Bharti AXA Life Insurance Review

Bharti AXA Life Insurance, founded in 2006, is a private life insurance company in India that was originally formed as a joint venture between Bharti Enterprises and the AXA Group. In 2023, Bharti Life Ventures Pvt. Ltd. (BLVPL) acquired AXA’s 49% stake, making BLVPL the sole owner. As of FY24, the company operates over 200 offices across India and manages assets worth ₹16,700 crore+. It reported an annual business income of ₹911 crore as an average of the three years from FY21- 24, with a claims paid ratio of 99.07% for individual claims. Despite its scale, Bharti AXA Life Insurance continues to face challenges in maintaining profitability, reporting losses in FY24. The company maintains a solvency ratio of 1.6, only slightly above the regulatory minimum of 1.5, signaling a limited financial cushion as it focuses on investment income and cost control to stabilize its operations.

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Overview

Metrics of Bharti AXA Life Insurance

For over a decade, Bharti AXA Life Insurance has built a reputation as a reliable player in India’s life insurance market, offering plans designed to protect families from life’s uncertainties. Popular term insurance products like Bharti AXA Life Suraksha Plan and Bharti AXA Flexi Term Pro focus on affordable pure protection, ensuring that if something happens to you, your loved ones get the financial support they need to cover expenses and maintain their lifestyle.

The company also offers a mix of savings, investment, and retirement products to help customers plan for milestones like their child’s education or their own retirement. Like other insurers, its market-linked plans come with investment risks tied to market performance.

• One of Bharti AXA Life’s standout strengths is its high claim settlement ratio—a signal that it has been dependable in paying out claims when families needed it most. 
• It also benefits from a solid distribution network, thanks to tie-ups with banks, financial advisors, and digital channels, allowing it to reach customers across urban and semi-urban India.

However, the company hasn’t been without challenges. 

• Profitability has been a struggle in recent years, leading to changes in business strategy and ownership. In 2020, AXA exited India’s general insurance sector by merging Bharti AXA General Insurance with  ICICI Lombard through an all-stock deal, receiving ICICI Lombard shares and exiting the business.

In short, while Bharti AXA Life Insurance has been strong on customer trust and claims, its journey has also reflected the broader pressures of staying profitable in India’s competitive insurance landscape.

Claim Settlement Ratio of Bharti AXA Life Insurer

The Claim Settlement Ratio (CSR) measures the percentage of claims an insurer pays in a year:

(Total claims settled ÷ Total claims received) × 100.

A high CSR (ideally 97% +) signals reliability in honoring claims, and measuring the CSR over a few years gives a clearer idea of insurer stability. But while it’s an important metric, it shouldn’t be the sole deciding factor. Why? Because CSR doesn’t reflect claim amounts, delays, or dispute rates—factors that can impact your family’s experience at claim time. Always look at CSR alongside other indicators like ASR, solvency ratio, profitability, and complaint volume for a fuller picture of the insurer’s financial health and service quality.

Here’s how Bharti AXA Life Insurance has performed:

Insight: Bharti AXA Life Insurance has maintained a commendable average CSR of 99.07% over the past three years, surpassing the industry average of 98.13%. This strong claims settlement track record demonstrates the company’s reliability in honoring claims, offering policyholders confidence that their families will receive timely payouts. While customers should carefully review policy terms and documentation requirements, Bharti AXA’s consistent performance signals trustworthiness when it matters most.

Amount Settlement Ratio of Bharti AXA Life Insurer

While the Claim Settlement Ratio (CSR) tells you how many claims an insurer has paid, it doesn’t reveal how much of the total claimed amount was actually disbursed. That’s where the Amount Settlement Ratio (ASR) steps in. This metric measures the proportion of the total claim amount settled by the insurer, giving insight into whether the company is paying out large claims fairly and consistently. It’s calculated as:

(Total amount settled ÷ Total amount claimed) × 100

A healthy ASR—typically over 90%—signals strong financial discipline and a commitment to settling claims in both number and value, ensuring customers aren’t left shortchanged.

Here’s how Bharti AXA Life Insurance has performed over the past three years:

Insight: Bharti AXA Life Insurance has achieved a strong average ASR of 97.00% over the past three years, comfortably outpacing the industry average of 94.17%. This high ASR reflects the insurer’s solid track record of paying out claims not just in numbers, but in actual rupee terms—whether it’s a modest policy or a large sum assured. Particularly notable is the peak of 98.09% in 2022–2023, reinforcing the insurer’s consistency in honoring claim amounts. For policyholders, these figures point to a reassuring promise: Bharti AXA Life isn’t just settling claims—it’s paying what’s due, when it matters most.

