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Bharti AXA Life Flexi Term Pro

(UIN: 130N103V01)
(ADVT No. II-Feb-2021-2605)

Get insurance on your own terms with Bharti AXA Life Flexi Term Pro.
#DoTheSmartThing.

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4 Reasons to Buy

It’s a plan that you can customise according to your needs and life stage. Choose from a range of features that meet your requirements and make your term insurance work best for you.

  • The plan offers two options: Without return of Premium and With return of Premium.
  • Coverage for Joint/Single Life – Under the Without return of premium variant, you have the option between Single Life cover or Joint Life Cover i.e. cover for your spouse under the same policy.
  • Flexibility in Policy and Premium Payment terms – This product offers you the option to choose from multiple Policy terms and Premium Payments terms, offering the opportunity to customize the plan to suit your needs.
  • Whole Life Cover – Option to cover yourself for your entire lifetime, by opting for cover up to 99 years.

Plan Details

How does the Plan work?

Let’s take a look at these case studies

Scenario 1 : Mr Reddy is a 35 year old non-smoker salaried professional. His family consists of his wife and a son. He is worried about the uncertainties in life and realizes the need for protection in his fast-paced life. He wants to ensure that his family’s needs are taken care of in case of his death and wants an insurance solution to this.

Mr Reddy decides to purchase the Bharti AXA Flexi Term Pro –Single Life (without return of premium) for a policy term of To Age 85 years regular pay and opts for Lumpsum payout option.
He wants a Sum Assured of Rs. 1,00,00,000 for which he pays a premium of Rs. 16,200 p.a. (exclusive of taxes)

Case 1 :
In case of death of Mr Reddy during the policy term, his family would receive death benefit of Rs. 1 Cr. immediately on death.

Case 2 :
Mr Reddy continues to live a healthy life and at the age of 40 years, he gets a promotion. Mr Reddy and his wife have a second child. This is a major milestone of Mr Reddy’s life and due to increased responsibilities, he wants to increase the protection by 50% so as to secure both his children and his wife in case of any unfortunate event.

Based on the increased protection, Mr Reddy’s Sum Assured increases to Rs. 1.5 Cr for which he pays an additional premium of Rs. 11,300 p.a. (exclusive of taxes) i.e. total premium of Rs. 27,500 p.a. for the remaining 45 years of the policy term.

In case of Mr Reddy’s death within 85 years of age, his family would receive Rs. 1.5 Cr immediately on death.

Scenario 2 : Nikhil is a 40 year old non-smoker working in a MNC, married to Neha who is 35 year old Homemaker and they have a new born daughter Aisha. Nikhil is aware of his new additional responsibilities and wants to protect his family against all future uncertainties. He wants a cover that will provide life cover to both him and his wife and decides to buy the Bharti AXA Flexi Term Pro – Joint Life (without return of premium) for a policy term of 35 years regular pay and opts for Lumpsum payout option. He wants a Sum Assured of Rs. 1,00,00,000 for himself and a Sum Assured of Rs. 50,00,000 for his wife, for which he pays a total premium of Rs. 24,700 (exclusive of taxes)

Case 1 :
In case of death of Nikhil during the policy term, his wife, Neha would receive death benefit of Rs. 1 Cr. immediately on death, the future premiums for life cover of Neha will be waived off and the policy will continue for the remaining term.

Case 2 :
In case of death of Neha during the policy term, Nikhil would receive death benefit of Rs.50 Lakhs immediately on death, the future premiums for life cover of Nikhil will have to be paid and the policy cover will continue for the remaining term.

Case 3 :
In case of simultaneous death of both the Nikhil and Neha, the total death benefit of Rs. 1.5 Cr will be paid to the nominee under the policy and the policy will terminate.

Scenario 3 : Krutika is a 40 year old non-smoker and a salaried professional. Her family consists of her husband and a daughter. She is worried about the uncertainties in life and realizes the need for financial protection in life. She wants to ensure that her family’s needs are not compromised in case of her death and wants an insurance solution to this.

Krutika decides to purchase the Bharti AXA Flexi Term Pro (with return of premium) for a policy term of 25 years regular pay and opts for Lumpsum payout option.

She wants a Sum Assured of Rs. 1,00,00,000 for which she pays a premium of Rs. 28,500 p.a. (exclusive of taxes)

Case 1 :
In case of death of Krutika during the policy term, her family would receive death benefit of Rs. 1 Cr. immediately on death.

