Max Life Term Insurance Vs SBI Life Term Insurance

Term insurance secures your family financially at affordable premiums in your absence. It ensures that your loved ones lead a comfortable life without compromising on their financial front. However, there are plethora of term insurance plans available in the market and choosing the right one as per your requirement can be a daunting task. Therefore you should compare various things before choosing one. Check out the details about the term plans that matched your requirements the best.

Max Life Term Insurance vs SBI Life Term Insurance Overview

Parameters Max Life Insurance SBI Life Insurance
Number of Term insurance plans 3 7
E-services Buying policy, policy renewal, update information, premium payments and claim settlement Buying policy, policy renewal, update information, premium payments and claim settlement
Claim settlement ratio 99.22% 94.52%

Term Insurance policies – Max Life Insurance & SBI 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.

SBI Life Insurance is counted among India’s most trusted insurance companies. Incorporated in 2000, SBI Life Insurance is a joint venture between SBI (State Bank of India) and the French multinational bank, BNP Paribas Cardiff. The company is known for offering an array of life insurance plans, including savings, retirement, child protection, term plans, etc.

So here, you can compare Max Life Insurance and SBI Life Insurance term plans on different parameters and pick the right one as per your requirements.

Term Insurance plans by Max Life Insurance vs SBI Life Insurance

Max Life Insurance Term Plans

  • Max Life Insurance term insurance provides coverage against death, disability, and disease along with life cover.
  • It offers 3 different term plans – Max Life Online Term Plan Plus, Max Life Super Term Plan, and Max Life Smart Term Plan, matching varying needs of people.
  • The term plans are backed with various benefits and features, such as the option to increase the life cover based on the different life stage requirements.
  • The term plans also offer long-term coverage till the age of 85 years.
  • Max Life Insurance term plans offer a return of premium option as a maturity benefit and give the flexibility to add riders to enhance your base policy coverage.

Why choose Max Life Insurance Term Plans? 

  • Max Life Insurance term plans offer comprehensive life cover at considerably low premiums.
  • The term plans come with the flexible option to increase the life cover at important milestones in life.
  • Max Life Insurance is a credible insurer partner in the market, with a claim settlement ratio as high as 99.22%.
  • The term plans also give a flexible option to pay premiums for a limited period (60 years) and get coverage till 85 years.

SBI Life Term Insurance Plans

Why choose SBI Term Insurance Plans?

  • SBI Life insurance is a well-known name in the insurance sector, counted among the most trusted companies for all kinds of insurance requirements with a good claim settlement ratio.
  • The term plans offered by SBI Life Insurance are affordably priced such that all individuals can access its benefits and fulfill their needs.
  • SBI Life insurance policy offers flexibility to the insured to choose from different premium payment modes.

FAQs:

What are the factors to be considered when purchasing term insurance plans offered by Max Life Insurance?

You should analyze your family's prerequisites, consider your current financial liabilities, thoroughly research various term plans available and decide on the policy term before purchasing a term insurance plan offered by Max Life Insurance.

Are tax benefits available on the term plans offered by Max Life Insurance and SBI Life Insurance?

Yes, Max Life Insurance and SBI Life Insurance term plans are eligible for tax benefits for up to Rs. 1.5 Lakh per annum under Section 80C of the Income Tax Act.

What are the Documents needed to enroll an Accidental or Unnatural Death?

The following documents are needed for an Accidental or Unnatural Death:
A copy of FIR First Information Report Copy of Autopsy/Post Mortem Report (PMR) and Viscera Report Copy of Charge Sheet/Final Police Investigation Report (FPIR).

Who is qualified to get the policy coverage amount upon the demise of the policyholder?

As mentioned in the policy document, the policy nominee/ beneficiary or the appointee in case of minors is qualified to get the policy coverage amount.

What are the riders available with SBI Life Term Insurance Plans?

SBI Life Term Insurance plans offer Critical Illness cover, Accidental Death Benefit Cover, and Permanent Disability Cover.

What will happen in case I can't pay the premium on the due date?

Suppose you can't pay premiums on the due date. In that case, the insurance provider will offer you a grace period of 15 days for monthly premium payments and 30 days for quarterly, half-yearly, or yearly premium payments.

What documents are needed to process SBI Life term insurance plans?

The documents required to process SBI Life term insurance plans include age proof, identity proof, address proof, and income proof wherein PAN card, Aadhar card, Voter ID, Passport, salary slips, Form 16 can be used.

What is the right time to purchase an SBI Life Term Insurance plan?

The right time to buy a term insurance plan is as early in your life as possible. As with the increasing age, the term plan premium also rises. The minimum age to purchase an SBI Life Term Insurance plan is 18 years.

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