One cannot ignore the need for a term protection plan. However, it’s crucial to select the one that works with your needs. There are many different term plans on the market, so compare them depending on your needs and their many parameters before choosing one. Let’s discuss two of the popular insurance plans from two popular companies, namely Max Life Smart Secure Plus and Bajaj Allianz Life eTouch Term plan.
What is a Max Life Smart Secure Plus Plan?
The Max Life Smart Secure Plus Plan is a one-of-a-kind insurance product that offers policyholders attractive add-ons, flexible pay-out options, and specific built-in advantages, including terminal sickness and a special exit value.
Max Life Smart Secure Plus Plan is intended to give customers complete financial security. It offers policyholders life assurance and the opportunity to tailor the policy benefits by their financial profile thanks to two death benefit versions and several pay-out alternatives.
Key Features & Benefits of Max Life Smart Secure Plus Plan
Here are the key features and benefits of the Max Life Smart Secure Plus Plan.
- Death Benefit Options
You can establish a reliable financial support system for your loved ones with the Life Cover or Increasing Life Cover option provided by the Max Life Smart Secure Plus plan. With this plan, you may choose from several alternatives to guarantee that the sum promised will be adequate even in the future.
Any term plan’s primary objective is to pay off the insured’s debts and cover their living expenses, so care must be taken when selecting the life insurance option. Make sure to thoroughly plan out your financial requirements for the future and pick the life insurance option that best serves your objectives.
- Premium Break
The Smart Secure Plus Plan from Max Life Insurance has a special feature called a premium break. You are permitted to take a premium break or holiday once the policy has been in force for ten years.
When you decide to stop paying premiums, your policy will still be in effect, and the risk cover will function by the conditions and restrictions of the max life term plan.
- Acts as Income Replacement
Term insurances are long-term protection strategies, so by the time the death benefit is paid out, your family’s needs might have altered. As a result,
- Gives Customization Options
In addition, to choose from a variety of plan variations, you can customize the policy by adding features like a top-up sum assured, a premium break, a refund of premium, etc. Additionally, the policy provides your beneficiary the freedom to select the payout method that best suits their requirements.
What is a Bajaj Allianz Life eTouch Term Plan?
Bajaj Allianz Life eTouch Online Term is a way for you and your loved ones to achieve your goals without giving anything up in the event of an unforeseen circumstance. A non-linked, non-participating, pure risk premium, individual, life insurance plan with regular premium payments is called the Bajaj Allianz Life eTouch Online Term. Depending on the type you choose, the plan offers life insurance together with benefits for accidental death, total permanent disability, and critical sickness, as well as a benefit for a premium waiver.
What are the Key Features & Benefits of Bajaj Allianz Life eTouch Term?
Here are the key features and benefits of the Bajaj Allianz Life eTouch Term plan.
- Death Benefit: Your nominee/legal heir will receive the Sum Assured (as chosen by you at inception). The policy will terminate on death.
- Premium Flexibility: With the plan, you will have the flexibility to pay premiums throughout the policy term, for a limited number of years, or till your retirement (Age 60)
- Choose Payout of Your Choice: One of the biggest benefits of considering the eTouch term plan from Bajaj Allianz is that you can decide whether your family receives the benefit as a flat payment or as a monthly income while you are away.
- Tax Benefits: According to the current Income Tax Act, tax benefits are available on both what you pay and what you or your family receives.
Major Differences Between Max Life Smart Secure & Bajaj Allianz Life eTouch Term
Some of the primary distinctions between them are highlighted in the following list:
|Parameters||Max Life Smart Secure||Bajaj Allianz Life eTouch|
|Minimum / Maximum Age at Entry|
Regular Pay: – 65 years
Pay till 60: – 44 years
|Minimum Sum Assured|
Base Death Benefit
For Secondary Life, in Joint Life: Rs. 10,00,000
Accelerated Critical Illness (ACI) Benefit Option
Minimum: Rs. 5,00,000
Accident Cover Option
Minimum: Rs. 50,000
|Maximum Sum Assured|
Base Death Benefit No Limit, subject to limits determined by the Board approved underwriting policy of the Company. For Secondary Life, in Joint Life: Rs. 50,00,000.
Accelerated Critical Illness (ACI) Benefit Option Maximum: a) ACI benefit: 50% of Base Death Benefit Sum Assured chosen at inception capped at Rs. 50,00,000.
Note: – The ACI Sum Assured chosen at inception can only be in multiple of Rs. 5,00,000.
|No limit, subject to Board Approved Underwriting Policy|
|Premium Payment Term||Choose a limited pay duration (5 pay, 10 pay, 12 pay, 15 pay, or pay till 60) for the premium payment.|
(the premium payment term is equal to the period of the policy chosen)
|Premium Holiday (Option which helps you skip your premiums for 1, 2 or 3 years during the premium payment term)||No||Yes|
Life Shield Plus
Life Shield ROP
|Special Feature||Max Life Smart Secure Plus Plan’s availability of a wide range of payout options can assist clients in allocating cash to their immediate demands. For instance, if a child’s college costs need to be covered, they can opt for the lump sum pay-out method in the event of the insured’s untimely death.||Once your need for coverage has passed, you can leave early and receive your paid premiums returned as Early Exit Value.|
|Future Prospect||Planning your future while keeping your spouse’s financial requirements in mind is crucial if you are the only earner in your family.||With the Bajaj Allianz eTouch term plan, you’ll receive back 105% or 120% of your total premiums paid as a Maturity benefit.|
Which is Better Max Life Smart Secure vs. Bajaj Allianz Life eTouch Term?
The contrast between Max Life Smart Secure Insurance and Bajaj Allianz Life eTouch Insurance is based on many variables, including customer service, cost, benefits, coverage, claim settlement ratio, solvency ratio, and other variables.