Life Insurance

Life Insurance

Life Insurances can be availed for various purposes such as construction, renovation or extension of your house. Attractive interest rates, higher eligibility, and longer Life Insurance tenures make Axis housing Life Insurances one of the most popular Life Insurance products.

8.90% - 9.10%
Floating

0.25% (max. ₹11,800)
One time fee


₹5L - ₹10Crs3-30 Years
8.90% - 9.10%
Floating

0.25% (max. ₹11,800)
One time fee


₹5L - ₹10Crs3-30 Years

Life Insurance is Rated as “Great!” by 2498 Users
Axis bank is a nationalised bank that has its robust network spread throughout the country. Its network makes it easier for customers to educate themselves about the quality products that the bank has to offer. One of the most renowned products of theirs is their Life Insurance products. Equipped with competitive rates of interest and processing fee, a Life Insurance is preferred by several Life Insurance customers all across the nation.

 Life Insurance Interest Rates
Updated on 07 Jan 2019
Loan Details
Interest Rate8.90% to 9.10%
Processing Fees0.25% of the loan amount (Maximum Rs. 11,800)
Loan Tenure3 year to 30 years
Partial pre-payment ChargesNil
Pre-closure ChargesNil
Guarantor Requirement No Guarantor Required
Life Insurance

The practical aspects of buying, constructing or renovating a house involves immense responsibility, impeccable research and thorough planning. For most of us, getting the right Life Insurance scheme (which perfectly suits our needs) and repaying it with an interest can be a mammoth task, or maybe quite impossible. Though some people settle for a mortgage, it may not be the wisest option. In this scenario, the best thing to opt for is a comprehensive Life Insurance plan. Most leading banks extend financial assistance to customers in the form of Life Insurances, with the purpose of helping them to buy a house.Axis Bank is one on of India’s largest private sector banks.

 

Some of the Best Features Provided By Axis Bank Life Insurance are as follows:

  • It is a really a very quick and easy process to get a Life Insurance from Axis Bank.
  • With a higher eligibility, the bank also offers lower EMIs at affordable and attractive rates of interest.
  • Keeping up evolving technology, Axis bank has introduced a new system by which you can go through the application process Tablet and Smart phone. This ensures faster processing and quick disbursal of the Life Insurance.
  • You can avail Life Insurance from Axis to buy your dream house (of your choice), or from Axis bank’s approved projects.
  • They also offers pre-approved Life Insurances to selected customers, and existing customers get to enjoy reduced documentation process.
Features and benefits of Axis bank housing Life Insurance
  • Affordable interest rates and both floating and fixed options
  • The Life Insurance can be sanctioned before selecting the property
  • A really smooth simplified documentation process and even faster documentation process for existing customers
  • You get the freedom of enjoying a longer tenure with lower EMIs
  • The ‘Balance Transfer’ feature allows you to transfer your existing Life Insurance availed from any other bank, to Axis Bank. This is for you to enjoy long term savings.
  • With the Balance Transfer feature, you can enjoy up to additional top up Life Insurance amount. This can be up to 100% of the original Life Insurance.
  • The bank’s Life Insurance page provides unique online tools like Eligibility calculator and EMI calculator. With the eligibility calculator you can find the Life Insurance amount you are eligible to avail for, and the EMI calculator calculates the monthly repayment amount towards the Life Insurance.
  • Selected customers can enjoy pre-approved Life Insurances.
  • Up to 30 years of Life Insurance tenure available
  • Enjoy a fixed interest rate for the first 10 years, and thereafter a choice of fixed or floating interest rates.
Life Insurance eligibility criteria:
  • Applicants must be at least 21 years old when the Life Insurance is sanctioned.
  • The entire Life Insurance must be repaid at or before the age of 65 years.
  • Applicant must be self-employed or salaried with a regular income source.
  • The co-applicant’s age must be at least 18 years.
Axis bank Life Insurance interest rates

Before we get into the absolute numbers, it is essential to know how the interest rates are actually calculated. Like other Life Insurances available from other banks in India, Axis Bank Life Insurances also offer an MLCR based interest rate calculation. It is essential to understand that the Axis Bank floating rate Life Insurance is benchmarked to I-MCLR-1Y. Below mentioned floating rates are linked to I-MCLR-1Y (One year MCLR) benchmark rate. I-MCLR-1Y is 8.55%. But the interest rates are calculated differently for different groups based on demographics.

Life Insurance interest rate for self employed borrower (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.15% I-MCLR-1Y + 0.50%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%
Life Insurance interest rate for salaried borrower (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.10% I-MCLR-1Y + 0.45%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%
Life Insurance interest rate for women borrower- self employed (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.10% I-MCLR-1Y + 0.45%
Above 75 lacs9.20%I-MCLR-1Y + 0.55%
Life Insurance interest rate for women borrower- salaried (Floating Interest Rate)
Loan amount Effective Rate of Interest Rate
30 lacs to 75 lacs 9.05% I-MCLR-1Y + 0.40%
Above 75 lacs9.20%I-MCLR-1Y + 0.45%
Axis bank Life Insurance EMI calculator
Axis Bank offers unique and dynamic tools like EMI calculator and Eligibility calculator to help customers with choosing the right Life Insurance. With the use of the eligibility calculator you can find the Life Insurance amount you are eligible to avail for, by entering certain basic details/parameters, and the EMI calculator calculates the monthly repayment amount you need to make towards the Life Insurance. For this you need to enter basic details like the Life Insurance tenure and Life Insurance amount. Make use of these tools to get the best deal. Pradhan mantri awas yojana by Axis bank

The CLSS or Credit Linked Subsidy Scheme has been announced by the Prime Minister of India, Narendra Modi under the Pradhan Mantri Awas Yojana. According to the CLSS under PMAY, everyone will have a house by 2022.

