or as a combination of both. 
  • It offers an option to increase the sum assured in the plan during the policy term by 50% at three significant milestones in life which include marriage, childbirth, and the purchase of a house. 
  • You get flexible premium payment and policy terms. 
  • It offers multiple add-ons through optional riders. 

Eligibility Conditions 

Age at entryMinimum: 18 yearsMaximum: 65 years
Age of maturityMaximum: 75 years
Policy term10 to 15 years
Premium payment termSingle pay, Limited pay of 5/ 10 year,s and regular pay
Sum assuredMinimum: 50 lakhsMaximum: No limit
Premium payment modeMonthly, quarterly, half-yearly, and yearly

2. Endowment plans

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 –

A. Bharti AXA Life Guaranteed Income Pro

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 –

  • There are four options for the pay-out of the maturity benefit. These options are as follows –
    1. Endowment Option wherein you get a lump sum benefit on maturity
    2. Short Term Income Option wherein you get the maturity benefit in equal income installments after maturity for a term equaling the premium paying term
    3. Long Term Income Option wherein you get the maturity benefit in income installments for a period of 25 or 30 years. Moreover, after the pay-out is completed, the premiums paid are also refunded back
    4. Deferred Income Option wherein you get the maturity benefit in installments after the policy tenure for 25 years. Once the pay-out is completed, the premiums paid are refunded back after 5 or 10 years as per your choice.

Eligibility conditions

Age at entryMinimum: 91 daysMaximum: 65 years
Age of maturityMinimum: 18 yearsMaximum: 84 years
Policy term6 years to 24 years
Premium payment termSingle pay – onceLimited pay – 5 years to 12 yearsRegular pay – equal to the policy term
Sum assuredMinimum: Rs.25,000Maximum: No limit
Premium amountDepends on the sum assured, age, and selected plan details
Premium payment modeMonthly, quarterly, half-yearly, and yearly

3. Money-back insurance plan

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.

4. ULIPs

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. 

5. Child insurance plans

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.

6. Retirement plans

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.

7. Health Insurance plans

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.

How to buy Bharti AXA Life Insurance plans?

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: 

Compare the plans before selecting one
PayBima will show you various options according to your insurance needs. You can compare the available plans and select a policy that best suits your needs.

Fill in the proposal form
After finalizing the policy, you will have to fill up a proposal form online in order to request the insurance company to provide you with the coverage. You should provide all the details correctly and honestly and submit the proposal form to the insurance company for review. If the insurance company accepts your proposal after underwriting, it will grant you the coverage.

Submit the documents with the proposal form
You will also have to submit some relevant documents along with the proposal form to enable the insurance company to verify your details before issuing the insurance policy. The documents which are required are as follows: 

  1. Valid identity proof such as PAN Card, Passport, Voter ID, Aadhar Card, etc. 
  2. Valid age proof such as Aadhar Card, Birth Certificate, etc. 
  3. Income proof such as salary slip, bank statement, form 16, audited financial statements, etc. 
  4. Valid address proof such as rent agreement, passport, Aadhar Card, voter ID card, etc. 
  5. Mandatory PAN card, if not submitted already
  6. Passport size latest photographs of insured and policyholder
  • Undergo pre-issue health check-up, if required
    You might have to undergo a medical check-up before the issuance of the policy. Some insurance companies may require their customers to undergo a pre-issue health check-up if the sum insured in the plan or age of the individual is high. Health check-ups may also be required in the case of the medical history of illnesses. As risks involved in such insurance plans are higher, pre-issue health check-up helps the insurance company to check the health risks before issuing the insurance policy.
  • Pay advance premium
    The last step of buying a Bharti AXA Life Insurance policy is the payment of the premium. Once all the documents along with the proposal form are submitted and the policy is finalized, the insurance company will grant the coverage on payment of premium. You can pay the premium for your plan through various digital payment modes offered. PayBima provides safe digital payment channels to ensure a convenient and hassle-free payment experience for its customers. 

Lapse of insurance policy and its revival

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 paybima.care@mahindra.com and PayBima executives will you guide you through the process of revival. 

Claim process of Bharti AXA Life Insurance policy

Steps to file a claim for Bharti AXA Life Insurance plans are discussed as follows: 

  • Claim registration: The very first step towards claim settlement is an intimation of the claim. In case of death claims, you must intimate the claim to the insurance company in order to start the claim process. In the case of maturity claim, however, the insurance company itself readies your maturity claim within the prescribed due date. In maturity claim, you will have to complete the paperwork for settlement of the claim and you will receive the maturity proceeds. In case of a death claim, you will have to register your claim with the insurance company. You can either visit the nearest branch of the insurance company or call the insurance company at 1800 102 4444. You can also email lifeclaims@bhartiaxa.com for claim registration.
  • Claim form and documents: Claim registration through call or email is regarded as a verbal intimation. A claim will be considered formally registered only when a written intimation through the claim form is submitted. After intimating the insurance company, fill up the claim form with your basic and policy details. Along with the claim form, certain documents are also required to be submitted. The documents required are as follows:
  1. Original policy document
  2. Duly filled and signed claim settlement form
  3. Copy of death certificate as issued by the local authority
  4. ID proof and address proof of the nominee of the policy
  5. Copy of bank passbook and cancelled cheque of the nominee
  6. Copy of medical records and cause of death certificate
  7. Post-mortem report and FIR in case of accidental death claims
  • Claim evaluation and settlement: Bharti AXA Life will assess your claim and reach out to you in case of any further documentation or information. It endeavours to process the claims within 5 working days.

Bharti AXA Life Insurance Company Review

  • Bharti AXA Life Insurance has a claim settlement ratio of 99.05% in the financial year 19-20. 
  • The company has sold 17,70,000 policies with Asset Under Management of Rs 7000+ crores as of 31st March 2020. 
  • The company provides guaranteed one day claim settlement in which maximum claims are settled within a day from claim application
  • Bharti AXA Life Insurance has initiated a grief support program in order to help and protect your loved ones through emotional counselling and financial planning.

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