In case Krutika survives till the end of policy term i.e. till she turns 65 years, Rs.7,12,500 (28,500*25) (all the premiums collected) will be paid out in Lumpsum at the end of Policy term.

The above example is for offline illustration purpose only.

Eligibility Check

Plan at a Glance

Parameter Eligibility
Minimum age at entry 18 years age last birthday
Maximum age at entry 65 years age last birthday
Maximum Age at Maturity 99 years age last birthday
Policy Term
Without return of Premium – Single Life Without return of Premium – Joint Life With return of Premium
Fixed Term – 1,5 to 50 (in multiples of 5)
Variable Term – To Age 60,65,70,75,80,85,99		 Fixed Term – 5 to 50 (in multiples of 5) Fixed Term – 10 to 50 (in multiples of 5)
Variable Term – To Age 60,65,70,75,80,85
Fixed Policy Terms will be available in multiples of 5.
Policy Term & Premium Payment Term
Premium Payment Option Policy Term
Without Return of Premium – Single Life Without Return of Premium – Joint Life With Return of Premium - Only Single Life
OYT 1 Year NA NA
Single Pay 5 to 50years,
To Age
60,65,70,75,80,85		 5 to 50years 10 to 50years,
To Age
60,65,70,75,80,85
Regular Pay 5 to 50years,
To Age
60,65,70,75,80,85,99		 5 to 50years 10 to 50years,
To Age
60,65,70,75,80,85
Limited
Pay(5 years)		 10 to 50years,
To Age
60,65,70,75,80,85		 10 to 50years 10 to 50years,
To Age
60,65,70,75,80,85
Limited
Pay(7 years)		 10 to 50years,
To Age
60,65,70,75,80,85		 10 to 50years 10 to 50years,
To Age
60,65,70,75,80,85
Limited
Pay(8 years)		 10 to 50years,
To Age
60,65,70,75,80,85		 10 to 50years 10 to 50years,
To Age
60,65,70,75,80,85
Limited Pay(10 years) 15 to 50years,
To Age
60,65,70,75,80,85,99		 15 to 50years 15 to 50years,
To Age
60,65,70,75,80,85
Limited Pay(12 years) 15 to 50years,
To Age
60,65,70,75,80,85		 15 to 50years 15 to 50years,
To Age
60,65,70,75,80,85
Limited Pay(Pay till Age 60) 15 to 50years,
To Age
65,70,75,80,85,99		 15 to 50 years 15 to 50years,
To Age
65,70,75,80,85
Minimum Sum Assured (Rs.) Rs 25,00,000
Maximum Sum Assured (Rs.) No Limit, subject to Board Approved Underwriting Policy
Premium Payment Modes Annual, semi - annual, quarterly* & monthly*
Minimum Premium Based on the minimum Sum Assured.
Premium will vary depending upon the Option chosen.
This Product is also available for sale through Online mode.

*Through auto pay only

Key benefits

1) Death Benefit

Upon death of the Life Insured during the policy term, provided the policy is in force and all due premiums till the date of death have been paid, Death Benefit will be payable to the nominee/beneficiary immediately on death.

In case of Joint Life Variant
  • Upon the death of the Primary Insured, provided the Secondary Life is alive, the policy is in-force and all due premiums till the date of death have been paid:
    • Death Benefit shall be payable immediately on death of primary life.
    • Subsequent premiums for the surviving Secondary Life Insured will be waived off and cover for secondary life will continue for the remaining policy term.

  • Upon the death of Secondary Life Insured, provided the Primary Life is alive, the policy is in-force and all due premiums till the date of death have been paid:
    • Death Benefit shall be payable immediately on death of secondary life.
    • The policy shall continue with premiums payable by the policyholder for the Primary Life Insured.
  • In case of simultaneous death of both lives, provided the policy is in-force and all due premiums till the date of death have been paid, the Death Benefit will be payable immediately on death.

If the Secondary Life is a non-working spouse, then the Sum Assured shall be 50% of Sum Assured of the Primary Life Insured subject to a maximum Sum Assured of Rs 50 lacs.

If the Secondary Life is a working spouse, the Sum Assured can vary subject to a maximum of the Sum Assured of the Primary Life. The working status of the spouse would be identified at the time of proposal.

