Bharti AXA Life Insurance Reviews, Ratings, Best Plans and USPs

Bharti AXA Life Insurance

Bharti Axa Life Insurance is a fusion of two great pioneers, Bharti Group and AXA, both of which are known for their rich legacies and culture. The company was conceived during the second growth wave in the private insurance sector in 2006 and became operational in the same year. At present, this joint venture comprises 74% stakes from the Bharti group, one of the leading groups in the telecom, agricultural, & financial sectors, and 26% stakes from AXA, a multinational insurance firm based out of Paris. The company was established with a mission to feature on the list of top 10 insurance companies.

Having issued over 17,70,000 insurance policies since it started and establishing a presence in 263 offices across the country, Bharti AXA has earned the reputation of the choicest insurer of India.

The private insurance company has a strong foundation of values, trust, and innovation and is trusted not just by individuals and families but also employees, business partners, and shareholders. It was acknowledged with the Claims Service Of The Year – Large (Private Sector) at the BFSI Awards in 2018 for its seamless claim settlement process resulting in customer satisfaction.

    Prepare today for a relaxed and secure future.

    Check out the best health insurance plans here:

    Policy Type

    IndividualFloater

    Multiple policy terms

    Bharti AXA offers the flexibility of choosing multiple policy terms with different premium payment options.

    High claim settlement ratio of 97.4%

    Bharti AXA is known for its commitment to support customers. It paid 96.4% individual claims during the fiscal year 2019-20.

    Guaranteed maturity benefit

    In case of the insurer surviving till the maturity date, the maturity benefits are handed over to the policyholder on the date of maturity (provided all the premium dues have been promptly paid).

    Flexible payouts

    The insurance plan offers a flexible payout option that enables the policyholder to receive a lump sum amount or regular installments at the end of the maturity period.

    Quick death benefit processing

    Benefits are provided immediately on the death of the insurer, provided the policy is valid and all the premium dues till the date of death have been cleared.

    Tax benefits

    Bharti AXA makes insured people eligible for tax benefits on premiums as well as received benefits under the Income Tax Act 1961.

    Bharti AXA Life has trained distributors throughout the country with a dedication towards providing effective financial and insurance suggestions to customers. At present, the company caters to 263 cities across India.

    The market share of the company between 2008 and 2016 is as specified below:

    Year Market Share
    2008-2009 0.3
    2009-2010 0.4
    2010-2011 0.3
    2011-2012 0.2
    2012-2013 0.2
    2013-2014 0.3
    2014-2015 0.4
    2015-2016 0.4

    Bharti AXA Life has also seen steady growth in the Claims ratio. The table below shows the Claims ratio of the company between 2010 and 2019.

    Year Claim Settlement Ratio
    2010-2011 87.1%
    2011-2012 87.7%
    2012-2013 89.48%
    2013-2014 88.13%
    2014-2015 80.9%
    2015-2016 80.02%
    2016-2017 92.37%
    2017-2018 96.85%
    2018-2019 97.28%

    As per statistics provided by Bank Bazaar, Bharti AXA Life enjoys a rating of 4 out of 5 based on 178 customer reviews.

    Here is a brief insight into its ratings across key parameters:

    Customer Service Payment options Plan benefits Policy coverage
    4/5 4.5/5 4/5 4/5

     Policy Bazaar, on the other hand, has recorded an average rating 4.5/5 for Bharti AXA Life.


    Life insurance is a guaranteed means of protection offered by insurance companies so individuals can lead a confident life without worrying about financial burdens on their loved ones after death. It is an agreement between a policy bearer and an insurer, where the insurer promises an assured pay against the premium in the event of death of the insurer.

    Life insurance plans are currently the most common investments people make in India today and Bharti AXA leads on that front with its lucrative goal-oriented policies that offer growth and investment opportunities.

    Here are the top insurance policies offered by Bharti AXA:

    1. Term Insurance Plans       2. Endowment Plans       3. Unit Linked Plans      4. Retirement/Pension Plans

     

    Bharti AXA Term Insurance Plans

    Term insurance plans are amongst the most popular life insurance policies. The only purpose of this policy is to provide financial cover to the insurer's family in case of the insurer's death. The entire insured amount is handed over to the insurer's nominee as the death benefit.

    Term insurance policy is straightforward and does not offer any complimentary bonus or maturity benefits.

    In case the policy bearer outlives the term of the policy, no further benefits can be obtained from the plan. The premium rate of this plan is the least compared to other insurance plans.

