Aegon Life Term Plans vs Max Life Term Plans

Term Insurance is a necessity for every individual in today’s time. It’s a financial backup that you can provide to your loved ones in your absence such that they do not have to compromise with their dreams and daily lifestyle. But before buying one, you should compare the features and benefits offered by various term plans. Below are the details about the term plans offered by Aegon Life Term Insurance vs Max Life Term Insurance which you can compare and choose the right one.

Aegon Life Term Insurance vs Max Life Insurance Term Plans Overview

Parameters Aegon Max Life Insurance
Number of Term insurance plans 1 3
E-services Online consultation, buying policy, policy renewal, and claim settlement Online consultation, buying policy, policy renewal, and claim settlement
Claim settlement ratio 98.01% 99.22%

Term Insurance Policies: Aegon Life Insurance vs Max Life Insurance 

Aegon Life Insurance commences its operation in July 2008 with an aim to provide people with a better way of life through their insurance products. The company is a joint venture between Aegon and Bennett, Coleman & Company. It offers a wide range of customizable insurance solutions catering to different needs of people.

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi business corporation. Max Life has a total claims paid ratio of 99.35% as per the annual audited financials for the FY 20-21.

Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third party distribution partners.

Here, you can compare Aegon Life Term Insurance and Max Life Term Insurance plans on different parameters and pick the right one based on your requirements.

Term Insurance Plans by Aegon Life Insurance vs Max Life Insurance

Aegon Life Insurance Term Plans

  • Aegon Life Insurance offers one term insurance plan – iTerm plan, which comprises several attractive features and benefits.
  • Aegon Life iTerm Plan is an affordable term plan providing comprehensive cover to the policyholders. 
  • This term plan offers flexibility to choose from its 3 variants – Life Protect, Protect Plus, and Dual Protect, which comprise various features to meet different requirements in a customer’s life.
  • It provides coverage for 36 critical illnesses up to the age of 80 years.
  • The minimum entry age for Aegon’s iTerm insurance plan is 18 years, and the maximum maturity age is 100 years.
  • The plan comes with flexible options to choose from a lump sum or monthly death benefit payout options.
  • It also gives you the flexibility to increase or decrease the life cover to meet various life goals.
  • This plan also includes the option to add riders to broaden the life cover.

Why choose Aegon Life Insurance Term Plan? 

  • Aegon Life Insurance term plans provide coverage for COVID-19 death claims.
  • Along with life cover, it also includes illness, terminal illness, and accidental death benefit cover.
  • Non-smokers and females can avail low premium rates.
  • Smokers can decrease their policy premiums after quitting smoking.
  • No paperwork is needed to buy this plan online.

Max Life Insurance Term Plans

  • Max Life Insurance offers a range of complete protection plans at affordable premium rates.
  • The leading insurer offers 3 different term plans – Max Life Online Term Plan PlusMax Life Super Term Plan, and Max Life Smart Term Plan that are specifically crafted to meet various requirements in a person’s life.
  • Max Life term plans cover death, disability, and diseases along with life cover.
  • Based on the needs at various life stages, Max Life term plans give the option to increase the insurance cover.
  • Various riders are available to broaden the scope of life coverage.

Why choose Max Life Insurance Term Plans? 

  • Max Life Insurance term plans provide long-term coverage till 85 years of age.
  • Along with death benefit, the term plans also come with a return of premium option as maturity benefit.
  • The insurer boasts of a high claim settlement ratio of 99.22%, proving it as a reliable insurance partner.


What is the claim filing process at Aegon Life Insurance?

Every insurance company has a fixed procedure to file a claim. So, following the policyholder's demise, the policy nominee is required to inform the insurance company first. The nominee then needs to submit all necessary documents like claim form, death certificate, medical records, original policy documents, and bank account details for further processing.

How is online premium payment safe?

All online transactions are safe and secured, whether for Aegon Life Insurance or Max Life Insurance. The insurers take special care in protecting their customer's details through leading encryption technology. As a result, there is no data breach, and they lose any of their confidential data and customer's trust.

How can I check my Max life Insurance Policy Status?

To check the status of the Max Life Insurance policy, you need to log in with your registered user ID and password on the company's website.

Can I add riders to my policy?

Yes, Aegon Life Insurance term plans and Max Life Insurance term plans offer you the option to add riders to the base policy. However, to know more details, you should carefully go through the policy documents.

Is there any tax benefit towards buying term insurance?

Yes, the premiums paid towards Aegon Life term insurance plans and Max Life term plans are eligible for tax exemption under Section 80C up to a maximum of Rs 1.5 lakhs. In addition, the death benefit payout amount is also tax-free under Section 10 (10D) of the Income Tax Act.