Axis Max Life Term Insurance Review 2025

Axis Max Life Term Insurance: Overview

Axis Max Life Insurance offers reliable term insurance plans that are affordable, with a good claim settlement ratio and a low complaint volume. With flagship plans like Smart Term Plan Plus, Axis Mx Life offers affordable protection for a wide range of people. We rate it the best in terms of performance, plans, as well as riders.

Note: If you want to know more about how we evaluate plans, feel free to go through Ditto’s Cut.

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List of Term Plans by Axis Max Life Term Insurance

Axis Max Life Smart Term Plan Plus

Axis Max Life

Smart Term Plan Plus

Axis Max Life

Smart Term Plan Plus

4.5

Overall Rating

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Insurer Rating

4.7/5

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Customer Service

4.5/5

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Coverage

4.4/5

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Claim Settlement

4.6/5

Axis Max Life Smart Term Plan Plus is a flexible, comprehensive term insurance policy with six plan variants, including Regular Cover, Smart Cover, Return of Premium, Whole Life Cover, and Income Protection Cover. 

If we were to choose one variant from these, we would pick the Smart Cover variant, which provides an enhanced death benefit of 150% for the first 15 years.

The plan also offers attractive discounts, flexible premium payment modes, and valuable riders such as waiver of premium and critical illness cover, making it a versatile, reliable option for varied protection needs.

Ditto’s verdict: Axis Max Life Smart Term Plan Plus offers tailored variants for different goals, with Smart Cover ideal for early liabilities. Strong rider options and flexibility stand out, though savings-oriented variants come with higher costs.

Click here to get a detailed review of this plan.

Axis Max Life Smart Secure Plus Plan

The Axis Max Life Smart Secure Plus Plan is a comprehensive term insurance policy that offers robust financial protection with flexibility and customization. Providing coverage from ages 18-65, it caters to a wide range of customers.

Axis Max Life Smart Total Elite Protection

The Axis Max Life STEP plan is a pure protection term policy offering life cover up to age 85 with minimum cover starting at 2 CR., with flexible premium payment options and various in-built and rider benefits.

STEP offers good protection with comprehensive offering, and valuable riders. Best for disciplined buyers planning decades, though benefits like Special Exit Value favour ultra-long policy terms.

Axis Max Life Saral Jeevan Bima

Saral Bima is a simple term insurance plan that provides only a death benefit. Here’s a detailed article about this plan, in case you’re interested.

How Axis Max Life Compares to Other Term Insurers?

For a premium comparison, let us compare Axis Max’s flagship plan, Smart Term Plan Plus, with those from Axis Maxlife, HDFC Life, and ICICI Prudential.

Let us consider profiles of non-smokers living in Tier 1 cities, such as Delhi, who are covered until the age of 65 for a cover amount of ₹1 crore.

Ditto’s Take: Axis Max Life offers competitive pricing, especially for younger policyholders. It stands toe-to-toe with Bajaj and ICICI, and often outperforms HDFC Life in terms of affordability.

What are the different riders available in Axis Max Term Insurance?

01

Critical Illness

This rider provides a lump-sum payout if you are diagnosed with a listed critical illness such as cancer, heart attack or stroke. This benefit is paid upon diagnosis, allowing the insured to cover medical expenses or compensate for loss of income during recovery.

02

Total Permanent Disability

The TPD rider ensures financial support if you suffer a disability that permanently prevents you from earning an income. For example, if an accident that leads to loss of limbs or eyesight, this rider pays out a lump sum.

03

Waiver of Premium (WOP)

Under this rider, all future premiums are waived off if you become disabled or critically ill, depending on the terms chosen. The life cover, however, continues uninterrupted.

04

Accidental Death & Dismemberment Cover

This rider provides an additional payout if you suffer severe injuries (or death) due to an accident. In such cases, the nominee receives an extra sum assured over and above the base policy amount.

Critical Illnesses Covered Under Axis Max Term Insurance

Critical illness cover is one of the most common (and arguably most useful) riders we recommend adding to a term insurance plan.

Under Axis Max Life, this rider is available in two variants, covering either 22 or 64 listed critical illnesses.

Note: The rider is only active for the first 20 years of the policy term and has a survival period of 14 days.

• 22 Critical Illnesses:
  The 22-illness variant  focuses on the most severe and high-cost medical conditions such as cancer, heart attack, stroke, kidney failure, and major organ transplant. This option is suitable for those looking for essential coverage at an affordable price.
• 64 Critical Illnesses:
  The 64-illness variant, on the other hand, provides a much broader safety net, covering a wide range of ailments, including early-stage conditions and less common but financially draining illnesses.

Note: The complete list of all critical illnesses covered by the insurer will be in the policy document. The image above is provided as an example only. Here is a list of all critical illnesses that Axis Max Life covers.

Here’s what Gaurav Bhat, a senior advisor at Ditto, says about critical illness covers:

"In both variants, the rider pays out a lump-sum amount upon diagnosis, regardless of the actual treatment cost. This payout can be used for medical expenses, income replacement, or any other financial needs during recovery. You can go for either one, depending on your budget."

Documents Required to Buy Axis Max Life Term Insurance Plan

Who Should Buy Axis Max Life Term Insurance Plans?

Axis Max Life Term Insurance is ideal for anyone seeking good life insurance coverage at a favorable price. Here’s what Swapnil Shinde, a top advisor at Ditto says:

“Axis Max Life is a reputed insurer with strong financial metrics and credible backing. It’s an excellent choice for young professionals who want an affordable term insurance plan with good features.”

Why Talk to Ditto for Your Term Coverage?

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Conclusion

Axis Max Life offers excellent term insurance plans. Ditto especially recommends its policies for those prioritizing claims reliability and feature-rich plans. Above all, the insurer stands out for the high-value coverage its plans offer.

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