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Max Life Insurance vs HDFC Life Insurance Comparison

Choosing the best life insurance is a major decision. However, this decision has become much easier with the help of PolicyBachat. Looking for MAX vs HDFC life Insurance Comparison, Key Benefits, and Features to buy the best life insurance, PolicyBachat is helping you find the best life insurance that fits your requirement.

It helps to calculate the pros and cons of the policy and buy the desired policy. It gives you the distinction between the carrier backgrounds, incurred claim settlement ratio to configure the right insurance policy. Know the difference between max life insurance and HDFC life insurance by comparing quotes online to get the best life insurance policy.

The two insurance companies, HDFC Life Insurance, and MAX Life Insurance the companies are both well known for their affordable plans and wide range of benefits. However, they also offer different features and benefits that make them a good choice for different people.

Max Life Insurance vs HDFC Life Insurance Comparison

Comparison of Max Life Insurance vs HDFC Life Insurance

Parameter Max Life HDFC Life
Claim Settlement Ratio 99.22% 99.07%
Solvency Ratio 2.18 1.91
Online Availability Yes Yes
Life Cover Up to 99 years Up to 99 years
Add-ons Available Available

What is Max Life Insurance?

MAX Life Insurance is a life insurance company one of the private life insurance companies in India. It 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.

Max Life Insurance industry has many happy customers based on their claims percentage, sum assured, assets under management, persistency, and solvency ratio. The Max Life Insurance company dedicatedly tries to create a solution to make life insurance more affordable, easy, and suitable for all customers at every stage of life.

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 their 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

What is HDFC Life Insurance?

HDFC Life Insurance is a standard life insurance company supporter of housing development Finance Corporation limited. It is a joint venture between HDFC Ltd and standard life Aberdeen, a global investment company. The HDFC life insurance offers a wide range of life insurance policies in India. HDFC life insurance plans provide you with a variety of options for your protection needs. HDFC Life Insurance Company offers term life insurance, pension plans, Savings Plans, ULIP plans, Health Plans, Child Plans, Group Insurance Plans, mutual funds, and other financial products.

HDFC Life Insurance Benefits

  • Financial Security: HDFC Life Insurance products help the insured to provide financial security to their family in case of unexpected events happen.
  • Claim Settlement Ratio: HDFC Life Insurance Company provides every policyholder have the financial security for their family in case any death/demise happens the insurer will give hassle-free services. As per the IRDAI report, the HDFC Life insurance claim settlement ratio is 99.07%.
  • Life Cover till 99 years: To ensure your financial protection for the family when you are not around with a life cover up to 99 years at affordable premiums.
  • 1 Day Claim Settlement: HDFC Life insurance will pay interest on your death claim amount for every single day and it is eligible only for online policy purchases.

HDFC Life Insurance Plans

Type of Plans HDFC Life Insurance Plans
Term Plans
  • HDFC Life Click 2 Protect Life
  • HDFC Life Saral Jeevan Bima
Savings Plans
  • HDFC Life Sanchay Plus
  • HDFC Life Sanchay Par Advantage
  • HDFC Life Sanchay
  • HDFC Life ClassicAssure Plus
  • HDFC Life Super Income Plan
  • HDFC Life Sampoorn Samridhi Plus
  • HDFC Life Uday Plans
  • HDFC Life Pragati Plans
ULIP Plans
  • HDFC Life Click 2 Wealth
  • HDFC Life Click2Invest ULIP
  • HDFC Life ProGrowth Plus
  • HDFC SL ProGrowth Super II
  • HDFC SL Crest
  • HDFC SL ProGrowth Flexi
  • HDFC Life Smart Woman Plan
  • HDFC Life Pragati Plans
  • HDFC Life Sampoorna Nivesh
  • HDFC Life Classic One
  • HDFC Life Capital Shield
Pension Plans
  • HDFC Life New Immediate Annuity Plan
  • HDFC Life Click 2 Retire
  • HDFC Guaranteed Pension Plan
  • HDFC Life Personal Pension Plus
  • HDFC Life Assured Pension Plan
  • HDFC Life Saral Pension
Child Plans
  • HDFC Life Click 2 Wealth
  • HDFC Life Click 2 Retire
  • HDFC Life Youngstar Udaan
POS Plans
  • HDFC Life Guaranteed Savings Plan
Combo Plans
  • HDFC Life Sanchay Maximiser