    Term plan Entry age (min to max)  Maturity age (max) Sum Assure (min) Plan Benefits
    Bharti Axa Flexi Term Plan 18-65 years 85 years Rs 10,00,000 Maximum coverage term to the age of 75, Tax benefits, Critical illness cover at 75 years
    Bharti Axa Life Premier Protect 18-65 years 75 years cor Single Pay 80 years for Limited and Regular Pay Rs. 25,00,000 Maximum policy term is 35 years Grace period of 30 days
    Bharti Axa Grameen Jeevan Bima Yojana 18 — 60 years 5 or 10 years Rs 10,000 Single/Regular pay option
    Bharti Axa Life Smart Jeevan 18-50 years 12 years Rs 50,000 100% return on premium investment
    Bharti Axa POS Saral Jeevan Bima Yojana  18-55 years 12 years Rs 50,000 100-120% return of premium on maturity
    Bharti Axa Life Income Protection Plan  18 years 55 years for 15 years policy term; 50 years for 20 years policy term Rs 5,00,000

    Death benefit in the form of installments debuted annually for 15-20 years

     

    1. Bharti AXA Flexi Term

    This is a traditional term insurance plan with the flexibility to opt from 3 different life cover payout choices. The plan provides the benefits of life insurance coupled with a critical illness benefit:

    2. Bharti AXA Life Premier Protect

    This is primarily a protection plan that protects the investor's family in case of the investor's demise. This plan provides the option to select any one of the 3 death benefit payout plans.

    • Lump Sum: 100%of the benefits are paid immediately after the investor's death
    • Monthly income: The death benefits are given as monthly income (1.04% of the total sum assured)
    • Lump Sum plus monthly income: The death benefits are paid as a lump sum (50% of the total sum) and as monthly income (0.93% of the sum assured) for 5 years

    3. Bharti AXA Life Smart Jeevan

    This plan provides a family cover for 12 years at an affordable premium in case of the insurer's demise. If the insurer outlives the policy tenure, 100% of the invested premium is given back to the investor. The plan can be purchased without any complex formalities by just providing a good health declaration.

    4. Bharti Axa Life POS Saral Jeevan Bima Yojana

    This is an efficient and affordable term insurance policy that offers insurance coverage on the death of the policy bearer. This plan is non-linked and non-participating and does not provide additional benefits.

    5. Bharti Axa Life Income Protection Plan

    This term insurance plan is highly affordable with the return of a premium insurance plan. The plan provides financial assistance in case of the investor's death with an annual income for 15 to 20 years. If the insured survives the tenure of the policy, 100- 120% of the paid premium is given back to the insurer

    Bharti AXA Endowment plans

    Investors consider endowment plans to be the best savings plans as they offer commendable growth on savings. The plan facilitates them to receive both death benefits and maturity benefits. It not only gives financial security to the insurer's family after the death of the insurer but also provides maturity benefits if the insurer lives beyond the tenure of the policy. The maturity benefits of the plan include bonuses on the investment accumulated throughout the investment period. The investor can avail the plan for a term of 10, 15, and 20 years, or up to a certain age. Here are the different endowment plans offered by Bharti AXA:

    1.Bharti AXA Life Guaranteed Income Pro 

    2. Bharti AXA Life Shining Stars 

    3. Bharti AXA Life Elite Advantage 

    4. Bharti AXA Life Super Series 

    5. Bharti AXA Life Super Endowment Plan 

    6. Bharti AXA Life Monthly Income Plan+ 

    7. Bharti AXA Life Dhan Varsha 

    8. Bharti AXA Life Samriddhi 

    9. Bharti AXA Life Monthly Advantage 

    10. Bharti AXA Life Secure Income Plan 

    11. Bharti AXA Life Guaranteed Income Plan 

    12. Bharti AXA Life POS Saral Bachat Yojana

    13. Bharti AXA Life Child Advantage

    14. Bharti AXA Life Aajeevan Sampatti+

    15. Bharti AXA Life Flexi Save

    16. Bharti AXA Life Serv Suraksha

    Key details of one of the top endowment plans, the Bharti Axa Life Super Endowment Plan are as follows:

      End of the policy year Guaranteed benefit Guaranteed benefit
    Survival Benefits 19th year 50% INR 3,33,378
    Maturity benefits 20th year Sum assured on maturity INR 6,66,756

     

    Bharti AXA ULIP Plans

    Unit Linked Plans (ULIP) offer an amazing advantage of investing in securities along with providing life cover. Under this life insurance plan, the premium paid by the investors is invested in equities or debt funds, and the rest of the money is placed in life coverage. This plan provides death benefits if the insurer dies, and a handsome sum as maturity benefit with growth in the equity market. The plan is subjected to stock-related risks. The benefits of Bharti AXA ULIP plans include life cover, partial withdrawal of funds, investment in long-term funds, and regularized savings. The plan has two variants, growth, and legacy. Investors also have the flexibility to choose from multiple investment strategies according to their needs. Additional benefits offered by the plan are death benefits, maturity benefits, loyalty addition, and settlement option.

