ICICI Prudential Term Insurance Vs Max Term Insurance Plans

ICICI Pru Life Term Insurance Vs Max Life Term Insurance

Term insurance is the simplest type of life insurance that provides financial safety to the life insured’s family in case of an untimely demise. Depending on the income and liabilities of the policy-seeker, one can select an adequate sum assured under this type of life insurance plan to safeguard the financial interest of the loved ones. ICICI Term Insurance plan covers all kinds of deaths, including natural, accidental, murder, illnesses, and natural calamities. The insured person is covered under this plan as soon as your policy is issued and there is no waiting period and one stays covered whether you are in India or abroad. Coverage of death due to suicide is not available only in the first year of the policy. On the other hand, Max Term Insurance plans offer significant life cover at a premium one can afford. Also, the earlier you buy a term plan, the lower premium you will need to pay for specific life cover. With a specific critical illness rider, the Max Term Insurance plan can offer protection against 64 specified critical illnesses. Let’s understand more about them.

ICICI Pru Term Insurance Plans

ICICI Prudential Life Insurance has come up with three useful term insurance plans to secure the future of its consumers. The plans are detailed briefly below. 

  • ICICI Pru iProtect Smart Since its launch ICICI Pru iProtect Smart has become the company’s top selling plan online (Source: Company Buy Online data – Sep 2021 to date). This term plan offers protection for the family and critical illness cover for the insured (optional). This plan has the provision to offer cover till the age of 99. This plan also offers the choice to the nominees to receive insurance money as per their needs with 4 payout options. 
  • ICICI Pru iProtect Smart Joint Life Plan – This plan is specially designed to offer life cover for both the husband and wife. One can pay the premium amount for both at one go. With the optional critical cover, one can also get protected against 34 specified critical illnesses as per its terms and conditions. ICICI Pru iProtect Return of Premium – This plan provides 360º security to the insured person and his/her loved ones against all eventualities and safeguards future planning while simultaneously also ensuring that one gets a survival/maturity benefit. There is a choice of 4 plan options that can be availed of as per the need, and those are – Return of Premium, Income Benefit, Return of Premium with Life Stage Cover, and Early Return of Premium with Life Stage Cover. Survival benefit can also be obtained in any of the three ways – regular income, return of premiums, and early return of premiums. 

Max Life Term Insurance Plans

The following fore term plans offered by Max Life are designed to suit the purposes of the consumers. Here are the brief details. 

  • My Life Smart Secure Plus Plan – With the Smart Secure Plus Plan (A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan), the insured gets two death benefits, including a cover for terminal illness and an exit value. In addition, this plan provides optional benefits such as premium breaks, joint life cover, additional payout on accidental death, and much more. The Smart Secure Plus Plan is designed to fulfill your financial security requirements and provide a dependable support system for emergencies.
  • Term Plan with Return of Premium (TROP) – Essentially, a term plan with a return of premium is similar to a standard term plan. It works as a life cover and provides a death benefit to the beneficiaries of the policy. The key element that sets it apart is the maturity benefit applicable on a term plan with a return of premium. Policyholders can benefit from a term plan with a return of premium by paying an additional premium. Term plan with a return of premium option also provides additional benefits such as waiver of premium, accidental death benefit, disability benefit, and protection against critical illnesses. Investing in TROP can bring a sense of overall protection for policyholders.
  • Critical Illness – The minimum entry age to purchase this critical illness and disability insurance rider is 18 years. While the maximum age for adding critical illness cover is 65 years, the maximum maturity age under Max Life Critical Illness and Disability Rider varies per the selected critical illness coverage variant. Both male and female buyers can opt for the critical illness cover at the same premium rates while purchasing a base life insurance plan.

The Critical Illness Insurance cover provides you financial security against various life-threatening health conditions such as kidney failures, cardiovascular diseases, and cancer. The critical illness insurance cover includes a lump sum payment in case you are diagnosed with a listed illness.

  • Saral Jeevan Bima – This plan is a pure form of term insurance, and it provides the insured person with life coverage against a fixed premium. Under this plan, one can choose the sum assured as low as Rs. 5 lakhs to protect the family financially. In case of the unfortunate demise of the insured during the policy period, the beneficiary will receive the death benefit, and one can also select a suitable premium payment variant as per his/her needs. This plan offers flexibility to choose the policy term between 5 to 40 years.

Key Benefits of ICICI and Max Term Insurance Plans

The key benefits are as follows.

ICICI Term Insurance Benefits:

  • This company offers 2 different types of additional benefits that can be purchased at a nominal cost to enhance the strength of the term insurance plan, and those are – Accidental Death Benefit and Critical Illness Benefit.
  • If the insured person is diagnosed with a terminal illness like AIDS, the full sum insured is paid out immediately. It is an inbuilt cover and thus comes at no extra cost. 
  • This policy offers another inbuilt benefit which is Permanent Disability Benefit. The insured person does not need to pay any future premiums in case of permanent disability due to an accident. The life cover continues for the entire policy term.  

Max Term Insurance Benefits:

  • One can choose long term insurance coverage till the age of 85 (subject to a maximum policy term of 50 years). This benefit of long term coverage is one of the many factors that one needs to look for when seeking the best term insurance policy for self.
  • The sum assured offered under a term plan will ensure safety for dependents from your financial liabilities like a loan and any other debt. They can easily pay off the debt from the insurance benefits received.
  • Term plans come with add-ons/riders that one can select to get additional insurance benefits. For instance, the Max Life Waiver of Premium Plus Rider offers the benefit of waiver of all future premiums based on conditions specified in the term insurance policy document.

Table of Comparison Between ICICI Term Insurance and Max Term Insurance

The following table will give a glimpse of a comparison of the available term insurance plans between the two companies. Have a look. 

Parameters ICICI Term Insurance Plans Max Term Insurance Plans 
Number of plans34
Claim settlement ratio (As per IRDAI Annual Report in the financial year of 2021-22)97.80%99.34%
Cover up to99 years85 years
Online services Buying a policy, renewing, updating information, premium payments, switching funds, downloading options, claiming settlement, etc.Buying a policy, renewal, updating information, premium payment, tracking application, claim settlement, etc.
Solvency ratio 2.052.07

Which One Is The Best?

Both ICICI Prudential and Max life term insurance policies are required to secure the loved ones and both are needed to comprehensively cover all the aspects of life. Check all the types of term insurance plans along with their features and benefits available with ICICI Prudential and Max Life before concluding on the right insurance policy. Configure the premium with the benefits availed on Max life vs ICICI Prudential term insurance. As the premium amount depends on different variables such as entry age, smoking habit, health history, type of the plan, etc., it would be advisable to compare the term plans of both companies using the term insurance calculator, and then opt for the one that suits best for all your purposes. As different plans have come up with different benefits to satisfy the varied needs of individuals, therefore, it would be an injustice to side with one. The best will be the one that will cover most of your needs.


Anyone with financial dependents should buy a Term Insurance Policy. This includes married couples, parents, business people, self-employed, SIP investors, young professionals with dependent parents, and in some cases, even retirees. The term plan is flexible and allows one to increase or decrease the sum assured basis his/her financial condition. In today’s uncertain times, it is important to ensure the dependents are financially protected even if the insured person is not around. Buying a term plan is a simple and cost-effective way to do this. Therefore, invest wisely to reap maximum benefit.

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