Max Life Term Plans Vs HDFC Life Term Plans

Looking at the growing uncertainties of life, the importance of term insurance can’t be ignored. But picking the right one matching your requirements from the plethora of term plans available in the market is a challenging task. Therefore, you need to compare various term plans before deciding on one. Max Life Insurance and HDFC Life Insurance offer different term plans whose features you can check below.

Max Life Insurance Term Plans vs HDFC Life Term Plans Overview

Parameters Max Life Insurance HDFC Life Insurance
Number of Term insurance plans 3 3
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% 99.07%

 Term Insurance Policies – Max Life Insurance vs HDFC 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.

 

HDFC Life Insurance is a well-known name in the insurance sector. Starting its operation in the year 2000, the insurer offers various individual and group insurance plans that include retirement, savings, investment, health, and protection plans, carefully designed to meet different requirements of customers.

If you are looking for the right term plan, then compare Max Life term plans and HDFC Life term plans on different parameters depending on your requirements.

Term Insurance Plans by Max Life Insurance vs HDFC Life Insurance

Max Life Insurance Term Plans

  • Max Life term insurance plans are comprehensive plans providing coverage for death, disability, and diseases.
  • Max Life insurance offers 3 different term insurance plans – Max Life Online Term Plan Plus, Max Life Super Term Plan, and Max Life Smart Term Plan catering to customers’ varying requirements.
  • The plans offer long-term coverage till 85 years of age.
  • The insurer gives the flexibility to increase life cover as per your growing needs and requirements.
  • It also offers maturity benefits in the form of a return of premiums.
  • The term plans also come with a rider benefit option which helps to enhance the base life cover.

Why choose Max Life Insurance term plans? 

  • Max Life Insurance offers a range of term insurance plans to suit the different requirements of their customers.
  • The high claim settlement ratio of Max Life Insurance makes it a reliable partner.
  • The term insurance plans are affordable and don’t burden the policyholder in the long run.
  • Tax benefits are applicable on the premium paid towards the Max Life term insurance plans.

HDFC Life Term Insurance Plans

Why choose HDFC Life Term Plans? 

  • HDFC Life term protection plans offer complete financial security through its affordably priced term plans.
  • HDFC Life term insurance can be customized to match your requirements by opting from various coverage options, premium payment modes, and payout options. 
  • It offers MWPA enrollment advantages to guarantee that the death benefit is shielded uniquely for your relative.
  • The company boasts of a healthy claim settlement ratio, ensuring a hassle-free claim settlement process.

 

Why choose HDFC Life Insurance term plans?

  • HDFC Life offers different term plans catering to the varying needs of people.
  • The insurer has a vast network and distribution channel, ensuring that its products are easily accessible by every individual across all major cities and towns in India.
  • With a healthy claim settlement ratio, it has proved itself as a reliable insurance partner.
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