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Bharti Axa Life Triple Health Insurance Plan
Bharti AXA Life Triple Health Insurance Plan Review
Bharti AXA Life Triple Health Insurance Plan is a critical illness health insurance plan which covers major critical illnesses and pays the benefit on diagnosis of any ailment. What’s more, the plan pays triple claims for three different illnesses suffered by the insured.
Highlights of the Bharti AXA Life Triple Health Insurance Plan
This is a critical illness plan which covers 13 illnesses.
The illnesses are divided into three groups and if the insured suffers any illness from any group, the Sum Assured is paid immediately.
The insured can avail the Sum Assured thrice in the policy tenure if he suffers from any illness in different groups.
The plan has an inbuilt Premium Waiver rider wherein on payment of the first claim the premium is waived off and paid by the company while the plan continues till the remaining tenure.
The premium rates are fixed for the first three years of the policy after which they are reviewed.
Females are charged a lower rate of premium than males.
Working of the Bharti AXA Life Triple Health Insurance Plan
The policyholder chooses the Sum Assured under the plan. Based on the Sum Assured and the age of the insured the premium is calculated.
The plan covers 13 critical illnesses which are divided into the following three groups:
First heart attack of specified severity
Coma of specified severity
Cancer of specified severity
Open chest CABG
Multiple Sclerosis with persisting symptoms
Benign Brain Tumor
Kidney or Heart transplant
Liver or Lung transplant
Bone marrow transplant
Kidney Failure requiring regular Dialysis
Heart Valve Surgery
Stroke resulting in permanent symptoms
Permanent paralysis of limbs
On being diagnosed with any illness from any group, 100% of the Sum Assured is paid and future premiums are waived.
The plan continues till the specified tenure and within the tenure if the insured suffers from any other illness from any group other than the one from which he already suffered an illness, 100% of the Sum Assured is again paid.
The above benefit is repeated again on occurrence of another illness from another group not already covered.
On maturity, if the insured does not suffer from any illness, no benefit is paid.
Benefits and Features of Bharti AXA Life Triple Health Insurance Plan
Plan Benefits– The plan pays the full Sum Assured on diagnosis of any ailment thrice in the policy year provided:
The subsequent illness occurs at least 1 year or 365 days post the diagnosis of the earlier illness
The subsequent illness should be from another group and not from the one for which a claim has already been paid. So, if the insured has claimed for an illness from Group A, he can subsequently claim from Group B and Group C and so on.
Furthermore, once the first claim is paid, future premiums get waived off and are paid by the company and the plan continues and is eligible to receive the second and third claim if they occur.
Tax benefit – Premiums paid for the plan qualify for tax exemption under Section 80D of the Income Tax Act.
Eligibility Criteria of Bharti AXA Life Triple Health Insurance Plan
The plan can be bought only by permanent Resident Indians. The other eligibility criteria of the plan include:
Entry age (Last Birthday) of the insured
Maturity Age (Last Birthday)
Premium Paying Term
Equal to plan term
Depends on the age and Sum Assured chosen
Premium payment mode
Annually, half-yearly, quarterly or monthly
Additional Benefits of Bharti AXA Life Triple Health Insurance Plan
Additional coverage options – The plan can be enhanced by opting for Hospi Cash Rider which pays a specified amount of money for each day of hospitalization.
Free Look Period – A cooling off period or a free look period of 15 days is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid.
Grace Period – A grace period of 30 days is allowed for paying the premium after the due date during which the policy cover continues.
The following chart shows the sample premium rates payable by males and females for different combinations of Sum Assured (SA) and age.
The table below gives a quick tabular reference to the above chart:
Sum Assured - Rs.2 lakhs
Sum Assured - Rs.5 lakhs
Sum Assured – Rs.10 lakhs
Exclusions in Bharti AXA Life Triple Health Insurance Plan
Any claim within the first 90 days of the policy is excluded.
The insured should survive for at least 30 days post the diagnosis of the illness for availing the claim.
Subsequent claims should occur at least 365 days apart which is called the ‘no benefit period’.
Pre-existing illnesses are covered after 48 months of plan commencement.
Hospitalization due to suicide or self-inflicted injury, alcohol or drug abuse, participation in hazardous sports and activities, criminal act, war, commotion, consequential loss, pregnancy and related causes, defense related operations, curative treatments, aviation, radioactive contamination, circumcision, cosmetic treatments, STD or HIV, etc. would also be excluded.
Non-payment of Premium in Bharti AXA Life Triple Health Insurance Plan
Premiums should be paid for the entire plan tenure or up to the first claim after which premiums are waived. Non-payment of premium results in lapsing of the policy where no benefits are paid.
A lapsed policy can be revived within 2 years by paying the outstanding premium and any interest thereon. A ‘Declaration of Good Health’ would also be required at the time of revival.