For Single Pay,

Death Benefit is the Sum Assured on Death, which is the highest of:

  • 11 times Single Premium
  • Absolute amount assured to be paid on death equal to the Sum Assured

For Regular and Limited Pay,

Death Benefit is the Sum Assured on Death, which is the highest of:

  • 11 times Annualized Premium*
  • 105% of Total Premiums Paid as on date of death
  • Absolute amount assured to be paid on death equal to the Sum Assured

Annualized Premium shall be the premium payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

Under Single Life Cover, In case of the death of the Life Insured during the Grace Period, the Death Benefit after deducting the unpaid due premium shall be payable and the Policy will be terminated.

Under Joint Life Cover, In case of death of either of the Life Insured during the Grace Period, the Death Benefit after deducting the unpaid due premium shall be payable and the Policy will continue for the surviving life insured.

In case of simultaneous death of both the Life Insureds during the Grace Period, the Death Benefit after deducting the unpaid due premium shall be payable and the Policy will be terminated.

Death Benefit Payout

At inception of the policy, the policyholder can choose the Death Benefit Payout from one of the three options below:

  • Lumpsum:
    Under this mode, 100% of the Death Benefit will be paid immediately on death as lumpsum.
  • Monthly Income:
    • Under this mode, for all options excluding One Year Policy Term, the Death Benefit will be paid as 1.04% of the Sum Assured every month in the form of Monthly Income, payable for 10 years (120 installments) with the first installment being payable immediately on death.
    • Under One Year Policy Term, Death Benefit will be paid as 1.0% of the Sum Assured every month in the form of Monthly Income, payable for 10 years (120 installments)
  • Lumpsum plus Monthly Income:
    Under this mode, for all options excluding One Year Policy Term, 50% of the Death Benefit will be paid immediately on death as lumpsum and the remaining 50% of the Death Benefit will be paid as 0.93% of the total Sum Assured every month in the form of Monthly Income, payable for 5 years with the first installment being payable immediately on death.

The nominee shall have an option to take the Monthly Income as a lump sum. This option is only available at the time of death before the payment of the first installment. The lump sum shall be calculated as a Present Value of Monthly Incomes discounted at 5% pa. This rate may be revised subject to prior approval from IRDAI. This option is not available for One Year Policy Terms.

Under OYT, the nominee shall receive the lump sum or the monthly income payout, as chosen at policy inception. The payment of the first installment of the monthly income payout will be immediately on the date of death.

In case the nominee dies during the monthly income payout period, the present value of the outstanding Monthly Incomes shall be paid to as a lump sum to the legal heir of Life Insured’s. The lump sum shall be calculated as the Present Value of outstanding Monthly Incomes discounted at 5% p.a. This rate may be revised subject to prior approval from IRDAI.

2) Maturity Benefit – Only for Return of Premium Option

In case the Life Insured survives till maturity and all due premiums have been paid till the date of maturity, the Sum Assured at Maturity will be payable on the date of maturity.

Sum Assured on Maturity is calculated as the sum of the Total Premiums Paid till the date of maturity of the policy.

No Maturity Benefit shall be payable for Without Return of Premium option.

3) Increase Sum Assured during the policy term

Under To Age policy terms, for regular premium payment option and Limited Pay (Pay till Age 60) option, the policyholder will have an option to increase the Sum Assured twice during the policy term without undergoing any further medical examination, provided that at the time of exercising this option, the outstanding policy term is at least 10 years and the policyholder’s age is not over 45 years age last birthday. The Sum Assured can be increased by an amount equal to 50% of the Sum Assured chosen at inception. The option to increase Sum Assured has to be chosen at inception of the policy. This option is not available under Joint Life option and With Return of Premium Option.

The cumulative increase of Sum Assured is capped to 100% of the Sum Assured chosen at inception. The increase in Sum Assured shall be effective from the policy anniversary following the exercise of the options. Additional premium shall be collected for the additional Sum Assured, where the premium rate shall be based on the age of the policyholder and the outstanding duration of the policy, as at the policy anniversary following the selection of the option.

4) Tax Benefits

You may be eligible for tax benefits on the premiums paid as well as the benefits received as per the prevailing tax laws. The tax benefits are subject to change as per change in tax laws from time to time.