The Axis Max Life Smart Total Elite Protection Plan, offered by Axis Max Life Insurance Company (formerly Max Life Insurance Company Limited), is a term insurance plan known for its affordability compared to other options. A cost-effective way to protect your family's financial future is by opting for a term insurance policy. If you pass away during the coverage period, the insurer provides a death benefit that can help settle debts, cover living expenses, or support your family’s needs.

Axis Max Life Smart Total Elite Protection Plan includes features like comprehensive critical illness coverage and flexibility in choosing how your family can receive the claim amount. However, it lacks increasing cover and has only a few options for limited pay. According to our research, the insurer has a strong track record with fewer complaints regarding policy purchase and claim settlement compared to other insurers.

Let’s look at the Axis Max Life Smart Total Elite Protection Plan review-

Key product features of Axis Max Life Smart Total Elite Protection Plan

Here are the various features offered by Axis Max Life Smart Total Elite Protection Plan-

Life Cover Option: Axis Max Life Smart Total Elite Protection Plan provides an assured sum of money to your family, in case of death during the policy term. This policy does not provide any maturity benefits. It simply means that in case you survive the term of the policy, you do not get anything back. Tax benefits can be availed from Section 80C of the Income Tax Act using this term insurance policy.
Early Exit Option: This feature allows you to exit the plan while it’s still active, within a specific timeline provided by the insurer. If you choose to leave the plan, you’ll receive a refund of all the premiums paid up to that point. The Axis Max Life Smart Total Elite Protection Plan includes this early exit option.
Increasing Cover: This feature allows your coverage amount to gradually increase at regular intervals until it reaches a predefined maximum limit. However, the Axis Max Life Smart Total Elite Protection Plan does not offer an automatic increasing cover option.
Cover Duration: Unlike most plans that end at 60-65 years, this one offers coverage until you turn 85, ensuring you’re protected even after retirement.
Limited Pay Options: The Limited Pay option helps to pay your premium in large instalments over a short period before the policy term expires. The policy permits to pay either over 5, 10, or 15 years or up to 60 years old. Premiums are payable monthly, quarterly, half-yearly, or annually according to your choice. This option is good for those who want to complete payments early when income is stable and reliable.
Claim Payout Options: The Axis Max Life Smart Total Elite Protection Plan offers flexible claim payouts, where you have the choice to receive the payout according to your needs. The nominee can receive the amount as a one-time lump sum. Alternatively, you can opt for regular instalments. There is also an option to combine both. In this case, a portion is paid as a lump sum, and the rest is distributed in instalments over time.

What are the Riders available with the Axis Max Life Smart Total Elite Protection Plan?

This plan provides extra riders to allow you to customise coverage according to your needs:

Critical Illness Rider: It provides an additional sum of money as a payout in case you suffer from a covered illness within the policy term. This rider is offered as an additional cover with around 64 illnesses covered under it. The maximum age you can be covered up to is 85 years with a maximum cover of 30 lakhs.
Accidental Death Benefit Rider: This rider pays an extra amount to your family if you die due to an accident within the policy term. This rider will help you add more value to your policy if you cannot get the desired term insurance coverage. The maximum age covered is up to 85 years. The maximum cover provided under this rider is up to 1 crore or the base cover, whichever is less.

The needs of every family are different. Make sure to select the right riders that align with your family’s needs well.

Why should you choose Axis Max Life Insurance Company?

Here’s an overview of the claims experience with Axis Max Life Insurance Company:

Speed of Claim Settlement: Axis Max Life Insurance Company has a strong track record, settling 99.80% of claims within 30 days.
Online Tracking of Claims: An online tracking system enhances convenience and transparency, enabling claimants to easily follow the status and progress of their claims in real-time.
Claim Settlement Ratio: If you are planning to buy the Axis Max Life Smart Total Elite Protection Plan, the claim settlement ratio is 99.65%.
Claim Complaints: We noticed from our research that the Axis Max Life Insurance Company receives the fewest claim complaints as compared to others. This would amount to 0.04%.

What are the drawbacks of buying from Axis Max Life Insurance Company?

Here are a few limitations of buying an insurance policy from Axis Max Life Insurance Company-

Length of the Death Claim Form: The death claim form Axis Max Life Insurance Company is moderately lengthy, requiring multiple questions to be answered. This could lead to some challenges for your family while filling out the form.
Personal Relationship Manager: Axis Max Life Insurance Company does not offer a personal relationship manager to assist your nominee throughout the claim settlement process.
Home Pickup for Claims: Unlike many other insurers, Axis Max Life Insurance Company does not offer a home pickup service for claim-related documents. As a result, your nominee will need to visit the branch in person to submit the required paperwork.

How is the customer service quality of Axis Max Life Insurance Company?

We analysed the customer service of Axis Max Life Insurance Company using the following two metrics-

Toll-free: When it comes to customer service, our research found their response over their toll-free number to be slow, compared to other insurers.
X (Twitter) Response: Axis Max Life Insurance Company has quick responses over their X(Twitter) handle.
Customer Complaints on After-Sales Service: Research reveals that 0.44% of customers report dissatisfaction with the after-sales service.

About the Insurer - Axis Max Life Insurance Company

Axis Max Life Insurance Company Limited, formerly known as Max Life Insurance Company Limited, is a life insurance company in India. Axis Max Life Insurance Company Limited started its operations in 2000 as a joint venture between Axis Bank and Max Financial Services. Its headquarters is located in New Delhi, and the chief executive officer and managing director is Mr. Prashant Tripathy.

Final Review on Axis Max Life Smart Total Elite Protection Plan

Based on the in-house research team's analyses of 100+ parameters and after reviewing all benefits of the product, customer service, and the claims experience, we accord the Axis Max Life Smart Total Elite Protection Plan an overall Beshak⭐Rating of 3.8/5.