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Kotak Term vs Axis Max Term Insurance

Kotak Term

Kotak Mahindra Life Insurance is one of the fastest growing life insurance companies in India, securing 50 million lives worldwide till date.

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

Kotak Term

Axis Max Term Insurance

Rating	Rating 4.6	Rating 4.6
Number of term insurance plans and add-ons	No. of Plans 4	No. of Plans 4
Annual Premiums Collected (2023-24)	Annual Premiums Collected (2023-24) 15320.46	Annual Premiums Collected (2023-24) 29528.97 Cr
Payout Options	Payout Options 1	Payout Options Lump sum, monthly/quarterly/half-yearly/yearly or a combination of both
Claim ratio	Payout Options 98.82%	Payout Options 99.70%
Solvency Ratio	Solvency Ratio 2.8	Solvency Ratio 1.8
Pan India Presence	Pan India Presence 230+	Pan India Presence 304
Riders Available	Riders Available Accidental Death Benefit Rider, Critical Illness Plus Benefit Rider, Accidental Permanent Disability Rider	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 5 to 70 years	Policy Term 10 to 67 years

Know More About Companies

Overview

Kotak Life Term Insurance: Overview

Kotak Life is one of the trusted and reliable insurers in the Indian insurance market. Kotak Life offers you a wide range of insurance products to choose from, one such offering by Kotak Life is Kotak Term Insurance Plans. Kotak Term Plans keep your loved ones financially covered in the event of your unfortunate demise. Apart from this, Kotak Life term plans come with affordable premiums, flexibility to customize your plan, critical illness coverage, disability support, tax benefits, survival benefits, whole life cover, and optional riders.

What are some of the
Benefits
that set them apart?

Death benefits,
Multiple payout options,
Return of premiums with some plans such as Kotak Gen2Gen,
Enhanced riders to choose from,

Special premiums for non-tobacco users,
High cover at affordable premiums,
Tax Benefits as per applicable laws,
Varied plan options, etc.

Riders

Riders You Can Avail With Kotak Life Term Insurance Plans

Name of the Riders	Benefits
Kotak Accidental Death Benefit Rider	In case of the policyholder’s demise due to an accident, additional benefits are paid to their nominee along with the basic plan cover.
Kotak Critical Illness Plus Benefit Rider	In case the policyholder is diagnosed with pre-specified illnesses, benefits are paid to them or their family.
Kotak Accidental Permanent Disability Rider	In case the policyholder gets permanently disabled due to an accident, benefits are paid under this rider.

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Kotak Life Term Insurance

Explore India’s best-selling Term insurance plans below

Kotak Mahindra Life Insurance is one of the fastest growing life insurance companies in India, securing 50 million lives worldwide till date.

Kotak Protеct India

Kotak Protеct India is an individual non-Linkеd, non-participating purе protеction term Insurancе plan, dеsignеd to offеr policyholdеrs a wid...

Unique Features

Short Term Cover
Multiple Policies
Wellness Program

Kotak Protеct India (Pros)

Short Term Cover
Multiple Policies
Wellness Program

Kotak Protеct India (Cons)

No Policy Loan Allowed
No Cover for Suicide
No Survival Benefit

Kotak Protеct India (Other Benefits)

Hospi Benefit
Optional Accidental Death Benefit
Telemedicine Consultation

Kotak Protеct India (Eligibility Criteria)

Entry Age -18 Years
Max Entry Age- 35 Years
Minimum Sum Assured - ₹1L
Maximum Maturity Age - 40 Yrs
Premium Payment Term - RP/SP

Kotak Term

Kotak Term Plan is a non-linked non-participating individual pure protection life insurance plan that acts like a safety shiеld for your family's fin...

Unique Features

Low-Cost Plan
Conversion Option
Rider Options

Kotak Term (Pros)

Low-Cost Plan
Conversion Option
Rider Options

Kotak Term (Cons)

No Policy Loan Allowed
No Cover for Suicide
No Survival Benefit

Kotak Term (Other Benefits)

Affordable Premiums
High Life Cover
Premium Payment Options

Kotak Term (Eligibility Criteria)

Entry Age -18 Years
Max Entry Age- 60 Years
Minimum Sum Assured - ₹3L
Maximum Maturity Age - 70 Yrs
Premium Payment Term - RP/SP

Kotak Saral Jeevan Bima

Kotak Saral Jeevan Bima is a basic term insurance plan that is designed to offer financial protection to your loved ones in case of your demise. This ...

Unique Features

Death Benefit
Affordable Plan
Flexible-Premium Payment Modes

Kotak Saral Jeevan Bima (Pros)

Death Benefit
Multiple Premium Payment Term
Special Rates for Female Lives

Kotak Saral Jeevan Bima (Cons)

No Surrender Benefit
No Maturity Benefit
No Policy Loan

Kotak Saral Jeevan Bima (Other Benefits)

Life Cover Up To 70 Years
Instant Issuance
Tax Benefit

Kotak Saral Jeevan Bima (Eligibility Criteria)

Entry Age -18 Years
Max Entry Age- 65 Years
Minimum Sum Assured - ₹5L
Maximum Maturity Age - 70 Yrs
Premium Payment Term - RP/SP/LP

Kotak e-Term

Kotak e-Term Plan is a pure risk cover term insurance plan that is truly an economical means of providing you with a high level of protection. It offe...

Unique Features

Available online
3 plan variants
Life cover options

Kotak e-Term (Pros)

Available online
3 plan variants
Life cover options

Kotak e-Term (Cons)

No Policy Loan Allowed
No Cover for Suicide
No Survival Benefit

Kotak e-Term (Other Benefits)

Step-Up Benefit
Add-on Riders
Special Discounts

Kotak e-Term (Eligibility Criteria)

Entry Age -18 Years
Max Entry Age- 60 Years
Minimum Sum Assured - ₹51L
Maximum Maturity Age - 85 Yrs
Premium Payment Term - RP/SP/LP

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.

Kotak TermvsAxis Max Term Insurance

Compare

Kotak Term vs Axis Max Term Insurance

Kotak Term

Axis Max Term Insurance

Know More About Companies

Overview

Kotak Life Term Insurance: Overview

Axis Max Life Term Insurance Plans: Overview

Riders

Riders You Can Avail With Kotak Life Term Insurance Plans

Riders You Can Avail With Axis Max Term Insurance Plans

But how does it work?

Other Term Insurance Companies

Kotak Life Term Insurance

Kotak Protеct India (Pros)

Kotak Protеct India (Cons)

Kotak Protеct India (Other Benefits)

Kotak Protеct India (Eligibility Criteria)

Kotak Term (Pros)

Kotak Term (Cons)

Kotak Term (Other Benefits)

Kotak Term (Eligibility Criteria)

Kotak Saral Jeevan Bima (Pros)

Kotak Saral Jeevan Bima (Cons)

Kotak Saral Jeevan Bima (Other Benefits)

Kotak Saral Jeevan Bima (Eligibility Criteria)

Kotak e-Term (Pros)

Kotak e-Term (Cons)

Kotak e-Term (Other Benefits)

Kotak e-Term (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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