ICICI Prudential Term Plans vs Max Life Term Plans

Finding the right term insurance could be tricky. However, you cannot ignore the importance of having term insurance in your life as it secures your family’s financial future in your absence while giving you peace of mind. So, here are the details about ICICI Prudential Term Plans and Max Life Insurance Term Plans, which you can compare and choose the suitable one as per your requirements. 

ICICI Prudential Term Plans vs Max Life Insurance Term Plans Overview

Parameters ICICI Prudential Max Life Insurance
Number of Term insurance plans 5 3
E-services Online consultation, buying policy, policy renewal, and claim settlement Online consultation, buying policy, policy renewal, and claim settlement
Claim settlement ratio 97.84% 99.22%

Term Insurance Policies – ICICI Prudential vs Max Life Insurance

ICICI Prudential is one of the top insurers in the country, which offers various insurance products intending to cater different needs of its customers. The company began its operations in 2001 and is a joint venture between ICICI Bank and Prudential Corporation Holdings Limited.

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.

So here, you can compare ICICI Prudential and Max Life Insurance term plans on different parameters and pick the right one as per your requirement.

Term Insurance Plans by ICICI Prudential vs Max Life Insurance

ICICI Prudential Term Plans

  • ICICI Prudential Term Plans are carefully designed to cater to different needs at different stages of life.
  • It offers 5 different term plans with various benefits and features – ICICI Pru iProtect Smart, ICICI Pru iCare II, ICICI Pru Saral Jeevan Bima, ICICI Pru POS iProtect Smart and ICICI Pru Life Raksha.
  • The term insurance policies by ICICI Prudential offer sum assured, ranging between Rs 5 lakh to Rs 2 crores, providing policy seekers the flexibility to choose the ideal amount based on their needs.
  • The entry age ranges between 18 years to 70 years of age.
  • With flexible premium payment terms and payout options, ICICI Pru term plans ensure all its customers’ requirements.
  • Along with life coverage, ICICI Pru term plans also cover critical illnesses, accidental death through additional riders.

Why choose ICICI Prudential Term Plans? 

  • ICICI Prudential term plans are backed with attractive benefits and features.
  • The plan offers complete protection at affordable premium rates.
  • The company has a high claim settlement ratio of 97.84%, making it a reliable insurer partner in the market.
  • The plans offer the benefits of an in-built permanent disability waiver and in-built terminal illness cover. 

Max Life Insurance Term Plans

  • Max Life Insurance offers 3 different term plans catering to varying needs of people – Max Life Online Term Plan Plus, Max Life Super Term Plan, and Max Life Smart Term Plan.
  • The term plans provide coverage for disability, death, and diseases along with life cover.
  • These also come with the option to increase the life cover based on the various life stage requirements.
  • The term plans offer long-term coverage till the age of 85 years.
  • Max Life Insurance comes with a return of premium option as a maturity benefit.
  • You can also add riders to enhance your base policy coverage.

Why choose Max Life Insurance Term Plans? 

  • Max Life Insurance term plans offer comprehensive protection plan options at considerably low premiums.
  • Max Life Insurance term plans give you the flexibility to increase life cover during important milestones in life.
  • With a claim settlement ratio as high as 99.22%, Max Life Insurance has proved itself as one of the most credible partners in the insurance sector.
  • The insurer gives you the flexibility to pay a premium for a limited period (60 years) and get coverage till 85 years.

FAQs:

What is the Max Life Insurance policy renewal process?

You can renew your Max Life Insurance policy by visiting their website and then selecting the ‘Pay Premium’ option appearing on the top of the screen. You can then input their policy number or mobile number and date of birth to proceed with the policy renewal process.

Is it possible to surrender my Max life insurance policy?

Policies with saving or investment components can be surrendered once they complete their lock-in period. However, as per the recent guidelines by the insurance regulator, life insurance providers have been mandated not to levy surrender charges in case the life assured has chosen to terminate the policy after five years.

What is the process to check ICICI Life Insurance policy status?

To check ICICI Life Insurance policy status, you can register yourself on their official website and use your policy number to check the same.

Can I cancel my ICICI Prudential life insurance policy?

You can cancel your ICICI Prudential life insurance policy by submitting the reason along with the respective cancellation form at any ICICI Prudential Life Insurance branch. Along with the form, you also need to submit a canceled cheque in your name, ID proof, and NRE Bank Statement with details about your paid premiums.

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