Bharti AXA Life eProtect

Type of policy: Term Insurance

 

Term insurance is a fantastic product that every single family needs to have, for its earning member(s). It is a pure life insurance policy that gives your family a cover in case of an eventuality to the bread winner.

This is an online policy so agents are done away with and the procedure is hassle-free too. Premiums of online term policies are the cheapest.

eProtect is a good plan to have. Premiums are cheapest compared to other insurers. However if you are over 50 years you will have to look for other insurers. An additional feature that eProtect offers is paying Rs 1 lakh from the sum assured to the nominee within 48 hours of submission of claim documents, going under the name Family Care Benefit. Balance sum assured is paid if the claim is settled.

We typically recommend an insurance cover of 4-8 times your annual income and for as long a term as is available for your age. Find out the ideal cover for you using this calculator.

 

Product features:

Parameter

Value

Fintotal Comment

Minimum age at entry

18 years

 

Maximum age at entry

50 years

This is much lower than the usual cap of 60 years

Maximum policy term

30 years or till age of 60, whichever is earlier

 

Minimum sum assured

Rs 25 lakhs

Higher minimum a disadvantage for those looking for lesser cover

Maximum sum assured

No limit; subject to underwriting

 

 

Returns: If the insured survives term, no benefits are paid. Insurance should be viewed as an expense rather than investment.  

 

 Illustration:

 

Your age

Term

Indicative Annual Premium

(For cover of Rs.50 lakh )

25 years

25 years

Rs. 3,550

30 years

25 years

Rs. 4,000

40 years

20 years

Rs. 7,150

50 years

10 years

Rs. 15,050

Fintotal Product Analysis is the ideal place to seek unbaised and neutral view on all financial products.

Do not get fooled by agents and distributors, just check here before you make any purchases.


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