Question 1

What is Life Insurance?

Accepted Answer

Life insurance is a contract between an insurer and a policy owner. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured dies in exchange for the premiums paid by the policyholder during their lifetime. Life insurance is a key investment, especially in uncertain circumstances, like the present. Life insurance policies work in three stages :

Purchasing a life insurance policy
Buy the best life insurance policy that offers flexibility of benefits. Other factors to consider are plan tenure, premium, riders, and, most importantly, the reason you are buying life insurance.
Premium payment
It is advisable to choose a premium that you can easily pay on time. As per the life insurance contract, the insurers promise to pay a pre-decided amount to you (policy holder) or your nominee, provided all premiums have been paid. All benefits then are based on timely premium payment.
Filing a claim
The last stage of a life insurance plan is related to filing for a claim to get insurance benefits.

In case of your unfortunate demise, your nominee will be eligible for the sum assured as defined in the contract. To get it, the nominee has to submit a claim form along with various documents. Upon verification of claim, the insurance company releases the benefit to the nominee.

For life insurance plans with a return of premium, a total of all premiums is paid back if the insured survives the policy term, which can be a great financial aid in the short or long term.

Question 2

What are the benefits of buying life insurance?

Accepted Answer

Life insurance offers three major benefits.

Protection
Life is full of uncertainties; investing in a life insurance plan provides a safety net. Your insurance provider is liable to pay your beneficiary or nominee the pre-determined death benefit, thus keeping your family protected even in your absence.
Long-term savings
It is important to consider life insurance if you are seeking to make long-term savings. The suitable product helps you to save systematically and build a corpus for your future; its accumulated amount may be used for your life goals. What’s more, life insurance plans also offer regular pay-outs in the form of annuities, and are therefore, an excellent tool to finance your retirement goals.
Investment
Unit-Linked Investment Plans (ULIPs) offered by life insurance providers are primarily investment instruments. These market-linked products create wealth. ULIPs offer significant returns on premiums paid towards the insurance policy. Most plans provide considerable returns during maturity, thus making them an attractive investment vehicle.

Besides this, life insurance plans offer a host of other benefits, like tax deductions under Section 10, 80C, and 80CCC of the Income Tax Act, 1961 on the premium paid. You may also borrow a loan against your insurance plan if needed.

Life insurance plans provide financial support to you and your family. Buying an insurance policy also inculcates the habit of disciplined savings.

*IN ULIP POLICIES, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. The premium paid in Unit Linked Insurance policies are subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions.

Question 3

Why consider Bharti AXA Life Insurance?

Accepted Answer

You should definitely consider getting an insurance policy from Bharti AXA Life as we provide flexible products. You can easily change your coverage limits and include riders with your insurance policy in minutes. You can access your account anytime from anywhere. With an impressive claim settlement ratio and dedicated claim handler for the policyholder, our claim settlement process is seamless.

Question 4

Why is Bharti AXA Life giving me a lower life insurance cover as compared to other life insurance companies?

Accepted Answer

The Sum Assured is determined based on the customers income level along with the existing exposure on any insurance cover that the customer has. While applying for a cover some companies allow the person to apply for a higher cover & once all the actual details are disclosed, a counteroffer with lower Sum Assured is provided to the customer.

Question 5

What's the claim settlement ratio and the reasons for claim repudiation?

Accepted Answer

Claim Settlement ratio is the ratio of Claims Settled against claims reported during the year. For detailed information, please refer https://www.bhartiaxa.com/public-disclosure (Form 39 & 40); some of the reasons for claim repudiation are as listed below

Non Disclosure of medical adversities
Incorrect disclosure of Age
Incorrect disclosure of occupation/income
Non –disclosure of previous insurance
Fraud

Please note: The above-mentioned list is only indicative and not an exhaustive list.

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