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Term Life Insurance · head to head

Smart Term Plan Plus vs Smart Shield Plus

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Quick verdict

  • Smart Term Plan Plus is better for insurer's claim payout record.
  • Smart Term Plan Plus is better for low minimum cover.

Computed from stored specifications, the published term life insurance scoring rules and recorded prices. Not an opinion.

Specifications side by side

Spec
Smart Term Plan Plus
Smart Shield Plus
Eligibility
Minimum entry age
18 years
18 years
Maximum entry age
65 years
65 years
Maximum maturity age
100 years
100 years
Policy term
Regular Cover: 10 to 67 years; Return of Premium: 10 to 50 years; Whole Life Cover: 50 to 82 (100 minus age at entry) years; Credit Protect Cover: 5 to 40 years; other variants per prospectus
Other than whole life: 5 to (79 less age at entry) years for Single/Regular Pay (minimum 10 years for Increasing Cover); Limited Pay 10/15/20/25: 15/20/25/30 to (79 less age at entry); Whole life (Limited Pay only): 100 less age at entry
Minimum sum assured
₹5,00,000
₹25,00,000
Maximum sum assured
No Limit, subject to limits determined in accordance with the Board approved underwriting policy
No limit; as per the Board approved Underwriting Policy
Plan
Plan options
Regular Cover, Early ROP Plus, Smart Cover, Return of Premium, Whole Life Cover, Income Protection Cover, Credit Protect Cover, Classic Cover
Level Cover Benefit, Increasing Cover Benefit, Level Cover with Future Proofing Benefit; optional Better Half Benefit
Premium payment
Single Pay, Regular Pay (not in Smart Cover, Early ROP Plus, Whole Life Cover), 5 Pay, 7 Pay, 10 Pay, 12 Pay, 15 Pay, Pay Till 60
Single Pay, Regular Pay (same as policy term), Limited Pay (10, 15, 20 or 25 years); Single, Yearly, Half-yearly & Monthly modes
Return of premium option
Yes
No
Death benefit payout
Lumpsum; Monthly Income for 10/20/30 years; Part Lumpsum and Part Monthly Income; Income Protection Cover variant pays monthly income for higher of 120 months or outstanding term
Lumpsum; installments every month/quarter/half-year/year for 5/10/15/20 years; part lumpsum and rest in installments (chosen by nominee)
Riders
Axis Max Life Waiver of Premium Plus Rider (UIN 104B029V06), Axis Max Life Critical Illness and Disability Rider (UIN 104B033V03), Axis Max Life Accidental Death and Dismemberment Rider (UIN 104B027V05)
SBI Life - Accident Benefit Rider (UIN 111B041V01): Option A Accidental Death Benefit, Option B Accidental Partial Permanent Disability Benefit
Terminal illness benefit
Yes
—
Waiver of premium
Future premiums waived after a Terminal Illness claim; optional Axis Max Life Waiver of Premium Plus Rider (disability and critical illness)
—
Premium
Sample annual premium
₹23,234
₹19,634
Sample premium is for
Prospectus example: Rishabh, non-smoker 30-year-old male, Regular Cover variant, sum assured Rs 2 crore, policy term 40 years, Rs 23,234 annualised premium for the entire policy term. 'Premium shown in all of the above illustrations is exclusive of any taxes and applicable discounts, if any.' NOTE: SA Rs 2 crore and 40-year term; no Rs 1 crore/30-year figure published.
Brochure 'Sample Premium Rates' (indicative annual premiums): Level Cover/Level Cover with Future Proofing Benefit, Regular Premium, Sum Assured Rs 2 crore, healthy non-smoker male, age 30, term 30 years: Rs 19,634. Brochure notes individual life policies are exempt from GST w.e.f. 22 Sep 2025. NOTE: SA Rs 2 crore (no Rs 1 crore figure published).
Insurer
Death claims settled (insurer)
99.7%
98.34%
Claims figures for
FY 2024-25: individual death claims paid out of claims decided and pending, by number, computed from IRDAI Handbook on Indian Insurance Statistics (Table 15)
FY 2024-25: individual death claims paid out of claims decided and pending, by number, computed from IRDAI Handbook on Indian Insurance Statistics (Table 15)
IRDAI UIN
104N132V01
111N150V01

A tick marks the better value where the category rules say higher (or lower) is better. Text values are shown without a winner. Ties have no winner.

Pros and cons

Smart Term Plan Plus

  • Pro: Cover can run to age 100, later than 81% of the 27 term life insurance plans on Comparezi that state it
  • Pro: Insurer paid 99.70% of individual death claims, higher than 88% of the 27 term life insurance plans on Comparezi that state it
  • Pro: Return-of-premium option available

Smart Shield Plus

  • Pro: Cover can run to age 100, later than 81% of the 27 term life insurance plans on Comparezi that state it
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