Max Life Term Insurance Vs Aditya Birla Sun Life Term Insurance

There are various benefits of buying term insurance, but the fundamental advantage is its high sum assured at affordable premiums. Nonetheless, picking the right term plan with the ideal life cover is quite difficult due to the presence of numerous term plans on the lookout. To find out about the details of the term plans, you should compare various term plans on multiple aspects. So, here are the subtleties of the term insurance plans offered by Max Life Insurance and Aditya Birla Sun Life Insurance (ABSLI) which you can go through and make the right purchasing choice. 

Max Life Term Insurance Plans vs Aditya Birla Sun Life Term Insurance Overview

Parameters Max Life Insurance Aditya Birla Sun Life Insurance
Number of term insurance plan 3 3
e-services Online consultation, buying policy, policy renewal, claim settlement, and grievance redressal Online consultation, buying policy, policy renewal and claim settlement and grievance redressal
Claim settlement ratio 99.22% 92.41%

Term Insurance policies – Max Life Insurance vs Aditya Birla Sun Life Insurance

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.

Aditya Birla Sun Life Insurance (ABSLI) Company is amongst the country’s renowned life insurance providers. It is a subsidiary of Aditya Birla Capital Ltd and promoted by Aditya Birla Group of India and Sun Life Financial Inc. of Canada. Aditya Birla Sun Life Insurance offers various life insurance products, including term insurance, retirement plans, child plans, savings, and investment plans. Its products provide complete financial protection to the policyholders and are the first company to introduce a free look period.

To opt for the right term insurance plan, you can compare Max Life Insurance term plans and Aditya Birla Sun Life Insurance term plans on different parameters mentioned below.

Term Insurance Plans by Max Life Insurance vs Aditya Birla Sun Life Term Plans

Max Life Insurance Term Plans 

  • Max Life assurance offers 3 carefully designed term insurance plans – Max Life Online Term Plan Plus, Max Life Super Term Plan, and Max Life Smart Term Plan offering thorough security against death, disability, and disease. 
  • The term plans by Max Life Insurance offer long-term life cover till 85 years of age. 
  • Max Life insurance term plans offer flexibility to increase life cover based on life’s changing necessities and prerequisites. 
  • These also come with various premium payment options and rider benefit options to improve the base life cover. 

Why choose Max Life Insurance term plans? 

  • Max Life Insurance offers a comprehensive term insurance plan at affordable premiums.
  • The high claim settlement ratio of Max Life Insurance makes it a credible insurer partner to rely upon.
  • Tax benefits are available on the Max Life term insurance plans according to the prevailing laws of the Income Tax Act 1961. 

Aditya Birla Sun Life Term Insurance Plans

  • Aditya Birla Sun Life Insurance offers 3 diverse term plans – ABSLI Life Shield Plan, ABSLI DigiShield Plan, and ABSLI Saral Jeevan, comprising different benefits and features. 
  • Each term plan provides diverse life cover options and premium payment frequencies, giving flexibility to the policyholder to choose their preferred options based on their preference and requirements.
  • The term designs offer life cover until 100 years old, distinctive payout choices, and maturity benefit options.
  • Rider benefits are accessible to widen the extent of the base policy cover while providing additional protection.

Why choose Aditya Birla Sun Life Term Insurance?

  • Aditya Birla Sun Life Term Insurance Plans offers comprehensive life cover at a nominal premium cost.
  • The term plans are intended to provide financial assistance to the policyholder’s family during uncertainties.
  • The term plans come with flexible options, including life cover choices, payout choices, and premium payment options, permitting the policyholder to pick the right one depending on their prerequisites.

FAQs:

Do Max Life Insurance and Aditya Birla Sun Life term plan lapse?

Max Life Insurance and Aditya Birla Sun Life term plans lapse as the policy tenure comes to an end or after their claim settlement, whichever occurs, prior. In any case, it is essential to continue to pay the premiums to keep the policy active.

How to track the status of Aditya Birla Sun Life term insurance plan?

To track the status of Aditya Birla Sun Life term plans, you need to visit the insurer's official website and go to their policy tracker page. Then, you can enter your policy number, date of birth, contact information and submit these details.

How Max Life Insurance and Aditya Birla Sun Life's term plan premiums are evaluated?

The premiums paid towards your Max Life Insurance and Aditya Birla Sun Life's term protection plan are determined, relying upon different factors like gender, age, occupation, lifestyle habits, and so forth. Additionally, purchasing a term plan at an early age can help you with low premiums as compared to later years.

Does Aditya Birla Sun Life term plan cover natural deaths?

Indeed, Aditya Birla Sun Life term insurance plan covers accidental and natural deaths.

What are the upsides of buying Aditya Birla Sun Life term protection plan online?

Purchasing an Aditya Birla Sun Life term protection plan online is affordable, saves time, and assists you with picking the ideal term plan by contrasting different other term plans using the term insurance calculator.

Does Max Life Insurance send a receipt in case of auto premium payment?

Indeed, Max Life Insurance and other insurers send a receipt for auto premium payment standards for term insurance to keep the policy active.

What are the different premium payment modes for Max Life Insurance and Aditya Birla Sun Life Insurance?

The different premium payment modes online for Max Life Insurance and Future Generali Life Insurance incorporate Netbanking, Credit card, Debit card, UPI, and automatic transfer from the account.

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