Bharti Axa Life Insurance : Everything you need to know

Bharti AXA is a reputed and trusted general insurance company in India. It boasts of 9.8 Million Policies issued and 1.3 Million Claims settled till date. Bharti Axa is a collaboration between Bharti Enterprises, a leading Indian company and AXA, a global financial securities major, with headquarters in Paris, France. Bharti Axa Life Insurance is the life insurance and wealth management arm of Bharti Axa.

Key Highlights Bharti Axa Life Insurance

Bharti Axa provides a vast innovative range of life insurance solutions that are affordable, customizable, and offer instant access to life insurance policies online. It is registered with IRDAI. Bharti AXA Life was established in the year 2006. Some of the key highlights of this insurance are:

  • Personalised claims to meet your different life stage needs.
  • Easy and simple online processes with minimum paperwork

at https://www.bharti-axalife.com/

  • Pan India presence with 187 outlets across India, so that you have access to their branches all over the country.
  • Efficient Support with Bharti Axa Life Toll Free Helpline number: 1800-102-4444 (9am to 7pm Monday to Saturday).
  • It has a pool of 16,000 expert and reliable advisors all over India.
  • They operate following a “Strategy of Proof” concept. This involves the implementation of tangible proof of benefits matched against customer expectations. As a part of this concept, it has dedicated claims processors and promises 48-hour (post claim intimation) fund release guarantee. If they fail to meet this, Axa Life will pay up an additional interest of 1% of fund value for every day of delay. It also offers a Guaranteed Money Back Plan with the advantage of protection and lump sum returns that are not taxable. Read more about this
  • Bharti Axa Life Insurance aims to become the most reliable life insurance provider by 2020.

To be eligible for Bharti AXA Life Insurance

A Life insurance cover can be long-term or short-term coverage. The terms can range from a minimum of 5 years to a maximum of 60 years (or more) in some cases.

Each Life Insured mentioned in the Policy can be eligible to apply for coverage under the Policy if he/she meets the following eligibility criterion:

  1. The Life Insured is a natural person.
  2. He/she has attained the minimum entry age of 18 years for the policy and has not exceeded the maximum entry age of 50 to 60 years (or more in some special cases), at his/her last birthday with maximum age at maturity limited to 55 years. There may be variations to this specific age limits, according to different policies
  3. The Sum Assured selected by the Life Insured at the Policy Effective Date shall not be less than the Minimum Sum Assured or more than the Maximum Sum Assured as defined in the Policy Schedule of respective policies
  4. The Lives Insured have fulfilled the underwriting requirements as prescribed by Bharti Axa Life Insurance company
  5. You have to be a Beneficiary/Nominee whose name/(s) have been entered in the life insurance records as maintained by Bharti Axa Life Insurance. This makes you eligible for the Benefits under the Policy. Beneficiary/Nominee refers the individual/(s) specified by the Life Insured to receive the Life Insurance Coverage Benefits in the event of the death of the Life Insured while the Coverage is still in effect/valid

Documentation needed to apply for a Bharti AXA Life Insurance

Documents required to apply for claims depends on the type of claim which can be:

Group Death Claim

  • Form for Death Claim dully filled and signed by Master Policy Holder and Nominee
  • Death Certificate copy duly signed with Master Policy Holder attestation
  • Certificate of Insurance
  • Nominee’s personalised (with your name printed on it) cancelled cheque

Death Claim

  • Original Policy Bond
  • Claimant’sStatement Form
  • Photocopy of attested Death Certificate issued by the local authority
  • Photocopy of nominee’s Photo identity proof and Residence address proof
  • Photocopy of nominee’s bank passbook and personalised (with your name printed on it) cancelled cheque

For both group death claim and individual death claim there are additional documents required:

  1. If death is due to accident/suicide/murder
  2. For non-accidental death

For details of these additional documents refer to https://www.bharti-axalife.com/claims/requirements

Rider Claim

Hospitalisation Claim

Bharti AXA Life reserves the right to ask for any additional information and documents required to be assured of the validity of the claim.

