Max Life vs Birla Sun
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Max Life vs Birla Sun Life Insurance 2024

Max Life and Birla Sun 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 Max Life is 99.34% whereas Birla Sun has 98.07% 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 Max Life

Max Life

 Edit birla-sun-life

Birla Sun
Number of life insurance plans and add-ons
Entry Age (Min-Max) 18-65 years 18-65 years
Policy Term 10 - 75 years 5-30 years
maturity Age (Min-Max) 18 to 75 years 25 to 65 years
Claim settlement ratio (CSR) 99.34% 98.07%
Asset under managment (AUM) 122857 Crores 76994 Crores
Solvency ratio 2 1.9
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- 10 Lakh
  • Maximum- No Limit
  • Minimum- 5 Lakh
  • Maximum- No Limit
Optional Additional Riders
  • Surgical care rider
  • Hospital care rider
  • Waiver of premium rider
  • Accidental death and disability rider
  • Critical illness rider
  • Accidental death benefit rider plus
  • Waiver of premium rider
  • Accidental death benefit rider plus
  • Surgical care rider
  • Hospital care rider
  • Waiver of premium rider
  • Accidental death and disability rider
  • Critical illness rider
  • Accidental death benefit rider plus
  • Waiver of premium rider
  • Accidental death benefit rider plus
Number of term plans 21 4
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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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

Aditya Birla Term Insurance Plans

ABSLI DigiShield Plan

The term plan offers coverage for 42 Critical Illnesses, along with the ability to enhance coverage through optional riders.

Unique Features

  • 6 Rider Options
  • Enhanced Life Stage Protection
  • Coverage Till 100 Years of Age

ABSLI DigiShield Plan (Pros)

  • ROP with Life Insurance Cover
  • Level Cover with Survival Benefit
  • Level Cover plus Income Benefit

ABSLI DigiShield Plan (Cons)

  • 48 Months WP for Critical Illness
  • 12 Months WP For Suicide Cover
  • No Coverage Beyond Critical Illness List

ABSLI DigiShield Plan (Other Benefits)

  • Sum Assured Reduction Cover
  • Inbuilt Terminal Illness Benefit
  • Spouse Cover under Joint Life Protection.

ABSLI DigiShield Plan (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 30 L
  • Maximum Policy Term - 55 years
  • Premium Payment Term- RP/SP/LP

ABSLI Saral Jeevan Bima

ABSLI's Saral Jeevan Bima is an affordable term plan that offers a lump sum amount to the nominee after the policyholder’s demise. It has a waiting period of 45 days .

Unique Features

  • Customization Options
  • Flexible policy terms
  • Affordable plan

Saral Jeevan Bima (Pros)

  • Available For Online Buying
  • Choose To pay Premium Once
  • Max Sum Assured 25L

Saral Jeevan Bima (Cons)

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

Saral Jeevan Bima (Other Benefits)

  • Suicide Cover
  • 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 - 70 Yrs
  • Premium Payment Term - RP/SP/LP (5&10 Years)

ABSLI Life Shield Plan

The plan offers multiple plan options, enhances coverage at key life stages and ensures financial security in the event of death or terminal illness.

Unique Features

  • Enhanced Life Stage Protection
  • Return of Premium Option
  • Inbuilt Terminal Illness Benefit

ABSLI Life Shield Plan (Pros)

  • Flexible Coverage Options
  • Joint Life Protection for Spouses
  • Terminal Illness Benefits with Premium Waiver.

ABSLI Life Shield Plan (Cons)

  • Limited Maturity Benefit
  • No Cover for Death Due to STDs
  • No Riders

ABSLI Life Shield Plan (Other Benefits)

  • Sum Assured Reduction Cover
  • Inbuilt Terminal Illness Benefit
  • Spouse Cover under Joint Life Protection

ABSLI Life Shield Plan (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 25 L
  • Maximum Policy Term - 85 years
  • Premium Payment Term - RP/SP/LP

ABSLI Anmol Suraksha Kawach

A simple plan that offers reasonably priced term insurance with a brief durational life cover. The plan offers death benefit, surrender benefit and tax benefits.

Unique Features

  • Transgender Insurance
  • Flexible Payment
  • 5-Year Life Cover

Anmol Suraksha Kawach (Pros)

  • Affordable Premium Rates
  • Customizable PT & SA
  • Tax Benefits Under Section 80c And 10(10d)

Anmol Suraksha Kawach (Cons)

  • Limited Maturity Benefit
  • No Policy Loan Allowed
  • No Policy Loan

Anmol Suraksha Kawach (Other Benefits)

  • Additional Riders
  • Death Benefit
  • Guaranteed Protection

Anmol Suraksha Kawach (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 5 L
  • Maximum Policy Term - 25 Yrs
  • Premium Payment Term - RP/SP/LP

ABSLI Poorna Suraksha Kawach

The plan includes death, survival benefits, 42 critical illnesses and has an inbuilt terminal benefit. There is a disability rider included, with multiple cover options.

Unique Features

  • Level Cover Option
  • Early Return Of Premium
  • One Time Exit Value

Poorna Suraksha Kawach (Pros)

  • Diverse Coverage Options
  • Premium Refund
  • Additional 6 Riders

Poorna Suraksha Kawach (Cons)

  • Limited Policy Term
  • No Policy Loan Allowed
  • No Maturity Benefit Under Some Options

Poorna Suraksha Kawach (Other Benefits)

  • Flexible-Premium Payment
  • Flexible Entry And Maturity Age
  • Protection Against Terminal Illness And CI

Poorna Suraksha Kawach (Eligibility Criteria)

  • Entry Age - 18 years
  • Max Entry Age - 65 years
  • Minimum Sum Assured - 30 L
  • Maximum Policy Term - 55 Yrs
  • Premium Payment Term- RP/SP/LP

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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.