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ICICI Prudential iProtect Smart vs Max Life Online Term Plan Plus - Which one is better?
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ICICI Prudential iProtect Smart Term Plan or Max Life Online Term Plan Plus-Which one should you choose?

Are you planning to buy a new term plan? Then, you should know about the various plans offered by insurance companies online to opt for the right one based on your requirements. In addition, as a new customer, you should gather more information about a policy before investing money.   

Why should you buy a term plan? Let us take the case of Suresh, who works in a small private company. Since his family is mainly dependent on him, he cannot manage any additional expenses, including medical costs. Although he doesn’t have any bad habits, his health has worsened, and someone recommended buying a life insurance plan. He now feels that his family is safe in case of his unexpected death and other problems during his absence. 

ICICI Prudential and Max Life insurance companies offer different term insurance plans comprising of several features. However, it would help if you compared them with more attention which will help you pick the right one accordingly. So, below are the details about two-term plans by the leading insurers – ICICI Prudential iProtect Smart plan and Max Life Online Term Plan Plus, which would help you understand why these can be the right options. 

Advantages of ICICI Pru iProtect Smart Plan

  • Lump-sum amountICICI iProtect Smart plan offers a lump-sum assured amount for your family, providing high protection to your loved ones in your absence. The policy nominee receives the full life cover under this plan. 
  • Increasing income: The income benefit offered by ICICI Prudential iProtect Smart enables you to get a 10% amount payable annually for 10 years. The policy cover amount increase by 10% simple interest per annum under this plan. For instance, your nominee will receive Rs 10 lakhs as income in the first year when you choose a Rs 1 crore plan.
  • Critical illness coverage: The plan provides coverage for 34 critical illnesses, and you will receive a lump sum on the very first diagnosis. ICICI Pru iProtect Smart allows your family to avoid medical expenses when you need hospitalization due to a terminal illness. However, your life cover gets reduced by the value of the critical illness benefits paid, and the policy will continue as usual. 
  • Increased protection: The iProtect Smart term plan offered by ICICI enables you to get increased protection for important events in life such as marriage, the birth of a child, and the adoption of a child. You can opt for additional coverage that pays a certain percentage of the life cover amount for your nominee. 
  • Permanent disability: ICICI will take care of your all due premium when you face permanent disabilities in your life due to an accident. In case of death, your family will receive the full life cover.
  • Different variantsICICI iProtect Smart offers 4 types of plans, and you can select the right one based on your preferences and requirements. 


Advantages of Max Life Online Term Plan Plus

  • Offers plans in 3 variants: The Max Life online term plan provides coverage in 3 variants enabling you to gain more advantages. They include the basic cover plan, basic life cover plan with monthly income, and basic cover plan with increasing monthly income.
  • Basic life cover plan: It enables you to get coverage for your family during a sudden demise. Additionally, you can opt for an accident rider benefit to help receive the amount when you die due to an accident.
  • Basic life cover plan with monthly income: It pays the full sum assured to your family when it comes to unexpected death. Your nominee will also get an additional benefit equal to 0.4% of the sum assured every month. He/she is eligible to receive 148 % of the original sum assured after choosing this plan.
  • Basic life cover plan with increasing monthly income: The Max Life online term plan plus offers this facility for your family when they want to ensure a steady income. A nominee will get an additional benefit equivalent to 0.4% of the sum assured, and it will increase at a simple 10% rate every year, which amounts to nearly 169.60% of the original sum assured. You can even add a comprehensive accident benefit rider to this plan to help your family receive an additional sum assured. 
  • Critical illness coverage: The critical illness coverage offered by Max Life online term plan allows you to get 50% of the sum assured during the hospitalization process. It also helps you to waive your future premiums that will save more money. 


Which one is the best for you?

Both ICICI Prudential and Max Life offer term plans that include attractive benefits and features. Furthermore, they allow you to buy them at affordable rates. If you want to ensure increased protection at life’s important milestones, then you can select ICICI Pru iProtect Smart plan. It even provides coverage for permanent disability caused by accidents enabling you to provide high-level protection for your family. 

On the other hand, Max Life Online Term Plan Plus offers you the flexibility to choose from 3 variants based on your requirements. They are ideal for getting monthly as well as yearly income enabling you to gain more advantages. 

While both plans provide significant advantages; however, it is wise for you to weigh the benefits of ICICI Pru iProtect Smart Plan and Max Life Online Term Plan Plus to move further. You can visit iiflinsurance.com to gain more information on both or even speak to their insurance experts, who will guide you in the right direction when you want to buy a new insurance term plan. 

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