Axis Max Life Term Insurance: Full Guide
In December 2024, Max Life Insurance Company Limited was officially renamed Axis Max Life Insurance Limited — reflecting the deepening role of Axis Bank, which now holds approximately 20% of the company alongside Max Financial Services (~80%). The rebrand followed IRDAI approval and changed the brand identity, the domain (maxlifeinsurance.com now redirects to axismaxlife.com), and the corporate name. The products, policy numbers, and terms of existing policies were not affected.
Among Indian private term insurers, Axis Max Life’s most distinctive data point is its claim settlement ratio: 99.70% for FY 2024-25 — the highest figure among the four major private insurers reviewed in this series, and the sixth consecutive year the insurer has crossed 99%. Its term plan portfolio is compact (three plans) but feature-rich, with differentiated options that include joint life cover on a single policy, income protection payout modes, and whole-life coverage to age 100.
This guide covers the verified plan details, FY 2024-25 financial data, strengths, watch-outs, and which buyers are likely to benefit from Axis Max Life’s term insurance products.
At a Glance
- 99.70% claim settlement ratio for FY 2024-25 — highest among major private insurers; sixth consecutive year above 99%
- ₹1,430.80 crore paid across 20,170 individual death claims in FY 2024-25
- 201% solvency ratio as of March 31, 2025 — well above the 150% IRDAI minimum
- Three active term plans — Smart Secure Plus, Smart Term Plan Plus, Smart Total Elite Protection (STEP)
- Rebranded from Max Life to Axis Max Life in December 2024; promoted by Max Financial Services (~80%) and Axis Bank (~20%)
Axis Max Life at a Glance — FY 2024-25
99.70%
Claim Settlement Ratio
201%
Solvency Ratio (Mar 2025)
₹1,430.80 Cr
Death Claims Paid (FY 2024-25)
20,170
Claims Settled (FY 2024-25)
2001
Operations Began
Dec 2024
Rebranded: Axis Max Life
Sources: IRDAI Handbook on Indian Insurance Statistics FY 2024-25 · Axis Max Life press release (May 2025) · ICRA rating report FY 2024-25
Active Term Plans
Axis Max Life currently offers three active term plans. Each covers a distinct buyer segment — Smart Secure Plus is the mainstream flagship, Smart Term Plan Plus offers the widest set of payout and variant choices (including whole life to 100), and STEP targets buyers who want premium deferment flexibility and a long-term exit benefit.
Smart Secure Plus Plan (UIN: 104N118V11)
| Parameter | Detail |
|---|---|
| Plan type | Non-linked, non-participating, individual pure risk |
| Entry age | 18–65 years (Non-POS); 18–55 years (POS variant) |
| Maximum maturity age | 85 years |
| Policy term | 10 years minimum; maximum governed by maturity age (85 years) |
| Premium payment | Regular Pay, Limited Pay (5/10/12/15 years or Pay till 60), or Single Pay |
| Joint life cover | Yes — spouse can be covered under the same policy |
| Premium Break | Two deferments of up to 12 months each during the policy term (separated by at least 10 years); full cover maintained |
| Terminal Illness Benefit | Accelerated payout up to ₹1 crore on terminal illness diagnosis |
| Exit value | Yes — defined surrender/exit value available |
| Return of Premium variant | Available |
Riders available: Axis Max Life Critical Illness and Disability Rider (UIN: 104B033V02); Axis Max Life Waiver of Premium Plus Rider (UIN: 104B029V05).
