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Axis Max Life vs ICICI Pru: Smart Term Plan Plus vs iProtect
Axis Max Life Smart Term Plan Plus vs ICICI Pru iProtect Smart Plus, compared on terminal illness, who picks the payout, premium returns and claim record.
Smart Term Plan Plus or iProtect Smart Plus: which should you buy?
Axis Max Life Smart Term Plan Plus and ICICI Pru iProtect Smart Plus are both flexible online term plans, but they put the key choices in different hands. On Smart Term Plan Plus your nominee picks how the claim is paid when it happens. On iProtect Smart Plus you decide at purchase, and in return terminal illness brings the whole benefit forward with no ₹1 crore cap.
Axis Max Life settles 99.3% of individual death claims and draws 7.0 complaints per 10,000 claims; ICICI Prudential settles 98.5% and draws 11.0 (IRDAI data, weighted average of the last three financial years, latest available as of March 2026).
On nyvo's Term Plan Rating, Smart Term Plan Plus scores 91 and iProtect Smart Plus 88 out of 100 in our best term plans for 2026.
How do the two plans compare, feature by feature?
Smart Term Plan Plus and iProtect Smart Plus both offer entry up to 65, no fixed upper cover limit, several payout shapes and a way to defer a year's premium. They differ on who chooses the payout, how terminal illness is paid, the minimum cover and the routes to a premium refund.
| Feature | Axis Max Life Smart Term Plan Plus | ICICI Pru iProtect Smart Plus |
|---|---|---|
| Claim settlement ratio | 99.3% | 98.5% |
| Complaints per 10,000 claims | 7.0 | 11.0 |
| Minimum cover | ₹5 lakh | ₹50 lakh |
| Maximum cover | No upper limit, subject to underwriting | Unlimited, subject to underwriting |
| Entry age | 18 to 65 (50 on Early ROP Plus and Whole Life Cover) | 18 to 65 (45 on Life Rebalancing) |
| Cover can run to | 85, or 100 on Whole Life Cover | 85, or 99 on the whole-life Life variant |
| Variants | Six: Regular Cover, Smart Cover, Return of Premium, Early ROP Plus, Whole Life Cover, Income Protection Cover | Three: Life, Life Plus, Life Rebalancing |
| Who picks the payout | Your nominee, at claim stage: lump sum, income for 10, 20 or 30 years, or a split in 10% steps | You, at purchase, fixed for good: lump sum, income for 10 years, a split, or a rising income paying 145% |
| Terminal illness | 100% of the death benefit, capped at ₹1 crore; premiums stop from diagnosis | The whole death benefit brought forward; the policy then ends; not on point-of-sale policies |
| Claim-time advance | ₹5,000 to ₹2 lakh within one working day; not in the first policy year | ₹3 lakh, on cover of ₹1 crore or more; not in the first three policy years |
| Deferring premiums | Defer 12 months once 3 full years are paid; again only after 5 years | Defer 12 months once 5 years are paid; again only after 5 years |
| Premiums back without a refund variant | Special Exit Value from the 30th policy year, on terms of 40 years or more, not in the last 4 years | Smart Exit after 25 policy years, from age 60, not in the last 5 years |
| Raising cover later | Lifeline Plus: a woman can add cover after her spouse's death, up to 50% of base cover or ₹50 lakh | Up to 100% on a home loan, 50% on marriage, 25% per child, on Regular Pay only |
| Riders | Waiver of Premium Plus; Critical Illness and Disability (22 or 64 conditions, capped at ₹1 crore); Accidental Death and Dismemberment; optional Maternity Cover for women | Critical illness: 20 or 60 conditions, 90-day wait, 15-day survival period |
Plan features from each plan's prospectus, policy document and brochure (Smart Term Plan Plus UIN 104N127V05; iProtect Smart Plus UIN 105N205V04), as recorded in nyvo's policy database. Claim and complaint ratios: IRDAI data, weighted average of the last three financial years, latest available as of March 2026.
Where is Smart Term Plan Plus the better choice?
Smart Term Plan Plus suits a buyer who wants the family to decide how the money arrives, wants a plan from the insurer with the stronger record, or needs a cover shape iProtect does not offer.
- Your nominee chooses the payout. At claim stage your family can take a lump sum, a monthly income over 10, 20 or 30 years, or any split in steps of 10%, and can later commute remaining instalments into one payment.
- The stronger record on IRDAI's data: Axis Max Life settles 99.3% of individual death claims and draws 7.0 complaints per 10,000 claims, against ICICI Prudential's 98.5% and 11.0 (IRDAI data, weighted average of the last three financial years, latest available as of March 2026).
