Bharti AXA Life iProtect – Features & Benefits

Bharti AXA Life Insurance, we have decided to act. We bring to you, Bharti AXA Life iProtect- a simple, hassle free, online term insurance plan that offers protection for your family- at a nominal cost.

Benefits –

Benefits of Bharti AXA Life iProtect- Online term insurance plan

• Affordable life insurance premium rates: You can get yourself insured at affordable premium rates with this life insurance term policy
• Life Insurance Benefit:  The life insurance coverage that you get ensures that incase of an unfortunate death of the Life Insured, an amount equal to sum assured will be paid as a life insurance benefit to the nominee

Family Care Benefit as part of the life insurance benefit: Unfortunate events in life come unannounced and during this time of distress your family could require contingency support. Family Care Benefit, is a unique proposition by way of which, a part of the life insurance benefit i.e. Rs 100,000 is paid as a lumpsum to the nominee in case of death of the life insured, within 48 hours** of submission of all relevant claim documents. This term life insurance benefit is paid subject to the policy being inforce and the premiums for 2 consecutive term insurance policy years from the date of issuance or the date of latest reinstatement have been paid.

• Reward for non-smokers, premium discounts on the term insurance policy: You will be eligible for special rates if you are a non-smoker and you have applied for a life insurance benefit (sum assured) in excess of Rs 5,000,000. This gives better value for money for non-smokers when it comes to the life insurance premium that they pay.
• Hassle Free process of buying a term insurance policy: Now get the advantage of Life Insurance cover at the click of a button. Bharti AXA Life iProtect offers you convenience at your finger tips, as you can buy this term insurance plan online to save the time and effort that would have been required otherwise.
• Tax benefits along with life insurance: Apart from the life insurance benefit with this term insurance plan, you can avail the tax benefits on the premiums paid and the benefits received subject to the prevailing provisions under Income Tax Act, 1961. The tax benefits are subject to change as per change in Tax laws from time to time. So in addition to the life insurance coverage you also get to save tax

**Please refer Terms and Condition section for details on Family Care Benefit.

How does Bharti AXA Life iProtect- online term insurance plan works?

Bharti AXA Life iProtect is a simple pure term insurance protection plan which can be purchased online. It gives you insurance coverage and helps you protect your loved ones against any unforeseen circumstances, and you can do so through a few simple steps. The product works as follows:

• Choose your life insurance coverage using a life insurance calculator:  You choose your cover (Sum Assured) and tenure of the cover(policy term) as per your choice. A life insurance calculator has been provided on this page for this purpose. The life insurance premium will be determined based on your age as on last birthday, gender, life insurance coverage (sum assured), term option chosen by you and your smoking habits. The life insurance calculator will help you customize the life insurance coverage best suited to your needs.
• Choose your life insurance policy term:  Life insurance coverage comes with the option of choosing the most suitable term for yourself. The term options are 10, 15, 20, 25 and 30 years and will depend on maximum life insurance coverage and age under this product.
• Choose your life insurance premium payment mode:  Based on your convenience you can also choose from the modes available. There are two premium payment modes available for you to pay your life insurance premium; Annual & Semi-Annual. Semi-annual Life insurance Premium = 0.52 times of Annual life insurance Premium.

As Bharti AXA Life iProtect is a simple term insurance plan, in case of the unfortunate death of the Life Insured during the policy term, the Company shall pay an amount equal to the life insurance coverage (Sum Assured) to the nominee, as mentioned in the policy. Given that it is a term insurance plan, this life insurance policy, does not have any maturity benefits. 

Bharti AXA Life iProtect- online term insurance plan at a Glance

Life insurance Benefits and other terms related to the term insurance plan

Sample Life Insurance Premiums:

You can also calculate your premiums with the help of the Life Insurance calculator given on this page

Premium calculated is annual premium for a healthy individual male (non-smoker). Premium rates for smokers will vary. Premium will also change based on the underwriting decisions for the individual life made by the company. The premiums are further subject to service tax, education cess and any other charges levied by the Government of India.

What happens if I am unable to pay premiums?

