HDFC Life vs Max Life
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HDFC Life vs Max Life Insurance 2024

HDFC Life and Max Life both are one of the top life insurance providers in India. Both the companies offer comprehensive life insurance plans offering life cover from 10 to 99 years of age. The product portfolio of both of them is vast and caters to unique needs of the customers. The claim settlement ratio of HDFC Life is 99.39% whereas Max Life has 99.34% CSR for the FY 2022-23. The companies provide benefits such as high sum assured, flexible premiums, customizable coverage, rider benefits, options for premium payment terms, maturity benefits, online discounts, non-smoker discounts and various plan options to choose from.

PLAN DETAILS Edit HDFC Life

HDFC Life

 Edit max-life

Max Life
Number of life insurance plans and add-ons
Entry Age (Min-Max) 18-65 years 18-65 years
Policy Term 5 to 100 years 10 - 75 years
maturity Age (Min-Max) 23 to 60 years 18 to 75 years
Claim settlement ratio (CSR) 99.39% 99.34%
Asset under managment (AUM) 250000 Crores 122857 Crores
Solvency ratio 1.9 2
Policy Type
  • Term insurance
  • Whole life policy
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
  • Term insurance
  • Whole life policy
  • Endowment policy
  • ULIP
  • Money back policy
  • Retirement plans
  • Savings plans
  • Child plans
  • Group Insurance plan
Coverage Amount
  • Minimum- 5 Lakh
  • Maximum- No Limit
  • Minimum- 10 Lakh
  • Maximum- No Limit
Optional Additional Riders
  • Waiver of premium plus rider
  • Comprehensive accident benefit rider
  • Critical illness and disability rider
  • Partner care rider
  • Waiver of premium plus rider
  • Comprehensive accident benefit rider
  • Critical illness and disability rider
  • Partner care rider
Number of term plans 13 21
Exclusions Suicide or self inflicted Injury Suicide or self inflicted Injury
Death Benefit Yes Yes
Survival Benefit Yes Yes
Claims procedure Both (Online+offline) Both (Online+offline)
Type of the insurer Private Private
Online buying facility for life plans Yes Yes
Premium payment options Single/limited/Regular Single/limited/Regular
Online claim facility Yes Yes

Life Insurance Companies

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HDFC Top Term Insurance Plans

HDFC Life Click 2 Protect Life

A plan offering spouse benefits, premium waivers, premium refunds, and death benefits. It is a flexible protection plan that adapts to your changing needs.

Unique Features

  • Return of Premium
  • Offers coverage for whole life
  • Regular monthly income

HDFC Life Click 2 Protect Life (Pros)

  • Auto Balances Death Cover
  • Auto Balances Critical Illness cover
  • Reduce Premium Payment Term

HDFC Life Click 2 Protect Life (Cons)

  • No Suicide Cover
  • No War Injury Cover
  • No Adventure Sports Cover

HDFC Life Click 2 Protect Life (Other Benefits)

  • Life & CI Rebalance
  • Maturity Benefit
  • Waiver Of Premium

HDFC Life Click 2 Protect Life (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 20 L
  • Maximum Maturity Age - 75 years
  • Premium Payment Term - SP/RP/LP

HDFC Life Saral Jeevan Bima

HDFC Life Saral Jeevan Bima, a term insurance plan providing flexible premium payment terms and additional rider options to customize your plan.

Unique Features

  • Lump Sum Variant
  • Income Variant
  • Guaranteed Surrender Value

HDFC Life Saral Jeevan Bima (Pros)

  • Discount on Higher Premiums
  • Policy Loan Available
  • No Interest on ROP Minors

HDFC Life Saral Jeevan Bima (Cons)

  • No Alterations Allowed
  • No Death Benefit on Income Payout
  • Advance premiums for monthly payment mode

HDFC Life Saral Jeevan Bima (Other Benefits)

  • 3 Rider Options Available
  • Premium Payment Flexibility
  • Tax Benefits on Premiums and Maturity

HDFC Life Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age - 30 Days
  • Max Entry Age - 65 Years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - 85 years
  • Premium Payment Term - RP/SP

HDFC Life Click 2 Protect Super

A term plan that offers all-around protection to the policyholder as it protects against 36 critical illnesses, accidental death benefits, etc.