Max Life Term Insurance vs HDFC Life Term Insurance

Term insurance plans are life insurance plans that are designed to provide maximum life coverage and help you in difficult situations. Term life insurance protects your family’s financial needs & lifestyle in your absence. Term insurance is providing financial security to the family in case the policyholder meets with any unexpected event. The term plans of Life Insurance Company are the most selling life insurance plans due to the Coronavirus pandemic.

Max Life Term Insurance vs HDFC Life Term Insurance Overview

Parameter Max Life Insurance HDFC Life Insurance
Number of Term Plans 3 2
Claim settlement ratio 99.22% 98.66%
Online Services buying policy, renewal policy, and claim settlement buying policy, renewal policy, and claim settlement

Max Life Term Insurance Plans:

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, additional payout on accidental death these will fulfill your needs.

Features and Eligibility:

  • Entry Age: 18 to 65 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

Max Life Smart Term Plan:

Parents think about term Life insurance whether this Max Life Smart Term Plan protects a child's future or ensures that they can return their home loan. It is challenging that the financial needs of today’s policy buyers there are a need for insurance products that can fulfill the changing requirements.

Features and Eligibility:

  • Entry Age: 18 to 60 years
  • Maturity Age: 85 years
  • Policy Term: 10 to 50 years
  • Sum Assured: No Limit
  • Policy Payment Term: single pay, regular pay, limited pay
  • Premium Frequency Mode: Yearly, Half-Yearly, Quarterly, Monthly

Max Life Online Term Plan Plus:

Max Life Online term plan plus is an insurance plan that you can buy over the internet. Not the same as offline term insurance, online term plans allow you to compare, analyze, and select the financial life insurance coverage from the convenience of your own home.

Features and Eligibility:

  • Entry Age: 18 to 60 years
  • Maturity Age: 85 years
  • Policy Term: 10  to 60 years
  • Policy Payment Term: Regular pay
  • Premium Frequency Mode: Yearly, Half-Yearly, Quarterly, Monthly

HDFC Life Term Insurance Plans

HDFC Life Click 2 Protect Life:

An HDFC click 2 protect term plan is a non-linked, individual, pure risk premium/savings life insurance plan to give assurance of a 98.01% claim settlement ratio, additional sum assured on Accidental death, money-back all premiums paid on survival till maturity with the return of premium option, avail waiver of premium on the diagnosis of critical illness, and special premium rates for female lives and non-tobacco users.

Features and Eligibility:

  • Entry Age: 18 to 65 years
  • Maturity Age: 85 years
  • Policy Term: 10  to 40 years
  • Sum Assured: 5 Lakhs
  • Premium Frequency Mode: Yearly, Half-Yearly, Quarterly, Monthly

HDFC Life Saral Jeevan Bima

HDFC Life Saral Jeevan Bima is to cover flexible premium payment terms, additional protection through add-ons/riders, and financial protection to your family. Again HDFC Life Saral Jeevan Bima has two variants HDFC Life Click 2 Protect 3D plus and Click 2 protect health.

Features and Eligibility:

  • Entry Age: 18 to 65 years
  • Maturity Age: 23 to 70 years
  • Policy Term: 40 years
  • Sum Assured: 5 Lakhs
  • Premium Frequency Mode: Yearly, Half-Yearly, Quarterly, Monthly

Conclusion:

Both Max and HDFC life insurance policies are required to secure our loved ones and both are needed to comprehensively cover all the aspects of life. Life insurance provides financial protection against the risk of death. It is typically used to provide an income to a spouse and children after the death of the primary wage earner. So, before deciding on the best policies check all the features and benefits, etc. You have know about differences between life insurance companies before concluding the right insurance policy.

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