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Bharti AXA Life Smart Jeevan Plan

The Bharti AXA Life Smart Jeevan is a non-linked, non-participating return of premium life insurance plan offered by Bharti AXA Life. The plan offers life coverage for a fixed term of 12 years at a relatively low premium, making it a good choice for those looking for coverage without splurging on premiums. The policy also comes with a return of the premiums paid at the end of the policy term.

Individuals looking to buy the policy will not need to undergo medical tests as there is no medical underwriting, with a declaration of good health being sufficient to buy the policy. Premiums under this policy are also affordable for the coverage being provided, with the minimum amount payable being Rs.323 per annum, excluding taxes.

Individuals purchasing this plan will also benefit from tax benefits in the form of deductions under Sections 80C and 10 (10D) of the Income Tax Act.

Eligibility - Who is Bharti AXA Life Smart Jeevan For?

Bharti AXA Life Smart Jeevan is the ideal policy for those looking for returns from their life insurance policy without spending a large amount on premiums. Individuals between the ages of 18 and 50 years are eligible to apply for this policy. An individual’s age at policy maturity cannot exceed 62 years.

The plan is an individual plan, with the option to add nominees or benefactors in the event of the policyholder’s demise.

The policy is open to all residents of India only.

The policy is a fixed term policy of 12 years and cannot be renewed on maturity.

Parameter Eligibility
Minimum entry age 18 years
Maximum entry age 50 years
Maximum maturity age 62 years
Policy term 12 years
Premium payment term 12 years

Sum Assured and Premium Range - What you get and what it costs?

Sum Assured:

The Bharti AXA Life Smart Jeevan policy offers policyholders advantages such as a death benefit. The minimum sum assured amount is Rs.50,000, while the maximum amount that an individual can be insured for is Rs.5 lakh under this policy.

Premium:

Premiums for this policy can be paid through multiple modes based on the policyholder’s convenience. Premiums can be paid monthly, quarterly, half-yearly or annually. Policyholders can refer to the below table for the minimum premium percentage payable for each of the premium modes:

Premium payment mode Premium amount payable
Monthly premium 0.09285 of the annual premium
Quarterly premium 0.27143 of the annual premium
Half-yearly premium 0.52143 of the annual premium

Additional government taxes such as service tax and cess would be levied on the above amount.

Plan Coverage - What the Bharti AXA Life Smart Jeevan Plan covers?

The Bharti AXA Life Smart Jeevan plan covers the following:

  • The individual selects the policy and chooses a sum assured amount (between the minimum and maximum sum assured amount laid down by the policy guidelines).
  • The individual then chooses a premium payment term based on his/her convenience.
  • The premium would be based on the sum assured amount selected and other factors such as policyholder’s age, premium payment mode etc.
  • Upon maturity of the plan, the individual will receive 100% of the sum assured amount as maturity benefit.
  • The policy does not allow the individual to take a loan out against the policy.
  • The policy provides a surrender benefit, which is the guaranteed surrender value factor * the total premium paid till the date of paid-up (when the policy lapses due to non-payment of premiums). The guaranteed surrender factor is as per the table given below:
Policy year Guaranteed surrender value factor
Year 1 0%
Year 2 0%
Year 3 30%
Year 4 50%
Year 5 55%
Year 6 60%
Year 7 65%
Year 8 70%
Year 9 75%
Year 10 80%
Year 11 90&
Year 12 90%
  • The coverage provided by Bharti AXA Life Smart Jeevan is as follows:
Death Benefit In the event of the death of the policyholder during the policy term, the nominee/nominees stand to receive the higher of the following:
  • 11 times the annualised premium
  • 105% of all premiums paid
  • Sum assured on maturity
  • Absolute amount that is to be paid upon death equal to the sum assured
On the death of the policyholder and following the death benefit payment, the policy ceases to exist.
Maturity benefit 100% of sum assured amount is payable on the policyholder surviving till the policy matures.

Exclusions - What the Bharti AXA Life Smart Jeevan Policy does not cover?

The exclusions under the Bharti AXA Life Smart Jeevan policy are as under:

Suicide: A policyholder who commits suicide within one year of the policy being issued will result in the policy being null and void, irrespective of whether the policyholder was medically sane or insane. Additionally, the company would pay the nominees only the amount paid as premium till date.

Other Key Features- Freelook Period, Surrender Value, Grace Period etc.

