Bandhan Life Vs Axis Max Life Insurance

iTerm Prime

Premium starts ₹992/month

Max Coverage Upto

85 yrs

Claim Settlement Ratio

99.7%

Average Claim Trend

99.37%

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Smart Term Plan Plus

Premium starts ₹970/month

Max Coverage Upto

85 yrs

Claim Settlement Ratio

99.7%

Average Claim Trend

99.63%

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Compare Bandhan Life and Axis Max Life Insurance side by side to see which insurer offers the best term life insurance plans in India 2026. Let’s go through all the factors, such as premiums, the ratio of claims settled, the number of plans available, riders, the solvency ratio, and how well each company fits your needs.

Which is Better: Bandhan Life or Axis Max Life?

IRDAI regulates both Bandhan Life and Axis Max Life, and both offer safe term insurance plans. Your choice should align with your long-term goals.

Choose Bandhan Life if you are seeking an express claims settlement term insurance plan with competitive rates and assured claims.
Go for Axis Max Life if you prefer a well-established insurance company with strong financial stability, a high claim settlement track record, flexible premium payment options, and a wide range of customisable term insurance riders.

Both insurers offer stable term insurance plans. Bandhan Life Insurance makes it easy to file a claim and is very reliable. Axis Max Life Insurance, on the other hand, offers financial security with plans that can be changed. But you get to make the final choice based on your budget and insurance needs.

Table of Comparison- Bandhan Life vs Axis Max Life

The table below shows some of the most important policy features and the requirements for getting Bandhan Life Insurance and Axis Max Life Insurance.

Features	Bandhan Life Insurance	Axis Max Life Insurance
Claim Settlement Ratio (FY 2025-26)	99.73%	99.70%
Solvency Ratio	2.52	1.99
Entry Age (Term Plans)	18 to 65 years	18 to 65 years
Age of Maturity	Up to 85 years old	Up to 85 years old
Riders Available	Accidental Death Benefit Accidental Death & Dismemberment Rider Critical Illness Rider Premium Waiver Terminal Illness Benefit	Critical illness and disability rider Max life pure risk premium health insurance rider Waiver of premium rider Accident cover
Premium Payment Options	Yearly/ Half Yearly/Quarterly / Monthly	Yearly/ Half Yearly/Quarterly / Monthly
Buy Online	Yes	Yes

Note: The information comes from public disclosures about Bandhan Life iTerm Prime Insurance and Axis Max Life iSecure.

Term Insurance Plans Offered

This section talks about the term insurance plans that Bandhan Life Insurance and Axis Max Life Insurance offer. These plans offer:

Plans Offered by Bandhan Life Term Insurance

Bandhan Life iTerm Prime: This is a basic term life insurance plan that helps protect your life and gives you enough flexibility to decide how to pay.
Bandhan Life iTerm Comfort: Protection plan with additional benefits and flexible premiums.
Bandhan Life Saral Jeevan Bima Plan: If the insured lives longer than the policy term, the plan will pay back all the premiums paid into the policy.

Axis Max Life Insurance Policies

Axis Max Life Smart Term Plan: Designed for individuals who want the flexibility to customise payout modes based on their family’s needs.
Axis Max Smart Secure Plus Term Plan: Suitable for policyholders who want their premiums returned at maturity if no claim is made.
Axis Max Life Smart Total Elite Protection Plan: Best for those looking for high coverage with optional add-ons for lifestyle protection.
Axis Max Life Saral Jeevan Bima: Ideal for budget-conscious buyers seeking straightforward term insurance.

Premium Comparison (Illustrative Example)

Based on current online term insurance calculators, the following comparison gives an approximate idea of the monthly premiums for the following sample customer profile:

Age: 23 years
Gender: Male
Smoker: No
Sum Assured: ₹1 Crore
Annual income: ₹8 lakh to ₹10 lakh
Policy Term: 60 years
Education: Graduate
Occupation Type: Salaried

Insurer	Approx. Premium (Monthly)
Bandhan Life iTerm Prime	₹850
Axis Max Smart Term Plan Plus	₹1195

*The real premium varies according to age, health status, policy duration, and chosen riders.

Information sourced from Policybazaar’s website

Analysis of Claim Settlement

The claim settlement ratio is the percentage of claims that an insurance company settles in a given year.

Axis Max Life has enjoyed a high rate of claim settlement ratio in the last few years at 99.70%.
Bandhan Life has performed better in settling its claims as well, with a claim settlement ratio of 99.73%.

Who Should Choose Which Insurance Company?

Here are some general tips that could help you choose the best company for you:

Choose Bandhan Life if:

You want term life insurance plans that are easy to understand.
You want basic coverage with simple features.
You are comfortable with limited rider customization options

Choose Axis Max Life if:

You want access to multiple rider options for broader protection.
You prefer flexibility in structuring your term plan.
You value insurers with a wide product portfolio and strong market presence.

Final Suggestion

When looking for reliable term insurance in India, Bandhan Life and Axis Max Life are two very good choices. Bandhan Life focuses on basic insurance plans with few options, while the Axis Max Life insurance plan has more options for riders and benefits. It is always important to go through the policies before reaching a conclusion.

FAQs

Q: Do premiums differ between Bandhan Life and Axis Max Life?

Ans: Yes, premiums vary as per age, health, lifestyle, policy term, and selected riders.
Q: Which insurer offers a higher claim settlement ratio?

Ans: Bandhan Life offers a slightly higher claim settlement ratio in recent disclosures.
Q: Can I buy term insurance plans online?

Ans: Yes, both Bandhan Life and Axis Max Life provide online purchase options for their term insurance plans.
Q: Which insurer to choose, Bandhan Life or Axis Max Life Insurance?

Ans: Both plans meet different customer needs. Choose Bandhan for simple, basic, and affordable term plans, and Axis Max Life for a more flexible, feature-rich term solutions with added benefits.

Term Plan Comparison

Term insurance is essential because it provides financial security for your loved ones in case of your untimely death. It ensures they can cover expenses like loans, education, and daily living costs, even in your absence. Comparing term insurance policies from different insurers helps you find the best coverage at the most affordable price, tailored to your specific needs.

When comparing term insurance policies from two of the top Indian insurers like Bandhan And Max Insurance Life Insurance, consider factors like the premium amounts, the sum assured, and the policy tenure. Look at the claim settlement ratios to understand how reliable each insurer is in paying out claims. Additionally, check for any riders or additional benefits offered, such as critical illness rider or accidental death benefits.

To simplify this process, you can use Policybazaar's comparison tool. This tool allows you to quickly and conveniently compare various term insurance policies side-by-side. It highlights key differences, benefits, and costs, helping you make an informed decision without the hassle of manually researching each policy.

Explore the popular searches and stay informed

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.