Bharti AXA Life Premier Protect is a term insurance plan offered by the life insurance company, Bharti AXA.
Bharti AXA Life Premier Protect is a term insurance plan which comes at cheap and affordable pricing. You can consider this plan if you are looking for term insurance that is within your budget as it is one of the cheapest products in today’s market.
On the flipside however, this plan does not allow you to make customizations such as limited pay, increasing cover, claim payout or critical illness riders. Also, the insurer, Bharti AXA holds a poor track record in terms of the purchase and claim settlement experience. This indicates, your family could face some trouble during the claim settlement process.
Let’s take a quick look and understand some of the benefits which come with the Bharti AXA Life Premier Protect.
What are the benefits of Bharti AXA Premier Protect?
- Life cover Benefit: Under this policy, your family will receive an assured sum of money if you pass away during the term of the policy. There is no maturity benefit in this policy - meaning, you don’t get anything back in case you survive the policy term. You can claim tax benefits under Sec. 80C of the Income Tax Act with this term insurance policy.
- Entry age for the policy: This plan allows you to apply for the policy, when your age is at least 18 years and until you’re 65 years old.
- Increasing Cover: While this term insurance plan might fit ideally as per your family or nominee’s financial needs, it comes with a drawback. Bharti AXA Life Premier Protect does not provide you the benefit of an increasing cover, which means you cannot automatically grow your existing cover with time. Instead, you will have to purchase a new term insurance plan every time you need an upgrade.
- Cover Duration: Bharti AXA Life Premier Protect provides you the option to choose a cover, up to the age of 75 years. So, you can enjoy the benefits of this plan post your retirement as well if you choose the policy duration of 75 years.
- Limited Pay Options: If you’re someone who wants to pay off the premiums quickly, and get the burden off your chest, you can choose the Limited Pay feature. However, this plan does not provide many limited pay options. You can either choose to pay all your premiums within 5 or 10 years.
- Claim Payout options: When it comes to the claim pay, Aditya Birla Sun Life DigiShield Plan offers you various claim payout options out of which you can select the one that suits your family the best. The options include-
- Lump sum: If you choose this option, your nominee will be paid the entire claim in one large installment.
- Monthly income: In this option your nominee will receive the claim amount in monthly installments. They can use this amount to fulfill their day-to-day needs.
- Lump-Sum with monthly income: This is a combination of the above two options. Your family will receive a part of the claim as a lump sum and the remaining amount will be paid in monthly installments.
What are the riders available with Bharti AXA Life Premier Plan?
The Bharti AXA Life Premier Plan comes with additional benefits known as riders that provide you with benefits to improve your term insurance plan. The riders available with this plan are -
- Accidental Death Benefit Rider: With this Rider, your family will receive an additional amount of money, if you die as a result of an accident. You can also use this rider to improve your overall cover in case your eligible cover amount is lower than the coverage amount required for your family.
- Waiver of Premium Rider: This is one of the most helpful riders, which everyone should consider buying. If you get disabled during the policy term, you will not have to pay any further premiums but you can retain your cover until the end of the term.
Please note that, like some other products, Bharti AXA Life Premier Plan does not provide you with the benefits of a critical illness rider and waiver of premium on critical illness rider.
Why should you buy from Bharti AXA?
- Speed of Claims: Even though Bharti AXA holds an excellent track record with respect to its claim settlement experience, the insurer has settled 100% of its claims in less than 30 days. This indicates that your family’s claims will be settled quickly.
- Length of the Claim Form: Bharti AXA provides a relatively short claim form indicating that your family will have an easy and seamless claims process.
- Online Tracking of Claims: The insurer provides your family or nominee with the option to track the claim settlement process online as well. It also provides dedicated toll-free services, in case of any query related to the claim settlement process.
- Personal Relationship Manager: Bharti AXA provides the service of a Personal Relationship Manager to your nominee who will assist them throughout the claim settlement process.
- Claim Settlement Ratio: The claim settlement ratio of Bharti AXA is 97.35% and their claim amount settlement ratio is 95.75%.
What are the disadvantages of buying from Bharti AXA?
Here are some of the disadvantages of buying a term insurance plan from Bharti AXA-
- Claims Complaints: According to research conducted by our in-house research team, we gathered that Bharti AXA holds a large number of complaints with regards to its claims. This means, your family could face some hassle while collecting claims.
- Home pick-up of claims: Bharti AXA does not provide the benefit of picking up the required documents for the claim settlement from your home. Your family or nominee will have to visit the company’s branch to submit the respective documents themselves.
How is the Customer Services of Bharti AXA?
- Response on Toll- Free Service: When it comes to customer service, our research found the insurer’s response over the toll-free to be average compared to other insurers.
- Response on Twitter: However, the claimants also have the option to connect over Twitter for any doubts or queries with regard to the status of their claims. But, research suggests the response rate over social media is also average, so you should expect a delayed response.
About the Insurer- Bharti AXA
Bharti Axa is a Life Insurance company in India. It offers Term Life Insurance, Traditional Savings, and Unit Linked Insurance Plans. Founded in 2008, it is a joint venture between Bharati Enterprises and Axa Group. The company is headquartered in Mumbai and has 135 branches across India. The CEO of Bharti Axa is Sanjeev Srinivasan.
Final Verdict on Bharti AXA Life Premier Plan
Based on the 100+ parameters analyzed by our in-house research team and considering its product benefits, customer service, and claims experience, Bharti AXA Life Premier Plan gets a Beshak⭐Rating of 3.6/5.