Axis Max Life Insurance vs Bajaj Life Insurance

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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Bajaj Life eTouch II

Premium starts ₹930/month

Max Coverage Upto

85 yrs

Claim Settlement Ratio

99.3%

Average Claim Trend

99.28%

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₹1 Crore Life cover starting from ⁺

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Comparison between Plans

Smart Term Plan Plus

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Bajaj Life eTouch II

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Compare Axis Max Life and Bajaj Life Insurance to check which insurer offers the best term insurance plan 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 Bajaj Life?

Both insurers are IRDAI-regulated and provide credible term insurance plans. The final choice depends on the specific requirements of a person.

Choose Axis Max Life if you prefer term insurance plans that allow policyholders to customise the policy tenure and premium-payment duration independently under certain plan structures.
Choose Bajaj Life if you want term plans that provide specialised underwriting options for specific customer groups, such as individuals managing controlled Type-2 diabetes.

Both insurers offer the most effective term insurance. Although Axis Max Life offers a very fine balance between stability and flexibility, Bajaj Life can provide more in specialisation and customisation.

Axis Max Life vs Bajaj Life - Comparison Table

This below table compares Axis max life and Bajaj life key policy features and its eligibility criteria:

Features	Axis Max Life Insurance	Bajaj Life Insurance
Claim Settlement Ratio (FY 2024–25)	99.70%	99.29%
Solvency Ratio	1.99	~5.16
Entry Age (Term Plans)	18 – 65 years	18 – 65 years
Maximum Coverage Up to	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 permanent total Partial disability benefit rider Critical illness cover Waiver of premium benefit Family protect rider
Premium Payment Options	Yearly / Half Yearly / 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 section below describes the types of insurance plans offered by Axis Max Life Insurance and Bajaj Life Insurance.

Axis Max Life Insurance Plans

Axis Max Life Smart Term Plan: Suitable for breadwinners who prefer combining lump sum and monthly income benefits.
Axis Max Smart Secure Plus Term Plan: Ideal for individuals wanting built-in flexibility with premium break and critical illness options.
Axis Max Life Smart Total Elite Protection Plan: Ideal for senior professionals who want enhanced protection with rider support.
Axis Max Life Saral Jeevan Bima: Best for individuals seeking entry-level coverage with clear and uniform conditions.

Bajaj Life Insurance Plans

Bajaj eTouch II: Ideal for salaried individuals, young professionals, and newlyweds who want benefits for terminal illness, disability, and premium payout options.
Bajaj iSecure II: Ideal for small business owners, self-employed professionals, or gig workers, and for someone who seeks joint life coverage at a low cost.
Bajaj Life Smart Protection Goal: Designed for individuals who want term insurance that integrates critical illness protection with life cover.
Bajaj Life Diabetic Term Plan II Sub 8 HbA1c: Suitable for a diabetic patient with Type 2 or pre-diabetes who has an HbA1c value of 8% or below.
Bajaj Superwoman: Ideal for working women who have family responsibilities. It includes health and childcare cover to assist women at all levels.
Bajaj Saral Jeevan Bima: Suitable for first-time buyers, blue-collar employees, self-employed people, or someone who desires a standard term policy with basic cover.

Premium Comparison (Illustrative Example)

According to the estimates of online term insurance calculators, the comparison below will give an approximate picture of the amount of monthly premiums for the sample customer profile described above:

Age: 23 years
Gender: Male
Smoker: No
Education: Graduate
Occupation Type: 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
Bajaj Life eTouch II	₹799

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

Information sourced from Policybazaar’s website

Claim Settlement Analysis

The claim settlement ratio is the proportion of insurance payments that an insurance company has paid in a given financial year.

Axis Max Life has recorded impressive claims performance over the years, whereby it has a high settlement ratio of 99.70%.
Bajaj Life Insurance has also been a performer in the industry with a high claim settlement ratio of 99.29%.

Who Should Choose Which Insurer?

The following points can help identify which insurer may be more suitable based on your coverage preferences:

Choose Axis Max Life if:

You want highly customisable term plans with multiple variants (income option, whole life cover, return of premium) to suit different needs
You prefer advanced features like early exit (special exit) and life-stage cover adjustments for flexibility over time
You are looking for wider critical illness coverage (covering more illnesses) and strong rider options

Choose Bajaj Life If:

You want a simple, easy-to-understand term plan with fewer variants and straightforward benefits
You prefer cost-effective premiums with discounts and better pricing for higher coverage amounts
You are looking for comprehensive protection with features like return of premium, whole life cover, and critical illness cover

Final Recommendation

Axis Max Life is a good choice for individuals who want a balance of long-term stability and flexibility, with structured plans that offer comprehensive protection and reliable claims support. Bajaj Life can be used by individuals who would prefer personalised insurance policies with different facilities integrated in them.

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

+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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