Term Life Insurance · head to head

Smart Secure Plus Plan vs New Tech-Term (Plan 954)

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Axis Max Life

Quick verdict

Smart Secure Plus Plan is better for insurer's claim payout record.
Smart Secure Plus Plan is better for cover to an older age.
Smart Secure Plus Plan is better for low minimum cover.

Computed from stored specifications, the published term life insurance scoring rules and recorded prices. Not an opinion.

Specifications side by side

Show only differences (15)

Spec

Smart Secure Plus Plan

New Tech-Term (Plan 954)

Eligibility

Minimum entry age

18 years

Maximum entry age

65 years

Maximum maturity age

85 years

80 years

Policy term

10 to 67 years (Return of Premium variant: up to 50 years; POS: up to 47 years)

Minimum 10 years; maximum 40 years under Level Sum Assured (subject to maximum age at maturity 80); under Increasing Sum Assured the maximum depends on age and Basic Sum Assured band

Minimum sum assured

₹20,00,000

₹50,00,000

Maximum sum assured

No Limit, subject to limits determined in accordance with the Board approved underwriting policy

No Limit* As per underwriting decision (Board Approved Underwriting Policy)

Plan

Plan options

Life Cover, Increasing Life Cover; optional Return of Premium variant, Joint Life, Premium Break, Accident Cover, Voluntary Sum Assured Top-up

Option I: Level Sum Assured, Option II: Increasing Sum Assured

Premium payment

Single Pay, Regular Pay, 5 Pay, 10 Pay, 12 Pay, 15 Pay, Pay Till 60; Annual, Semi-annual, Quarterly & Monthly modes

Regular Premium (same as policy term), Limited Premium ([Policy Term minus 5] years for policy term 10-40 years; [Policy Term minus 10] years for policy term 15-40 years) or Single Premium; Yearly or Half Yearly modes

Return of premium option

Yes

Death benefit payout

Lumpsum; Monthly Income; Part Lumpsum and Part Monthly Income (chosen by nominee at claim)

Lump sum, or Death Benefit in instalments over 5, 10 or 15 years (yearly/half-yearly/quarterly/monthly), opted by the Life Assured for full or part of the claim

Riders

Axis Max Life Waiver of Premium Plus Rider (UIN 104B029V06), Axis Max Life Critical Illness and Disability Rider (UIN 104B033V02)

LIC's Accident Benefit Rider (UIN 512B203V03)

Terminal illness benefit

Yes

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Waiver of premium

Optional Axis Max Life Waiver of Premium Plus Rider (death, disability & critical illness)

—

Premium

Sample annual premium

₹16,178

₹9,135

Sample premium is for

Prospectus 'Sample Premium Rates': non-smoker male, age 30, coverage till age 70 (40-year term), Life Cover Rs 1 crore, Regular Pay, annual, purchased online: Rs 16,178; 'excluding underwriting extra premium, taxes, cesses, if any'. NOTE: 40-year term (to age 70), not 30 years.

Option I (Level Sum Assured), Basic Sum Assured Rs 1 crore, Non-Smoker, Male, Standard life, age 30 (last birthday), policy term 20 years, Regular annual premium. Brochure: 'The above premiums are exclusive of taxes.' NOTE: 20-year term (cover to age 50), not the 30-year/age-60 profile; the brochure table only gives 20-year terms.

Insurer

Death claims settled (insurer)

99.7%

97.59%

Claims figures for

FY 2024-25: individual death claims paid out of claims decided and pending, by number, computed from IRDAI Handbook on Indian Insurance Statistics (Table 15)

IRDAI UIN

104N118V13

512N351V02

A tick marks the better value where the category rules say higher (or lower) is better. Text values are shown without a winner. Ties have no winner.

Pros and cons

Smart Secure Plus Plan

Pro: Insurer paid 99.70% of individual death claims, higher than 88% of the 27 term life insurance plans on Comparezi that state it
Pro: Return-of-premium option available

New Tech-Term (Plan 954)

Con: Cover ends earlier than 81% of the 27 term life insurance plans on Comparezi that state it (age 80)
Con: Insurer paid a lower share of individual death claims than 88% of the 27 term life insurance plans on Comparezi that state it (97.59%)