Smart Term Plan Plus / STPP (UIN: 104N127V05)
| Parameter | Detail |
|---|---|
| Entry age | 18–65 years |
| Maximum coverage age | 100 years (Whole Life variant) |
| Premium payment | Regular Pay, Single Pay, Limited Pay, or Pay till 60 |
| Inbuilt Terminal Illness | Yes |
Six plan variants under Smart Term Plan Plus:
- Regular Cover — Level SA throughout the policy term
- Smart Cover — 150% of SA paid if death occurs in the first 15 years; 100% SA thereafter
- Early ROP Plus — 50% of total premiums paid back when the policyholder turns 60 (or entry age + PPT + 10 years, whichever is earlier); remaining 50% of premiums returned at end of term
- Return of Premium (ROP) — 100% of total premiums returned on survival to end of policy term
- Whole Life Cover — Coverage to age 100; 50% of total premiums returned at age 60; remaining 50% at age 100
- Income Protection Cover — On death, guaranteed monthly income paid for the higher of 120 months (10 years) or the outstanding policy tenure; choice of level or inflation-adjusted income
Smart Total Elite Protection (STEP) Plan (UIN: 104N125V08)
| Parameter | Detail |
|---|---|
| Entry age | 18 years (minimum); maximum entry age — verify with insurer |
| Maximum maturity age | 85 years |
| Minimum sum assured | ₹20 lakh |
| Premium Deferment | Premium can be deferred for up to 12 months from due date; full cover maintained |
| Special Exit Benefit | From policy year 30 onwards (not in final 4 years), policyholder can exit and receive total premiums paid — a partial premium return for long-term holders |
| Accident Cover | 100% of Accident Cover SA paid additionally on accidental death |
| Terminal Illness Benefit | Yes — accelerated payout on diagnosis |
| Distribution | Primarily through advisors; verify online availability |
Claim Settlement Ratio: Six-Year Trend
| Financial Year | CSR (Individual Death Claims) |
|---|---|
| FY 2019-20 | 99.22% |
| FY 2020-21 | 99.35% |
| FY 2021-22 | 99.51% |
| FY 2022-23 | 99.65% |
| FY 2023-24 | 99.67% |
| FY 2024-25 | 99.70% |
Source: IRDAI Handbook on Indian Insurance Statistics; confirmed in Axis Max Life’s official press release (May 2025). The industry average CSR for FY 2024-25 was 98.45% (individual claims).
Six consecutive years above 99% with improvement each year. The three-year average from FY 2022-23 to FY 2024-25 is 99.67% — the highest consistent track record among the private insurers covered in this guide series. The FY 2024-25 figure of 99.70% is also the company’s highest-ever recorded CSR.
Strengths
- Industry-leading CSR track record: Six consecutive years above 99%, with a consistent upward trend. At 99.70% for FY 2024-25, Axis Max Life has the highest claim settlement ratio among the four major private insurers reviewed in this series.
- Joint life cover on a single policy (Smart Secure Plus): Both the policyholder and their spouse are covered under one plan — uncommon in pure-term insurance. This simplifies administration and may be more cost-effective than two separate policies.
- Premium break (Smart Secure Plus): Two deferments of up to 12 months each, separated by at least 10 policy years, with full cover maintained. This provides meaningful flexibility during periods of financial stress.
- Widest range of payout variants in a single plan (STPP): Six variants under Smart Term Plan Plus cover everything from a simple level death benefit to whole life cover to age 100 to a structured monthly income for nominees. Buyers can choose the structure that fits their family’s needs without purchasing separate plans.
- Whole life coverage to age 100 (STPP): The Whole Life variant covers up to age 100 — relevant for buyers who want lifelong protection rather than a fixed-term cover.
- Income Protection payout (STPP): Monthly income for a minimum of 120 months (10 years) on death — with a choice of level or inflation-adjusted income. For families where a lump sum might be mismanaged, this structured payout is a meaningful design consideration.
- Special Exit Benefit (STEP): For buyers who hold the plan for 30+ years, the option to exit and recover premiums paid provides long-term optionality not common in term plans.
Watch-Outs
- Smaller branch network: Axis Max Life has 405 branches — significantly fewer than SBI Life (1,110+) or HDFC Life. For buyers in smaller cities who want in-person service, this is a practical limitation. Access is primarily through Axis Bank branches and online channels.
- Smart Term Plan Plus has six variants: The breadth of choice is a strength, but it also creates complexity. Buyers who are not clear on what they need may find it difficult to choose between Early ROP Plus, Whole Life, Income Protection, and other options. Work through each variant’s economics carefully before selecting.
- STEP maximum entry age not publicly documented: The maximum entry age for STEP could not be confirmed from official public sources. Verify with the insurer before applying, particularly if you are above 55.
- Smart Secure Plus minimum SA discrepancy: Some sources report ₹20 lakh as the minimum; others state ₹50 lakh. Confirm the current minimum SA at axismaxlife.com or with an Axis Bank relationship manager before comparing quotes.
- Recent rebrand may affect brand recognition: The December 2024 rebrand from Max Life to Axis Max Life is recent. Some comparison platforms and search results may still show the old brand name. Confirm you are reviewing the current Axis Max Life product documentation.
Who Axis Max Life Term Insurance Suits
- Buyers who prioritise claim settlement track record: Six consecutive years above 99% with consistent improvement is the most verifiable long-term CSR track record among major private term insurers. Buyers who weight claim history heavily will find Axis Max Life stands out.
- Married couples who want a single-policy solution: Smart Secure Plus’s joint life cover allows both spouses to be covered under one plan — an unusual feature in Indian term insurance that can simplify portfolio management.
- Buyers who want income for nominees, not a lump sum: The Income Protection variant in Smart Term Plan Plus pays monthly income for at least 10 years after a claim — and can be set to adjust for inflation. Relevant for families where structured income is more useful than a large one-time payout.
