ICICI Prudential iProtect Smart Plus vs Axis Max Life Smart Term Plan Plus

Side by side on the figures that decide a claim — and which one we would actually pick.

We score Axis Max Life Smart Term Plan Plus higher at 4.7/5 against 4.3/5, winning 3 of the 7 comparable measures. iProtect Smart Plus is the cheaper of the two on the illustrated profiles.

Side by side

Highlighted cells are the better value on that row. Text rows are shown without a winner — deciding that one wording beats another is a judgement, not a measurement.
Measure ICICI Prudential iProtect Smart Plus Axis Max Life Smart Term Plan Plus
Myinsurancebro Score 4.3 / 5 4.7 / 5
Claim settlement ratio 3-year average, individual death claims 99.3% 99.71%
Complaints per 10,000 claims Lower is better — this is how often customers escalate 8 3
Solvency ratio IRDAI requires a minimum of 1.5x 2.1× 1.89×
Annual new business ₹22,239 Cr ₹12,567 Cr
Cover available ₹50 L – unlimited (subject to underwriting) ₹25 L – no maximum limit (subject to underwriting)
Entry age 18–65 yrs 18–65 yrs
Critical illness cover Rider — 34 illnesses Rider — 64 illnesses on the Platinum variant, up to 30 yrs
Premium break / holiday Yes Yes
Life stage cover boost Yes No
Exit with premiums back Yes No
Premium — 30, Male ₹19,093 ₹20,656
Premium — 30, Female ₹16,229 ₹17,558

iProtect Smart Plus

A well-priced plan from a large insurer, and the Smart Exit option is genuinely rare. Where it slips is servicing — 8 complaints per 10,000 claims is roughly eight times HDFC Life. That will not matter for most people, but it is the one number we would want you to see before choosing this over the top two. Good pick if price is the deciding factor and you want a household-name insurer.

Against it

  • 8 complaints per 10,000 claims — the highest of the five by some margin
  • Critical illness rider covers 34 conditions against 60–64 elsewhere
  • Feature depth is thinner than Axis Max or HDFC Life
  • Settlement ratio of 99.30% is good but trails the top two

Smart Term Plan Plus

This is the plan we recommend most often, and the reason is simple: when your family actually needs to claim, this is the insurer most likely to pay without a fight. The 99.71% settlement ratio and near-zero complaint volume are the two numbers that matter, and Axis Max Life leads on both. The six-variant lineup means we can usually fit it to your situation rather than the other way round. It is not the cheapest, but the gap is small enough that we would not trade it away.

Against it

  • Lower brand recall than HDFC Life or SBI Life, which puts some buyers off
  • The return-of-premium variants cost significantly more — usually not worth it
  • Medical underwriting can be strict on covers above ₹2 crore
  • Solvency of 1.89x is comfortable but below Bajaj Life

Which one we would pick

Axis Max Life Smart Term Plan Plus, on balance — 4.7/5 against 4.3/5. Where iProtect Smart Plus is ahead: solvency ratio, annual new business, premium — 30, male, premium — 30, female. Where Smart Term Plan Plus is ahead: myinsurancebro score, claim settlement ratio, complaints per 10,000 claims.

A score ranks plans on the evidence available; it cannot know your health history, your dependants or which exclusion will matter to you in ten years. Where the two are close, the deciding factor is usually the text rows above — room rent, waiting periods, exclusions — read against your own circumstances.

Scores are plan features 45%, insurer strength 45%, premium 10% — how we score plans.

Frequently asked questions

Which is better, ICICI Prudential iProtect Smart Plus or Axis Max Life Smart Term Plan Plus?

We score Axis Max Life Smart Term Plan Plus higher at 4.7/5 against 4.3/5. This is the plan we recommend most often, and the reason is simple: when your family actually needs to claim, this is the insurer most likely to pay without a fight. The 99.71% settlement ratio and near-zero complaint volume are the two numbers that matter, and Axis Max Life leads on both. The six-variant lineup means we can usually fit it to your situation rather than the other way round. It is not the cheapest, but the gap is small enough that we would not trade it away.

Which of the two settles more claims?

Axis Max Life — 99.71% against 99.3%. Read it beside complaint volume: ICICI Prudential draws 8 complaints per 10,000 claims and Axis Max Life 3 complaints.

Which is cheaper?

ICICI Prudential iProtect Smart Plus, on the illustrated profiles in the table above. Premiums are illustrations for a stated profile, not quotes — your own depends on age, health, city and underwriting.

Read the full reviews

Best term life insurance plans · All term life insurance plans

Disclaimer: Figures shown here are compiled from IRDAI annual reports and public grievance disclosures, and from insurer public disclosures and policy wordings. Claim settlement ratios and complaint volumes are three-year averages for FY 2024–26. Premiums are indicative illustrations for the stated profile, not quotes — your actual premium depends on your age, health, city, habits and underwriting. Scores are Myinsurancebro's own assessment. Always read the official policy document and speak to an advisor before buying. Myinsurancebro is an IRDAI-licensed insurance advisor — we do not manufacture or underwrite any insurance product.