Max Life Term Insurance vs LIC Term Insurance
Term Insurance is the simplest and most affordable form of life insurance. It offers a substantial amount as life cover at a reasonable premium cost and ensures a secured financial future to the insured’s family in their absence. There are plenty of term insurance plans available in the market, and you need to pick the right one as per your requirements. Hence, you should compare various term plans before making the buying decision. Here are details of the term plans by Max Life Insurance and LIC, which you can check below.
Max Life Insurance Term Plans vs LIC Term Plans Overview
|Parameters||Max Life Insurance||LIC|
|Number of Term insurance plans||3||2|
|E-services||Online consultation, buying policy, policy renewal and claim settlement||Registration services, online payment, policy status, claims status, grievance registration|
|Claim settlement ratio||99.22%||96.69%|
Term Insurance policies – Max Life Insurance vs LIC
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.
Life Insurance Corporation (LIC) of India holds the biggest market share in the insurance sector. It is the oldest and largest life insurance provider in India and is known for the range of products based on different needs of the customers and decades-old exceptional customer service. The company’s various products include term insurance, savings, investment plans, retirement plans, and many more.
To choose the right term plan, you can compare Max Life Insurance and LIC term plans on various parameters mentioned below.
Term Insurance Plans by Max Life Insurance vs LIC
Max Life Insurance Term Plans
- Max Life term insurance plans are carefully designed to provide complete protection from 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 to match various requirements of customers.
- The term plans offer the flexibility to increase life cover per growing needs and opt for different premium payment options.
- The plans offer long-term coverage till 85 years of age as with maturity benefits in the form of a return of premiums.
- Max Life term plans also give the option to add riders to the existing policy to broaden the scope of the base coverage.
Why choose Max Life Insurance term plans?
- Max Life Insurance offers various term insurance plans catering to the different needs of its customers.
- The term insurance plans can be customized and are affordable while not putting the burden on the policyholder in the long run.
- Tax benefits are applicable as per the prevailing laws of the Income Tax Act.
LIC Term Insurance
- LIC offers two specially designed term insurance plans – LIC Tech term plan and LIC Jeevan Amar that are non-linked, non-participating, and completely risk-proof.
- The plans offer flexible premium payment options – single premium, limited premium, regular premium so that you can choose as per your convenience and preference.
- LIC offers a term plan at discounted premium rates to female policy buyers and non-smokers.
- LIC term plans come with a rider benefit option to enhance the policy coverage.
Why choose LIC Term Plans?
- LIC provides a hassle-free policy buying and claim settlement process.
- The term plans are pure protection offering complete financial security at affordable premium rates.
- An individual between the age of 18 -75 years can opt for LIC term plans.
- It is the oldest and among the most trusted names in the insurance sector.
How can I check Max Life Insurance Policy Status?
If you are a registered policyholder, you can log in with your registered user ID and password on the insurer's official website and check the policy status online.
How can I cancel my term insurance policy?
You can cancel your Max Life and LIC term insurance policy within the free-look period. To do the same, you can download the cancellation form from the company website and submit it with the original policy copy.
What are the different premium payment modes online for Max Life Insurance and LIC?
The multiple premium payment modes are available online for Max Life Insurance and HDFC Life Insurance through Netbanking, Credit card, Debit card, UPI, and automatic transfer from the account.
What are the minimum and maximum entry ages to buy LIC term insurance plans?
The minimum entry age to buy LIC term insurance is 18 years, and the maximum is 65 years.
What is the revival period under LIC term insurance plans?
LIC term insurance plans offer 5 years revival period from the date of the first unpaid premium.
Why should I buy LIC term insurance plans?
LIC term insurance plans are affordable term plans providing high life coverage. They offer complete financial protection to your loved ones in your absence. You can even add riders to the base plan to enhance the policy coverage.
What are the documents accepted as ID proof and address proof?
The document accepted as ID and Address Proof are:
Voter Identity Card
Bank Account Statement