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Aviva Term vs Axis Max Term Insurance

Aviva Term

Aviva India is a joint venture between Aviva Plc (UK based company) and Dabur Invest Corp (one of the popular business in India).

Axis Max Term Insurance

A joint venture between Axis Bank and Max Financial Services Limited, it is one of the leading insurance providers offering various insurance instruments to their customers.

COMPANY DETAILS

Aviva Term

Axis Max Term Insurance

Rating	Rating 4.6	Rating 4.6
Number of term insurance plans and add-ons	No. of Plans 1	No. of Plans 4
Annual Premiums Collected (2023-24)	Annual Premiums Collected (2023-24) 1317.45	Annual Premiums Collected (2023-24) 29528.97 Cr
Payout Options	Payout Options Lump sum, monthly or a combination of both	Payout Options Lump sum, monthly/quarterly/half-yearly/yearly or a combination of both
Claim ratio	Payout Options 98.3%	Payout Options 99.70%
Solvency Ratio	Solvency Ratio 1.8	Solvency Ratio 1.8
Pan India Presence	Pan India Presence 122+	Pan India Presence 304
Riders Available	Riders Available Accidental Death Benefit Rider, Critical Illness Rider, Waiver of Premium Rider, Disability Income Riders	Riders Available Waiver of Premium, Comprehensive Accident Benefit Rider,Terminal Illness Rider, Total and Permanent Disability Cover, Critical Illness and Disability Rider
Policy Term	Policy Term 10 to 40 years	Policy Term 10 to 67 years

Know More About Companies

Overview

About Aviva Term Insurance

Aviva India is a joint venture between Aviva Plc., a UK based insurance group, and Dabur Invest Corp., one of India's oldest and most respected business houses. Aviva plc, founded in 1696, is among the world's oldest insurance companies in continuous existence. Aviva has the distinction of being one of the first insurance companies to set up business in India in 1834. Aviva Term Insurance has a customer base of over 34 million across the globe.

What are some of the
Benefits
that set them apart?

Accidental death benefit cover
Critical illness cover
Waiver of premium cover
Choice of policy tenure

Affordable Premiums
Tax benefits

Riders

Riders You Can Avail With Aviva term insurance Plans

Name of the Riders	Benefits
Accidental Death Benefit Rider	Accidental Death Benefits Rider by Aviva Term Insurance offers extra sum assured to the nominee of the policyholder, in case of death caused by any accident during the rider term.
Critical Illness Rider	n Critical illness rider, sum assured will be given to policyholder in advance if he/she is diagnosed with any of the listed critical illness diseases such as cancer, Kidney failure, heart disease etc.
Waiver of Premium Rider	In waiver of premium rider, the policyholder future premiums will be waived off in case of permanent disability of body caused by any reason. In waiver of premium rider the insurance companies will wait for 6 months to finalize the premium waiver. If the customer is still not able to work , the rider will be triggered.
Disability Income Riders	In a disability income rider, the policy holder will get a regular income, if their body is disabled due to any of the reasons and is not able to work anymore. Disability income rider helps the policyholder to meet their present expenses in case of disability of the body.

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Aviva Life Term Insurance

Explore India’s best-selling Term insurance plans below

Aviva India is a joint venture between Aviva Plc (UK based company) and Dabur Invest Corp (one of the popular business in India).

Aviva Protection Plus Plan

Aviva Protection Plus is a non-linked non-participating individual life insurance savings plan by Aviva Life Insurance India. The plan comes with two ...

Unique Features

2 Plan option
High sum assured rebate
Return of Premium

Aviva Protection Plus Plan (Pros)

Accidental Death Benefit
Critical Illness Benefit
Waiver of Premium

Aviva Protection Plus Plan (Cons)

No Policy Loan
No Investment Option
No Maturity Benefit

Aviva Protection Plus Plan (Other Benefits)

High Sum Assured Discount
Tax Benefit
Flexible PPT

Aviva Protection Plus Plan (Eligibility Criteria)

Entry Age - 20 yrs
Maturity Age- 65 yrs
Min Sum Assured-20 lac
Max Maturity Age-80 yrs
Tax Benefit - Yes

Axis Max Life Term Insurance

Explore India’s best-selling Term insurance plans below

A joint venture between Axis Bank and Max Financial Services Limited, it is one of the leading insurance providers offering various insurance instruments to their customers.

Axis Max Life Premium Return Protection

Axis Max Life Premium Return Protection Plan is a simple term insurance plan that offers coverage along with a 'Return of Premium' benefit. The plan o...

Unique Features

Return of Premium Plan
Flexible-Premium Payment Term
1 Crore Max Sum Assured

Axis Max Life Premium Return Protection (Pros)

Terminal Illness Benefit
Smart Exit Benefit
Acceleration Death Benefit

Axis Max Life Premium Return Protection (Cons)

1 Year WP for Suicide
No Policy Loans
No Pre-existing Conditions

Axis Max Life Premium Return Protection (Other Benefits)

Death Benefit in Instalments
RP
WOP & 3 Riders
Additional Cover for Spouse

Axis Max Life Premium Return Protection (Eligibility Criteria)

Entry Age - 18 Years
Max Entry Age - 84 years
Minimum Sum Assured - Adaptable
Maximum Maturity Age - 85 years
Premium Payment Term - RP/SP/LP

Axis Max Life Smart Total Elite Protection

Have you ever heard of a term plan that gives you a 12-month grace period before paying your next premium? Axis Max Life Smart Total Elite Protection ...

