Max Life Term Insurance Vs IndiaFirst Life Term Insurance
Term Insurance offers a huge sum assured at affordable premiums, making it a popular choice among policy buyers. This form of life insurance ensures a secured financial future of the policyholder’s family in their absence. However, it gets inevitable to choose the right term insurance to gain optimum benefit out of it. Therefore, here are details of the term plans by Max Life Insurance and IndiaFirst Life Insurance which you can check below.
Max Life Insurance Term Plans vs IndiaFirst Life Insurance Term Plans Overview
|Parameters||Max Life Insurance||IndiaFirst Life Insurance|
|Number of Term insurance plans||3||2|
|E-services||Online consultation, registration services, buying policy, policy renewal and claim settlement||Registration services, online consultation, online payment, policy status, claims status, grievance registration|
|Claim settlement ratio||99.22%||96.65%|
Term Insurance policies – Max Life Insurance vs IndiaFirst 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.
IndiaFirst Life Insurance is among the youngest and fastest-growing financial service providers in the country. It is jointly undertaken by Union Bank of India, Bank of Baroda, and Legal & General as their founding partners, wherein Legal & General sold their stake in 2019 to Carmel Point Investment India Private Limited. The company commenced its operations in November 2009, and since then, it has marked its presence in more than 1000 Indian urban areas and towns. The company provides a varied range of insurance products, including term insurance, retirement plans, group insurance savings, and wealth plans.
You can go through the various parameters of term insurance plans offered by Max Life Insurance and IndiaFirst Life Insurance and make the right buying decision as per your requirements.
Term Insurance Plans by Max Life Insurance vs IndiaFirst Life Insurance
Max Life Insurance Term Plans
- Max Life insurance provides 3 different term insurance plans offering complete protection against death, disability, and diseases.
- The term insurance plans include Max Life Online Term Plan Plus, Max Life Super Term Plan, and Max Life Smart Term Plan that are carefully designed to fulfill various requirements of the customers.
- The term plans are flexible in offering various options such as different premium payment terms, options to increase life cover per the growing needs of life, and different payout options.
- The term plans come with a long-term coverage option till 85 years of age.
- These also offer maturity benefits in the form of a return of premiums along with a rider benefit option to enhance the existing coverage of the policy.
Why choose Max Life Insurance term plans?
- Max Life Insurance is among the top-notch life insurance providers in the country.
- The leading insurer offers different term plans catering to various needs of the customers.
- Max Life Insurance Term Plans are affordable and can be customized according to the policyholder’s requirements.
- The term plans are eligible for tax benefit as per the prevailing norms of the Income Tax Act.
IndiaFirst Life Term Insurance plan
- India FirstLife Insurance offers 2 comprehensive term plans – IndiFirst Online Term Plan and IndiaFirst Life Plan, offering flexible options to customize plans according to your needs.
- The term plans provide flexible options to pay premiums such as single payment, monthly and yearly payment, which you can choose as per your convenience.
- IndiaFirst term plans come with 3 different types of rider benefit options – critical illness rider, ATPD, and accidental death cover. These riders can be added to the base policy to enhance the scope of existing coverage.
Why choose IndiaFirst Life term insurance plans?
- IndianFirst Life Insurance is backed by two leading banks of the country – Union Bank of India and Bank of Baroda.
- The plans are specifically designed considering the different requirements of people at different life stages.
- IndiaFirst Life term plans offer high coverage at affordable premiums.
- The company ensures an easy buying process and hassle-free claim settlement process.
How can I check the status of Max Life Insurance Policy?
Registered users can log in with their registered user ID and password on the official website of the insurance company and then check the policy status online.
What is the procedure to cancel Max Life Insurance and India FirstLife Insurance term insurance policy?
You can cancel your Max Life Insurance and India FirstLife term insurance policy during the free-look period. You can download the cancellation form from the company website and submit it along with the original policy copy.
What is the claim settlement ratio of IndiaFirst Life Insurance?
IndiaFirst Life Insurance boasts of a healthy claim settlement ratio of 96.65% FY 19-20, proving itself as a reliable and trustworthy insurer in the market.
How IndiaFirst Life Insurance pays the claim amount to the policy beneficiary or nominee?
IndiaFirst Life Insurance credits the claim amount to the policy beneficiary’s or the nominee’s bank account.
What is the maximum policy tenure you get under IndiaFirst Life Insurance?
IndiaFirst Life Insurance offers a maximum of 40 years of the policy term.
What does accidental death coverage rider refer to under IndiaFirst Life term insurance?
The accidental death coverage rider under IndiaFirst Life term insurance refers to means an additional payout in case of unnatural death due to accident during the policy tenure.
What are the various online premium payment modes for Max Life Insurance and India FirstLife Insurance?
The different online premium payment modes available for Max Life Insurance and IndiaFirst Life Insurance include Netbanking, Credit card, Debit card, UPI, and automatic transfer from the account.
What are the documents considered as ID proof and address proof?
The documents considered as ID and Address Proof are:
Voter Identity Card
Bank Account Statement