SBI Life Insurance and MAX Life Insurance both companies are well known for their affordable plans and wide range of benefits. However, they also offer different features and benefits that make them a good choice for different people.
SBI Life Insurance
SBI Life insurance company is one of the most trusted life insurance companies in India. It offers a variety of products for individuals and families. SBI life insurance products include Term insurance with return of premium, Term insurance with investment, Money back plans, SBI life Annuityplans, Retirement plans, Child plans, ULIPs, etc.
SBI Life is a joint venture between State Bank of India, the largest state-owned banking and financial services company in India and BNP Paribas Cardiff – a French Multinational bank and financial services company with HO in Paris. SBI Life Insurance Company was incorporated in the year 2000 and started operations after registering with the Insurance Regulatory and Development Authority of India in March 2001.
SBI Life Insurance Plans
| Type of Plan |
SBI Life Insurance plans |
| Protection plans |
- SBI Life eShield Next
- SBI Life Saral Jeevan Bima
- SBI Lifepoorna Suraksha
- SBI Life Sampoorn Cancer Suraksha
- SBI Life Corona Rakshakpolicy
- SBI Life Smart Shield
- SBI Life Smart Swadhanplus
- SBI Life Saral Swadhan+
- SBI Life Grameen Bima
|
| Child plans |
- SBI Life Smart Champ Insurance plan
- SBI Life insurance child plan Smart Scholar
|
| Savings plans |
- SBI Life Smartplatina Assure
- SBI Life New Smart Samriddhi
- SBI Life Smart Future Choices
- SBI Life Shubh Nivesh
- SBI Life Smart Bachat
- SBI Life Smart Humsafar
|
| Pension plans |
- SBI Life Retire Smartplan
- SBI Life Annuityplus
- SBI Life Saral Retirement Saver
- SBI Life Saralpensionplan
|
| Money-Back/Income plans |
- SBI Life Smart Money Back Gold
- SBI Life Smart Moneyplanner
- SBI Life Smart Incomeprotect
|
| Wealth Creationplans |
- SBI Life eWealth Insurance
- SBI Life Smart InsureWealthplus
- SBI Life Smart Wealth Builder
- SBI Life Smart Wealth Assure
- SBI Life Smartpower Insurance
- SBI Life Smart Elite
- SBI Life Smartprivilege investmentplan
|
| Group plans |
- SBI Life Kalyan ULIPplus
- SBI Lifepradhan Mantri Jeevan Jyoti Bima Yojana
- SBI Life CapAssure Gold
- SBI Life Sampoorn Suraksha
- SBI Life Swarna Jeevanplus
|
What are the Advantages and Disadvantages of SBI Life Insurance?
The advantages and disadvantages of SBI Life Insurance are:
The advantages of SBI Life Insurance are:
- It is a life insurance product, which means that it pays you when you die.
- It has an investment-linked policy, meaning that the money invested by the policyholder grows with time.
- You can invest in a range of mutual funds and stocks through the SBI Life Insurance policy.
- The policy offers a higher amount of coverage than other policies offered by different insurance companies in India
The disadvantages of SBI Life Insurance are:
- Life insurance is one of the most important financial products that you can invest in because it can protect your loved ones in case of an untimely death. However, SBI Life Insurance offers a subpar service to their customers due to the high commissions they charge.
- The disadvantage of SBI Life Insurance is that the premium can be expensive for some people.
How does SBI Life Insurance work?
An SBI Life Insurance policy is a life insurance policy that is offered by the State Bank of India. It offers a certain amount of coverage for your life, and the company will pay the beneficiary after your death. The policyholder has to be an individual who has been in good health for at least 5 years. If the policyholder dies within 5 years after buying the policy, then the company will bear a loss of 10% on the premium paid.
SBI Life Insurance is a company that provides life insurance plans to its customers. It has grown to be one of the largest life insurance providers in India. SBI Life Insurance offers a range of products, such as term insurance plans, endowment plans, and savings accounts. The company also provides accident and health insurance for employees and their dependents.
Max Life Insurance
MAX Life Insurance is a life insurance company one of the private life insurance companies in India. It offers a variety of products for individuals and families. These include term life insurance, whole-life insurance, endowment life insurance, Annuity insurance products, Child plans, Investment plans, Money-Backplanes, ULIPs, etc.
