New Delhi, Oct 14 (IANS) Leading private life insurer Bharti AXA Life Insurance has sharpened its focus on the pure protection segment with the introduction of a value-loaded protection solution — Bharti AXA Life Premier Protect Plan — that offers life cover, the option of increasing protection at different life stages and various death benefit payout options.
The new term insurance is a pure risk premium life insurance scheme which provides the policyholder with financial protection and security for his/her family’s financial future at an affordable premium.
“The unprecedented times following COVID-19 have strengthened the bias towards protection policies which bring real insurance products to the customers and build a safety net for their families. With this new term insurance plan, we would help the customers achieve their different life and financial goals and sharpen our focus on the pure protection segment for increasing its share and boosting the long-term growth,” said Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance.
Bharti AXA Life Premier Protect Plan empowers the life insured with three death benefit payout options. Under the lump sum option, 100 per cent of the death benefits will be paid immediately on death as lump sum. As per monthly income option, the death benefit will be paid as 1.04 per cent of the sum assured every month in the form of monthly income, payable for 10 years with the first installment being payable immediately on death.
The regular premium mode of the plan allows the policyholder to increase the sum assured on three milestones – marriage, purchase of house and birth of child provided that the policyholder’s age is less than or equal to 45 years. The sum assured may be increased by up to 100 per cent cumulatively without any further medical underwriting.
“We designed this innovative insurance solution to give our customers optimal benefits which take care of their growing needs with the passage of time. Apart from providing life insurance coverage and financial security, Bharti AXA Life Premier Protect Plan also adapts to the changing requirements of the customers in their different life-stages on the back of increased protection option that helps in securing family’s finances,” he added.
The unique protection plan also offers some riders – Bharti AXA Life Hospi Cash Rider, Bharti AXA Life Accidental Death Benefit Rider and Bharti AXA Life Premium Waiver Rider – to the customers for enhancing their protection by paying an additional premium.