The ICICI Prudential Life Insurance and Max Life Insurance are two of the most popular life insurance companies in India. They have been in the industry for over a decade and they offer a wide range of products. These two companies are often compared because they have similar offerings and prices. However, some key differences make them stand out from each other.
Comparing life insurance quotes from distinct carriers is a daunting process. Comparison of life insurance online leads to cost efficiency due to low operating costs to maintain online. PolicyBachat helps to calculate the pros and cons of the policy and buy the desired policy. PolicyBachat gives you the distinction between the carrier backgrounds, claim settlement ratio, and solvency ratio to configure the right life insurance policy.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is an Indian financial services company that provides life insurance and other financial products. Every family's need in their life is to get happy life throughout their life span to secure financial stability from younger ones who are earning. With life insurance, you can guarantee them the life insurance best plans. ICICI Prudential Life Insurance Company provides you with a wide range of Term Insurance Plans, Health Insurance Plans, Unit Linked Insurance Plans, Traditional Savings/Money Back Plans, Retirement Plans, Riders, Group Plans, and Rural Plans.
Key Benefits of ICICI Prudential Life Insurance
- Low premium rates: One of the biggest benefits of a product like ICICI prudential life insurance is that it comes with a low premium rate.
- Budget Friendly: ICICI Prudential life insurance plans offer only limited coverage. The limited coverage means that the insured can save money on premiums as well as on out-of-pocket expenses for healthcare services.
- Life Cover: Coverage of life cover till 99 years at affordable premiums when your family is not around will cover up the financial security to you.
- Covers Illness: This ICICI Prudential Life Insurance covers 35 critical illnesses like cancer, heart attack, kidney failure, etc. In case policyholder spot with a terminal illness can get 100% coverage amount.
- Claim settlement Ratio: The customer support claims are settled within 24 hours and get a hassle-free experience. As per the IRDAI Report, the claim settlement ratio of ICICI Prudential Life Insurance Company is 97.84% in FY 2019-2020.
- Tax Savings: According to sections 80c and 10(10d) of tax benefits eligible for a premium paid and received benefits.
ICICI Prudential Life Insurance Plans
| Type of Plans |
ICICI Prudential Life Insurance Plans |
| Term Plans |
- ICICI Pru iProtect Smart Term Plan
- ICICI Prudential SARAL JEEVAN BIMA Plan
- ICICI Prudential iCare II Plan
- ICICI Prudential PRECIOUS LIFE Plan
- ICICI Prudential Life Raksha Plan
- ICICI Prudential POS iProtect Smart Plan
- ICICI Prudential POS Life Raksha Plan
- ICICI Prudential Loan Protect Plan
- ICICI Prudential Loan Protect Plus Plan
|
| ULIP Plans |
- ICICI Prudential Signature Online Plan
- ICICI Prudential Signature Plan
- ICICI Pru1wealth Plan
- ICICI Prudential life Time Classic Plan
- ICICI Pru Guaranteed Wealth Protector Plan
- ICICI Prudential Smart Life Plan
- ICICI Prudential Smart Kid Plan
- ICICI Prudential Smart Couple Plan
|
| Savings Plans |
- ICICI Prudential Guaranteed Income For Tomorrow Plan
- ICICI Prudential Cash Advantage Plan
- ICICI Pru Savings Suraksha Plan
- ICICI Prudential Assured Savings Insurance Plan
- ICICI Pru Future Perfect Plan
- ICICI Prudential LAKSHYA Plan
- ICICI Prudential LAKSHYA Lifelong Income Plan
|
| Retirement Plans |
- ICICI Pru Easy Retirement Plan
- ICICI Prudential Guaranteed pension Plan – Deferred Annuity
- ICICI Prudential Guaranteed pension Plan – Immediate Annuity Plan
- ICICI Prudential Easy Retirement SP Plan
- ICICI Prudential Saral Pension Plan
|
| Health Plans |
- ICICI Prudential Heart/Cancer Protect Health Plan
|
| Group Plans |
- ICICI Pru Group Term Plus Plan
- ICICI Prudential Group Loan Secure Plan
- ICICI Prudential Group Insurance Scheme for Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
- ICICI Prudential Shubh Raksha Credit Plan
- ICICI Prudential Super Protect – Credit Plan
- ICICI Prudential Group Suraksha Plan
- ICICI Prudential Group Suraksha Plus Superannuation Plan
|
| Rural Plans |
- ICICI Prudential Sarv Jana Suraksha Micro Insurance Plan
- ICICI Prudential Anmol Bachat Plan
|
| Rider Plans |
- ICICI Prudential Corona Protect Rider Plan
- ICICI Prudential Corona Protect plus Rider Plan
|
Max Life Insurance
MAX Life Insurance is a life insurance company that is currently the largest privately-held life insurance company in the country. MAX Life Insurance Company offers life insurance policies to individuals and families at a variety of prices, with many different types of coverage such as whole and term life, universal life, and annuity products..
The MAX Life Insurance Policy is one of the most popular policies that they offer. This policy has been around for over 20 years and it is designed for people who are looking for a low-cost way to protect their family’s future financial security. The policy comes with an affordable monthly premium that can be paid monthly or annually, which can be adjusted based on your needs.
