Axis Max Life Insurance vs Bandhan Life

Smart Term Plan Plus
Premium starts ₹970/month
Max Coverage Upto
85 yrs
Claim Settlement Ratio
99.8%
Average Claim Trend
99.73%
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VS
iTerm Elite
Premium starts ₹1,027/month
Max Coverage Upto
85 yrs
Claim Settlement Ratio
99.7%
Average Claim Trend
99.59%
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₹1 Crore Life cover starting from +
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Axis MaxSmart Term Plan Plus
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Compare Axis Max Life and Bandhan Life Insurance to see how each insurer performs in offering the best term insurance plans in India in 2026. This comparison is made by considering factors such as claim settlement ratios, solvency ratios, premium rates, and personal insurance needs.

Which is Better? Axis Max Life or Bandhan Life

Both insurers are regulated by the IRDA and provide good term insurance policies. Your choice depends on your coverage needs.

  • Choose 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.

  • Choose Bandhan Life if you are seeking an express claims settlement term insurance plan with competitive rates and assured claims.

Both offer a wide range of insurance plans that suit the needs of every customer. Axis Max Life Insurance offers financial security with plans that can be changed, and Bandhan Life Insurance makes it easy to file a claim and is very reliable.

Axis Max Life vs Bandhan Life - Comparison Table

The table given below compares Axis Max Life and Bandhan Life insurance key policy features and their eligibility criteria. Let’s discuss this in detail:

Features Axis Max Life Insurance Bandhan Life Insurance
Claim Settlement Ratio (FY 2025–26) 99.70% 99.73%
Solvency Ratio 1.99 2.52
Entry Age (Term Plans) 18 - 65 years 18 - 65 years
Maturity Age Up to 85 years Up to 85 years
Riders Available Critical illness and disability rider

Max life pure risk premium health insurance rider

Waiver of premium rider

Accident cover

Accidental Death Benefit
Accidental Death & Dismemberment Rider
Critical Illness Rider
Premium Waiver
Terminal Illness Benefit
Premium Payment Options Yearly / Half Yearly / Quarterly/ Monthly Yearly / Half Yearly / Quarterly/ Monthly
Online Purchase Yes Yes

Note: Information based on publicly available insurer disclosures and IRDAI reports.

Term Insurance Plans Offered

The list of term life insurance plans of the Axis Max Life Insurance and Bajaj Allianz Life Insurance is listed in the following section:

Axis Max Life Insurance Plans

  • Axis Max Life Smart Term Plan: Best for individuals who want policy options that allow customisation of how death benefits are delivered to beneficiaries.

  • Axis Max Life Smart Total Elite Protection Plan: Ideal for individuals seeking high-sum-assured protection plans designed for significant financial liabilities.

  • Axis Max Smart Secure Plus Plan: Designed for individuals who want a highly customisable term plan with features such as return of premium, critical illness cover (up to 64 illnesses), and flexible payout options for complete financial protection.

  • Axis Max Life Saral Jeevan Bima: Suited for individuals looking for a simple and affordable plan with basic life cover and no complex features or add-ons.

Bandhan Life Term Insurance Plans

  • Bandhan Life iTerm Prime: Best for individuals who want plans with built-in exit-value provisions after they complete a defined policy period.

  • Bandhan Life iTerm Comfort: Ideal for individuals seeking protection plans with stable coverage and simplified policy configurations.

  • Bandhan Life Saral Jeevan Bima Plan: Designed for individuals looking for affordable coverage (Rs. 5 -25 lakhs), flexible premium payment option, and guaranteed lump sum payout.

Premium Comparison (Illustrative Example)

According to the existing online term insurance calculators, comparison based on the following sample customer profile gives a rough estimation of monthly premiums as follows:

  • Age: 23 years

  • Gender: Male

  • Smoker: No

  • Occupation: Salaried

  • Sum Assured: ₹1 Crore

  • Annual income: ₹8 lakh to ₹10 lakh

  • Policy Term: 60 years

Insurer Approx. Monthly Premium
Axis Max

Smart Term Plan Plus

₹1195
Bandhan Life iTerm Prime ₹850

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

Information sourced from Policybazaar’s website

Claim Settlement Analysis

The claims settlement ratio is a percentage of claims that an insurer pays out and settles with policyholders during a given financial year.

  • Axis Max Life has a great track record with a settlement ratio of 99.70%, indicating the great effectiveness of the policy settlement process.

  • Bandhan Life is also among the excellent performers with a claim settlement ratio of 99.73%, reflecting disciplined and fast claim settlement.

Who Should Choose Which Insurer?

You can use the following factors to choose the right insurer based on what kind of coverage you want:

Choose Axis Max Life if:

  • You want feature-rich term insurance plans with multiple rider options.

  • You prefer advanced benefits such as return of premium and comprehensive critical illness coverage.

  • You are looking for a well-established insurer with strong digital service and claim support experience.

Choose Bandhan Life if:

  • You want term plans with exit-value options under defined policy conditions.

  • You prefer coverage that increases with major milestones or life phases.

  • You want insurance solutions like built-in terminal illness benefits and spouse cover.

Final Recommendation

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.

exclusive-benefit

˜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

+On the basis of your profile

+Rs. 410/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. 410/month (Rs.14/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 rounded off to nearest 10

+Rs. 245 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.

+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. 15/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. 504/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. 494/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. 636/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. 918/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. 1,286/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.

+Rs. 453/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.582/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. 786/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. 1,592/month 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.

+Rs. 525/month is the starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 68 years of age.

+Rs. 668/month is starting price for a 2 crore term life insurance for an 25 year-old male, non-smoker, with no pre-existing diseases, cover upto 45 years of age.

+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/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.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, 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. ₹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

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.

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


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