Bharti Axa Flexi Life Term Insurance Plan

By | May 9, 2024

Bharti Axa Flexi Life has two types of term insurance plans to match individual needs.

First, regular death benefit term insurance plan with life cover. Second is the regular term life plan with added coverage for critical illnesses at an additional cost.

Both plans have a maximum coverage term of up to age 85 years. The two variants for a term plan with critical illness coverage are

  • Comprehensive cover – 34 illness
  • Major illness cover – 15 illness

All the term plans have a flexible benefit payout option

  • Lumpsum
  • Increasing monthly income – the death benefit will be paid out as a monthly income increasing annually by 10% at the simple rate for a period of 15 years.
  • Lump sum plus increasing monthly income – Half of the death benefit will be paid out as a lump sum and the remaining half in the form of monthly income increasing annually by 10% at the simple rate for a period of 15 years.

The payout option and critical illness option chosen at inception cannot be modified at a later date.

However, in case of surrender, the policy gets terminated and no surrender value is payable.

Bharti Axa Life Insurance Individual Death Claims Paid Ratio – 97.4% for FY 2019-20.

Bharti Axa Flexi Life Term Insurance Policy Terms

Minimum age
at entry
18 years
Maximum age
at entry
65 years
Max. maturity age 85 years
Min. Sum Assured Rs. 10 Lacs
Max. Sum Assured Fixed -10, 15, 20, 25 years
To age – 60, 65, 70, 75, and 85 years
Policy term Regular annual,
semi-annual,
quarterly or monthly
Premium
payment term
Regular at annual,
semi-annual,
quarterly or monthly

Riders

  • Accidental death benefit rider

Bharti Axa Life Flexi Best Term Insurance Plans

  • Bharti Axa Flexi Term life cover with comprehensive cover
  • Bharti Axa Flexi Term life cover with Heart & Cancer cover
  • Bharti Axa Flexi Term life cover with major illnesses cover
  • Bharti Axa Flexi Term life cover

What I Liked

  • Three flexible payout options
  • Critical illness cover

What I Didn’t Like

  • Restriction on modification in critical illness cover
  • Low sum assured

It is one of the best term insurance plans that’s here to protect you and your family against an unfortunate event. It offers you the flexibility to choose from 3 different life cover pay out options, the benefits of life insurance as well as a critical illness benefit so that your family’s needs are always met.

  • Multiple Payout OptionIn case of an unfortunate event of death of Life Insured, Death Benefit will be payable to the Nominee, subject to Policy being in force and all due premiums have been paid. At the time of seeking coverage under the Policy, you can choose any of the following death benefit payout options, basis your requirement :
    Lumpsum
    Monthly Income
    Lumpsum plus Monthly Income
  • FlexibilityYou will get flexibility to choose your coverage period as there are multiple Policy Term options available under the product. You can either choose from Fixed Policy Term options of 5, 10, 15 and 20 years or from ‘To Age’ option of 60 years & 75 years.

  • Optional Critical Illness BenefitOption can be availed at inception to cover critical illness at the age of 75. You can either select the comprehensive cover (34 illnesses) or major illnesses cover (15 illnesses) at the inception of the policy.

  • Tax BenefitsYou can enjoy Tax benefits on the Premiums paid and pay-out benefits received. The Tax benefits fall under Income Tax Act, 1961. They are subject to change as per changes in tax laws from time to time.

Leave a Reply

Your email address will not be published. Required fields are marked *