Bharti AXA Life has recently updated its online term insurance product with many features. Bharti AXA is one of the first insurance company has taken steps on selling the term insurance products. eProtect is launched by them 6 months back and they have recently changed some of the features in the policy and the premium. Within 6 months of launch, we are currently amongst the top five players in the online term market.
If you are looking for the pure term insurance policy, Bharti AXA Life eProtect should be in your consideration list. This review focuses on the product’s premium, term and basic idea on the term insurance. If you have any thoughts on buying the term insurance, please write it in the comments section. If you want to receive more reviews, please subscribe to our future newsletters here.
Importance of term insurance
In India, awareness towards term insurance is very low compared to other countries. The reason is, most of the companies selling the insurance as the investment products to the customers. Most of the customers confused whether insurance is for protection or an investment. If you are more concerned about your family, then you must first think about buying a term insurance plan with at least Rs. 1 crore sum assured (it varies based on your yearly income). Also the principle rule is that the term insurance has to be bought for the only working member in the family.
If you pay any premium for term insurance, you will not receive any money back to your hands. It makes customer feel like its not useful for them. We cannot predict what would happen to our future, it is premium for protecting our loved ones from the uncertain things which we never like or expected in our life. But, if you really love your family and you are only earning member, please protect your family with a adequate term insurance cover.
Online term insurance plans and advantages
In the recent development, most of the insurance companies come up with the online version of term insurance products. It eliminates the intermediate brokers to buy an insurance policy. In India, insurance products are sold only through the agents. Insurance companies has to spend lot of money for marketing the product and pay the commission to the agents. All these expenses will be added to premium of your policy.
When they sell policies online, the expenses would be very less and the premium cost would be very low compared to buying through agents. Also it is more convenient for the customers to process the payment and get the policy from the company. Only few companies offering the online term insurance policies.
Bharti AXA Life eProtect
What makes Bharti AXA Life eProtect is standing out from the other policies. The following are some of the notable advantages of this product:
- You can buy a lump sum cover (Rs. 1 crore) for very low premium Rs. 6100.
- It is sold online.
- There is no maximum cover specified. You can buy maximum amount you want to protect your family.
- Minimum sum assured is Rs. 25 lakhs
- Claim settlement ratio for Bharati-AXA for the year 2010-11 is 87.17%.
The above points are sufficient to choose this policy. The below table is taken from their website which explains the premium about for a Rs. 1 crore policy.
If you are 25 years of age and want to buy a 10 years policy, the premium is only Rs. 6100. It is very low compared to any other companies. Another good factor is the claim settlement ratio for Bharti AXA. This is encouraging factor for you.
If you are looking for high coverage of amount more than Rs. 1 crore or lower amount with the low premium cost, I would strongly recommend to buy this product. Also compare this product with my another review Aegon Religare term life insurance plans. If you have not purchased any of the term insurance plans, please consider buying a new policy. If you have questions on choosing a good policy, please post it in the comments section.
It is for protecting your family!. It must be in your first action item for the new year. Please share your views on buying this policy and write it in the comments section. If you are interested in receiving the future emails, please subscribe here.