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Term Insurance

Term insurance is a life insurance product which provides financial protection in case of sudden demise of the life assured. It is a life insurance policy that provides financial coverage and protection to the policy beneficiary in case the individual life insured dies during the active period of the term insurance plan. Basically, Term plans provide full financial stability and protection to the loved ones of the insured in case of any sudden and unforeseen events. The policy nominee of the insured is provided with the amount as a death benefit, in case of the insured’s death during the term of the insurance plan.

What is Term Insurance?

Term insurance plans not only helps in financial protection and security to the insured individual’s family but also fulfil their future needs including education and marriage of the children and others. Some insurance providers also offer coverage of permanent or partial disability due to which the permanent income of the policyholder is disrupted. Term life insurance offers highest life coverage and benefits against lowest premium rates during the term period.

It is important to know the benefits of term insurance as well as understand its key features before buying the term insurance plan. A term plan provides life insurance coverage against the fixed rate of premium paid for the specific period of the policy plan.

Why do you need Term Insurance?

Financial Security

Provides Financial Security

An unfortunate event like the untimely death of a family member can be highly disrupting, especially if the family is dependent on the person for financial aid. Investing in a term plan helps relieve the financial stress and uncertainty and takes care of the family’s financial needs.

Standard of living

Helps Maintain the Existing Standard of Living

With the help of term plans, an individual can ensure that his/her family members live a well-maintained life with high standard of living, even in their absence. Term plans help in planning and collecting finance for the long-term.

Low Premium

Low Premium

The premium rates for all term plans are lower than any other insurance plans, making it easy for anyone to pay them. Term plans help in planning and collecting finance for the long-term.

Term Insurance Plans by Bharti AXA Life

Bharti AXA Life offers multiple term insurance plans for the insured’s suitability. These plans include Flexi Term Income Protection, Premier Protect,and POS Saral Jeevan Bima Yojana. You can choose any term plan as per your convenience and requirement, which would help in efficiently planning for the future. Bharti AXA is the preferred and trusted choice of insurance providers for Indian customers, with its certain and efficient results. Keeping one’s family safe and secure is easier with Bharti AXA Life Insurance. There is a term plan offered for every possible kind of uncertainty and emergency that could occur and cause financial burden on the insured policyholder’s family and their future.

Term Insurance Plans

Term Plan Min to Max Entry Age Maximum Maturity Age Minimum Sum Assured Benefits
Bharti Axa Flexi Term Plan 18 to 65 Years 85 Years 10,00,000 Maximum coverage term up to the age of 75
Gain tax benefits
Covers critical illness at the age of 75
Bharti Axa GrameenJeevanBima Yojana 18 to 60 Years 5 years or 10 years 10,000 Single/Regular pay option
Bharti Axa Premium Protect Plan 18 to 65 Years 75 years 50,00,000 Maximum maturity age single pay
Bharti Axa Smart Jeevan 18 to 50 Years 12-year protection 50,000 100% return on investment of premium
Bharti Axa POS Saral JeevanBimaYojana 18 to 55 Years 12-year protection 50,000  
Bharti Axa Income Protection plan 18 years min 58 years for 12-year policy term 5,00,000 100-120% return of premium on Maturity
55 years for 15-year policy term Death benefit in the form of annual instalments for 15-20 year
50 years for 20-year policy term  

Features of Term Insurance Plans

Term plans are the purest form of life insurance that secures the family of the deceased financially and provides stability.
Here are some of the important features of term life insurance:

Easy to buy

Easy to buy

Affordable

Affordable

Choice of return of premiums

Choice of return of premiums

Premium payment flexibility

Premium payment flexibility

Staggered claims pay-out options

Staggered claims
pay-out options

Offers rebate

Offers rebate

Benefits of Term Insurance

Before buying a term insurance plan, it is important to the benefits of term insurance. Below mentioned are the term plan benefits that you can gain:

Affordable Premiums

Affordable
Premiums

Term insurance plans can be availed at an affordable premium, as they are the most basic form of life insurance. As compared to other insurance plans, it is easier to maintain and provides more benefits against cheaper premiums. There are choices offered in the payment of premiums at the frequency of either monthly, half-yearly, or yearly payments.

Death Benefit

Death
Benefit

It is a total sum assured amount that is offered to the beneficiary of the policy by the insurance provider in case of the death of the insured policyholder.

Lifelong Coverage

Lifelong
Coverage

In order to gain comprehensive protection and coverage, you can choose whole life insurance that covers the insured for a substantially longer period of time. With the help of this coverage, you can gain more benefits for more years.

Benefits to Nuclear Families

Benefits to
Nuclear Families

In nuclear families, there are more chances of there being only one bread earner, on whom the family is dependent financially. Term insurance plans would be highly beneficial in such a scenario and mitigate tough situations of financial burden that the family would face in their absence.

Tax Benefits

**Tax
Benefits

Term insurance policy provides tax benefits under two mandates of the Income Tax Act. According to the Income Tax Act, you can avail tax benefit against the premium paid. Premium paid up to the limit of Rs. 1.5 lakhs are considered eligible for tax exemption under this act. Additionally, the maturity benefit offered by some term insurance policies are eligible for tax exemption under this act.