Types of Insurance

Bharti Axa Life official portal is a one-stop shop for you to buy and renew insurances that are The of the following types.

Bharti Axa Life Insurance Plans for Individuals

Choosing a plan can at times be a daunting process. Bharti AXA Life offers products to cover different life stages of an individual and their changing requirements and also offers various kinds of assistance for you to pick the perfect plan.

You can also use a plan finder with complete plan details to better understand what kind of plan suits the current requirements of the phase of life you are in. You can access the plan finder at https://www.bharti-axalife.com/know-your-insurance/find-life-insurance-plans

A life stage-by-stage and situation-by-situation guide to find the plan best for you is also available at https://www.bharti-axalife.com/know-your-insurance/benefits-of-life-insurance

Then various articles will further help you choose the correct plan at https://www.bharti-axalife.com/know-your-insurance/insurance-read

Most of these plans also provide the option of liquidity at essential stages of your life.

Bharti Axa Life Insurance Claim Settlement Ratio

Claim Settlement Ratio is vital information you need at hand to determine your purchase decision of any insurance. Based on the latest published IRDAI Report for FY 2016-2017, we have displayed the trends in Bharti Axa Life Claims Settlement Ratio from 2011 to 2017.

This trend is noted according to the information published by the Insurance Regulatory & Development Authority of India (IRDAI). Please note that it is calculated on consistently used bases.

  • 2011-2012: 88 %
  • 2012-2013: 89 %
  • 2013-2014: 88 %
  • 2014-2015: 81 %
  • 2015-2016: 80 %
  • 2016-2017: 92 %

Bharti Axa Life Insurance Claims Settlement Performance (2016-2017)

Opening Balance of Claims New Claims Made TOTAL Number of Claims
86 792 878

The data displayed in the table above shows:

Opening balance that is the pending claims of last year + new death claims made this year = Total Claims that needs to be processed in the year.

Claim Type Total Count Percentage
CLAIMS APPROVED

 

811

 

92.37 %

 

CLAIMS REJECTED

 

33

 

3.76 %

 

CLAIMS PENDING

(Claims for which decision is not taken or not made at all)

34

 

3.9 %

 

  • Total claims value approved: 3 crores
  • Average value per claim: 8 lakhs
  • Bharti Axa Life pending claims average age: 55 days

How to Check Bharti Axa Life Insurance Policy Status:

You can track Bharti Axa policy status in many ways:

Bharti Axa claim status online

This is the easiest process to use.

Steps to follow are:

  1. Visit https://online.bharti-axalife.com/OnlineClaims/Claim/ClaimSearch
  • Enter your 10-digit policy no in the first field.
  • Enter your date of birth in the second field.
  • Enter your claim no in the relevant field.
  • Click Submit.

Status Check by SMS

You can also check Bharti Axa Life fund value and premium due status using SMS facility from your registered mobile number.

  1. Send the SMS as shown below to 56677
  • SMS to know your fund value:

FUND 10-digit policy number

  • SMS to know premium due date:

DUE 10-digit policy number

  • SMS to know features of this service:

HLP

By Phone:

You can also call at 1800 – 102 – 4444

[9am to 7pm Monday to Saturday]

Email:

You can send email to: Service@bharti-axalife.com

Bharti Axa Life Insurance premium payment

You can make a Bharti Axa Life premium payment in the following ways:

  1. Phone:

This is Interactive Voice Response (IVR) powered payment method. It is available for only VISA or Master credit card holders as of now. You have to call customer care at 1800 102 4444 and place a request for IVR payment. You will be redirected to the IVR, where you will have to provide your credit card details. The premium amount will get debited from your account.

  1. Cash

Cash payments are received at any Axa’s own branch offices or at AXIS Bank, YES Bank and Allahabad Bank branches. Maximum cash payment at these places or for pickup is Rs. 49,999/-.