The features of the Bharti AXA Life Smart Jeevan policy are as given in the table below:

Free look period The free look period is a period during which the policyholder can choose to return the policy if he/she is not satisfied with the terms and conditions. The free look period is a period of 15 days from the date of receipt of the original policy document. All premiums paid would be refunded and the policy would be cancelled if the policy is returned during the free look period.
Premium payment flexibility The policyholder can choose to pay the policy premium either monthly, quarterly, semi-annually or annually.
Grace period In the event the policyholder is unable to make a premium payment on time, he/she receives a grace period consisting of 30 days from the date the premium is to be paid. The premium amount can be paid during this grace period without incurring any charges or penalties.
Lapse of policy If 3 annualised premiums are not paid and the premium due has not been paid within the stipulated time frame, the policy will lapse effective the date of the last unpaid premium. A lapsed premium would result in the immediate termination of all benefits and coverage under the policy.
Policy revival Policyholders who wish to revive a lapsed policy can do so within 2 years of the policy lapsing. The policyholder is required to inform the company of the same and must meet the below requirements:
  • Written application from the policyholder requesting a revival of the policy
  • Satisfactory evidence that the policyholder is insurable
  • All unpaid premiums are to be paid along with any other such charges that would be levied by the company
  • Additional terms and conditions that the company might stipulate from time to time
The policy will be revived at the discretion of the insurance company and the policyholder will be notified if the policy has been accepted for revival.
Surrender value Failure to pay premiums within the grace period results in the policy being converted to paid-up. If the policyholder does not revive the policy within 2 years, it will remain in paid-up status and the policyholder stands to receive the following benefits:
  • Surrender benefit- guaranteed surrender value factor * total premiums paid till paid-up status
  • Death benefit- sum assured on death * months premiums paid/number of months premiums are payable
  • Maturity benefit- sum assured on maturity * months premiums were paid/number of months premiums are payable.
Termination of policy The policy stands to be terminated if the policy is not revived during the revival period, and no benefits will be payable to the policyholder or his/her nominees.

Tax Benefits - How you can save with Bharti AXA Life Smart Jeevan Policy?

Individuals who purchase a Bharti AXA Life Smart Jeevan policy can save in the following ways:

  • Premiums that are paid towards the policy are eligible for tax exemptions under Section 80C of the Income Tax Act, 1961.
  • Benefits and pay-outs such as maturity benefit, death benefit and bonuses, if any, are eligible for tax exemptions under Section 10 (10D) of the Income tax Act, 1961.

It is to be noted, however, that tax rules are subject to change and it is advisable to consult with the company or an individual conversant with the latest tax laws for the current tax provisions.

Other Benefits - How you can save with Bharti AXA Life Smart Jeevan Policy?

Bharti AXA Life offers policyholders various amenities and benefits, such as their online portal through which policyholders can log in and check the status of their policies and also renew policies online.

Policyholders can also choose to pay their premiums online, instead of by cheque or physically visiting a company branch, making it more convenient and safe. The various ways policyholders can choose to pay their premiums online is listed in the below table:

Net banking Policyholders can choose to pay their premiums through their bank’s net banking facility.
Credit cards Bharti AXA Life accepts credit card payments from all VISA, MasterCard, Maestro, Diners Club and American Express cards.
Debit cards Policyholders can choose to pay their premiums through their RuPay, VISA, MasterCard and Maestro debit cards.
Bill Desk Policyholders can make their premium payments through Bill Desk for certain banks, using their BillPay services.

In addition, you can call up the 24x7 customer helpline for any assistance relating to your life insurance policy. Policyholders can also request a call back from the company for any insurance related query.

Bharti AXA Life also provides policyholders with a dedicated claims processing team and a 48-hour fund release in case of straightforward claims.

Why you should buy the Bharti AXA Life Smart Jeevan Policy from Bharti AXA Life?

The Bharti AXA Life Insurance Company Pvt Ltd is one of the leading insurance companies in India. A joint venture between the India-based Bharti Group and the Paris-based AXA Insurance Company, the company blends local knowledge and decades of experience in the life insurance sector, ensuring that policyholders receive the best in service and performance. Since the year 2006, the company has been providing a range of life insurance products designed to meet the needs of every prospective policyholder.

With comprehensive plans and additional benefits, the company aims to deliver superior service along with tailor-made solutions to cater to the diverse market that India represents.

Bharti AXA Life provides savings plans, ULIP plans, child plans as well as group and health plans. To tap into the burgeoning rural market, the company has recently launched a number of plans and policies targeted at the unique opportunities that the rural sector presents. Affordable and easy to access, Bharti AXA Life has branches across the country, making it convenient for individuals and organisations to access a plan or policy.

The company has also moved many of its processes online, making it more convenient for policyholders to look up information and renew or pay their premiums.

Bharti AXA Life also has a consistent record when it comes to claims settlement ratio, with an 80.02% claim settlement ratio for the year 2015-2016.

The company has also been recognised by industry for its stellar record and performance, winning a number of accolades, a few of which are mentioned below:

  • Adjudged the ‘Most Trusted Private Insurance Brand in the Country’ in 2016 for the second consecutive year by The Brand Trust Report.
  • Was featured in the Top 50 Hot Brands in Mumbai at the Mumbai Brand Summit, 2016.