Axis Max Life Insurance vs SBI 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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Smart Shield Plus

Premium starts ₹1,201/month

Max Coverage Upto

79 yrs

Claim Settlement Ratio

98.3%

Average Claim Trend

98.20%

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Comparison between Plans

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Compare Axis Max Life vs SBI Life Insurance to check which insurer offers the best term insurance plan in India 2026. This comparison is made by considering factors such as claim settlement ratios, solvency ratios, premium rates, and which insurer is right for you.

Which is Better - Axis Max Life or SBI Life?

Both Axis Max Life and SBI Life are IRDAI-approved companies that provide reliable term plans. They differ in terms of customer requirements and priorities.

Choose Axis Max Life - If you want plans that allow policyholders to combine different premium-payment structures, such as regular pay, limited pay, or single pay, within the same plan design.
Choose SBI Life - If you prefer term plans offering coverage structures where the sum assured can increase automatically over time under certain plan options.

Axis Max Life Insurance is best for those who wish to enjoy flexibility, feature-rich options, and efficient claim settlement services. The SBI Life Insurance is most suitable for individuals who want to buy extremely reliable, easy, and digital term solutions.

Axis Max Life vs SBI Life - Comparison Table

The table below shows a side-by-side analysis of Axis Max Life and SBI Life Insurance regarding key features, eligibility, and options:

Features	Axis Max Life Insurance	SBI Life Insurance
Claim Settlement Ratio (FY 2025–26)	99.70%	98.83%
Solvency Ratio	~1.99	~2.1
Entry Age (Term Plans)	18 - 65 years	18 – 65 years
Maturity Age	Up to 85 years	Up to 100 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 (AD Benefit) Accidental Partial Permanent Disability Beneficiaries Better half benefit
Premium Payment Options	Yearly / Half Yearly / Monthly	Yearly / Half Yearly / Monthly / Quarterly
Online Purchase	Yes	Yes

Note: Information based on publicly available insurer disclosures and IRDAI reports.
Term Insurance Plans Offered

Listed in this section are the term insurance plans provided by Axis Max Life Insurance and SBI Life Insurance:

Axis Max Life Insurance Plans

Axis Max Life Smart Term Plan: A protection plan suitable for individuals who want long-duration coverage with flexible premium payment structures and multiple policy variants.
Axis Max Life Smart Total Elite Protection Plan: Designed for individuals seeking higher coverage limits along with optional riders that strengthen financial protection.
Axis Max Smart Secure Plus Plan: Suited for individuals who want life protection combined with rider options such as critical illness and waiver of premium benefits.
Axis Max Life Saral Jeevan Bima: Ideal for individuals looking for affordable protection with flexible premium payment options and coverage ranging from Rs 5 lakh to Rs 25 lakh

SBI Life Insurance Plans

SBI Life Saral Jeevan Bima: Designed for individuals who want a simple, standardised term plan with basic life cover, especially for first-time buyers.
SBI Life Smart Shield Plus: Ideal for individuals who want a plan that adapts to changing life needs, with options like level cover and increasing cover.
SBI Life Smart Shield Premier: Designed for individuals seeking long-term protection (up to 85 years) with flexible premium payment options.
SBI Life eShield Insta: Designed for online purchase, offering instant policy issuance and minimal paperwork.

Premium Comparison (Illustrative Example)

Using the current online term insurance premium calculators, the following comparison provides an approximate idea of the monthly premiums for the following example customer profile:

Age: 23 years
Gender: Male
Smoker: No
Education: Graduate
Occupation Type: Salaried
City: Mumbai
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
SBI Life	₹755

*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 (CSR) is the percentage of claims an insurer pays relative to the total claims received in a given financial year.

Axis Max Life is constantly rated as one of the leading insurers, with around 99.70% claim-settlement ratio, showing consistent operational efficiencies and payouts.
SBI Life Insurance also shows a good claim settlement ratio of nearly 98.83%, which signifies that the company is reliable for claim settlement.

Who Should Pick Which Insurance Company?

Some general considerations that can help to determine the most appropriate insurer, depending on the individual requirements of the cover, can be as follows:

Axis Max Life:

You want term plans that offer flexible premium payment structures, such as limited-pay or single-pay options.
You prefer insurance plans designed for individuals with large long-term financial liabilities.
You want coverage options that include optional survival-benefit variants.

SBI Life:

You want term plans offering automatically increasing life cover structures.
You want a plan with coverage that can extend up to the period of 100 years.
You want additional protection through specialised rider combinations.

Final Recommendation

Axis Max Life and SBI Life are both credible term insurance policies. Axis Max Life is appropriate for the customer who wants a flexible plan with a variety of features, customisable coverages, and the flexibility of premium payments. SBI Life is the one that should be used by the buyer who needs to take simple plans with a well-established, well-networked insurer whose plans have a return-of-premium and structured benefit variants. Thoroughly review the policy terms and compare them well to choose the right plan.

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˜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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