Rider Benefit

Rider
Benefit

Rider benefit can be availed as an add-on cover in the term insurance plans. This can be availed along with the benefits of term insurance by paying extra premium.

Avail Maturity Benefits

Avail Maturity
Benefits

A pure term insurance plan offers coverage only in the form of death benefit to the beneficiary of the insured’s policy. It does not offer any maturity benefit on usual terms. However, there are specific plans that offer maturity benefit in the form of return of premium in case of the insured surviving through the term plan period. Term Return of Premium Plan (TROP) is one such plan.

Who should buy a Term Insurance Policy?

A term insurance policy is favourable for everyone having a family. However, it is more of a necessity to some than it is to others. People having a tight budget and limited income can utilize term insurance as a beneficiary option. People having low income would not be able to make the required savings for times of uncertainties and sudden needs. Buying term insurance plan could prove to be of huge help to these people and their families. Individuals who are on the threshold of starting a new career or business venture could secure themselves and their family with term insurance policy.

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How to Choose Best Term Insurance Plan?

Term insurance is an inexpensive and highly beneficial tool that helps fulfil this objective and provides financial security and death benefit. It is important to consider and carefully assess all the required factors before selecting the right one. Factors like age, income, health history, liabilities, etc. must be considered. Other factors that must be carefully and efficiently assessed are as mentioned below:

• Carefully assess your needs and familial requirements. Make the term policy purchase based on needs and not peers. Everyone has different financial and health conditions. Hence, it is not advisable to follow other people’s footsteps blindly for deciding about your own family. Analyse your own personal as well as your family’s needs and then come to a decision regarding the type of term insurance plan to be selected. You must put into consideration the age of the family members, their health conditions, liabilities of the family, and future goals before finalising a term insurance policy plan. You must also decide the term of the policy plan based on these considerations.

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How to Calculate Term Insurance Premium?

At the time of buying a term insurance premium, it is highly important to know the amount of premium to be paid to continue availing the benefits. Policy buyers can use the term insurance calculator to get the approximate premium rate of the policy. Rate of premium can be known according to the chosen plan and the details of the applicant. Generally, the rate of premium for young insurance buyers is less as compared to someone above the age of 50. Apart from this, there are several factors that affect the rate of premium. Firstly, the term insurance policy buyer needs to fill in information regarding their personal and medical details as well as their choice of plans and add-ons. This includes age and gender of the applicant, name of the plan, premium payment frequency, sum assured, tenure, date of birth of the applicant, rider, and proposer’s name. By adding these details, the applicant will receive the approximate premium amount calculated by the term plan calculator. It is vital to consider your family’s as well as your own insurance requirements, your coverage amount, age and gender, and occupation before finalising the appropriate term plan.

Term Insurance Claim Process

Claim Process 1

The first step involves informing us about your intention to file the claim. Get a hold of the claims form which you can find both at our physical outlet as well as Bharti AXA’s online portal. The claims form will involve filling in details such as cause of death, name of the beneficiary, the location of the death, and personal details such as date of birth of the beneficiary, policy number and name of the beneficiary amongst other aspects.

Claim Process 2

The next step involves arranging all the necessary documents that you will need in order to ensure that your claim goes through successfully. Some of the main documents that you need to keep handy if you are looking to file a claim include the death certificate pertaining to the deceased registered under the policy, age of the deceased, original copies of the policy document, ID proof of the beneficiary, and any medical reports/records pertaining to the beneficiary’s demise.

Claim Process 3

Once the claims form and the necessary documents are submitted, the claim will be processed within a duration of 30 days. In some cases, additional steps will be undertaken by the insurer. This is especially true in cases where claims are made within a period of 3 years since the purchase of the policy, in lieu of which additional investigation is undertaken. This includes checking with the hospital where the deceased registered under the policy was admitted prior to his/her demise.

Term Insurance FAQ's

A term insurance cover must generally be 15-20 times of your annual income. The expert recommended formula for this is, that if your annual income is Rs. 6 lakhs, then you must purchase a cover for minimum Rs. 90 lakhs to Rs. 1.20 crore.
Term insurance policy period must be decided by considering and assessing your individual and familial situation and requirements, including your age and health, your family members’ age and health conditions, liabilities, assets, future goals, etc.
The tenure of the term plan must be decided by considering and assessing your individual and familial situation and requirements, including your age and health, your family members’ age and health conditions, liabilities, assets, future goals, etc.
There are several factors that determine the rate of premium of your term insurance plan. These factors include age, gender, occupation, policy tenure, policy type, number of members included, history of health and diseases, etc.
Gender is the second most important aspect that decides the price of the term plan based on risks. It is used as a risk-rating factor along with the other factors taken into consideration.
In case of the premium not being payed before the due date, the policy is considered lapsed and you lose all the benefits of the insurance plan. You can revive it only if the insurance provider allows to do so.
One can buy more than one term insurance policies to fulfil their needs. It is also possible to have more than one beneficiary for one insurance plan. In case you have two insurance plans, there is no stipulation for nominating the same person as beneficiary for both the insurance plans.
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