For more details of this payment mode visit: https://www.bharti-axalife.com/premium-payment-options/cash-cheque

  1. Cheque

If you want to pay your premiums via a cheque, it has to be drawn in favour of: “BHARTI AXA LIFE INSURANCE COMPANY LIMITED POLICY NUMBER XXXXXXXXXX”. Please write your name and contact number behind the cheque. The cheques can be submitted at any of Axa Life branches.

Online Premium Payment for Bharti AXA Life Insurance Plans:

There are 5 ways in which you can make Bharti Axa life insurance online payment

On the Bharti Axa online payment link

You can get online and pay the premium with these easy steps

  1. Visit:

https://online.bharti-axalife.com/CSSPUI/modules/onlinepayment

  1. Enter your policy details.
  1. Select your online bank account or debit/credit card.
  2. Confirm payment.
  3. Enter your authentication details.
  4. Receive an online confirmation.

You don’t have to register for this service. You just require a credit/ debit card or net banking facility with some banks, the list of which is available here.

InstaPay

This is a Bharti Axa quick pay method using Net Banking, with some of the partner banks and without any registration. All you have to do is get into net banking of these partner banks with your bill details. The list of partner banks is available here.

e-Bill Payment

This Bharti Axa premium payment method involves electronic bills and payment. You can both receive and pay your premiums electronically through your Net Banking account with listed banks. Check out bank list here.

For this facility, you have to register on the respective bank’s website for making an online premium payment. After that, your premium bill will be available online from the next payment cycle.

Your premium bill will be available for this mode of payment for 10 calendar days before the premium renewal due date. You make a payment in either of these ways:

  • “View and Pay”: You can view the bill details and authorise the payment.
  • “Auto Pay”: You can schedule an automatic payment of the bill on the renewal premium due date.

This facility is available for all customers who have opted for cash or cheque payment of the renewal premium.

Nationalised and co-operative banks electronic bill payment process:

There are some partner banks where you can electronically pay your premium using the bank’s BillPay facility. The list of banks is available here. You can visit these banks for all details.

Visa Bill Pay

You can make Bharti Axa online premium payment via your Visa debit or credit card. Please note that the card must be in the name of the policyholder only. All you have to do is register on www.visabillpay.in for making a premium payment to Bharti AXA Life Insurance Co. Ltd. After authentication of your details, you will get an electronic premium bill at Visa Bill Pay.

This bill will be available online 10 days before your premium due date for you to process the payment. This facility is available only for customers who have opted for cash or cheque mode of payment.

You can also change payment mode anytime. For details click here.

Bharti AXA Life Insurance Premium Calculator

You can access instant online Premium Calculators for:

Bharti Axa Term Plan premium calculator: https://buyonline.bharti-axalife.com/UIRevamp/FlexiTermPlan/Premium/PremiumCalculationFTP

Bharti Axa eAajeevan-Sampatti premium calculator:

https://buyonline.bharti-axalife.com/UIRevamp/eAajeevan-Sampatti/PremiumAS/CalculatePremium

Bharti Axa eFuture-Invest premium calculator:

https://buyonline.bharti-axalife.com/UIRevamp/eFuture-Invest/PremiumAS/CalculatePremiumEFI

FAQs

  • How can I initiate a claim?

Claim can be easily initiated online. For details click here.

  • What is the process for claims?

Claims can be processed online. Check out the process here

  • How can I track my claim?

Refer to the section on tracking claims in this article.

  • What are the documents necessary to make a claim?

Refer to the section on documentation above in this article.

  • When can a claim be rejected by Bharti Axa Life Insurance?

Rejection occurs when there is:

Non-disclosure of information: All data that is related to the Life Insured and which can influence the underwriter’s decision has to be fully disclosed. It if it is not disclosed in the proposal form, then it is called “non-disclosure”.

Mis-statement of facts: This is incorrect information is provided while answering to questions in the proposal form.

  • Where should all the documents be submitted for making a claim?

All filled and completed claim forms and documents have to be submitted at the nearest Bharti AXA branch office or couriered o the Head Office. Here is the List of Branches.