- Buyers who want whole-life coverage: The Whole Life variant in STPP covers up to age 100. For buyers who do not want their cover to expire at 65 or 75, this is one of the few private-sector options available.
- Axis Bank customers: Existing Axis Bank account holders can purchase and manage Axis Max Life policies through the bank — reducing friction in both acquisition and policy servicing.
How This Decision Plays Out — An Illustrative Scenario
The following is a fictional scenario to illustrate how a real buyer might weigh these factors. Names, amounts, and outcomes are illustrative only.
Deepa and Vikram are both 34 and 37 respectively, based in Gurugram. Deepa works as a financial analyst; Vikram runs a small manufacturing business. Both earn income and both are the financial backbone of the household. They have been told by friends to buy separate term policies, but their financial advisor suggests they also evaluate Smart Secure Plus’s joint life cover option — which would cover both under a single plan.
They look at the data: Axis Max Life’s CSR of 99.70% (six consecutive years above 99%) is the strongest claim track record in their comparison shortlist. The joint life option simplifies the coverage structure — one premium, two lives insured, one claim process if needed. They also note the Premium Break feature, which allows up to 12 months’ deferment twice during the policy term — relevant for Vikram given business income volatility.
They purchase Smart Secure Plus with joint life cover, a 30-year policy term, and the Critical Illness rider. Whether this is the right choice depends on their full financial position, which only they and their advisor can assess.
This scenario is not a recommendation. Actual outcomes depend on the precise terms at the time of purchase.
Next Steps if You Are Evaluating Axis Max Life
- Visit axismaxlife.com and run a quote for Smart Secure Plus — including the joint life option if you are married and your spouse lacks separate cover.
- If you are evaluating Smart Term Plan Plus, compare the economics of each variant (Regular Cover vs Income Protection vs Whole Life) before selecting. The premium and payout structure differ significantly across variants.
- Note that the brand was Max Life Insurance until December 2024. If you are researching using old materials, confirm you are reviewing current Axis Max Life documentation.
- For STEP (Smart Total Elite Protection), verify the maximum entry age and current SA minimums with an Axis Bank relationship manager or directly at axismaxlife.com before applying.
- Consult the how to buy term insurance guide before finalising your application.
Frequently Asked Questions
Is Max Life Insurance the same as Axis Max Life?
Yes. Max Life Insurance Company Limited was officially renamed Axis Max Life Insurance Limited in December 2024, following IRDAI approval. The rebrand reflects Axis Bank’s role as a co-promoter. The domain maxlifeinsurance.com now redirects to axismaxlife.com. Existing policies, terms, and claim processes were not affected by the rebrand.
What is Axis Max Life’s claim settlement ratio for FY 2024-25?
99.70% for individual death claims — the highest among the four major private insurers covered in this guide series, and the sixth consecutive year above 99%. The insurer settled 20,170 individual death claims worth ₹1,430.80 crore in FY 2024-25. Source: IRDAI Handbook on Indian Insurance Statistics FY 2024-25, confirmed by Axis Max Life’s official press release (May 2025).
What is Smart Secure Plus and what makes it different?
Smart Secure Plus (UIN: 104N118V11) is the flagship term plan. Its distinguishing features are: joint life cover for the spouse on the same policy, a premium break option (two deferments of up to 12 months each over the policy term), and a defined exit value. It covers up to age 85, with regular, limited, and single pay options.
Can I cover my spouse under Axis Max Life without buying a separate policy?
Yes, through Smart Secure Plus’s joint life cover option. Both the policyholder and spouse are covered under the same plan. If either life insured dies during the policy term, the sum assured is paid to the surviving partner or nominee.
What is the difference between Smart Term Plan Plus variants?
Smart Term Plan Plus has six variants: Regular Cover (level SA), Smart Cover (150% SA if death in first 15 years), Early ROP Plus (partial premium return at age 60), Return of Premium (100% premiums returned at maturity), Whole Life Cover (coverage to age 100), and Income Protection Cover (monthly income to nominees for at least 10 years). Choose based on whether you want pure protection, premium return, whole-life coverage, or a structured income payout mode.
What is the solvency ratio of Axis Max Life?
201% as of March 31, 2025 — above the IRDAI minimum requirement of 150%. This reflects a significant improvement from 172% in March 2024, partly due to a capital infusion from Axis Bank in April 2024. Source: ICRA rating report; Axis Max Life public disclosures.
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Gyansurance Editorial
The Gyansurance Editorial team is a mix of financial journalists, insurance advisors and copy editors. Together, we are aiming to demystify life insurance for Indian readers around the world.