Max Life Insurance Benefits
- Affordable Premiums: The premium is relatively lower compared to other types of insurance. The premiums can be paid in installments so you don't have to pay upfront.
- No Medical Exam Required: There are no medical examinations required for applicants under this type of insurance policy.
- Easy Policy issuance: The policy issuance process in Max Life Insurance Company is very smooth and the policy would be issued within the least possible time, within 1 day in some cases. Max life has robust systems in place and is upgrading continuously to provide seamless service to its customers.
- Tax Benefits: Max's life insurance policies provide certain tax benefits under section 80C and section 10 (10D) of the income tax act, 1961.
- Financial Security: Max Life Insurance products help the insured to provide financial security to their family and safeguard them against any type of eventualities.
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
|
Comparison of ICICI Prudential Life vs Max Life Insurance
Here are some of the key parameters based on which they differ from each other:
| Parameter |
ICICI Prudential Life Insurance |
Max Life |
| Claim settlement ratio |
97.90% |
99.35% |
| Solvency Ratio |
2.07 |
2.15 |
| Availability |
Online/Offline |
Online/Offline |
| Life Cover |
Up to 99 Years |
Up to 99 years |
| Inception |
2001 |
2000 |
| Number of Branches Available |
947 |
277 |
| Premium Payment Term |
Regular Pay, Single Pay, Limited Pay |
Regular Pay, Single Pay, Limited Pay |
| Premium Payment Mode |
Yearly/Half-yearly/ Quarterly/ Monthly |
Yearly/Half-yearly/ Quarterly/ Monthly |
| Entry Age |
18 to 65 years |
18 to 65 years |
| Death Benefit |
Yes |
Yes |
| Maturity Benefit |
Yes |
Yes |
| E-services |
Buying policy, renewal, update information, premium payments, switch funds, download options, and claim settlement, etc. |
Buying policy, renewal, update information, premium payment, tracking application, claim settlement, etc. |
Max Life Term Insurance vs ICICI Prudential Life Term Insurance
Term insurance is a basic life insurance plan that provides coverage for a predetermined period. The insurance company will pay a death benefit to your beneficiaries when you die during the policy term. Finding the right term insurance could be tricky. So, here is the comparison about max term insurance vs icici prudential term insurance, which you can compare and choose the suitable one as per your requirements.
| Parameter |
ICICI Prudential Term Insurance |
Max Life Term Insurance |
| Number of Term Plans |
9 |
3 |
| Claim settlement ratio |
97.90% |
99.35% |
| Online Services |
buying policy, renewal policy, and claim settlement |
buying policy, renewal policy, and claim settlement |
Best Term Plans offered by Max and ICICI Prudential Life Insurance
ICICI Prudential iProtect Smart Term Plan
ICICI Pru iProtect Smart is more than a term plan that protects you and your loved ones. This plan gives protection for your family and critical illness cover. Life covers up to 99 years. It offers 4 Protection Options such as Life, Life Plus, Life & Health, and All-in-one.
Benefits:
- Wavier of Premium on Accidental Disability
- Terminal Illness Cover
- Lifelong Cover at affordable rates,
- 34 critical illness covers
- Accidental death benefits
- Tax Benefits
Features and Eligibility:
| Parameter |
Eligibility |
| Entry Age |
18 to 60 Years |
| Maturity Age |
23 to 75 years |
| Policy Term |
5 to 40 years |
| Policy Payment Term |
Single Pay, Limited Pay, Regular Pay |
| Premium Frequency Mode |
Yearly, Half-Yearly, Monthly |
Max Life Smart Secure Plus Plan:
The Smart Secure Plus Plan is introduced to fulfill your financial security needs and provide support in case of any emergencies. Max Life Smart Secure Plus Plan offers two death benefits. You also get inbuilt benefits such as cover for terminal illness, joint life cover; premium breaks, and additional payout on accidental death these will fulfill your needs.
Benefits:
- Terminal Illness Cover
- Accident Cover
- Death Benefit
- Maturity Benefit
- Accelerated Critical Illness
- Joint Life Benefit
Features and Eligibility:
| Parameter |
Eligibility |
| Entry Age |
18 to 60 Years |
| Maturity Age |
85 years |
| Policy Term |
5 to 67 years |
| Sum Assured |
Min Rs. 50000/- to No Limit |
| Policy Payment Term |
5, 10, 12, 15, single pay, regular pay |
| Premium Frequency Mode |
Yearly, Half-Yearly, Quarterly, Monthly |
Conclusion:
Both ICICI Prudential and Max life insurance policies are required to secure our loved ones and both are needed to comprehensively cover all the aspects of life. Check all the features and benefits of ICICI Prudential Life Insurance and Max Life Insurance before concluding on the right insurance policy. Configure the premium with the benefits availed on Max life insurance vs ICICI Prudential life insurance. Compare Max life insurance vs ICICI Prudential life insurance through life insurance quotes for the best life insurance plans in India at PolicyBachat.com.