Life insurance is a type of insurance that pays out a lump sum in the event of the insured individual's death. It is usually purchased as protection against the risk of financial hardship for dependents, such as children, who are left behind. In this article, we compare Aviva Life Insurance vs Max Life Insurance. We will compare the two companies on their coverage, pricing, and claims handling.
Aviva Life Insurance and Max Life Insurance are two of the most popular life insurance providers in India. Both offer a wide variety of plans for both individuals and families and both companies offer life insurance policies to protect their loved ones in the event of death or disability. Both these companies are strong and reliable when it comes to providing life insurance solutions to their customers. They both have their advantages and disadvantages when compared to each other. Let’s look at the company’s features, benefits, claim settlement ratios, and others individually.
Aviva Life Insurance
Aviva Life Insurance is one of the best life insurance companies in India. The company was founded in 2002 and has its headquarters in Gurugram, Haryana. It is one of the largest providers of life insurance products in India with 90+ branches. The company offers traditional life insurance policies that are aimed at providing protection for individuals and their families, as well as income protection for those who are unable to work due to illness or injury. Aviva life insurance also offers other types of policies including savings plans, investment plans, child plans, and other plans.
List of Aviva Life Insurance Plans
| Type of Plans |
Aviva Life Insurance Plans |
| Term Plans |
- Aviva Jana Suraksha Plan
- Aviva Life Shield Advantage
- Aviva Life Shield Premium
- Aviva Saral Jeevan Bima
|
| Child Plans |
|
| Saving Plans |
- Aviva Affluence ULIP Plan
- Aviva i-Growth plan
- Aviva Fortune Plus Plan
- Aviva Guaranteed Income Plan
- Aviva New Family Income Builder
- Aviva Income Suraksha
- Aviva Dhan Samruddhi
|
| Retirement Plans |
- Aviva Annuity Plan
- Aviva Next Innings Pension Plan
- Aviva Fortune Plus Plan
|
| Group Plans |
- Aviva Group Credit Life
- Aviva Group Gratuity Advantage
- Aviva Group Life Protect
- Aviva Group Term Life
- Aviva Corporate Life Plus
- Aviva Corporate Shield Plus
- Aviva Credit Assure
- Aviva Credit Suraksha
- Aviva New Group Leave Encashment Plan
- Aviva New Traditional Employee Benefit Plan
|
Benefits of Aviva Life Insurance
- Aviva life insurance provides coverage of life cover till 99 years at affordable premiums when your family is not around will cover up your financial security to you.
- Aviva life insurance plans offer the best returns by investing premium payments of customers in the market investment and giving you protection.
- The cost of Aviva life insurance plans available at affordable costs at low premiums makes them the most preferred insurance plan in India.
- It is not required that the policyholder needs to take a medical check-up before taking the Aviva life insurance policy.
- According to sections 80c and 10(10d) of tax benefits eligible for a premium paid for Aviva life insurance and received benefits through regular payment of premiums.
Max Life Insurance
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.
Max Life Insurance also offers a wide variety of life insurance products for individuals and families. These include term life insurance, whole-life insurance, endowment life insurance, Annuity insurance products, Child plans, Investment plans, Money-Back plans, ULIPs, Guaranteed Income Plans, etc.
List of Max Life Insurance Plans
| Type of Plans |
Max Life Insurance Plans |
| Term Insurance Plans |
- Max Life Smart Secure Plus Plan
- Max Life Smart Term Plan
- Max Life Online Term Plan Plus
|
| ULIPS Plans |
- Max Life Fast Track Super
- Max Life Platinum Wealth Plan
- Max Life Online Savings Plan - Variant 1
- Max Life Online Savings Plan - Variant 2
- Max Life Shiksha Plus Super
- Max Life Forever Young Plan
|
| Retirement Plans |
- Max Life Saral Pension Plan
- Max Life Forever Young Pension Plan
- Max Life Guaranteed Lifetime Income Plan
- Max Life Life Perfect Partner Super Plan
|
| Guaranteed Savings Plans |
- Max Life Savings Advantage Plan
- Max Life Monthly Income Advantage Plan
- Max Life Whole Life Super
- Max Life Assured Wealth Plan
|
| Guaranteed Income Plans |
- Max Life Term Plan with Return of Premium
- Max Life Smart Wealth Plan
- Max Life Online Savings Plan
- Max Life Long Term Plan
- Max Life Short Term Plan
- Max Life Cancer Insurance Plan
|
| Child Plans |
- Max Life Future Genius Education Plan
- Max Life Siksha Plus Super Plan
|
| Group Plans |
- Max Life Group Saral Suraksha Plan
- Max Life Group Term Life Platinum Assurance
- Max Life Group Credit Life Premier Plan
- Max Life Group Gratuity Premier Plan
- Max Life Group Super Life Premier in lieu of EDLI
- Max Life Group Super Life Premier
- Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana
- Max Life Group Credit Life Secure Plan
|
Max Life Insurance Key Benefits:
- Max Life Insurance products help the insured to provide financial security to their family and safeguard them against any type of eventualities.
