Compare MAX Life Smart Term Plan Vs Bajaj Allianz Life Smart Protect Goal Plan

Max Life Smart Total Elite Protection

Max life smart term plan is a term insurance plan offered by Max Term Insurance. This plan provides comprehensive coverage against death, disabilities, and diseases. Under this plan, you can get coverage till 85 years of age with the minimum sum assured starting from just Rs. 25 Lacs.

Benefits of Max Life Smart Total Elite Protection

• Death Benefits: There are 7 plan options available under the max life smart term plan, and in case of the policyholder’s untimely death, the applicable death benefit will be paid to the nominee of the policy.

• Maturity Benefits: This term insurance plan will return 100% of the premiums paid on the survival of the policy term if the return of premium option is selected under the plan. 

• Tax Benefits: You can claim tax benefits as per the prevailing tax laws of the Income Tax Act of 1961.

• Rider Benefits: The riders available under this Max life insurance plan are as follows:

  • Accidental Death Benefit: On the accidental death of the policyholder during the policy term, the insurer will pay out the rider sum assured on top of the base sum assured.

  • Accelerated Critical Illness Benefit: In case the policyholder is diagnosed with any of the 40 critical illnesses listed under the plan, the insurer will pay out the rider sum assured by deducting it from the base sum assured of the policy. The two ACI covers available are: Level Accelerated Critical Illness Benefit and Increasing Accelerated Critical Illness Benefit.

  • Waiver of Premium: The policy will waive off all the remaining premiums in case of diagnosis of a critical illness or dismemberment during the policy term, with this rider added to the base plan. 

• Life Stage Benefits: With the life stage benefits, you can increase the life cover amount as per your changing life stages. You can increase the sum assured by 50% on marriage and by 25% on the birth of the 1st and 2nd child.

Bajaj Allianz Life Smart Protect Goal Plan

This term plan by Bajaj Allianz term insurance is a pure risk protection plan that offers comprehensive cover and the option of enhancing the base cover with riders. You can pay the premiums for this plan in a limited, single, or regular premium payment term.

Benefits of Bajaj Allianz Life Smart Protect Goal Plan

• Death Benefit: The plan offers 4 life cover options which provide the death benefit to the nominee on the death of the life assured during the policy term.

• Maturity Benefit: The plan offers the option to receive all the premiums paid throughout the policy tenure at the maturity of the policy term.

• Tax Benefits: You can claim term insurance tax benefits with this plan under sections 80C, 80D, and 10(10D) of the IT Act, 1961.

• Rider Benefits: You can add the following riders to the base plan for enhanced coverage:

  • Accidental Death Benefit: In case of the policyholder’s accidental death during the policy term, the rider sum assured will be paid to the nominee of the policy.

  • Accidental Total Permanent Disability: On the accidental total and permanent disability of the policyholder during the policy term, the insurer will pay the rider benefit amount to the policyholder.

  • Critical Illness Benefit: On diagnosis of any of the listed critical illnesses, the insurer will pay out the rider sum assured as per the policy’s T&Cs.

  • Waiver of Premium Benefit: The insurer will waive off all future premiums on the diagnosis of the first major critical illness or the 4th minor critical illness under the plan. 

Comparison of Max Life Smart Total Elite Protection vs Bajaj Allianz Life Smart Protect Goal Plan

Here is the difference between the bajaj allianz vs max life plan eligibility conditions:

Wrapping it Up!

Comparing the two term insurance plans can give you a better understanding of the features, benefits, and eligibility requirements to buy these plans. This eases the customer’s hassle of trying to compare the plans manually. Before buying the most suitable plan out of Max life vs Bajaj Allinaz, you should carefully assess your requirements and purchase the best term plan for yourself.