Unique Features

Cover continuous benefit
Terminal illness cover
Early exit benefit

Axis Max Life Smart Total Elite Protection (Pros)

Special Exit Value
Accident Cover
Terminal Illness Cover

Axis Max Life Smart Total Elite Protection (Cons)

1 year WP for suicide
No policy loan
No pre-existing illness cover

Axis Max Life Smart Total Elite Protection (Other Benefits)

Cover continuance benefit
Insta payment
Choose policy term

Axis Max Life Smart Total Elite Protection (Eligibility Criteria)

Entry age - 18 years
Max entry age - 65 years
Min sum assured - 1
Max maturity age - 85 years
PPT - RP/SP/LP

Axis Max Life Smart Secure Plus Plan

Axis Max Life Smart Secure plan is a non-linked, non-participating, individual pure risk premium life insurance plan that is specifically designed to ...

Unique Features

100% return of premium
Loyalty Discount of 5%
Increase your Sum Assured

Axis Max Life Smart Secure Plus Plan (Pros)

Income Protector
Rider Options
Premium Return (ROP)

Axis Max Life Smart Secure Plus Plan (Cons)

Limited Maturity Benefit
Plan Complexity
No Loan Benefit

Axis Max Life Smart Secure Plus Plan (Other Benefits)

Enhance Cover at Milestones
Accelerated Critical Illness Benefit
Accident Cover

Axis Max Life Smart Secure Plus Plan (Eligibility Criteria)

Entry Age - 18 Years
Max Entry Age - 60 years
Minimum Sum Assured - Adaptable
Maximum Maturity Age - NA
Premium Payment Term - RP/SP/LP

Axis Max Life Smart Term Plan Plus

Axis Max Life Smart Term Plan Plus by Axis Max Life Insurance is a unique term insurance plan to meet the changing demands of customers at various lif...

Unique Features

7 Plan Options
Cover Continuance Benefit
Inbuilt Terminal Illness Cover

Axis Max Life Smart Term Plan Plus (Pros)

Choice of Plan Variant
Cover Continuance Benefit
Special Exit Value

Axis Max Life Smart Term Plan Plus (Cons)

1 year WP for suicide
No policy loan
No pre-existing illness cover

Axis Max Life Smart Term Plan Plus (Other Benefits)

Option to Choose Whole Life Cover
Inbuilt Terminal Illness Cover
Special Discount for Females

Axis Max Life Smart Term Plan Plus (Eligibility Criteria)

Entry age - 18 years
Max entry age - 65 years
Min sum assured - Rs 2 lakhs
Max maturity age - 100 years
PPT - RP/SP/LP

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Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

Name of the Rider	Benefits
Axis Max Life Waiver of Premium	It will waive all future premiums, and the benefits of the policy will remain the same in case of disability, dismemberment, or diagnosis of a listed critical illness.
Axis Max Life Comprehensive Accident Benefit Rider	Offers financial help to your dependents in addition to base policy benefits in case of the policyholder’s demise due to an accident.
Axis Max Life Terminal Illness Rider	Offers financial benefits in case the policyholder is diagnosed with any of the terminal illnesses.
Axis Max Life Total and Permanent Disability Cover	This rider offers financial benefits in case the policyholder becomes partially or totally disabled.
Axis Max Life Critical Illness and Disability Rider	In case the policyholder is diagnosed with any of the critical illnesses mentioned in the brochure then rider benefits are paid to them.

Aviva TermvsAxis Max Term Insurance

Compare

Aviva Term vs Axis Max Term Insurance

Aviva Term

Axis Max Term Insurance

Know More About Companies

Overview

About Aviva Term Insurance

Axis Max Life Term Insurance Plans: Overview

Riders

Riders You Can Avail With Aviva term insurance Plans

Riders You Can Avail With Axis Max Term Insurance Plans

But how does it work?

Other Term Insurance Companies

Aviva Life Term Insurance

Aviva Protection Plus Plan (Pros)

Aviva Protection Plus Plan (Cons)

Aviva Protection Plus Plan (Other Benefits)

Aviva Protection Plus Plan (Eligibility Criteria)

Axis Max Life Term Insurance

Axis Max Life Premium Return Protection (Pros)

Axis Max Life Premium Return Protection (Cons)

Axis Max Life Premium Return Protection (Other Benefits)

Axis Max Life Premium Return Protection (Eligibility Criteria)

Axis Max Life Smart Total Elite Protection (Pros)

Axis Max Life Smart Total Elite Protection (Cons)

Axis Max Life Smart Total Elite Protection (Other Benefits)

Axis Max Life Smart Total Elite Protection (Eligibility Criteria)

Axis Max Life Smart Secure Plus Plan (Pros)

Axis Max Life Smart Secure Plus Plan (Cons)

Axis Max Life Smart Secure Plus Plan (Other Benefits)

Axis Max Life Smart Secure Plus Plan (Eligibility Criteria)

Axis Max Life Smart Term Plan Plus (Pros)

Axis Max Life Smart Term Plan Plus (Cons)

Axis Max Life Smart Term Plan Plus (Other Benefits)

Axis Max Life Smart Term Plan Plus (Eligibility Criteria)

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Reviewed By: Naval Goel

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Aviva Term
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