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Knowledge Base Compare Life Insurance Term Plan Insurance: Bharti AXA Elite Secure vis-à-vis Canara HSBC Pure Term Plan
Wednesday, 30 May 2012 14:19

Term Plan Insurance: Bharti AXA Elite Secure vis-à-vis Canara HSBC Pure Term Plan

Written by  Yashish Dahiya
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Term Plan Insurance: Bharti AXA Elite Secure vis-à-vis Canara HSBC Pure Term Plan


A term insurance plan is a pure life cover which pays lump sum amount (Sum Assured) on the death of life insured.

Elite Secure is the term insurance plan of Bharti AXA.

Pure Term is the term insurance plan of Canara HSBC Oriental Bank of Commerce Life Insurance.

 

Age Eligibility:

For Bharti AXA Elite Secure, person aged between 18 years to 65 years can buy the term insurance plan. Elite Secure plan maximum maturity age is 75 years.

For Canara HSBC Pure Term, person aged between 18 years to 64 years can buy the term insurance plan. Canara HSBC Pure Term plan maximum maturity age is 74 years.

 

Life Cover:

The minimum life cover that can be opted with Bharti AXA Elite Secure is Rs 25 lacs. For Canara HSBC Pure Term, minimum cover is Rs 10 lacs.  The maximum cover in Bharti AXA Elite Secure and Canara HSBC Pure Term is very high and can be opted as long as it is approved by insurer’s underwriter. The underwriter decides life cover on basis of age, annual salary, medical condition etc.

 

Policy Term:

The policy term for Elite Secure is from 5 years to 25 years. “Till Age 75” policy term is also available.

The policy term for Canara HSBC Pure Term is from 5 years to 30 years.

 

Riders:

Bharti AXA Elite Secure has Accidental death and disability benefit rider and critical illness rider.

There are no riders available with Canara HSBC Pure Term.

 

Premium Comparison:

The premium comparison for few samples is given below:

Term Insurance Plan

Age

Sum Assured

Policy Term

Premium* (in Rs)

Bharti AXA Elite Secure

30

Rs 50 lacs

20

8933/-

40

Rs  40 lacs

10

11506/-

 

Term Insurance Plan

Age

Sum Assured

Policy Term

Premium* (in Rs)

Canara HSBC Pure Term

30

Rs 50 lacs

20

10843/-

40

Rs  40 lacs

10

11978/-

*kindly verify the premium for any changes.

 

Reinstatement:

On policy lapse, Bharti AXA Elite Secure can be reinstated within 2 years and Canara HSBC Pure Term within 5 years from the date of unpaid premium. All the due premiums have to be paid and medical tests might be taken again.

 

Claim Settlement Ratio:

CSR is the claim settlement ratio. Claim settlement data has been taken for all the death claims made with the insurer and not for a particular policy. Claim settlement ratio is calculated by the formula- claim settled/total claims.

For the period H1, 2011, the claim settlement ratio Bharti AXA is 71% whereas for Canara HSBC, claim settlement ratio is 41%.

 

End Note:

Both Bharti AXA Elite Secure and Canara HSBC Pure Term are good term life insurance plan which pays lump sum amount on death of life insured. However there are no riders available with Canara HSBC Pure Term plan.

 

Compare with other term plans now!

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