Unique Features

  • Life Stage Option
  • Multiple Coverage Options
  • Increasing Death Benefit

HDFC Life Click 2 Protect Super (Pros)

  • Terminal Illness Benefit
  • Smart Exit Benefit
  • Acceleration Death Benefit

HDFC Life Click 2 Protect Super (Cons)

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

HDFC Life Click 2 Protect Super (Other Benefits)

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

HDFC Life Click 2 Protect Super (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age - 84 years
  • Minimum Sum Assured - INR 5,000
  • Maximum Maturity Age - 85 years
  • Premium Payment Term - RP/SP/LP

HDFC Life Term With Return Of Premium

This plan guarantees a return of total premiums paid upon policy survival and comes with a high sum assured.

Unique Features

  • High Sum Assured discount
  • Premium Discount for Females
  • No Medical Tests

HDFC Life Term With Return Of Premium (Pros)

  • Premium Payment Options
  • Absolute Amount Assured Paid
  • Tax Benefits on Premiums and Maturity Benefit

HDFC Life Term With Return Of Premium (Cons)

  • No Discount on Limited Pay
  • No Riders Available
  • No Policy Loan

HDFC Life Term With Return Of Premium (Other Benefits)

  • Guaranteed Surrender Value
  • Guaranteed Maturity Benefits
  • No Waiting Period on Accidental Death

HDFC Life Term With Return Of Premium (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 50 years
  • Minimum Sum Assured - 10 L
  • Maximum Maturity Age - 65 years
  • Premium Payment Term - LP/RP

HDFC Life Smart Term Pro

This plan provides a 100% return of premium upon maturity, offers life coverage up to 80 years, and allows premium payments over 5, 8, 10, or 12 years.

Unique Features

  • Riders Protection
  • Premium Discount for Females
  • Family Income Payout

HDFC Life Smart Term Pro (Pros)

  • Death Benefit
  • Maturity Benefit
  • Death Benefit Payout Options

HDFC Life Smart Term Pro (Cons)

  • Reduced Paid-up Benefits
  • Reduced Paid-up Death Benefit
  • No Adventure Sports Cover

HDFC Life Smart Term Pro (Other Benefits)

  • Guaranteed Surrender Value
  • 80% Premiums on Suicide
  • Guaranteed Sum Assured on Maturity

HDFC Life Smart Term Pro (Eligibility Criteria)

  • Entry Age - 30 Days
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 15 L
  • Maximum Maturity Age - 80 years
  • Premium Payment Term - 5/8/10/12 yrs

HDFC Life Smart Term Edge

This policy offers up to 150% return of premiums, comes in 3 variants and with critical illness and accident riders.

Unique Features

  • Life Cover till 75 yrs
  • Guaranteed Surrender Value
  • Return of Percentage of Premiums

HDFC Life Smart Term Edge (Pros)

  • 3 Premium Payment Modes
  • Option to Increase Death Benefit
  • 3 Premium Payment Modes

HDFC Life Smart Term Edge (Cons)

  • No Suicide Cover
  • No Policy Loans
  • No Pre-existing Conditions

HDFC Life Smart Term Edge (Other Benefits)

  • 3 Plan Options
  • 100% Death Cover
  • Tax Benefits on Premiums/Maturity/Riders

HDFC Life Smart Term Edge (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 5 Lakhs
  • Maximum Maturity Age- 75 years
  • Premium Payment Term - 12 to 30 Years

Quick Protect By HDFC Life

A comprehensive term insurance plan that offers protection against Death, Disease & Disability. 3 different plan options to choose from – 75 lacs, 1cr, 1.25cr.

Unique Features

  • Coverage for 19 Critical Illnesses.
  • 2x coverage for accidental death.
  • Quick Issuance with no medical.

Quick Protect By HDFC Life (Pros)

  • Monthly Income For 10 Years
  • Critical Illness Plus Rider
  • Income Benefit Rider

Quick Protect By HDFC Life (Cons)

  • No HIV Cover
  • No Policy Loans
  • No Pre-existing Conditions

Quick Protect By HDFC Life (Other Benefits)

  • Accidental Death Benefit
  • Maturity Benefit
  • Waiver Of Premium

Quick Protect By HDFC Life (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 50 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 75 years
  • Premium Payment Term - 5 to 40 Years

Max Life Term Insurance Plans

Max Life Smart Secure Plus Plan

Offers financial security and a support system to the policyholder in an emergency. Provides a 5% increment in SA after every anniversary of the policy.

