Why Choose Bharti AXA Life Flexi Term Plan?

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 Option

    In 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

  • Flexibility

    You 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 Benefit

    Option 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 Benefits

    You 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.

Key Benefits

Death Benefit

Potential Bonus

Multiple Premium Payment Terms

Tax Benefits**

How Does the Plan Work?

 

Let’s take a look at this case study

 

35-year-old Pratyush chose our Bharti AXA Life Flexi Term, as he was looking for a combination of both a life and health term plan with critical illness for his family insurance plans. His life cover is a Sum Assured of Rs. 20Lakhs and he chooses the lump sum death benefit payout option. The Sum Assured for Critical Illness cover is Rs. 20 lakhs and he choose the Comprehensive Cover for 34 Critical Illnesses. For this, he pays an annual premium of Rs. 16,530* (Rs. 6,060 for life cover and Rs.10,470 for critical illness cover) till he turns 75, which is also the policy term that he chooses.

1st Policy Year

He starts paying ₹ 16,530* annually

Sad Demise

In case of Pratyush’s demise, his nominee receives a lump sum payout of ₹20 lakhs

*Premium is exclusive of taxes.

Critical Illness

In case of diagnosis of covered critical illness#, he receives a lump sum amount of ₹ 20,00,000 irrespective of the treatment cost.

Future premium payments are waived off and the Life Cover will continue till Pratyush turns 75.

#In case of Angioplasty, Critical Illness Benefit equal to ₹ 5,00,000 will be payable. The Critical Illness Sum Assured will reduce by ₹ 5,00,000 and the reduced Critical Illness Sum Assured will be available for the other covered Critical Illnesses under the chosen Option, other than Angioplasty. All future premiums in respect of the reduced Critical Illness Sum Assured will also reduce.

What Do You Gain from the Plan?

Death Benefit

In case of unfortunate event of death of the Life Insured during the Policy Term, the following benefits will be payable to the Nominee, subject to Policy being in force. The Death Benefit will be highest of :

  • 10 times Annualized Premium*
  • 105% of all premiums paid as on date of death
  • Absolute amount assured to be paid on death equal to the Base Sum Assured under the Policy
  • Guaranteed Sum Assured on Maturity which is zero under this product

* Annualized Premium does not include taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

The Death Benefit shall become payable on/from the date of intimation of death, subject to acceptance of the claim by the Company.

Multiple Death Benefit Payout Options

At the inception of the Policy, the Life Insured has an option to choose one of the following Death Benefit Payout Options :

  • Lumpsum : Entire Death Benefit will be payable as a lumpsum
  • Monthly Income : Death Benefit will be payable as monthly income for 15 years increasing annually by 10% at simple rate. The payout schedule will be as follows :
    Years % of Death Benefit payable monthly
    1 5.828% / 12
    2 6.411% / 12
    3 6.994% / 12
    4 7.577% / 12
    5 8.16% / 12
    6 8.742% / 12
    7 9.325% / 12
    8 9.908% / 12
    9 10.491% / 12
    10 11.074% / 12
    11 11.656% / 12
    12 12.239% / 12
    13 12.822% / 12
    14 13.405% / 12
    15 13.988% / 12
  • Lumpsum plus Monthly Income : 50% of Death Benefit will be payable as a lumpsum and the remaining amount will be paid as monthly income for 15 years increasing annually by 10% at simple rate.
    Lumpsum Payout = 50% of Death Benefit
    Monthly Income Payout = payout schedule is as follows
    Years % of Death Benefit payable monthly
    1 2.914% / 12
    2 3.206% / 12
    3 3.497% / 12
    4 3.789% / 12
    5 4.080% / 12
    6 4.371% / 12
    7 4.663% / 12
    8 4.954% / 12
    9 5.246% / 12
    10 5.537% / 12
    11 5.828% / 12
    12 6.120% / 12
    13 6.411% / 12
    14 6.703% / 12
    15 6.994% / 12

Under the Death Benefit Payout Options ii) and iii), the Nominee will have an option to take the Death Benefit (Monthly Income) as a lumpsum. This option will be available at the time of Death before the payment of first instalment. The lumpsum will be calculated as a present value of Monthly Incomes at 5% per annum rate of interest, the rate may be revised subject to prior approval from IRDAI.

Optional Critical Illness Benefit

In case of occurrence of any of the covered critical illnesses, as per the chosen coverage option (as defined below), the Sum Assured on Critical Illness will be payable to Life Insured, subject to Policy being in-force on the date of occurrence of critical illness of Life Insured and all due premiums have been paid.

Critical Illness is any illness mentioned in the list of 34 critical illnesses as defined below and as per the critical illness option chosen. The plan offers two different Critical Illness options – (i) Comprehensive Cover (ii) Major Illness Cover. Under Comprehensive Cover, all the 34 critical illnesses are covered. Under Major Illness Cover, 15 critical illnesses as highlighted in the below table are covered. Critical Illness benefit is payable on survival of the life insured for a period of 30 days from the date of occurrence of covered Critical Illness. For further details, refer section V on ‘Conditions for c Benefit.

