Bharti AXA Life has launched a new version of it’s online term insurance plan – ‘eProtect’.
Sailent Features of eProtect
Minimum Age at Entry – 18 years for all terms except To Age 70 and To Age 75 years. 40 years for To Age 70 and To Age 75 years.
Minimum Sum Assured – Rs. 2,500,000/-
Policy Term – 10, 15, 20, 25, 30, To Age 60, To Age 65, To Age 70 and To Age 75 years and will depend on maximum coverage age under this product.
Family Care Benefit – A part of the life insurance benefit (Family Care Benefit) i.e. Rs 1,00,000 is paid as a lumpsum to the nominee in case of death of the life insured, within 48 hours of submission of all relevant claim documents.
Reward for Non-smokers – A special discounted rates for non-smoker
Online Buying Option.
Things to Take Care
1- Extra Cost for Medical Examination – As per the internal guidelines of the Company, there may be requirement to undergo Medical Examination. In case, you are required to undergo such Medical examination and if the Company empanelled Medical Center is not in your vicinity, you shall have to travel to Company empanelled Medical Center of your convenience at your cost.
2- Bharti AXA Life’s eProtect is only available to resident Indians.
3- The term life insurance benefit is paid subject to the policy being inforce and the premiums for 2 consecutive term insurance policy years from the date of issuance or the date of latest reinstatement have been paid.
4- Reward for non-smokers available only when proposer have applied for a life insurance benefit (sum assured) in excess of Rs 5,000,000.
5- Family Care Benefit will only be paid if you meet following conditions –
a- The Rs. 100,000, Family Care benefit will be the combined benefit from all the Bharti AXA policies, so if you have more than one policy then you will only get 1,000,000.
b- The Company shall release a cheque on intimation of death of Life Insured, in the nominee’s name within 48 hours of submission of all relevant claim documents and it does not in any way indicate acceptance of any other policy liability.
c- The 48 hour period shall be reckoned from the time the primary claim documents like the Original policy bond, Death certificate of life insured & Claimants statement are submitted at the branch and acknowledged to the time the cheque is released in the nominee’s name. However, while calculating 48 hours the intervening period on account of Saturdays, Sundays, Holidays declared by the Company and Public Holidays shall be excluded.
d- For any claim intimation received on Saturdays, Sundays, Holidays declared by the Company and Public Holidays and on any working days after 3 p.m., the 48 hour period will be reckoned from 9 a.m. of the next working day
e- Balance sum assured (after adjusting the Family Care Benefit amount), will be released on a later date if the claim is settled and will be subject to the terms and conditions mentioned herein.
f- Cases where the Claimant is other than nominee as per the Company records are excluded.
The Bottom Line
If we compare this plan with the old Bharti Axa’s ‘eProtect’ term insurance plan, than this plan has following plus points over it’s predressor –
1- Life cover for new eProtect has now been increased to age 75 years.
2- The maximum age of entry has been increased to 65 years as well.
3- The current customers of old eProtect has an option to upgrade to the new version after paying nominal extra cost.
4- Family Care benefit ensures the release of Rs. 100,000 during times of distress within 48 hours of claim intimation.
But if you are looking for cheapest option than Bharti Axa’s eProtect is still legging behind HDFC Life’s Click 2 Protect, Aegon life’s iProtect and ICICI Pru’s iProtect.