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  • Bharti AXA Life Accidental Death Benefit Rider Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    According to data released by the National Informatics Centre (NIC), India sees close to 2 lakh accidents each year. While some of these lead to injuries, others tend to be much more and will lead to fatalities. This is one of the reasons why having an accidental benefit rider on top of a life insurance policy becomes important. The Accidental Death Benefit Rider offered by Bharti AXA allows a policyholder to provide their family members with an additional layer of financial protection, in case the person insured succumbs to an accident.

    This policy is available for marginally lower premiums and provides coverage for the same period as the base plan.

    Eligibility - Who the Bharti AXA Life Accidental Death Benefit Rider Plan is for?

    Any individual with a Bharti AXA life insurance policy can choose to add this rider onto their plan, provided that they pay a small premium. To get this policy, however, there are a few criteria that need to be met. You will find them mentioned below:

    Particulars Details
    Minimum Age at Entry 18 years
    Maximum Age at Entry 65 years
    Minimum Group Size 50 members
    Plan Type Group Accidental Death Benefit Rider

    Sum Assured and Premium Range - What you pay and what you get?

    Sum Assured: Sum Assured is the amount an individual’s nominees will receive if he/she succumbs due to an accident. Here’s what the Sum Assured looks like under this rider:

    Minimum Sum Assured Rs.1 lakh
    Maximum Sum Assured Rs.50 lakh

    Premium Range: You will find the premium range for this policy mentioned below:

    Premium Payment Term Single
    Minimum Policy Term 3 years
    Maximum Policy Term 30 years

    Note: Premiums may vary depending on the age, location, plan term, and other factors pertaining to the policyholder and the type of organisation.

    Plan Coverage - What the Bharti AXA Life Accidental Death Benefit Rider Plan covers?

    The Bharti AXA Accidental Death Benefit Rider comes with a few coverage offerings. They are mentioned below:

    Particulars Details
    Death Benefit The ADB rider is liable to pay a Death Sum Assured to a member’s nominees, in case the person dies due to an accident. Note that the death needs to happen within 90 days of the accident for the benefit to be paid. This benefit is a monthly reducing coverage which is calculated based on coverage, terms, and prevailing interest rates.
    Joint Life Cover This policy allows a co-borrower to be added into the plan, provided that they pay a small premium. If a life insured dies, the benefit will be paid to the surviving life insured after which the policy will cease to exist.

    Exclusions - What the Bharti AXA Life Accidental Death Benefit Rider Plan doesn’t cover?

    There are a few exclusions under this rider, wherein the occurrence of such instances will void the policy. Here’s a list of all the exclusions under this policy:

    • If the person insured’s death or disability occurs due to intentional self-harm, insanity, attempted suicide.
    • If the person insured’s death or disability occurs due to taking part in any aviation and aeronautical exercise other than being a regular fared passenger.
    • If the person insured’s death or disability occurs due to civil commotion, riots, war, hunting, and mountaineering.
    • If the person insured’s death or disability occurs while breaching the confines of the law.
    • If the person insured’s death occurs due to the consumption of drugs not specified by a certified doctor.
    • If the person insured’s death occurs due to taking part in racing or any such hazardous and potentially harmful activities.
    • If the person insured’s death occurs due to mental or bodily weakness.
    • If the person insured’s death occurs due to being a part of an armed forces, police forces, or as part of a country that is at war with another.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    This plan comes with several other key features. They are as follows:

    Free Look Period If the policyholder does not find the policy term agreeable, he/she can choose to return the policy within a period of 15 days by stating a valid reason for the same. Upon receiving such a request, the insured will deduct any charges relating to stamp duty and underwriting from the premium paid before refunding the same.
    Surrender Benefit If the person insured wants to surrender their policy, a refund will be calculated based on this formula: (Surrender Value Factor*Premiums Paid excluding taxes *Unused Coverage Terms)/Total Coverage Term chosen by the Person Insured. Surrender Value Factor differs depending on the term and age of the person insured.
    Term Surrender Value Factor
    26 - 30 years 55%
    21 - 25 years 55%
    16 - 20 years 50%
    11 -15 years 50%
    6 - 10 years 45%
    1 - 5 YEARS 35%

    Tax Benefits – How you can save with the Bharti Axa Life Accidental Death Benefit Rider Plan?

    The Bharti Axa Life Accidental Death Benefit Rider Plan offers tax benefits based on the prevailing tax rules. Here’s what they look like at present:

    • Deductions on premiums paid will be applicable based on Section 80C and 80CCC of the Income Tax Act.
    • Deductions on death benefit and survival benefit will be applicable based on Section 10 (10D) of the Income Tax Act.

    Why you should buy the Accidental Death Benefit Rider Plan from Bharti Axa Life?

    Here are a few reasons why you should opt for Bharti Axa’s Accidental Death Benefit Rider:

    • Online assistance: This policy can be bought online and can be serviced online as well. For instance, the policyholder doesn’t have to step into a physical office for any procedure related to the policy. Instead, they can pay premiums, check the fund value, and do much more from the comfort of their homes.
    • A world-renowned company: Bharti Axa is a partnership between Bharti Enterprises - a leading business entity - and AXA - a French insurance giant. Through a multitude of insurance plans and connections built over more than a decade, the company serves thousands of customers across different walks of life. The firm was also ranked third for maintaining and nurturing Customer Loyalty by CSMM.
    • Good claim settlement: The Company has settled claims worth Rs.41 crore from January 2015 to September 2015 along, and has a great track record with regards to claim settlement.
    • Vast network: The Company has more than 124 branches and over 16,000 advisors who cater to needs and requirements of prospective and existing customers.