Under the housing for all by 2022 scheme, interest subsidy can be availed by the customers belonging to MIG (Middle Income Group), LIG (Lower Income Group) and EWS (Economically Weaker Section) for improvement, extension, construction and purchase of houses.

Features of PMAY schemes:
  • In case of MIG categories, the beneficiary family’s Aadhaar numbers are mandatory.
  • The interest subsidy benefit can be availed on the outstanding principal.
  • The subsidy can be availed for maximum tenure of 20 years or the tenure availed by the customer, whichever is lower.
  • No cap is there on the property’s cost or the amount of Life Insurance.
  • The NPV or Net Present Value of the subsidy is calculated at a discounted rate of 9%.
  • Any additional Life Insurance above the specified cap, will come with a non-subsidized rate.
Eligibility for applying PMAY scheme:
  • In order to be eligible for this scheme, the beneficiary family must not have received any central assistance under Housing of all by 2022.
Beneficiaries under PMAY scheme:
  • This particular scheme is offered to the families comprising of wife, husband and unmarried kids. Any adult member earning for himself/herself, irrespective of his/her marital status, will be treated as separate household under the Middle Income Group category.
  • The beneficiary family should not have a pucca house in any part of India. Even the family members cannot own a pucca house anywhere in India
Life Insurance balance transfer Axis bank gives the privilege of lowering the EMI burden to its customers, and allows them to make savings by transferring their current Life Insurance scheme from any other Bank to Axis bank. The balance transfer feature is very innovative and a very thoughtful gesture on the bank’s part.
FAQs on Life Insurance
  1. I have opted for the floating interest rate option on my Axis bank Life Insurance. If there is a change in the rate, will it affect me? If so, then how?This depends on what your Life Insurance is linked to. If your Life Insurance is linked to FRR and PLR your rate of interest will reduce by 0.05%. This will happen due to the change in the FRR/PLR on June 26, 2015. Please note that this change will also correspondingly have an impact upon your EMI or Life Insurance tenor.
  2. I am a Life Insurance customer with an Initial /Renewable fixed rate of interest. What happens when the fixed rate tenure expires?As per the fixed rate Life Insurance, the Life Insurance is fixed for a stipulated period of time. The same would have been intimidated to you in the Life Insurance sanction letter. After the fixed rate period is over, your interest category of the Life Insurance would convert to floating rate. The applicable floating rate is decided based on a certain factor. This is the benchmark rate which is prevailing during the completion of fixed rate period.
  3. Do I have the freedom to choose the category of interest rate (fixed or floating) on my Axis bank Life Insurance?With Axis bank Life Insurances, borrowers can enjoy fixed interest rate for the first 10 years, and thereafter avail a choice of fixed or floating interest rates. The rate of interest varies according to certain factors like the Life Insurance amount, category of borrower, period of the Life Insurance and fixed or floating rate of interest.
  4. Is there any special concession on the Life Insurance interest rates offered by Axis bank, for women borrowers?Yes, for women borrowers the starting rate of interest from Life Insurance is from 8.35% to 8.80%. The woman borrower needs to be the main applicant of the Life Insurance, or a co-owner in the financed property to avail the following rates of interest-
    • The floating rate of interest ranges from 8.65% to 8.80%.
    • The fixed rate of interest (for 5 years, 10 years) ranges from 8.70% to 8.90%
    • The full tenor fixed interest rate ranges from 9.70% to 10.05%
  5. If I want to close my Life Insurance, are there any charges on prepaying the Life Insurance?If the Life Insurance is availed on floating rate of interest, then there are no charges for this. If the Life Insurance has been availed on fixed rate of interest, then you need to pay 2% (plus applicable taxes) on the outstanding principal.
Why You Should Choose Life Insurance ?

Choosing a Life Insurance provider is challenging. Building a new home is a dream to many, choosing the right bank takes you one step closer to make your dream come true. Many leading banks offer excellent Life Insurances with attractive features. Axis Bank is one such bank that offers Life Insurances that is specially designed keeping their customers in mind.

Excellent Home Improvement Life Insurances From Axis

People often require funds and opt for Life Insurances to renovate their existing home. To help homeowners refurbish their house, Axis Bank is now offering home improvement Life Insurances with attractive features.

Home Equity Life Insurance Offered By Axis Bank

Home equity Life Insurance is trending these days. This type of Life Insurance is when a borrower uses the equity of the house as collateral. Many people opt for home equity Life Insurances to take care of other expenses like home renovations, medical expenses, or for higher education. One of the most popular home equity Life Insurances in India is Axis Bank Home Equity Life Insurance.