Bharti Axa Life unveils Flexi Term Pro with option to cover life up to 99 years
Bharti Axa Life Insurance MD and CEO Parag Raja

Bharti Axa Life unveils Flexi Term Pro with option to cover life up to 99 years

New Delhi, February 23, 2021

Private life insurer Bharti Axa Life Insurance today announced a new protection solution, Flexi Term Pro, that offers customers the option to cover life up to 99 years and provides a customized shield with multiple flexibilities to financially secure the insured and his or her family.

A press release from the company said the "new-age and comprehensive" protection solution is a non-linked, individual, non-participating pure protection plan that also offers one-year term and tele-medical underwriting option to individuals as a key differentiator in the domestic insurance market.

With the novel term plan, the company has introduced quit smoking and stay fit benefits for customers with an additional discount of 5 per cent on the subsequent renewal premium.

"The new protection solution stirs customers to get rewarded for a healthy lifestyle on quitting smoking and improved health status and reduce policy premium under the ‘Quit Smoking’ and ‘Stay Fit’ benefits before the third policy anniversary and the second policy anniversary, respectively," the release said.

Bharti Axa Life Insurance MD and CEO Parag Raja said, ‘’The ongoing coronavirus pandemic has made people aware about the need for financial protection and obligations in the uncertain life and set term insurance a crucial component in their portfolio, which was not the same a few years ago. We designed Flexi Term Pro with multiple features and options that help people insure their life and earn financial security for their families as per the preference and needs. Further, the value-loaded protection solution also caters to the evolving life stage needs of our customers. We believe that quit smoking and stay fit benefits are game-changing characteristics that will redefine the protection insurance market in India.’’

Bharti Axa Life Flexi Term Pro is available in two options – Without Return of Premium and With Return of Premium. It gives 100 per cent premium back to the policyholders at the end of maturity only in the return of premium option. In case the life insured survives and all due premiums have been paid till the date of maturity, the sum assured at maturity (total premiums paid till maturity) without GST will be payable.

Under the without return of premium variant, the customer also has the option to avail a joint-life benefit in the same policy which allows the assured to cover his/her spouse. On the demise of the primary life assured, the life cover for the spouse will continue.

Apart from providing protection, the return of premium on maturity, and death benefit payout option -- including lump sum and monthly income benefits, it also gives the policyholders flexibility to increase their protection cover across various life stages - single, marriage, childbirth and education, etc.

‘’This feature empowers our customers with adequate protection at different milestones of their lives with no additional financial and medical requirements. With this unique product, we will be able to bridge, to an extent, the protection gap that currently exists in the country,” Raja pointed out.

The life cover is available till 85 years, though there is an option of whole life term coverage up to 99 years. ‘’We are also extending the life coverage from the age of 85 years to 99 years to support our customers at a later stage of life,’’ he said, adding that the innovative term plan also allows the customers to pay a premium for a limited-term, as less as five years, and get a life cover till the age of 85.

It offers the option to choose from multiple policy terms and premium payments terms and the opportunity for the customers to customize their plan as per life needs. They can also enhance their protection by availing riders -- Bharti Axa Hospi Cash Rider, Bharti Axa Life Accidental Death Benefit Rider, Bharti Axa Life Premium Waiver Rider and Bharti Axa Life Accidental Total and Permanent Disability Rider -- at an additional premium.

The customers are eligible for tax benefits on the premiums paid as well as the benefits received as per the prevailing tax laws.

Raja said, ‘’With the introduction of Flexi Term Pro, we are offering a wide range of benefits and choices to help our customers and their loved ones fulfill their specific financial requirements at each stage of life and to empower them with adequate financial resources to live the life of their dreams. Further, we aim to penetrate deeper into the current industry and explore new segments in order to expand the overall term market in India.’’

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