- With a max life insurance policy you can plan for your children’s future education, marriage, etc. The insurance benefits they will receive after you help them fulfill their dreams just as you have planned for them.
- With Max Life Insurance policy you can opt for life insurance plans with maturity benefits to enjoy life with financial independence and also create wealth, which can be used to fulfill various life goals.
- Max's life insurance policies provide certain tax benefits under section 80C and section 10 (10D) of the income tax act, 1961.
- There are various life insurance plans that you can choose from max life insurance that will plan for your retired life. You can select monthly income or lump sum pay-outs with these plans to enjoy your life after retirement without financial worries.
Comparison Table of Aviva Life Insurance Vs Max Life Insurance
| Parameter |
Max Life Insurance |
Aviva Life Insurance |
| Claim settlement ratio |
99.22% |
97.43% |
| Solvency Ratio |
2.15 |
2.24 |
| Inception |
2000 |
2002 |
| Availability |
Online/ Offline |
Online/ Offline |
| Life Cover |
Up to 99 years |
Up to 99 years |
| Number of Branches Available |
277 |
90+ |
| Types of Plans Available |
- Term Plans
- ULIP Plans
- Retirement Plans
- Child Plans
- Health Plans
- Savings Plans
- Income Plans
- Group Plans
|
- Term Insurance Plans
- Retirement Plans
- Child Plans
- Savings Plans
- Group Plans
|
| E-services |
- Buying policy
- Renewal
- Update Information
- Pay premium payment
- Application Tracking
- Claim Settlement, etc.
- Premium Calculator
|
- Pay Premiums
- File a Claim
- Download Premium Receipts
- Track Application
- Buy Policy
- Renew Policy, etc.
|
| Riders |
- Max Life Accidental Death Benefit Rider
- Max Life Waiver of Premium Rider
- Max Life Term Plus Rider
- Max Life Critical Illness Benefit Rider
|
- Aviva Term Plus Rider
- Aviva Covid Care Rider
- Aviva Critical Illness Rider
- Aviva Critical Illness & Disability Rider
- Aviva Death Benefit Rider
|
Which is the Better Option Aviva Life Insurance or Max Life Insurance?
Aviva Life Insurance and Max Life Insurance are two of the leading providers of life insurance in India. They offer a wide range of plans, benefits, and coverage options. The two companies have different pricing models and product offerings. The difference between these two companies is not just about the product but also about the customer service they provide. So, choose the best life insurance company by comparing life insurance quotes at PolicyBachat. Comparing life insurance quotes will help you to calculate the procs and cons of life insurance companies and this will help you to make a better decision on which life insurance policy is best.
Conclusion
There are many aspects to consider when choosing an insurance plan from insurance companies. You need to decide how much coverage you need, what type of coverage you want, how much you are willing to pay for that coverage, and other factors you should consider before deciding on the life insurance plan.
Both the companies, Aviva life insurance and Max Life Insurance are well-known brands in India. Both these companies offer insurance plans with a variety of benefits and coverages, but it is important to compare them to find out which one will be better for you and your family. Check all the features and benefits of Aviva life insurance and Max life insurance before concluding on the right insurance policy.
Configure the premium with the benefits availed on Aviva Life Insurance and Max Life Insurance through a comparison of life insurance quotes at PolicyBachat for the best life insurance plans in India from top insurers online. PolicyBachat gives you the distinction between the carrier backgrounds, and incurred claim settlement ratio to configure the right insurance policy.But the choice between these two companies can depend on your preferences for customer service or price, or your needs for coverage options.