Bajaj Allianz Life Term Insurance Vs Bharti AXA Term Insurance

In today’s tech-driven world, it is imperative to be financially organized; else anything can happen to anyone. Over the past one and half years, everyone has experienced financial turbulence because of the COVID-19 pandemic. Purchasing term insurance coverage will ensure an individual from experiencing any type of financial ruin. Moreover, a term insurance plan will offer the best protection to your family in your absence. There are various kinds of term insurance plans available to protect your loved ones against unforeseen incidents. To obtain the best term plan according to your needs and budget, you need to distinguish between the various types of term plans from different insurers. Below are the details about the term plans offered by Bajaj Allianz Life Term Insurance vs Bharti AXA Term Insurance that you can weigh and choose the best one.

Bajaj Allianz Life term insurance Vs Bharti Axa term insurance plans overview

Parameters Bajaj Allianz Life insurance Bharti AXA insurance
Number of Term insurance plans 3 6
E-services Online consultation, purchasing and renewing the policy, premium payment, and claim settlement Online consultation, purchasing and renewing the policy, premium payment, and claim settlement
Claim settlement ratio 98.02% 97.35%
     

Term insurance policies: Bajaj Allianz Life insurance Vs Bharti Axa term insurance         

Bajaj Allianz Life Insurance is a partnership venture between two recognized companies (Bajaj Finserv Limited and Allianz SE). Established in 2001 in Pune; Bajaj Allianz holds an astonishing reputation in the insurance sector. From its commencement, the company has tried to enchant its customers with a spectrum of products, including term plans, pension plans, child plans, savings, and investment plans. The company always invents new insurance products and solutions that will satisfy all financial needs of the customers.

Bharti AXA Life Insurance is a joint venture between Bharti Enterprises (74%) ( one of the eminent business groups in India), and the AXA Group (26%), headquartered in Paris. Started its journey in 2006, the company has an aim to embrace its customers with high-quality insurance products, like term plans, savings and investment plans, health insurance plans, and group plans. With its unparalleled products and services, today, Bharti AXA has become a house name in the Indian insurance industry.

By comparing Bajaj Allianz Life insurance term plans and Bharti AXA term plans on diverse parameters, you can select the most suitable plan that meets your requirements.

Term insurance plans by Bajaj Allianz Life insurance Vs Bharti AXA Life insurance

Bajaj Allianz Life term insurance plans

  • Bajaj Allianz insurance company has designed three different term plan options (Bajaj Allianz Life Smart Protect Goal Term PlanBajaj Allianz Life eTouch Online Term Plan, and Bajaj Allianz iSecure Term Plan) to its customers.
  • The minimum age eligibility criterion is 18 years and the maximum age is 60 years if you want to apply for these term plans.
  • Policyholders can choose different policy variants, premium payment, and payout options as per their financial needs and budget.
  • Bajaj Allianz term plans are equipped with various riders like critical illness, accidental death, and disability, etc. All these riders will make your policy stronger.
  • In case of the sudden demise of the insured policyholder, the beneficiary will get the sum assured that can fulfill all financial requirements of your family.
  • Non-smokers, preferred non-smokers, and women customers are eligible for discounts of premium.
  • Policyholders can enjoy both joint and single life cover.
  • The customers can choose the death benefit option in monthly installments.

 

Why choose Bajaj Allianz term insurance plans?

  • The term plan offers tax benefits under Sections 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Bajaj Allianz offers a range of term plans that are suitable for everyone’s financial needs and requirements.
  • Customers may choose policy terms ranging from 10 years to 30 years.

 

Bharti AXA term insurance plans

  • Bharti AXA term insurance offers 6 different term insurance plans including Bharti AXA Life Premier Protect Plan, Bharti AXA Life Grameen Jeevan Bima Yojana, Bharti AXA Life Flexi Term, Bharti AXA Life Smart Jeevan, Bharti AXA Life POS Saral Jeevan Bima Yojana, and Bharti AXA Life Income Protection.
  • The term plans offer flexible payout and premium payment options for the benefit of the policyholders.
  • The policyholders are eligible for critical illness coverage till the age of 75 years.
  • The term plan offers a huge sum assured (1 Cr) that can be utilized in many ways.
  • The term plan offers a Family Care benefit that assures the nominee of a Bharti AXA term insurance plan of the pre-decided sum assured if the policyholder’s demise during the policy tenure.
  • Lower premium rates for non-smokers against a sum assured of more than Rs.50 lakhs.

 

Why choose Bharti AXA term insurance?

  • The term plan offers tax benefits under Sections 80C and Section 10(10D) of the Income Tax Act, 1961.
  • Bharti AXA offers dedicated claims handlers and a 48-hour fund release, which is very fast as compared to others.
  • Bharti AXA term plans can be easily purchased online.

 

FAQs:

Can I purchase multiple Bharti AXA Life term plans?

Yes, an individual can purchase more than one term insurance plan from Bharti AXA Life insurance.

What critical diseases are covered in Bharti AXA Life term insurance?

Cancer (including severity), Open chest CABG, Heart replacement, Kidney Failure, Major Organ Failure, Coma, Multiple sclerosis, Stroke, cardiomyopathy, angioplasty, and pericardiectomy.

What if I can’t make the payment of premiums on time for Bharti AXA term insurance?

The company will offer you a 15 days grace period to clear your premium. If you still can’t, the policy will get lapsed.

What is the minimum premium for Bharti AXA term insurance?

The minimum premium depends on the sum assured and the policy period that is chosen by the policyholder. If a 25 years old person (healthy and non-smoker) chooses a sum assured of 1 Cr for 30 years (policy period), then the premium would be Rs. 6400.

Are smokers and non-smokers charged differently under the iSecure term plan from Bajaj Allianz life insurance?

Yes, there are separate premium rates for smokers, non-smokers, and preferred non-smokers for a sum assured of Rs.20 lakh and above.

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