Bharti AXA Life Flexi Term Pro

(UIN: 130N103V02) (ADVT No. II-Mar-2022-3724)
A Non-Linked, Non-Participating, Individual, Pure Risk Premium Life Insurance Plan

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Get life insurance cover and flexibility to customize your term insurance plan as per your needs!

Why Choose Bharti AXA Life Flexi Term Pro

It’s a term plan that you can customise according to your needs and life stage. Choose from a range of features that meet your requirements and make your term insurance work best for you.

  • The Plan Offers Two Options

    Without Return of Premium and With Return of Premium

  • Coverage for Joint/Single Life

    Under the Without Return of Premium variant, you have the option between Single Life cover or Joint Life Cover i.e., cover for your spouse under the same policy.

  • Flexibility in Policy and Premium Payment Terms

    This product offers you the option to choose from multiple Policy terms and Premium Payments terms, offering the opportunity to customize the plan to suit your needs.

  • Whole Life Cover

    Option to cover yourself for your entire lifetime, by opting for cover up to 99 years.

Key Benefits

Range of Choices

Tax Benefits**

Death Benefit

Maturity Benefit -Only for Return of Premium Option

How Does the Plan Work?

These illustrative life scenarios can help you understand how this life insurance plan works.

 

Scenario 1 : Mr Reddy is a 35 year old non-smoker salaried professional. His family consists of his wife and a son. He is worried about the uncertainties in life and realizes the need for protection in his fast-paced life. He wants to ensure that his family’s needs are taken care of in case of his death and wants an insurance solution to this.

 

Mr Reddy decides to purchase the Bharti AXA Flexi Term Pro– Single Life (without return of premium) for a policy term of To Age 85 years regular pay and opts for Lumpsum payout option.

 

He wants a Sum Assured of Rs. 1,00,00,000 for which he pays a premium of Rs. 20,200 p.a. (exclusive of taxes)

 

Case 1 :
In case of death of Mr Reddy during the policy term, his family would receive death benefit of Rs. 1 Cr. immediately on death.

 

Case 2 :
Mr Reddy continues to live a healthy life and at the age of 40 years, he gets a promotion. Mr Reddy and his wife have a second child. This is a major milestone of Mr Reddy’s life and due to increased responsibilities, he wants to increase the protection by 50% so as to secure both his children and his wife in case of any unfortunate event.

 

Based on the increased protection, Mr Reddy’s Sum Assured increases to Rs. 1.5 Cr for which he pays an additional premium of Rs. 12,550 p.a. (exclusive of taxes) i.e., total premium of Rs. 32,750 p.a. for the remaining 45 years of the policy term.

 

In case of Mr Reddy’s death within 85 years of age, his family would receive Rs. 1.5 Cr immediately on death.

 

In case Mr. Reddy survives till maturity and all due premiums have been paid till the date of maturity, no Maturity Benefit will be payable.

 

The above example is for illustration purpose only.

You gain at every stage

Death Benefit

Upon death of the Life Insured during the policy term, provided the policy is in force and all due premiums till the date of death have been paid, Death Benefit will be payable to the nominee/beneficiary immediately on death.

 

In case of Joint Life Variant

 

  • Upon the death of the Primary Insured, provided the Secondary Life is alive, the policy is in-force and all due premiums till the date of death have been paid :
    • Death Benefit shall be payable immediately on death of primary life.
    • Subsequent premiums for the surviving Secondary Life Insured will be waived off and cover for secondary life will continue for the remaining policy term.

  • Upon the death of Secondary Life Insured, provided the Primary Life is alive, the policy is in-force and all due premiums till the date of death have been paid :
    • Death Benefit shall be payable immediately on death of secondary life.
    • The policy shall continue with premiums payable by the policyholder for the Primary Life Insured.

  • In case of simultaneous death of both lives, provided the policy is in-force and all due premiums till the date of death have been paid, the Death Benefit will be payable immediately on death.

 

If the Secondary Life is a non-working spouse, then the Sum Assured shall be 50% of Sum Assured of the Primary Life Insured subject to a maximum Sum Assured of Rs 50 lacs.

 

If the Secondary Life is a working spouse, the Sum Assured can vary subject to a maximum of the Sum Assured of the Primary Life. The working status of the spouse would be identified at the time of proposal.

 

For Single Pay,

 

Death Benefit is the Sum Assured on Death, which is the highest of :

 

  • 11 times Single Premium
  • Absolute amount assured to be paid on death equal to the Sum Assured

 

For Regular and Limited Pay,

 

Death Benefit is the Sum Assured on Death, which is the highest of :

 

  • 11 times Annualized Premium*
  • 105% of Total Premiums Paid as on date of death
  • Absolute amount assured to be paid on death equal to the Sum Assured

 

Annualized Premium shall be the premium payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

 

Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

 

Under Single Life Cover, In case of the death of the Life Insured during the Grace Period, the Death Benefit after deducting the unpaid due premium shall be payable and the Policy will be terminated.

 

Under Joint Life Cover, In case of death of either of the Life Insured during the Grace Period, the Death Benefit after deducting the unpaid due premium shall be payable and the Policy will continue for the surviving life insured.

 

In case of simultaneous death of both the Life Insureds during the Grace Period, the Death Benefit after deducting the unpaid due premium shall be payable and the Policy will be terminated.

 

Death Benefit Payout

 

At inception of the policy, the policyholder can choose the Death Benefit Payout from one of the three options below:

 

  • Lumpsum:
    Under this mode, 100% of the Death Benefit will be paid immediately on death as lumpsum.

