All About Bharti AXA Premier Protect Plan
Published On Sep 16, 2021 12:00 PM By InsuranceDekho
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You endeavour to provide your family with comfort, happiness, and security as a responsible individual. You want to make sure that your family's future needs are met and that they can keep their lifestyle if something bad happens to you. A term insurance plan can help you accomplish all these tasks with ease through its various benefits. There are multiple insurance plans available in the market, and you can easily choose the most suitable plan for yourself. One such plan is known as Bharti AXA Premier Protect Plan. Let's learn about the plan’s eligibility criteria, features and benefits in detail.
What are the Key Features of a Bharti AXA Life Premier Protect Plan?
Multiple policy terms and premium payment terms are available with the plan. The opportunity to select from a variety of death benefit payout options is also provided by the insurer. Here are some of the plan's other characteristics.
EligibilityThe minimum age of entry is 18 years, while the maximum age of entry is 65 years.
Grace PeriodAfter the premium due date, you have a grace period during which you can pay your premiums without affecting your policy benefits. Monthly premium payment modes have a 15-day grace period, while annual/semi-annual/quarterly premium payment modes have a 30-day grace period. If the life insured dies during this time, the death benefit would be paid after the unpaid due premium is deducted, and the policy will be terminated. The policy will be in effect during the grace period.
Policy RevivalYou have the option to revive your lapsed policy within the five-year revival period from the due date of the first unpaid premium, subject to the terms and circumstances set forth by the company from time to time. You must pay all outstanding premiums, interest on outstanding premiums, and related taxes in order to be eligible for revival. The company may adjust the revival interest rate at any time, but only with IRDAI's prior approval.
Free Look OptionIf the policyholder disagrees with any of the policy's terms and conditions, he or she may return the original policy along with a letter explaining the reason(s) within 15 days of receiving the Policy document in the case of an offline insurance policy and within 30 days in the event of an online insurance policy.
What are the Benefits of a Bharti AXA Life Premier Protect Plan?
The following are the plan's main advantages.
Death BenefitIf the Life Insured passes away within the policy term, the Death Benefit will be paid to the nominee/beneficiary as soon as possible. The Sum Assured on Death is the highest of 11 times Premiums calculated on an annual basis, 105% of all premiums paid up to the date of death and the absolute amount guaranteed to be paid on death is equal to the Sum.
Multiple Death Benefit Payout OptionThe Life Insured can choose one of the three Death Benefit Payout Options from the three options. Under the lump sum option, on On death, a lump sum payment of 100 per cent of the Death Benefit will be made. Under monthly income, the Death Benefit will be paid monthly at a rate of 1.04 per cent of the Sum Assured for a period of ten years, with the first instalment due immediately upon death. 50 per cent of the Death Benefit is paid as a lump amount immediately on death, and the remaining 50 per cent of the Death Benefit is paid as 0.93 per cent of the entire Sum Assured every month for the next 5 years, with the first instalment due immediately on death under the last option.
Increasing Sum Assured BenefitThis advantage allows the policyholder to increase the Sum Assured at three different points during the policy period. At each milestone, the Sum Assured can be increased by an amount equal to 50% of the Sum Assured. The three milestones include marriage, purchase of residence (loan repayment) and the arrival of a child. The increase in Sum Assured will take effect on the policy anniversary after the execution of this option, with an additional premium collected to meet the additional Sum Assured.
Purchasing a family protection plan offers numerous advantages. Moreover, this plan was created to protect your family from any unpredictability while you are away. Hence, it can prove to be quite a smart decision. In a considerable number of network hospitals, Bharti AXA provides exceptional claim settlement services as well as cashless facilities.
Also read: Everything You Need To Know About Bharti AXA Life Flexi Term Plan
What Are The Common Exclusions Under Child Insurance Plans Offered By Bharti AXA Life Insurance?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.