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

Smart Secure Plus
₹979/month
Max Coverage Upto
85 yrs
Claim Settlement Ratio
99.7%
Average Claim Trend
99.5%
VS
eTouch
₹827/month
Max Coverage Upto
85 yrs
Claim Settlement Ratio
99.23%
Average Claim Trend
99.1%
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Compare max life smart term plan vs bajaj allianz life smart protect goal plan
Smart Secure Plus ₹ 979monthly
eTouch ₹ 827monthly
Max Coverage Upto
  • 85 Years
  • 85 Years
Claim Settlement Ratio Death claims settled in a financial year
  • 99.7 %
  • 99.23 %
Average Claim Trend Last 3 Years Average Claim Ratio
  • 99.5%
  • 99.1%
Death Claim Paid Claim amount paid in FY21-22 on Death claims
  • 1242 Crores
  • 603 Crores
Online Discount Discount available when policy is purchased online
  • NA
  • NA
Premium Payment Option
  • Regular Pay

    Pay For : entire policy term

    5/10/12/15 years

    Pay till 60 years of age

  • Regular Pay

    Pay For : entire policy term

    5/6/10/12/15/20 years

    Pay till 60 years of age

Return of Premium PlanPay & get entire amount on maturity
  • View Plans
  • View Plans
Free Look PeriodPeriod of time in which a new life insurance policy owner can terminate the policy (deductions applicable basis T&C)
  • 30 days
  • 30 days
Tax BenefitReceive tax benefits u/s 80C and 10(10D), as per the applicable Income Tax laws
  • Yes
  • Yes
  • Plan Features
Claim Settlement Promise
  • 24hr claim settlement
  • High Solvency Ratio
Terminal IllnessDeath benefit of the life assured shall be paid upon diagnosis of a Terminal Illness.
  • Free(As an add-on)
  • Free(As an add-on)
Death Due To AccidentIf death happens due to an accident, this rider offers you additional sum assured over and above the base sum assured
Disability Due To AccidentIn case of permanent disability, dismemberment (loss of the use of certain body parts) due to accident, this rider pays you regularly for next 5-10 yrs in a certain percentage of Sum Assured
  • NA
Critical IllnessCover 9 or fewer illness
  • NA
  • NA
Cash For HospitalizationIn case of hospitalization, fixed per day benefit will be paid to you for each day of Hospitalization. This is a fixed amount not linked to the actual expenses incurred.
  • NA
  • NA
  • Insurer Details
Inception
  • 2002
  • 2001
Solvency RatioThe solvency ratio of the insurance company is the size of its capital against the all risk it has taken. It is an indicator of the insurance company's long-term survival
  • 2.04
  • 4.32
Grievances SolvedGrievances are the indicator of how good company is handling their customer's query
  • 100%
  • 99.48%
No. of Branches
  • 277
  • 511
View complete comparison
Want to compare different insurance plans?

Max Life Smart Term Plan

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 Term Plan

  • 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 Term Plan vs Bajaj Allianz Life Smart Protect Goal Plan

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

Parameters Max Life Smart Term Plan Bajaj Allianz Life Smart Protect Goal Plan
Entry Age 18 years - 60/44 years 18 years - 65 years
Maturity Age 85 years 85 years
Policy Term 10 years - 50 years 10 years - 67 years
Base Sum Assured 25 Lacs - No limit 50 Lacs - 20 Crores
Premium Payment Term Single, Limited, and Regular Limited and Regular Only
Premium Payment Modes Monthly, Quarterly, Half-annually, and Yearly

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.

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 Max Smart Term Plan And Bajaj Allianz Smart Protect Goal Plan 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. By using Policybazaar's comparison tool, you save time and ensure you choose the best term insurance policy that fits your financial goals and provides peace of mind for your family's future.


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