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Bharti AXA Life Smart Bima Plan

The Bharti AXA Life Smart Bima Plan is a group term insurance plan that is offered by Bharti AXA Life Insurance. This is a one-year renewable plan. Policyholders are offered a flexible and comprehensive group term life insurance plan which includes the option to pay premiums in either monthly or annual premiums as well as death benefits. Some of the key features of this plan are:

  • Provides life insurance coverage at affordable premiums
  • Provides monthly and annual premiums payment options
  • Does not require a policyholder to undergo a medical examination which makes this a relatively easier plan to opt for
  • You can choose a Sum Assured from a range of Rs.5,000 and Rs.5,00,000 depending on the group's requirement

Eligibility – Who is the Bharti AXA Life Smart Bima Plan for?

An individual will have to meet the eligibility criteria listed below to avail the Bharti AXA Life Smart Bima Plan:

Parameters Details
Minimum Entry Age for the Plan 18 years
Maximum Entry Age for the Plan 50 years
Maximum Maturity Age 55 years

* Ages mentioned are ages last birthday

Sum Assured and Premium Range – What you get and what is costs?

Sum Assured

The sum assured is based completely on the premiums that you will be required to pay to avail the benefits of the policy. The sum assured for Bharti AXA Life Smart Bima Plan is listed below:

Parameters Sum Assured
Minimum Sum Assured Rs.5,000
Maximum Sum Assured Rs.5,00,000

Premiums*

Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the umbrella of benefits and coverage that this plan has to offer. The premiums that a policyholder will have to pay towards a Bharti AXA Life Smart Bima Plan are listed below:

Parameters Details
Premium Payment Options
  • Monthly: 12 Instalments
  • Annual: One-time payment
Monthly Premium Renewable, One-year
Annual Premium Renewable, One-year

*Premiums paid vary based on age, location, plan term and other factors

Premiums for Bharti AXA Life Smart Bima Plan can be made using any of the following ways:

  • Payment in cash at the insurer’s branch office
  • ECS/Direct Debit/Salary Deduction Scheme
  • Using payment gateways or internet banking
  • With a cheque or demand draft
  • Through the use of debit or credit cards

Plan Coverage – What the Bharti AXA Life Smart Bima Plan covers?

The Bharti AXA Life Smart Bima Plan offers a number of different benefits and these are listed in the table below:

Parameters Details
Death Benefits If the policyholder meets with an untimely death, the sum assured shall be paid to the nominee. The sum assured will be liable to deductions of any premiums that were not paid before the policyholder’s demise.
Maturity Benefits There are no maturity benefits that are liable to be paid by the insurance company to the life assured.
Tax Benefits As per the prevailing tax laws.

Exclusions – What the Bharti AXA Life Smart Bima Plan doesn’t cover?

If the life insured, whether medically insane or sane, commits suicide within a year from the date of purchase of the insurance policy or from the date of renewal or revival of the policy, the insurance company shall pay the nominee or beneficiary 80% of the total premiums that were paid up to the date of the policyholder’s death.

Other Key Features of Bharti AXA Life Smart Bima Plan:

Parameters Details
Free Look Period In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, a 15 day period is provided where the insured can return the policy back to the insurer. The company will return any premiums that were made during this period after deducting any expenses incurred by the insurer such as stamp duty charges, medical expenses, etc.
Grace Period A grace period of 15 days is provided from the due date of making a premium payment so that the policyholder can clear his/her dues. If the policyholder fails to make the premium payments within the grace period, the policy will lapse.
Surrender Benefit In case the policyholder decides to surrender the policy, no surrender benefit shall be paid by the company to the policyholder.
Reinstatement If a premium was not paid within the grace period, the policy will lapse. A policyholder can reinstate the lapsed policy depending on the following conditions:
  • Application for reinstatement has been made before the following Annual Renewal Date of the plan or within 6 months from the time of the first unpaid premium
  • Evidence of insurability of the group insured and this should be satisfactory
Termination The policyholder can choose to terminate the policy by writing a letter to the insurance company stating the same. Any unexpired premiums that had to be paid will be refunded by the insurance company.
Assignment Assignment is allowed as per the prevailing tax laws under Section 38 of the Insurance Act, 1938.
Nomination Nomination is allowed as per the existing tax laws under Section 39 of the Insurance Act, 1938.
Loan Facility There is no loan facility that is provided with this plan.

Tax Benefits – How you can save with the Bharti AXA Life Smart Bima Plan?

A policyholder can enjoy tax benefits on any premium that is paid towards Bharti AXA Life Smart Bima Plan Plan under the prevailing tax laws under Section 80C and for monthly income received by the policyholder under 10(10D) of the Income Tax Act, 1961. Tax benefits are subject to changes without prior notice so it is important that the policyholder consults a Tax Advisor to stay informed about any changes made.

Other Benefits – How you can save with the Bharti AXA Life Smart Bima Plan?

Listed below are the benefits that you can avail by choosing the Bharti AXA Life Smart Bima Plan:

  • Get policy updates through SMSes
  • Renew the policy monthly or annually
  • Get coverage for your entire family
  • Manage the policy online
  • Get a quote easily online for your insurance policy
  • You can ask for an advisor to guide you
  • Download brochures and policy bonds online
  • Pay a single annual premium for 1-year coverage
  • Contact the customer care through various avenues
  • Get a quote easily online for your insurance policy
  • Download brochures and policy bonds online
  • Pay premiums online
  • Register and track claims easily online

Why you should buy the Life Smart Bima Plan from Bharti AXA?

Bharti AXA Life Insurance has a wide variety of wealth management services and insurance products in the company’s portfolio. The Bharti AXA Life Smart Bima Plan offers a safety net for your near and dear ones as this plan safeguards them during any unfortunate event that could cause problems in their lives. Since its inception into the life insurance market in 2006, the insurance company has not failed to produce products that cater to the wealth management and financial safety needs of its customers.