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is a part of the Max Group, an Indian multi-business corporation. Max Life insurance has a claim settlement ratio of 99.22% as per the annual audited financials for FY 19-20. Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners.
Max Life Insurance Plans
| Type of Plan |
Max Life Insurance plans |
| Term Insurance plans
|
- Max Life Smart Secure plus plan
- Max Life Smart Term plan
- Max Life Online Term plan plus
|
| ULIPS plans
|
- Max Life Fast Track Super
- Max Life platinum Wealth plan
- Max Life Online Saving plan - Variant 1
- Max Life Online Savings plan - Variant 2
- Max Life Shiksha plus Super
- Max Life Forever Young plan
|
| Retirement plans |
- Max Life Saral pension plan
- Max Life Forever Young Pension Plan
- Max Life Guaranteed Lifetime Income plan
- Max Life Life perfect partner Super plan
|
| Guaranteed Savings plans
|
- Max Life Savings Advantage plan
- Max Life Monthly Income Advantage plan
- Max Life Whole Life Super
- Max Life Assured Wealth plan
|
| Guaranteed Income plans |
- Max Life Term plan with Return of premium
- Max Life Smart Wealth plan
- Max Life Online Savings plan
- Max Life Long Term plan
- Max Life Short Term plan
- Max Life Cancer Insurance plan
|
| Child plans |
- Max Life Future Genius Education plan
- Max Life Siksha plus Super plan
|
What are the Advantages and Disadvantages of Max Life Insurance?
The advantages and disadvantages of Max Life Insurance are:
Advantages of Max Life Insurance:
- The premium is relatively lower compared to other types of insurance.
- The premiums can be paid in installments so you don't have to pay upfront.
- There are no medical examinations required for applicants under this type of insurance policy.
- You can cancel your policy anytime you want without any penalties or charges.
Disadvantages of Max Life Insurance:
- If you die, your beneficiaries will receive a lump-sum payment instead of getting lifelong income like with other types of life insurance plans.
How does MAX Life Insurance work?
Max Life Insurance provides life insurance policies that are designed for people who want to protect their families. It helps to provide financial protection for the beneficiary in case of death or permanent disability.
The policy includes a cash sum and an annuity that is calculated based on the number of years that you have been alive. This means that if you die before your annuity, your beneficiary will receive all the money as a lump sum. If you live longer than your annuity, they will receive an income each year until they reach their maximum age.
Comparison of SBI Life vs Max Life Insurance
Here are some of the key parameters based on which they differ from each other:
| Parameter |
SBI Life |
Max Life |
| Claim Settlement Ratio |
93.09% |
99.35% |
| Solvency Ratio |
2.15 |
2.18 |
| Online Availability |
Yes |
Yes |
| Life Cover |
Up to 99 years |
Up to 99 years |
| Critical Illness Benefit |
Available |
Available |
| Accidental Death Benefit |
Available |
Available |
FAQs of Max Life Insurance vs SBI Life Insurance:
SBI Life vs Max Life- In Terms of Coverage?
Max Life Insurance is a life insurance company that offers a wide range of coverage to its customers. It also has a variety of affordable policies that can be bought through its online platform. SBI Life Insurance, on the other hand, is one of the leading life insurance companies in India.
Max Life Insurance focuses on providing affordable policies to its customers while SBI Life Insurance provides more comprehensive coverage options with higher premiums. If you are not in good health, then you can buy a Max Life Insurance Policy which offers more coverage and higher rates of return than SBI Life Insurance Policies.
SBI Life vs Max Life - In What Sense You Should Buy One?
Max Life Insurance and SBI Life are two of the most popular life insurance companies in India. They offer different benefits and coverage to their customers.
Which is the Best Life Insurance Policy SBI Life vs Max Life?
To protect the policyholder from unfortunate events which make an adverse impact financially, it is better to be insured. Check all the features and benefits of sbi life insurance and Max life insurance before concluding the right insurance policy. Configure the premium with the benefits availed on SBI life vs Max life. Compare life insurance quotes for the best life insurance plans in India from top insurers online at PolicyBachat.com.