Complaint Volume of Bharti AXA Life Insurance

When evaluating an insurer, it’s not just about how well they pay claims—it’s also about how few complaints they generate. Complaint volume, measured as the number of complaints per 10,000 claims, offers a glimpse into customer satisfaction, service efficiency, and how smoothly the claims process runs behind the scenes. A lower number indicates fewer escalations and a more seamless experience for policyholders.

Here’s how Bharti AXA Life Insurance has performed over the past three years:

Insight: Bharti AXA Life Insurance’s complaint volume has shown a sharp decline from 196.0 in 2021–2022 to 66.0 in 2023–2024, a promising sign that the insurer is actively improving its customer experience. However, its average complaint volume of 137.7 over the last three years remains significantly above the industry median of 15, suggesting that while things are getting better, the company still has work to do to meet industry benchmarks. The drop in complaints is encouraging, but customers should be mindful that service challenges may persist, especially compared to peers with consistently low complaint rates. Still, this downward trend hints at positive momentum toward better service standards in the future.

Riders offered by Bharti AXA Life Insurance Plans

Note: The Complete Shield Rider combines Accidental Death Benefit (ADB), Accidental Total and Permanent Disability (ATPD), Accidental Permanent and Partial Disability (APPD), Standard Critical Illness (SCI), Comprehensive Critical Illness (CCI), and Cancer Care into a single rider for the Pure Risk (without Return of Premium) variant, while the Return of Premium variant includes only ADB, ATPD, and APPD.

Bharti AXA Life Insurance Plans

1) Bharti AXA Life Flexi Pro Term Plan

Bharti AXA Life Flexi Pro Term Plan is a highly customizable term insurance policy offering flexibility in coverage, premium payment, and life protection benefits. With options to cover single or joint lives, return of premium, voluntary top-up increases, and a range of riders, it caters to individuals seeking adaptable solutions for their evolving life needs.

Key Highlights of Bharti AXA Life Flexi Pro Term Plan:

• The minimum entry age is 18 years, and the maximum entry age is 65 years.
• The maximum maturity age is 99 years.
• The minimum sum assured is ₹25 lakh, with no upper limit (subject to underwriting).
• The policy term options include 1 year, 5 to 50 years (fixed terms), or up to age 60 to 99 years, depending on the variant selected.
• The plan variants include:

1. Without Return of Premium (ROP) — available for single life or joint life (add spouse)
2. With Return of Premium (ROP) — available for single life only

• The premium payment term (PPT) offers Single Pay, Regular Pay, or Limited Pay (5, 7, 8, 10, 12 years, or pay till age 60/70).
• Premium payment frequency options include annual, semi-annual, quarterly, and monthly.
• The plan offers a voluntary top-up option to increase the sum assured twice during the policy term, up to a maximum increase of 100% (50% each time), chosen at inception without additional underwriting.
• Death benefit payout options include a lump sum, monthly income, or a lump sum + monthly income combination.
• Under the With Return of Premium (ROP) variant, a maturity benefit (return of total premiums paid) is available.
• Optional riders include Bharti AXA Life Non-Linked Complete Shield Rider, Bharti AXA Life Premium Waiver Rider, and Hospital Cash Benefit, which provide enhanced protection.
• Additional features include Quit-Smoking discounts, Stay-Fit discounts, and an option to convert coverage into a Whole Life Cover for extended protection.

This plan offers a versatile term insurance solution for individuals seeking tailored financial security, with added flexibility to increase coverage, cover a spouse, and enjoy valuable benefits along the way.

2) Bharti AXA Life Suraksha Plan

Bharti AXA Life Suraksha Plan is a flexible term insurance policy offering customizable protection with options to cover single or joint lives, return of premium, sum assured increases, and multiple payout choices. It is designed to adapt to your changing life needs with tailored premium payment terms, policy durations, and optional benefits for enhanced security.

