Smart Term Plan Plus review
The highest claim settlement ratio in India, paired with the most flexible variant lineup on the market.
Axis Max Life Smart Term Plan Plus scores 4.7/5 in our assessment. Axis Max Life settles 99.71% of claims and draws 3 complaints per 10,000 claims. Cover runs ₹25 L – no maximum limit (subject to underwriting). Illustrative premiums start at ₹14,640 a year.
View policy document on Axis Max Life's website ↗
- Our score
- 4.7 / 5
- Claim settlement ratio
- 99.71%
- Complaints per 10,000 claims
- 3
- Cover available
- ₹25 L – no maximum limit (subject to underwriting)
- Entry age
- 18–65 yrs
- Term
- To age 85 / whole life
What Smart Term Plan Plus covers
- Death from any cause, natural or accidental
- Terminal illness — payout accelerated on diagnosis
- Critical illness — lump sum on diagnosis (rider)
- Premiums waived on listed illnesses or disability (rider)
Key features
- Six variants — Level Cover, Smart Cover, Early ROP Plus, ROP, Whole Life and Income Protection
- Smart Cover pays 1.5× the base cover during the first 15 years, when your liabilities peak
- Critical illness rider covering 64 illnesses on its Platinum variant, for terms up to 30 years
- Terminal illness benefit — accelerated payout of up to ₹1 crore on diagnosis
- Cover Continuance lets you defer a year of premium without losing the policy
- Instant payout of up to ₹2 lakh released to the nominee at claim intimation
Riders and add-ons
- Critical Illness — 64 conditions
- Accidental Death
- Waiver of Premium
- Comprehensive Accident Benefit
What Smart Term Plan Plus does not cover
- Suicide within 12 months of policy start or revival
- Death traced to a pre-existing condition you did not disclose
- Claims found to be fraudulent or materially misrepresented
- Hazardous pursuits that were not declared at application
What does Smart Term Plan Plus cost?
₹2 crore cover to age 65 · healthy non-smoker, salaried, Delhi (110010) · annual premium incl. GST
| Profile | Annual premium |
|---|---|
| 25, Male | ₹17,222 |
| 25, Female | ₹14,640 |
| 30, Male | ₹20,656 |
| 30, Female | ₹17,558 |
| 35, Male | ₹26,552 |
| 35, Female | ₹22,570 |
What we like
- At 99.71%, the highest 3-year claim settlement ratio of any Indian life insurer
- Only 3 complaints per 10,000 claims — the claims desk rarely needs escalating
- Six variants means the plan can be shaped around almost any situation
- Priced competitively despite the feature depth
- Cover Continuance protects you through a job loss or income gap
What we don't
- 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
Our verdict
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.
Every score resolves to how we score plans — plan features 45%, insurer strength 45%, premium 10%.
Frequently asked questions
Is Axis Max Life Smart Term Plan Plus a good plan?
We score it 4.7 out of 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.
What is the claim settlement ratio of Axis Max Life?
99.71%, as a three-year average for FY 2024–26 from IRDAI disclosures. Axis Max Life receives 3 complaints per 10,000 claims.
How much cover can I take under Smart Term Plan Plus?
₹25 L – no maximum limit (subject to underwriting). Entry age is 18–65 yrs.
What does Smart Term Plan Plus not cover?
The main exclusions are: Suicide within 12 months of policy start or revival; Death traced to a pre-existing condition you did not disclose; Claims found to be fraudulent or materially misrepresented; Hazardous pursuits that were not declared at application.
Sources
- Axis Max Life — Smart Term Plan Plus policy wording (UIN 104N127V02 — exact product match, a genuine single-product policy document, not a family wording) — Smart Cover variant clause (150% of Base Sum Assured until the 15th Policy Anniversary)
- Axis Max Life — Smart Term Plan Plus product page
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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.