Unique Features

  • Life Stage Option
  • Multiple Coverage Options
  • Increasing Death Benefit

Smart Secure Plus Plan (Pros)

  • Terminal Illness Benefit
  • Smart Exit Benefit
  • Acceleration Death Benefit

Smart Secure Plus Plan (Cons)

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

Smart Secure Plus Plan (Other Benefits)

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

Smart Secure Plus Plan (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

Term Plan with Return of Premium (TROP)

A simple term plan that provides a death benefit and life cover. Being a TROP it provides maturity benefits and gives you your premiums back.

Unique Benefits

  • Life Stage Option
  • Multiple Coverage Options
  • Increasing Death Benefit

Term Plan with Return of Premium (Pros)

  • Terminal Illness Benefit
  • Smart Exit Benefit
  • Acceleration Death Benefit

Term Plan with Return of Premium (Cons)

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

Term Plan with Return of Premium (Other Benefits)

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

Term Plan with Return of Premium (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

Max Life Saral Jeevan Bima

A simple, uncomplicated pure protection term plan that protects you and your family against fixed premiums.

Unique Benefits

  • Flexible premium payments
  • Long-term coverage
  • Least restrictions

Saral Jeevan Bima (Pros)

  • 105% Death Benefit
  • Choose to pay Premium Once
  • Max Sum Assured 25 L

Saral Jeevan Bima (Cons)

  • No Survival Benefit
  • No Maturity Benefit
  • No Surrender Benefit

Saral Jeevan Bima (Other Benefits)

  • Suicide Cover After 12 Months
  • Spouse Cover
  • Policy Revival Within 5 Years

Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP(5&10 Years)

Max Life Smart Term Plan

A high sum assured term plan that offers two death benefits namely Life Cover or Increasing Life Cover.

Unique Features

  • Different payout options available
  • Terminal illness cover
  • Maturity benefit available

Smart Term Plan (Pros)

  • Income Protector
  • Rider Options
  • Premium Return (ROP)

Smart Term Plan (Cons)

  • Limited Maturity Benefit
  • Plan Complexity
  • No Loan Benefit

Smart Term Plan (Other Benefits)

  • Enhance Cover at Milestones
  • Accelerated Critical Illness Benefit
  • Accident Cover

Smart Term 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

Premium Return Protection Plan

A plan that provides life insurance with ROP at policy maturity, offering limited premium payment terms and flexible protection period choices.

Unique Features

  • Limited PPT (11 years)
  • RoP at Maturity
  • Flexibility in the Policy Period

Premium Return Protection (Pros)

  • Coverage with Premium Return
  • Short Premium Payment Duration
  • Maturity Benefit with Premium Return

Premium Return Protection (Cons)

  • No Additional Investment Benefits
  • Higher Premiums
  • Limited to Premium Return at Maturity

Premium Return Protection (Other Benefits)

  • Lifetime Coverage up to Age 75
  • Max Sum Assured is 1 Cr
  • Choice of Protection Periods (20/25/30 years)

Premium Return Protection (Eligibility Criteria)

  • Entry Age - 21 Years
  • Max Entry Age - 55 years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - 20/25/30 Years

Max Life Online Term Plan Plus

A pure risk premium life insurance plan offering comprehensive protection for individuals, including death benefit options and additional riders.

Unique Features

  • Customizable Death Benefit
  • Accelerated CI Benefits
  • Life Stage Event Benefit

Online Term Plan Plus (Pros)

  • Max SA Is 100 Crore
  • Additional Riders Benefit
  • Flexible Premium Payment Options

Online Term Plan Plus (Cons)

  • No Maturity Benefit
  • No Surrender Benefit
  • No Policy Loan Allowed

Online Term Plan Plus (Other Benefits)

  • Discount for Non-Smokers
  • No Restrictions on Travel
  • High SA Discounts & Waiver of Premium

Online Term Plan Plus (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 85 Yrs
  • Premium Payment Term - RP

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Naval Goel

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.