Bharti AXA Life Flexi Term

What is Flexi Term?

Bharti AXA Life Flexi Term is a pure term insurance plan that gives you the flexibility to adjust the sum assured and the policy term during the life of the cover. Unlike traditional term policies that lock you into a single premium for the entire duration, Flexi Term lets you increase or decrease coverage (subject to underwriting) and change the policy term at renewal.

The product is designed for people who want high protection at an affordable cost but also expect life changessuch as a new child, a mortgage, or a change in incomethat may require a different amount of coverage later on.

Key Features

• Flexible Sum Assured: Increase or decrease the sum assured at renewal without a fresh health check (subject to medical underwriting limits).
• Adjustable Policy Term: Choose a term of 5, 10, 15, 20, 25 or 30 years at the time of purchase and extend it later.
• Premium Waiver on Critical Illness: Optional rider that waives future premiums if you are diagnosed with a covered critical illness.
• Accidental Death Benefit Rider: Provides an additional lumpsum payout if death occurs due to an accident.
• Tax Benefits: Premiums paid are eligible for deduction under Section80C, and the death benefit is taxfree under Section10(10D) of the Income Tax Act.
• Online Policy Management: Policy can be purchased, renewed, and managed through the BhartiAXA portal or mobile app.

Benefits for the Policyholder

Eligibility & Age Limits

Premium Calculation

Premiums are determined by three main factors:

1. Sum Assured: Higher coverage results in a higher premium.
2. Policy Term: Longer terms generally have slightly lower annualized premiums but higher total outgo.
3. Age at Entry: Younger entrants enjoy lower rates.

Example (illustrative only):

Premiums shown are basic premiums; add-ons like riders will increase the total amount.

Optional Riders

• Critical Illness Rider (CIR): Provides a lumpsum on diagnosis of any listed critical illness.
• Accidental Death Benefit (ADB) Rider: Adds an extra sum assured (usually 100% of basic SA) if death is accidental.
• Waiver of Premium on Disability: Premiums are waived if the insured becomes permanently disabled.

Claim Process

1. Notify BhartiAXA Life within 48hours of the death.
2. Submit the claim form along with the death certificate, policy document, and identity proof of the nominee.
3. If the death is due to an accident, also provide a police report or FIR.
4. The claim is typically settled within 1530 days after verification.

For critical illness or disability riders, additional medical reports and test results are required.

Pros & Cons

Frequently Asked Questions

1. Can I increase the sum assured after buying the policy?

Yes, at any renewal you can request an increase. If the increase is within the authorized limit (generally up to 25% of the existing SA) no medical test is required; larger increases may need underwriting.

2. What happens if I miss a premium payment?

The policy offers a grace period of 30 days. If the premium is not paid within this period, the policy lapses, but you can revive it by paying pending premiums along with interest within one year of lapse.

3. Is the death benefit paid taxfree?

Yes, the sum assured received by the nominee is exempt from income tax under Section10(10D) of the Income Tax Act, provided the policy complies with the regulatory conditions.

4. Can I convert the term policy into a lifelong policy?

Flexi Term does not have an automatic conversion feature. If you wish to switch to a permanent plan, a new application is required.

5. Does the policy cover suicide?

Suicide is excluded during the first 12 months of policy issuance. After this period, the sum assured is payable.

How to Buy Flexi Term

1. Visit the official BhartiAXA Life website or download the mobile app.
2. Choose Flexi Term from the product list and click Buy Online.
3. Enter your personal details, select the desired sum assured and term, and pick any optional riders.
4. Submit the required KYC documents (Aadhaar, PAN, and address proof).
5. Pay the first premium via net banking, credit/debit card, or UPI.
6. After underwriting (if required), you will receive the epolicy via email.

You can also approach any BhartiAXA authorized agent or visit a branch for assistance.