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Axis Max Life Smart Term Plan Plus
ILM Ratings
ILM Ratings
Claims Experience:
Customer Service:
Product Benefits:
Introduction to Axis Max Life Smart Term Plan Plus
Axis Max Life Smart Term Plan Plus is a pure protection term insurance plan offered by Axis Max Life Insurance. Term plans provide a large life cover at a nominal premium, almost 1000 times the amount you pay. While this plan does not include features like increasing cover, it offers flexibility through a few limited pay options, varied claim payout options and even an early exit facility. To enhance protection, the plan also allows riders such as critical illness, waiver of premiums and accidental death benefit, making it a straightforward yet customisable solution for long-term financial security.
Claims Experience:
Customer Service:
Product Benefits:
Quick Overview:
What's Good?
- Several options to customize claim payouts
- Option to exit the plan while active and get premium refund
- Critical illness rider's payout is in addition to the life cover amount
- Additional payout option for accidental death
- Premium waiver option available if listed illness is diagnosed
- Premium waiver option available in case of accidental disability
What's Not Good?
- Few Limited Pay options to speed up payments
- No option to automatically increase claim amount, with time
Insurer Track Record
About Axis Max Life Insurance Co. Ltd.
JV Partners
Turnover (GWP)
Number of Policies
Number of Claims
Detailed Product Overview
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Did you know
The Axis Max Life Smart Term Plan Plus is a pure protection term plan that gives you a large life cover at a very low premium, almost 1000 times the amount you pay. If you unfortunately pass away during the policy term, your family will receive a death benefit. This amount is meant to provide financial stability, helping them maintain their lifestyle and continue working toward important life goals without added financial burden.
This plan gives you flexibility with several claim payout options and even an early exit facility where you can get back the premiums paid. When it comes to riders, the Critical Illness rider offers a payout over and above the life cover, while the Accidental Death rider provides an extra payout in case of accidental death, adding more protection.
On the downside, the plan has only a few Limited Pay options to speed up premium payments. It also does not allow the cover amount to increase automatically over time, and there is no waiver of premium benefit in case of a listed illness or accidental disability.
When it comes to pricing, this plan is cheaper than many similar products. Furthermore, our research shows that the insurer’s track record also inspires confidence, with fewer complaints about both claim settlement and policy purchase compared to other insurers.
Here’s the term plan review -
Key Product Features of Axis Max Life Smart Term Plan Plus
The Axis Max Life Smart Term Plan Plus's notable features are as follows:
- Life Cover Benefit: The plan provides a large life cover at a nominal premium, almost 1000 times the amount you pay.
- Early Exit Option: You can exit the policy within a specified period, even while it is still active. In such cases, the Axis Max Life Smart Term Plan Plus offers a refund of the premiums paid.
- Increasing Coverage: Some policies allow the cover amount to rise at fixed intervals until it reaches a maximum limit. This plan does not offer that option, so the cover amount remains the same.
- Coverage Duration: Unlike many plans that provide coverage only up to age 60 or 65, this plan continues protection until age 85, ensuring security even after retirement.
- Limited Pay Options: The plan allows you to finish premium payments earlier through Limited Pay choices. You can opt to complete them in 5, 10, or 15 years, or pay only until age 60. It helps reduce the financial load in later years and works well for those who prefer completing premium payments while they still have a steady income.
- Claim Payout Options: In case of a claim, the nominee can receive the death benefit as a one-time payout, in installments, or through a mix of both.
What are the Riders Available with Axis Max Life Smart Term Plan Plus?
You can tailor your coverage to meet your unique needs with riders at extra cost:
- Critical Illness Rider: If the insured is diagnosed with any of the critical illnesses listed in the policy during the term, this rider pays out a fixed sum. With the Axis Max Life Smart Term Plan Plus, you can choose this rider to strengthen your protection based on your needs and preferences. It covers 64 specified illnesses, provides coverage up to the age of 75, and allows a maximum sum assured of Rs. 40 lakhs.
- Accidental Death Benefit Rider: This rider adds an extra payout to the base term insurance death benefit if the insured person passes away due to an accident during the policy term. It is available under the Axis Max Life Smart Term Plan Plus to enhance coverage. You can be covered up to the age of 60, and you can opt for coverage up to Rs. 1 Crore or up to the Base Cover, whichever is lower.
- Waiver of Premium Rider: This rider is meant to ease financial burdens by waiving future premium payments in case the insured person is diagnosed with a covered critical illness or disables themself due to an accident. However, this option is absent in the Axis Max Life Smart Term Plan Plus.
Each rider has a specific use. Review your objectives and needs prior to deciding which riders, if any, to purchase.
Why should you choose Axis Max Life Insurance Company?
An outline of Axis Max Life Insurance's claims experience is as follows:
- Speed of Claim Settlement: This insurance company has quick claim processing. 99.75% of the claims are settled within 30 days after receiving all the necessary documents, providing financial assistance to the family on time.
- Online Claim Tracking: The company offers an online facility to track claims, making the process more transparent and easier to follow for claimants.
- Claims Settlement Ratio: The Claim Settlement Ratio (CSR) shows the percentage of claims an insurance company settles out of the total claims it receives in a given financial year. Axis Max Life Insurance possesses a claims settlement ratio of 99.70%, indicative of its reliability in settling claims.
- Claim Complaints: The insurer records claim complaints of just 0.03%. Based on our research, the insurer has received fewer claim complaints than other insurers, showing its focus on smooth and efficient claim handling.
- Personal Relationship Manager: Axis Max Life Insurance designates a personal relationship manager to help nominee(s) with the claim settlement procedure. As a result, claimants may receive more individualised assistance.
What are the drawbacks of buying from Axis Max Life Insurance Company?
Axis Max Life Insurance Company's possible drawbacks are listed below:
- Death Claim Form: Compared to other insurers, the company's death claim form is moderately longer. This may render the claim process less convenient for nominee(s) and more time-consuming.
- No Claims Pickup at Home: The company does not provide a home pickup service for claim-related documents. It may be inconvenient for some families because nominee(s) have to personally visit a branch to submit the required papers.
How is the customer service quality of Axis Max Life Insurance Company?
Let's now see the Axis Max Life Insurance Company's Customer Service Quality:
- Toll-Free Support: Compared to other insurers, the company's toll-free helpline takes a long time to respond. For individuals seeking instant support, this may have a negative impact on their overall customer service experience.
- X (Twitter) Response: The response time of the company using the X (Twitter) handle is quick, with possibilities of higher responsiveness and social media engagement.
- Percentage of Complaints Received for After-Sales Service: Research indicates that 0.38% of the customers are dissatisfied with the after-sales service.
About the Insurer - Axis Max Life Insurance Company
Founded in 2002, Axis Max Life is an Indian life insurance provider. It functions as a joint venture between Axis Bank and Max Financial Services. The company is headquartered in New Delhi, and its CEO/CMD is Mr. Prashant Tripathy.
Final Review on Axis Max Life Smart Term Plan Plus
After evaluating over 100 factors, including product benefits, customer service, and claims experience, the Axis Max Life Smart Term Plan Plus has secured an overall MyInsureBuddy⭐Rating of 3.9 out of 5 by our in-house research team.
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Industry Experts with up to 20 years of experience help you from purchase to claims.