Max Life Term Insurance vs Exide Life Term Insurance

Term insurance ensures the financial safety of your loved ones in your absence by providing a substantial amount in case of your untimely demise. However, it is essential to choose the right term insurance plan based on your requirements and affordability. Almost all insurance providers offer a term insurance policy with different features and benefits. Hence, you need to check it throughly and compare them to opt for the right one. Here are the details of term plans offered by Max Life Insurance and Exide Life Insurance to give you a brief idea of their offerings.

Max Life Insurance Term Plans vs Exide Life Term Insurance Plans Overview

Parameters Max Life Term Insurance Exide Life Term Insurance
Number of Term insurance plans 3 5
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% 98.15%

Term Insurance Plans – Max Life Insurance vs Exide 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 2001, Exide Life Insurance is an active insurance partner in the sector by offering a range of life insurance products, including term insurance through various channels like online, agency, direct, bancassurance, etc. It is a 100% Indian-owned entity, known for its excellent customer service and high claim settlement ratio of 98.15% for the FY 2019-20.

You can compare the term plans offered by Max Life Insurance and Exide Life Insurance on different parameters mentioned below and choose the right one according to your requirement.

Term Insurance Plans by Max Life Insurance vs Exide Life Insurance 

Max Life Insurance Term Plans 

  • The term plans offered by Max Life Insurance provide comprehensive protection against death, disability, and disease. 
  • Max Life term plans include 3 different plans – Max Life Online Term Plan Plus, Max Life Super Term Plan, and Max Life Smart Term Plan, specifically designed to match the customers’ requirements.
  • Max Life term insurance plans offer flexibility to increase life cover during important milestones in life and provides coverage up to 85 years of age. 
  • The term plans come with the option to add riders to enhance the base policy cover.
  • Max Life insurance term plans also offer a maturity benefit option wherein the premiums paid are returned on policy maturity.

Why choose Max Life Insurance term plans? 

  • Max Life term plans are affordably priced while offering complete financial protection against uncertainties.
  • The term plans are carefully designed to suit the various requirements of the individuals.
  • Max Life Insurance boasts of a high claim settlement ratio, establishing itself as a trustworthy insurance partner in the market.

Exide Life Term Insurance Plans 

  • Exide Life Term Insurance Plans are affordably priced and offer high life cover, ensuring complete protection for the insured’s family in their absence.
  • Exide Life Insurance offers 5 different carefully designed term plans – Exide Life Elite Term Insurance Plan, Exide Life Smart Term Pro, Exide Life Smart Term Edge, Exide Life Saral Jeevan Bima, and Exide Life Term with Return of Premium Plan, backed by various benefits and features.
  • Exide Life Term Insurance Plans offer flexible premium payment options such as you pay premiums for a limited period and get life cover benefits for the entire policy tenure.
  • The term plans also provide maturity benefits along with the death benefit.

Why choose Exide Life term insurance?

  • Exide Life term insurance plans can be customized with flexible options like the different sum assured payout and premium payment options.
  • The term plans are priced affordable and backed by various benefits and features like the rider benefit option to broaden the scope of the existing policy cover.
  • Exide Life term plans are eligible for tax benefits for the premiums paid and death benefit payout under the prevailing laws of the Income Tax Act 1961.

FAQs:

What are the different premium payment frequencies?

The different frequencies to pay a premium for term insurance includes yearly, half-yearly, monthly, and quarterly, which the policyholder can choose based on your preferences.

How can I check the status of Max Life insurance term policy?

Registered policyholders can log in with their respective email id and password on the official website of Max Life Insurance and check their policy status.

Does Max Life Insurance term policies offer tax benefits?

Yes, Max Life Insurance term policies are eligible for tax benefits for the premiums paid under section 80C of the Income Tax Act. Also, the payout benefit amount comes under tax exemption under section 10 (10D) of the Income Tax Act.

Do I need to pay extra to add riders to my term policy?

Yes, riders come at an extra premium cost, but some term policies have in-built rider features, which you should check in the policy documents before buying one.

What is the maximum life coverage offered under Exide Life term insurance?

Exide Life Term plans to provide life cover till the age of 80 years.

Why should I opt for an Exide Life term insurance plan?

Exide Life term insurance plans come with several valuable features and benefits, offering an overall peace of mind. The benefits include the high sum assured, affordable premiums, tax benefits, rider benefits, amongst others.

Is it safe to purchase term insurance online?

Yes! It is absolutely safe to buy term insurance online as the payments are made through secured payment gateways, and all the information is kept confidential.

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