Max Life Term Insurance Vs Bharti AXA Term Insurance

Term protection is the simplest and the most affordable form of life insurance. Different life insurance companies offer various term plans with varied features and advantages. Due to which it gets very challenging to pick the right term plan based on your requirements. Accordingly, you should look at and check the subtleties of each term plan and afterward settle on your buying decision. Here are the subtleties of term plans presented by Max Life Insurance and Bharti AXA Life Insurance which you can go through and opt for the right one according to your necessities. 

Term Insurance Plans by Max Life Insurance vs Bharti AXA Life Insurance Overview

Parameters Max Life Insurance Bharti AXA Life Insurance
Number of term insurance plan 3 6
E-services Online consultation, buying policy, policy renewal and claim settlement Online consultation, buying policy, policy renewal and claim settlement
Claim settlement ratio 99.22% 97.35%

Term Insurance policies – Max Life Insurance vs Bharti AXA 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.

Since 2006, Bharti AXA Life Insurance is a well-known name in the private insurance sector. It is a joint endeavor between two enormous corporations – Bharti Group in India and the Paris-based insurance giant- AXA. Bharti AXA Life Insurance offers a wide variety of life insurance products which includes specific term plans intending to satisfy different requirements of individuals at various life stages.

To opt for the right term insurance plan, you can compare Max Life Insurance and Bharti AXA Life Insurance term plans on various parameters mentioned below.

Term Insurance Plans by Max Life Insurance vs Bharti AXA Life Insurance 

Max Life Insurance Term Plans

  • The 3 term insurance plans offered by Max Life Insurance – Max Life Online Term Plan Plus, Max Life Super Term Plan, and Max Life Smart Term Plan, are comprehensive protection plans offering coverage against death, disability, and disease.
  • Max Life insurance term plans offer long-term coverage till the age of 85 years.
  • The term plans give the flexibility to increase the life cover as per your changing needs and requirements.
  • Max Life term plans also come with a rider benefit option, allowing policyholders to widen the scope of the existing policy cover and maturity benefit. The insurer returns the premiums paid on the policy maturity.

Why choose Max Life Insurance term plans? 

  • Max Life Insurance term plans are affordable and provide complete financial protection to the insured’s family in case of their untimely demise.
  • Max Life Insurance boasts of a high claim settlement ratio of 99.22%, proving itself as a trustworthy and credible insurance partner in the market.
  • The company is known for its quality customer service and faster claim settlement process. 
  • Max Life term insurance plans offer tax benefits as per the prevailing laws of the Income Tax Act.

Bharti Axa Term Insurance Plans 

  • Bharti Axa Life Insurance offers 6 diverse term insurance plans – Bharti AXA Life Premier Protect Plan, Bharti AXA Life Grameen Jeevan Bima Yojana, Bharti AXA Life Flexi Term, Bharti AXA Life Smart Jeevan, Bharti AXA Life POS Saral Jeevan Bima Yojana, Bharti AXA Life Income Protection, providing a wide range of options to the policyholder to pick their ideal term plan according to their prerequisites.
  • The term plans come with flexible payout options to choose from and different premium payment frequencies to meet policyholder’s necessities.
  • Along with offering death benefit, Bharti AXA term plans also provide maturity benefit by returning 100% premiums paid.
  • The policyholder likewise gets the choice to increase the life cover on accomplishing important milestones of life such as marriage, childbirth, and so forth

Why choose Bharti AXA Term Insurance Plans? 

  • The term plans give thorough financial security while satisfying different prerequisites of the policyholder.
  • The policyholders can likewise pick basic critical illness cover till the age of 75 years.
  • Bharti Axa Term plans are reasonably priced to suit everyone’s budget.
  • These plans come with the option to add rider benefit to widen the scope of the base policy cover.

FAQs:

When do the Bharti AXA term plans lapse?

The Bharti Axa term insurance plans get lapsed on non payment of premium or toward the finish of the policy term or if the policyholder dies during the policy tenure, or the claim gets settled (whichever happens prior).

How can I pay Max Life Insurance and Bharti AXA term insurance premium online?

You can pay Max Life Insurance and Bharti AXA term insurance premium online through Netbanking, Credit card, Debit card, UPI, and direct transfer from the bank.

What is the process to calculate the premium for the Bharti AXA term insurance plan?

Bharti AXA Term insurance premiums are calculated taking into consideration different factors like age, gender, occupation, income, lifestyle habits, amongst others. However, it is ideal to purchase a term insurance plan at a young age to avail of low premium rates.

How can I cancel the Max Life Insurance policy?

You can cancel your Max Life insurance policy during the free-look period. To cancel the policy, you need to fill up the cancellation form and submit the same with the original policy document. The cancellation form can be downloaded from the company website.

What is the process to check the status of my Bharti AXA term insurance plan?

You can check the status of your Bharti AXA term plan status by visiting the insurer's official website and then going to the policy tracker page. Then, you need to enter your policy number, date of birth, contact details and submit to know your policy status.

What are the minimum and maximum ages to buy a Bharti AXA term insurance policy?

The minimum entry age is 18 years, and the maximum is 65 years to buy a Bharti AXA term insurance policy.

Can Bharti AXA term insurance policy claim get rejected?

The Bharti Axa term insurance policy claim can get rejected if false information or hidden facts are given while purchasing the policy.

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