Critical Illness options You can select from any of the below mentioned coverage options, only at the Inception of the Policy

Critical Illness Critical Illnesses Covered*
  Comprehensive Cover Major Illnesses Cover
Cancer of Specified Severity Yes Yes
Myocardial Infarction (First Heart Attack of Specific Severity) Yes Yes
Open Chest CABG Yes Yes
Open Heart Replacement or repair of Heart Valves Yes Yes
Cardiomyopathy Yes Yes
Surgery to Aorta Yes Yes
Primary (Idiopathic) Pulmonary Hypertension Yes Yes
Angioplasty** Yes Yes
Pericardectomy Yes Yes
Coma of Specified Severity Yes Yes
Kidney Failure Requiring Regular Dialysis Yes Yes
Major Organ/Bone Marrow Transplant Yes Yes
Stroke Resulting in Permanent Symptoms Yes Yes
Multiple Sclerosis with Persisting Symptoms Yes Yes
Permanent Paralysis of Limbs Yes Yes
Blindness Yes -
Third Degree Burns Yes -
Major Head Trauma Yes -
End Stage Lung Failure Yes -
End Stage Liver Failure Yes -
Deafness Yes -
Loss of Speech Yes -
Apallic Syndrome Yes -
Loss of Limbs Yes -
Aplastic Anaemia Yes -
Medullary Cystic Disease Yes -
Benign Brain Tumour Yes -
Motor Neuron Disease with Permanent Symptoms Yes -
Brain Surgery Yes -
Alzheimer's Disease Yes -
Muscular Dystrophy Yes -
Parkinson's Disease Yes -
Poliomyelitis Yes -
Systemic Lupus Erythematosus Yes -

*Represents inclusion of the respective Critical Illness in a particular option

** In case of Angioplasty, Critical Illness Benefit equal to ₹ 5,00,000 will be payable. The Critical Illness Sum Assured will reduce by ₹ 5,00,000 and the reduced Critical Illness Sum Assured will be available for the other covered Critical Illnesses under the chosen Option, other than Angioplasty. All future premiums in respect of the reduced Critical Illness Sum Assured will also reduce. Please read the definitions, exclusions and other applicable conditions as mentioned in the Terms & Conditions.

Waiver of Premium on Critical Illness (CI) Benefit

In case of occurrence of any of the covered critical illnesses (as per the chosen option), the future premiums for Life Cover under the Policy will be waived off. The Policy should be in-force as on the date of occurrence of Critical Illness of Life Insured. The Policy will continue for the Life Cover; however, any attached riders will be terminated.

Please note, there will be no waiver of premium in case of a claim for Angioplasty.

Bharti AXA Life Flexi Term Pro
Get 1Cr Life Cover, only for ₹45#/day!

Make Your Plan with Ease

Pick Payout Option

Choose one of the options, as per your financial goals.

Lumpsum

Entire Death Benefit will be payable as a lumpsum

Monthly Income

Lumpsum plus Monthly Income

Lumpsum

Entire Death Benefit will be payable as a lumpsum

Monthly Income

Death Benefit will be payable as monthly income for 15 years increasing annually by 10% at simple rate.

Lumpsum plus Monthly Income

50% of Death Benefit will be payable as a lumpsum and the remaining amount will be paid as monthly income for 15 years increasing annually by 10% at simple rate.

Now, Add a Rider

You may enhance your protection under this Plan by opting for the following rider(s)

Bharti AXA Life Hospi Cash Rider (UIN:130B007V04):

This rider allows payment of a fixed benefit for each day of hospitalisation. It also offers a fixed amount benefit if you are admitted in an Intensive Unit Care or a lump sum benefit in case of surgery.

Bharti AXA Life Accidental Death Benefit Rider (UIN:130B008V02):

This is a non-linked and regular pay rider that provides 100% Sum Assured in case of death of the Life Insured due to an accident subject to the rider policy being in-force.

Please refer to the rider brochure for complete details on terms and conditions and exclusions before opting for the rider. Riders are optional and are available at an extra cost.

Insurance Jargon Explained

Maturity Benefit

It is the amount which the insurance company pays to the policy holder on the completion of the Policy Term, if the Life Insured has survived the entire duration of the Policy. This amount includes the guaranteed sum of money called as Sum Assured on Maturity and also the Accrued Bonuses, if applicable.

Term Insurance

A basic insurance plan which provides a lump sum amount to the family of the person who is insured in case of his/her unfortunate death.

Premium

The payment, or one of the regular periodic payments, that a policyholder makes to an insurer in exchange for the insurer's obligation to pay benefits upon the occurrence of the contractually-specified contingency (e.g., death).

Sum Assured

Sum assured is the amount that an insurer agrees to pay on the occurrence of a stated contingency (eg: Death).

**Tax benefits are in accordance to current tax laws that are subject to change from time to time.