Key Highlights of Bharti AXA Life Suraksha Plan:

• The minimum entry age is 18 years, and the maximum entry age is 65 years.
• The maximum maturity age is 99 years.
• The minimum sum assured is ₹5 lakh, with no upper limit for single life (subject to underwriting).
• The policy term options include:

1. Without Return of Premium (ROP) – Single Life: 1 year, 5 to 50 years (multiples of 5), or to age 60, 65, 70, 75, 80, 85, 99
2. Without ROP – Joint Life: 5 to 50 years or to age 60 to 85
3. With Return of Premium: 10 to 50 years or to age 60 to 85

• The plan variants include:

1. Without Return of Premium (ROP) — available for single life or joint life (cover spouse under the same policy)
2. With Return of Premium (ROP) — available for single life only

• Offers similar features as Bharti AXA Life Flexi Pro Term Plan, including flexible premium payment terms (Single, Regular, Limited Pay), multiple payout options (lump sum, income, or both), voluntary sum assured increase (up to 100%), and a maturity benefit under the Return of Premium variant.
• A Special Exit Value is available under specific conditions, allowing the policyholder to surrender their policy and receive total premiums paid (minus GST).
• Optional riders offer added protection, including Bharti AXA Life Non-Linked Complete Shield Rider, Bharti AXA Life Premium Waiver Rider, and Hospital Cash Benefit.
• Additional features include tax benefits (as per prevailing tax laws of the Old Regime) and flexible coverage options tailored to evolving life stages.

This plan offers a highly versatile term insurance solution, empowering individuals and families with the flexibility to increase coverage, cover a spouse, choose customized payout modes, and enjoy valuable optional benefits along the way.

3) Saral Jeevan Bima Plan

Bharti AXA Life Saral Jeevan Bima is a simple, standardized, non-linked, non-participating term insurance plan offering pure life cover.

• It allows entry from 18 to 65 years with a sum assured between ₹5 lakh and ₹50 lakh (in multiples of ₹50,000) and a policy term ranging from 5 to 40 years.
• The plan offers Single, Regular, or Limited Premium Payment options (limited to 5 or 10 years), with payment modes available on an annual, semi-annual, or monthly (auto-debit) basis.
• It pays a lump sum death benefit, covering only accidental deaths during the first 45 days of the policy.
• The plan includes a 30-day free-look period and offers preferential premium rates for women (by treating them as 3 years younger).
• Policies can be revived within 5 years of lapse.
• In case of suicide within 12 months, the plan refunds 80% of premiums paid under Regular/Limited Pay or 90% under Single Pay, excluding taxes and extra premiums.

Should You Opt For Bharti AXA Life Insurance Plans?

If you’re considering Bharti AXA Life Insurance for your life insurance needs, here’s a quick look at its key strengths and weaknesses to help you decide.

Pros of Bharti AXA Life Insurance

1. High Claim Settlement Ratio (CSR) — Bharti AXA Life Insurance boasts a strong average claim settlement ratio of 99.07% (FY 2021-22 to FY 2023-24), indicating excellent reliability in honoring claims and ensuring financial support for beneficiaries when it matters most.
2. High Amount Settlement Ratio (ASR) — With an average ASR of 97.00% (FY 2021-22 to FY 2023-24), Bharti AXA demonstrates consistent capability to settle high-value claims, reinforcing confidence in its ability to fulfill large financial commitments.
3. Comprehensive Term Plans — The insurer offers simple yet comprehensive term insurance solutions like Flexi Pro Term Plan, catering to a broad range of customers seeking affordable protection with essential features.

Cons of Bharti AXA Life Insurance

1. Low Solvency Ratio: Bharti AXA Life’s solvency ratio has hovered around 1.6 for the past three years, barely above IRDAI’s minimum threshold of 1.5, raising concerns about its financial resilience. Combine that with its persistent profitability issues, and you have a recipe that could undermine trust in the company’s long-term stability.
2. High Complaint Volume (CV) — The insurer records a relatively higher complaint volume, indicating possible customer dissatisfaction with claim servicing or policy administration processes.
3. Low Market Share—Bharti AXA holds a smaller share of the life insurance market with lower business volume compared to leading insurers, meaning it does not operate at a meaningful scale, which might reflect its limited reach or lower policyholder base.

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Conclusion

Bharti AXA Life Insurance is a solid choice if you're looking for a reliable insurer with a high claim settlement ratio (99.07%) and a strong track record in settling large claims (ASR 97%), ensuring peace of mind that your family’s claim will be honored.

However, if you prioritize strong financial health, lower complaint volumes, or want a policy from a market leader with wider reach and profitability, Bharti AXA might fall a bit short due to its profitability struggles, higher complaint volume, and low market share.

It is best suited for those seeking dependable claims performance at affordable rates. Still, it may not appeal to customers looking for a large, highly profitable insurer with a broader service infrastructure.