    Entry age 0-65 years
    Maturity age

    75 years for growth varient

    9 years for legacy varient

    Policy term 5-20 years
    Minimum premium amount

    Single pay:Rs 1,00,000

    Regular pay: Rs 25,000

     

    Bharti AXA Pension plans

    Pension plans or retirement plans are the best for creating a corpus for support during retired life. Under this policy, an investor pays a particular amount as a premium for a fixed period. Upon maturity, the plan provides the benefit to the investors on a monthly or yearly basis. Bharti AXA Life Insurance Wonder Years Retirement Plan is a traditional pension plan that facilitates the investors to take part in the bonus declared by the company. In this plan, the insurer pays the premium till the date from which they wish to receive the pension. If the investor dies during the accumulation phase before receiving the pension, the nominee will receive 108% of the total premium paid till the investor’s death. Policyholders have two choices during the accumulation phase:

    1. They can choose the age of 60 as vesting age to become eligible to receive pension from the age of 60. The premium amount will be INR 12,000 per annum till then.
    2. Or, they can pay for at least 10 years before receiving the pension. To avail this option, the policyholder must be within 40 to 70 years of age and must pay a minimum of INR 20,000 per year as premium.

    Key details of the Bharti AXA Life Insurance Wonder Years Retirement Plan are as follows:

    Details Minimum Maximum
    Entry age

    40 years (10 years policy term)

    18 years (60 years of age policy term)

    70 years (10 years policy term)

    45 years (60 years of age policy term)

    Maturity age 50 70
    Policy Term Below 60 years at entry 60 years
    Premium Equal to policy term Equal to policy term
    Single premium NA NA
    Payment frequency Annual/semi- annual/quarterly/monthly Annual/semi-annual/quarterly/monthly

    Best policies of Bharti Axa Life Insurance

    Bharti Axa Life Insurance caters to a wide range of life insurance and wealth management plans. The key details of the best policies of Bharti Axa life insurance are listed in the table below:

      Plan type Entry age (min) Minimum sum assured Policy term
    New Flexl Term Plan Term insurance plan 18 - 85 years Rs 10,00,000 10, 15, 20, 25 years to 75 years of age
            to 60, 65, 75 and 85 years of age
    Bhartl AXA ULIP Unit Linked Plan 0 - 65 years Multiple of premium payment 5-20 years
    Bharti Axa Life Elite Secure plan Term insurance plan

    Min: 18 years Max: 75 years

    70 years (for a policy term of 5 years)

    Rs 25,00,000 5, 10, 15, 10, 15 years up to 75 years of age
    Bharti Axa Life Premier Protect Term insurance plan 18 - 65 years Rs. 25,00,000 Maximum policy term is 35 years
    Bharti AXA Life Monthly Advantage Participating endowment plan Min: 91 days (for 24 years policy term) Max: 84 years Rs 50,000 12, 16, 24 years
    Bharti AXA Life Elite advantage Non- participating endowment plan

    Min: 6 years (for 12 years policy)

    8 years (for 10 years plan) Max: 75 years (for 12 years plan) 77 years (for 10 years plan)

    Subject to underwriting 10 years and 12 years
    Bharti Axa eProtect Plan Pure term insurance plan Min: 18 years Max: Depends on policy term Rs 25,00,000 10, 15, 20, 25, 30 years
    Bhartl AXA Life Jeevan sampatti Participati ng life insurance plan Min: 91 days Max: 85 or 100 years depending on policy term Rs 50,000 Up to the age of 85 or 100.
    Bharti Axa Non- Min: 6 years (For Super Subject to 2 year (For
    Life Super Series participating and non-linked life insurance plan 6 policy) 0 years (For Super 10 policy) Max: Depends on policy term underwriting Super 6 policy) 20 years (For Super 10 policy)
    Bharti AXA Life eFuture Invest UNIT Linked Plan 18-59 years Multiple of premium amount Fixed policy term of 10 years

    Bharti AXA FAQs

    1. Is there a cashless claim facility available under Bharti AXA plans?

    Yes, policyholders can opt for cashless claim settlements.

    2. What are the benefits provided under Bharti AXA fire insurance?

    Bharti AXA's fire insurance plans offer protection against damage to property in the event of a fire

    3. Under what circumstances are claims not settled by Bharti AXA?

    If the life insured commits suicide or participates in self-injuring activity that directly or indirectly results in his death, regardless of his sanity, he becomes ineligible to avail life insurance cover.

    4. Why should you opt for Retirement Planning?

    Bharti AXA's retirement plans safeguard financial interests of individuals during old age by providing benefits like:
    ● Financial protection for self and family
    ● Peaceful and comfortable living post-retirement
    ● Healthcare coverage
    ● Lucrative returns on investments

    5. How do you calculate the health insurance premium for Bharti AXA policies?

    Health insurance premium is based on some key factors. These include:
    ● Age of the oldest member in the plan
    ● Sum insured
    ● Number of family members covered
    ● Type of policy: Basic, Premium, or Optimum