While we recommend that all your premiums be paid on the respective due dates, we also understand that sudden changes in lifestyle like increased responsibilities or unexpected increase in household expenses may affect your future ability to pay premiums. You have following flexibilities in order to ensure that your benefits under the policy continue in full,

• Grace period: Grace period is the period given to you from your premium due date, to pay the premium without any impact on the benefits in your policy. Grace Period for all modes is 30 days. In case of the death of the Life Insured during the grace period of 30 days allowed for payment of due premium, the Death Benefit less the unpaid due premium shall be payable and the Policy will be terminated.
• Reinstatement: In case you do not pay the premiums within your grace period, your policy will lapse. You have a flexibility to reinstate all the benefits under your policy within five years after the due date of the premium in default (reinstatement period) However, the Company would require:
  A. A written application from you for reinstatement;
  B. Satisfactory evidence of insurability;
  C. Payment of all overdue premiums with interest as specified by company from time to time.

Can I surrender my policy?

We would want you to pay premiums regularly till the end of the policy term. However incase you are not able to pay all premiums and want to surrender the policy, the policy will be terminated, however no surrender value is payable to you under this product.

Terms and Conditions

• Free-look option:- If You disagree with any of the terms and conditions of the Policy, You have the option to return the original Policy Bond along with a letter stating reasons for the objection within 15 days of receipt of the Policy Bond (“the free look period”). The Policy will accordingly be cancelled and an amount equal to premiums paid less stamp duty and underwriting expenses incurred by the Company will be refunded to the Policyholder.
• Suicide Exclusion: The Policy shall be void if the Life Insured, whether sane or insane, commits suicide resulting in death directly or indirectly as a result of such suicide within A) one year of the Issue Date; or B) one year of the date of the latest reinstatement of the Policy. – In the above cases, no benefits shall be payable
• The Family Care Benefit amount will be released subject to following conditions:
  A. The Company shall release a cheque on intimation of death of Life Insured, in the nominee’s name within 48 hours of submission of all relevant claim documents and it does not in any way indicate acceptance of any other policy liability.
  B. The 48 hour period shall be reckoned from the time the primary claim documents like the Original policy bond, Death certificate of life insured & Claimants statement are submitted at the branch and acknowledged to the time the cheque is released in the nominee’s name. However, while calculating 48 hours the intervening period on account of Saturdays, Sundays, Holidays declared by the Company and Public Holidays shall be excluded.
  C. For any claim intimation received on Saturdays, Sundays, Holidays declared by the Company and Public Holidays and on any working days after 3 p.m., the 48 hour period will be reckoned from 9 a.m. of the next working day
  D. Balance sum assured (after adjusting the Family Care Benefit amount), will be released on a later date if the claim is settled and will be subject to the terms and conditions mentioned herein.
  E. Cases where the Claimant is other than nominee as per the Company records are excluded.
  F. In case of multiple policies of Bharti AXA Life iProtect, the lumpsum amount will be restricted to Rs. 100,000 only.
• Please note, according to the internal guidelines of the Company, there may be requirement to undergo Medical Examination. In case, you are required to undergo such Medical examination and if the Company empanelledMedicalCenteris not in your vicinity, you shall have to travel to Company empanelled Medical Centerof your convenience at your cost.
• Bharti AXA Life iProtect is available to resident Indians Only.

This is a non participating Policy, i.e. the Policy does not provide for participation in the distribution of surplus or profits that may be declared by the Company.

SECTION 41 OF INSURANCE ACT 1938

1. “No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebate as may be allowed in accordance with the published prospectus or tables of the Insurer.” Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

2. Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.”

SECTION 45 OF INSURANCE ACT 1938

“No policy of life insurance effected before the commencement of this Act shall after the expiry of two years from the date of commencement of this Act and no policy of life insurance effected after the coming into force of this Act shall, after expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the Life insured was incorrectly stated in the proposal.”

1. UIN: 130N052V01
2. This product brochure is indicative of terms, conditions, warranties and exceptions contained in the Insurance Policy.
3. Bharti AXA Life Insurance Company is only the name of the insurance company and Bharti AXA Life iProtect is the name of the traditional insurance product. The name of the product does not in any way indicate the quality of the product, its future prospects.
4. Life insurance coverage is available under this policy

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