Bharti Axa Saral Jeevan Bima Plan
Bharti AXA Life Insurance
Our Verdict
Bharti AXA Life Saral Jeevan Bima is ideal for individuals seeking straightforward, affordable term insurance. It offers flexible payments and special rates for women but has a ₹25 lakh coverage cap and waiting period restrictions.
About the Plan
The Bharti AXA Life Saral Jeevan Bima Plan is a pure risk term insurance providing financial security to loved ones. It offers flexible policy terms with single, limited (5/10 years), or regular premium payment options. Coverage ranges from ₹5 lakh to ₹25 lakh, with special premium rates for women. In case of death during the policy term, a lump sum benefit is paid to the nominee. The plan also provides tax benefits, making it a simple and effective term insurance solution.
About the Plan
Eligibility
• Entry Age :
18 to 65 years
• Maximum Maturity Age :
70 years
• Policy Term :
5 to 40 years
• Sum Assured :
₹5 lakh to ₹25 lakh (varies by insurer)
• Premium Payment Options :
Single, Regular, and Limited (5 or 10 years)
Eligibility
Features of the Product
Premium Payment Customizations
The policy offers three premium payment options:
Single Pay (one-time payment)
Limited Pay (5 or 10 years)
Regular Pay (throughout policy term)
A grace period of 30 days is available for annual/half-yearly premium payments and 15 days for monthly payments.
Policy Lapse & Revival
If premiums are not paid within the grace period, the policy lapses.
Revival is allowed within 5 years from the first unpaid premium date.
Tax Benefits
Premiums paid and benefits received under this policy may be eligible for tax benefits under applicable laws.
No Maturity or Survival Benefits
If the policyholder survives the term, no payout is made since it is a pure term insurance plan.
Exclusions
Death within the first 45 days (except accidental death) is not covered.
Death due to participation in hazardous activities, self-inflicted injuries, substance abuse, war, or criminal acts may be excluded as per insurer terms.
Exclusions
Accidental Death - If death occurs due to an accident during the waiting period, the sum assured on death is paid as a lump sum.
The sum assured is calculated as the highest of:
10 times the annualized premium
105% of total premiums paid
Absolute sum assured on death
Add-ons
If you are a woman
There will be a 3 year age setback over males’ rates for female lives for fixed terms and separate rates for To Age policy terms which will be lower than corresponding male rates.
If you smoke
Smoking status affects the premium calculation. Smokers typically have to pay a higher premium due to increased health risks.
If a policyholder provides incorrect information about smoking habits, Bharti AXA may revise the premium or even cancel the policy based on the correct information.
Note :
Suicide Clause: If the insured dies by suicide within 12 months from the date of policy commencement or revival, the nominee will receive:
For Regular/Limited Premium: 80% of total premiums paid (excluding taxes and rider premiums).
For Single Premium: 90% of the premium paid.
Free Look Period: 15 days for offline policies and 30 days for online policies.
Allows policyholders to review the terms and cancel the policy if unsatisfied, receiving a refund after deductions for medical tests and stamp duty.
Grace Period: 30 days for yearly, half-yearly, and quarterly premium payments.
15 days for monthly payments.
If a premium is not paid within the grace period, the policy lapses.
Still Confused ?
Why OneAssure?
We guide your loved ones every step of the way to ensure they receive the full benefit of their coverage.
About the Company
Bharti was founded in 1976, by Sunil Bharti Mittal. The company has started its journey in the business of manufacturing bicycle parts. It has evolved into one of the most prominent conglomerates in business groups in India. The group has created world class businesses such as telecommunications, insurance, food.
Bharti AXA life insurance is a joint venture between Bharti enterprises and AXA was established in 2006, the joint venture focuses on offering a variety of policies including traditional, term, unit linked and saving plans.
Bharti AXA General insurance: It is another entity under the joint venture focusing on general insurance products such as health, travel and home insurance.