Which is the best life insurance Max life insurance vs LIC life insurance is a question that many people are asking themselves. It is important to understand the difference between these two so that you can make a decision as to which type of policy would be best for you. This article will discuss the differences between the Max and LIC life insurance and what factors should be considered when deciding which one is the best for you.
Max Life Insurance and LIC Life Insurance are two of the most popular life insurance companies in India. Max Life is a private life insurance company and LIC is a public sector life insurance company. They have been in business for over so many years and have a reputation for being trustworthy and reliable. They both offer a wide array of benefits and different types of policies to their customers. Let’s take a look at the key differences between Max Life Insurance and LIC Life Insurance, and see which one is better suited for you.
Max Life Insurance
Max Life Insurance is a life insurance company that provides affordable and flexible insurance plans to people of all ages. Max Life Insurance was founded in 2000, with the mission to provide affordable life insurance for everyone. Max Life Insurance offers different types of life insurance policies for individuals, couples, 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
|
| Health Insurance Plans |
- Max Life Cancer Insurance 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 Benefits
- Affordable Premiums: The premium is relatively lower compared to other types of insurance. The premiums can be paid in instalments 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.
- Excellent Customer Services: Max life insurance's customer service is good and it has been valued the most by buyers thus providing excellent customer support 24/7 and giving a hassle-free claim settlement process.
LIC Life Insurance
LIC Life Insurance is a leading Indian insurance company that offers a wide range of life insurance products to its customer. In the last few years, LIC Life Insurance has been growing rapidly as a result of its unique products and services. It is now one of the top ten largest insurers in India with millions of customers. LIC Life Insurance provides its customers with innovative products such as digital life insurance and pension plans that are convenient for their customers to use and manage. The company also provides customer service through its website which makes it easier for them to manage their policies online.
List of LIC Life Insurance Plans
| Type of Plans |
LIC Life Insurance Plans |
| Term Life Insurance Plans |
- LIC’s TECH TERM
- LIC’s Jeevan Amar
- LIC’s Saral Jeevan Bima
|
| Whole Life Insurance Plans |
|
| Money-Back Plans |
- LIC’s New Bima Bachat
- LIC’s New Money Back Plan-20 Years
- LIC’s New Money Back Plan-25 Years
- LIC’s Jeevan Umang
- LIC’s New Children’s plan
- LIC’s Jeevan Tarun
- LIC’s Jeevan Shiromani
- LIC’s Bima Shree
- LIC’s Dhana Rekha
|
| Endowment Plans |
- LIC’s Bima Jyothi
- LIC’s Bachat Plus
- LIC’s New Endowment Plan
- LIC’s New Jeevan Anand
- LIC’s Single Premium Endowment Plan
- LIC’s Jeevan Lakshya Plan
- LIC’s Jeevan Lakshya Plan
- LIC’s Aadhaar Stambh Plan
- LIC’s Aadhaar Shila Plan
|
| Pension Plans |
- Pradhan Mantri Vaya Vandana Yojana
- LIC’s Jeevan Akshay - VII
- LIC’s New Jeevan Shanti
- LIC’s Saral Pension
|
| ULIP Plans |
- LIC’s NIVESH PLUS
- LIC’s SIIP
- LIC’s NEW ENDOWMENT PLUS
|
| Micro Insurance Plans |
- LIC’s Bhagya Lakhsmi
- LIC’s New Jeevan Mangal
- LIC’s Micro Bachat Plan
|
| Health Plans |
- LIC’s Cancer Cover
- LIC’s Arogya Rakshak
|
| Withdraw Plans |
- LIC’s Bhagya Lakhsmi
- LIC’s Jeevan Akshay - VII
- LIC’s New Jeevan Shanti
- LIC’s Saral Pension
- LIC’s Bima Jyothi
- LIC’s New Jeevan Mangal
- LIC’s Jeevan Arogya
|
| Group Plans |
- LIC's New Group Superannuation Cash Accumulation Plan
- LIC's New Group Gratuity Cash Accumulation Plan
- LIC's New Group Leave Encashment Plan
- LIC's Group Credit Life Insurance
- LIC's Single Premium Group Insurance
- LIC's New One Year Renewable Group Term Assurance Plan I
- LIC's New One Year Renewable Group Term Assurance Plan II
- LIC's One Year Renewable Group Micro Term Assurance Plan
- Group Immediate Annuities
- LIC’s Group Assurance plan
|
LIC Life Insurance Benefits
- Whole Life Insurance Cover: LIC life insurance Company provides an option to have the whole life cover up to 99 years of age in case of term life insurance plans.
- Easy Policy Issuance: The policy issuance process in LIC Life Insurance Company is very smooth and the policy would be issued within the least possible time, within 1 day in some cases.
- Discounts: Certain age groups and professionals can avail a host of discounts on their life insurance policies.
- High Life Coverage at an Affordable Premium: LIC term life insurance is one of the most affordable life insurance covers available in the Indian insurance market. Life insurance plans from LIC life insurance are the cheapest in the market with high life coverage.
Comparison Table of LIC Vs Max Life Insurance
| Parameter |
Max Life Insurance |
LIC Life Insurance |
| Claim settlement ratio |
99.35% |
98.62% |
| Solvency Ratio |
2.15 |
1.83 |
| Availability |
Online/Offline |
Online/Offline |
| Life Cover |
Up to 99 Years |
Up to 99 years |
| Number of Branches Available |
277 |
2048 |
| Death Benefit |
Yes |
Yes |
| Maturity Benefit |
Yes |
Yes |
| E-services |
- Buying policy
- Renewal
- Update Information
- Pay premium payment
- Application Tracking
- Claim Settlement, etc.
- Premium Calculator
|
- Premium Calculator
- Update Information
- Claim Settlement
- Premium Payment
- Policy Status Checking
- Buy Policy
- Renewal 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
|
- Accidental Death Benefit Rider
- Accidental Death and Disability Benefit Rider
- Critical Illness Benefit Rider
- New Term Assurance Rider
|
Conclusion:
Life insurance is a type of insurance that pays out benefits to the beneficiaries in case of the death of the policyholder. It is a contract that promises to pay a lump sum or an annuity payment, in return for premiums paid by the insured. When it comes to choosing between the two, the best life insurance Max vs LIC life insurance both life insurance companies are a good option for you. But the main difference between them is the type of coverage they provide.
There are many life insurance options available. The decision between these different types of life insurance is a difficult one because they all vary in their benefits and costs and there are many factors to take into account. The most important factor would be how much coverage you need and how much you can afford to pay for it.
Check all the features and benefits of LIC 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 LIC life insurance. Compare Max life insurance and LIC life insurance through life insurance quotes for the best life insurance plans in India at PolicyBachat.