Max Life Term Insurance vs Tata AIA Life Term Insurance

The importance of term insurance can’t be ignored. However, with ample term insurance policies available in the market, picking the right one according to your requirements is essential and could be confusing. Therefore, before deciding on one, you need to compare various term plans based on different parameters and your requirements. For example, Max Life Insurance and Tata AIA Life Insurance offer diverse term plans whose parameters can be compared below.

Max Life Insurance Term Plans vs Tata AIA Life Term Insurance Overview

Parameters Max Life Insurance Tata AIA Life Term Insurance
Number of Term insurance plans 3 6
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% 99.06%

Term Insurance Plans – Max Life Insurance vs Tata AIA 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.

 

Tata AIA Life Insurance Company Limited is another leading insurance provider in India, offering all kinds of affordable life insurance products, including several term insurance plans. Commencing its operations in 2001, the company is a joint alliance between Tata Sons Pvt. Ltd. and Tata AIA Life and focuses on providing effective solutions to all its customers.

You can compare Max Life term insurance and Tata AIA Life term insurance on various parameters and pick the right one for a better future.

Term Insurance Plans by Max Life Insurance versus Tata AIA Life Insurance 

Max Life Insurance Term Plans 

  • Max Life Insurance provides comprehensive term insurance plans which provide protection against death, disability, and disease. 
  • The leading insurer offers 3 different term plans – Max Life Online Term Plan Plus, Max Life Super Term Plan, and Max Life Smart Term Plan that are carefully designed considering customers’ requirements.
  • Max Life term insurance plans offer life cover for as long as 85 years of age. 
  • The term plans come with the flexibility to increase life cover during important milestones of life.
  • You can add a rider to the existing Max Life term plans enhancing the base policy cover.
  • Max Life term insurance also comes with a maturity benefit option wherein it returns the premiums paid 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 high claim settlement ratio, establishing itself as a trustworthy insurance partner in the market.

Tata AIA Term Insurance Plan

  • With 6 different term insurance plans – Sampoorna Raksha, Sampoorna Raksha+, iRaksha Trop, Sampoorna Suraksha Supreme, MahaRaksha Supreme, and Saral Jeevan Bima, the leading insurer caters to different needs of the customers.
  • Tata AIA term insurance plans are backed with flexible options, such as various life cover options – whole life coverage, increasing life cover at important milestones with life stage option, and the return of premium option on maturity. 
  • The term plans also come with rider benefits available at a nominal price and help broaden the scope of the base policy coverage. 
  • Tata AIA term insurance plan offers tax benefits as per the prevailing norms of the Income Tax Act.

 

Why choose the Tata AIA Term insurance plan?

  • Tata AIA term plans are offered under a trusted brand name with a high claim settlement ratio of 99.06%.
  • Tata AIA term insurance plans offer life coverage up to 100 years.
  • Female policyholders get the policy at lower premium rates. 

FAQs:

What are the various premium payment frequencies?

Term insurance premiums can be paid yearly, half-yearly, monthly, and quarterly, which you can choose based on your preferences.

What is the process to check the status of Max Life insurance term policy?

The registered policyholders can sign in with their respective email id and password on the insurer's website and check their policy status.

Are term policies under Max Life Insurance and Tata AIA Life Insurance offer tax benefits?

Yes, Max Life Insurance and Tata AIA Life Insurance are eligible for tax benefits for the premiums paid under section 80C of the Income Tax Act. The payout benefit amount also comes under tax exemption under section 10 (10D) of the Income Tax Act.

Do riders come at an extra premium cost?

Yes, riders come at an extra charge along with the base premium cost. However, some term plans come with riders as in-built features, which you need to enquire about before purchasing the policy.

Can I revive Tata AIA term insurance plans?

Yes, you can revive Tata AIA term insurance plans by paying all the unpaid premiums. Tata AIA gives you a grace period of 5 years from the date of the first due premium if you fail to pay premium within the grace period.

Is it possible to return Tata AIA term insurance plans immediately after purchasing them?

Yes, suppose you are not satisfied with the terms and guidelines of Tata AIA term insurance plans. In that case, you can return or cancel the same after purchasing within the free look period as per the regulations of IRDAI.

What are the different riders available under term insurance plans?

The different riders available with term insurance plans include:
Accidental death benefit rider
Accelerated death benefit rider
Accidental disability benefit rider
Critical illness benefit rider
Waiver of premium rider Income benefit rider.
However, the policyholder should only opt for the rider if needed, as riders come at an extra cost.

What are the documents needed to file an accidental death claim?

To file a claim for accidental death, you need a copy of FIR and driving license if the policyholder was driving at the time of the accident.

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