- Six variants. Smart Cover pays 150% of cover in the first fifteen policy years, for the years when a loan and young children overlap. Income Protection Cover pays a monthly income by design.
- A ₹5 lakh minimum, against ₹50 lakh.
- 15% lower premiums for women than for men on the same plan, for the whole premium payment term.
- Deferral from year three. Cover Continuance lets you defer a year's premium once three full years are paid, against five on iProtect Smart Plus. On both plans the deferred premium falls due with the next one, so it is a postponement, not a waiver.
- A wide rider list: waiver of premium, critical illness and disability, accidental dismemberment, and a maternity benefit for women.
Where does iProtect Smart Plus pull ahead?
iProtect Smart Plus suits a buyer with large cover, who wants the full benefit early on a terminal illness and expects cover needs to grow.
- Terminal illness without a cap. iProtect Smart Plus brings the whole death benefit forward. On ₹3 crore of cover that is ₹3 crore early; Smart Term Plan Plus pays at most ₹1 crore on diagnosis and the rest on death.
- Bigger life-stage increases. Raise cover by 100% on a home loan, 50% on marriage and 25% for each child, on Regular Pay policies.
- A rising income option that pays 10% of the sum assured in the first year and rises by a tenth of that first-year amount each year, adding up to 145% of the sum assured over ten years.
- A more reachable premium return. Smart Exit needs 25 policy years and age 60. Smart Term Plan Plus's Special Exit Value needs a policy term of at least 40 years.
- A larger claim-time advance on big covers: ₹3 lakh on cover of ₹1 crore or more, after three policy years.
What should you check before buying either plan?
Axis Max Life Smart Term Plan Plus
- Insta Payment is an advance of ₹5,000 to ₹2 lakh, deducted from the final settlement, and not payable if death happens in the first policy year.
- Terminal illness stops at ₹1 crore however large the cover. On ₹3 crore, two thirds of the money waits for death.
- Special Exit Value needs a policy term of 40 years or more and cannot be used in the last four years.
- Early ROP Plus and Whole Life Cover halve your cover at 60.
ICICI Pru iProtect Smart Plus
- The payout shape is locked at purchase and cannot be changed for the life of the policy.
- Smart Exit needs 25 policy years and age 60, and is unavailable in the last five policy years; on a 20 or 25-year term it never becomes available.
- Choosing any rider at purchase permanently blocks the switch from Regular Pay to Limited Pay.
- The ₹3 lakh Insta Payment needs cover of ₹1 crore or more and pays nothing if death happens in the first three policy years.
Which plan should you choose?
Choose Smart Term Plan Plus if you want your family to choose the payout when it matters, want cover below ₹50 lakh, want Smart Cover's extra protection in the early years, or are buying for a woman and want the lower rates.
Choose iProtect Smart Plus if your cover is above ₹1 crore and you want the full amount early on a terminal illness, or you expect to raise cover for a home loan, marriage or children.
Comparing quotes for these two? A nyvo advisor can price both like for like and show how the terminal illness cap plays out at your cover size. Book a free call. It costs you nothing; here is how nyvo is paid.
FAQs
Who decides how the claim is paid?
On Axis Max Life Smart Term Plan Plus, your nominee decides at claim stage: a lump sum, a monthly income over 10, 20 or 30 years, or a split. On ICICI Pru iProtect Smart Plus, you choose at purchase and the shape is fixed for the life of the policy.
Which plan pays more on a terminal illness?
For cover above ₹1 crore, iProtect Smart Plus. It brings the whole death benefit forward and the policy then ends. Smart Term Plan Plus pays the death benefit early only up to ₹1 crore, with premiums stopping from the date of diagnosis.
What is the minimum cover on each plan?
₹5 lakh on Axis Max Life Smart Term Plan Plus and ₹50 lakh on ICICI Pru iProtect Smart Plus. Neither has a fixed upper limit; larger covers depend on underwriting.
Can I get my premiums back without buying a return-of-premium variant?
Possibly, on both, and only on long policies. Smart Term Plan Plus's Special Exit Value needs a policy term of 40 years or more and can be used from the 30th policy year, but not in the last four. iProtect Smart Plus's Smart Exit needs 25 policy years and age 60, and is not available in the last five years. Both end the cover.
Which insurer has the better claim record?
Axis Max Life. It settles 99.3% of individual death claims and draws 7.0 complaints per 10,000 claims, against ICICI Prudential's 98.5% and 11.0 (IRDAI data, weighted average of the last three financial years, latest available as of March 2026).
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