  • Monthly Income:
    • Under this mode, for all options excluding One Year Policy Term, the Death Benefit will be paid as 1.04% of the Sum Assured every month in the form of Monthly Income, payable for 10 years (120 installments) with the first installment being payable immediately on death.
    • Under One Year Policy Term, Death Benefit will be paid as 1.0% of the Sum Assured every month in the form of Monthly Income, payable for 10 years (120 installments)
  • Lumpsum plus Monthly Income:
    Under this mode, for all options excluding One Year Policy Term, 50% of the Death Benefit will be paid immediately on death as lumpsum and the remaining 50% of the Death Benefit will be paid as 0.93% of the total Sum Assured every month in the form of Monthly Income, payable for 5 years with the first installment being payable immediately on death.

 

The nominee shall have an option to take the Monthly Income as a lump sum. This option is only available at the time of death before the payment of the first instalment. The lump sum shall be calculated as a Present Value of Monthly Incomes discounted at 5% pa. This rate may be revised subject to prior approval from IRDAI. This option is not available for One Year Policy Terms.

 

Under OYT, the nominee shall receive the lump sum or the monthly income payout, as chosen at policy inception. The payment of the first instalment of the monthly income payout will be immediately on the date of death.

 

In case the nominee dies during the monthly income payout period, the present value of the outstanding Monthly Incomes shall be paid to as a lump sum to the legal heir of Life Insured’s. The lump sum shall be calculated as the Present Value of outstanding Monthly Incomes discounted at 5% p.a. This rate may be revised subject to prior approval from IRDAI.

 

Maturity Benefit – Only for Return of Premium Option

In case the Life Insured survives till maturity and all due premiums have been paid till the date of maturity, the Sum Assured at Maturity will be payable on the date of maturity.

 

Sum Assured on Maturity is calculated as the sum of the Total Premiums Paid till the date of maturity of the policy.

 

No Maturity Benefit shall be payable for Without Return of Premium option.

Increase Sum Assured during the policy term

Under To Age policy terms, for regular premium payment option and Limited Pay (Pay till Age 60) option, the policyholder will have an option to increase the Sum Assured twice during the policy term without undergoing any further medical examination, provided that at the time of exercising this option, the outstanding policy term is at least 10 years and the policyholder’s age is not over 45 years age last birthday. The Sum Assured can be increased by an amount equal to 50% of the Sum Assured chosen at inception. The option to increase Sum Assured has to be chosen at inception of the policy. This option is not available under Joint Life option and With Return of Premium Option.

 

The cumulative increase of Sum Assured is capped to 100% of the Sum Assured chosen at inception. The increase in Sum Assured shall be effective from the policy anniversary following the exercise of the options. Additional premium shall be collected for the additional Sum Assured, where the premium rate shall be based on the age of the policyholder and the outstanding duration of the policy, as at the policy anniversary following the selection of the option.

 

Tax Benefits**

You may be eligible for tax benefits on the premiums paid as well as the benefits received as per the prevailing tax laws. The tax benefits are subject to change as per change in tax laws from time to time.

 

**Income Tax benefits/exemptions are as per the prevailing tax laws in India, which are subject to change from time to time. Please consult your tax advisor for further details.

 

Make your plan with ease

Pick a plan option

Select a plan option according to your needs.

Without Return of Premium

Option to choose single life cover or joint life cover

With Return of Premium

Lumpsum payout at maturity

Without Return of Premium

Option to choose single life cover or joint life cover

Under Without Return of Premium variant you have the option to opt for single life cover or Joint Life Cover (cover for spouse under the same policy).

With Return of Premium

Lumpsum payout at maturity

By choosing this option, on survival you can get a lumpsum payout at the end of your policy term (maturity). The payout will be equivalent to the product of your annual premium amount and policy term duration.

Under Without Return of Premium variant you have the option to opt for single life cover or Joint Life Cover (cover for spouse under the same policy).

Now, add a rider

You can strengthen your Bharti AXA Life Flexi Term Pro by adding a rider.
However, please note that riders are not mandatory and are available at an additional cost.

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

This rider allows payment of a fixed benefit for each day of hospitalization subject to maximum of 40 days per year and also provides lump sum benefit in case of surgery

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

Receive additional sum assured as chosen under the rider in case of unfortunate event of death due to an accident.

Bharti AXA Life Premium Waiver Rider (UIN: 130B005V04):

Under this rider, in case the Life Insured is diagnosed from any of the 11 critical illnesses covered under the rider, the future premiums are waived off and the benefits under the policy will continue.

Your Questions Answered

How much term insurance cover do you need?

A term insurance cover must generally be 15-20 times of your annual income. The expert recommended formula for this is that if your annual income is Rs. 6 lakhs, you must purchase a cover for minimum Rs. 90 lakhs to Rs. 1.20 crore.

How much should be the Term Insurance policy period?

Term insurance policy period must be decided by considering and assessing your individual and familial situation and requirements, including your age and health, family members’ age and health conditions, liabilities, assets, future goals, etc.

What should be the tenure of a term plan?

The tenure of the term plan must be decided by considering and assessing your individual and familial situation and requirements, including your age and health, your family members’ age and health conditions, liabilities, assets, future goals, etc.

What Bharti AXA stands for

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Bharti AXA Life Flexi Term Pro

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Insurance Jargon Explained

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.

Term Insurance Rider

An endorsement or attachment to a life insurance policy that provides additional term coverage for only a specified, limited period. If the insured dies during this time, the designated beneficiary can receive death benefit proceeds.

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).

Death Benefit

The payment made to a beneficiary upon the death of the insured person.

-- Whenever an unfortunate event happens, there is both emotional as well as financial loss. An insurance company helps you replace the financial/monetary loss through the Death Benefit, which helps maintain your family’s financial stability. This benefit includes both a guaranteed sum of money called as Sum Assured on Death and also the Accrued Bonuses, if applicable.