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Max Life Online Term Plan Life Cover + Monthly Income

Max Life Online Term Plan Plus (Basic Life Cover + Monthly Income) is one of the options offered under Max Life Online Term Plan Plus. The Plan is offered by Max Life Insurance. Max Life Insurance is a joint venture between Max Financial Services Ltd, and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is among the leading insurers in the world.

Note: All information has been sourced from the official website Max Life Insurance.

Max Life Online Term Plan Plus - Life Cover plus Monthly Income is a comprehensive protection solution for your family at an affordable price. It can be easily purchased online.

Features of Max Life Online Term Plan Plus

The features of this plan are:

  • Customize your protection plan with a choice of 3 death benefit options to choose from at the time of purchase.
  • Option to pay your premiums till the age of 60 years (or retirement) and enjoy the benefit till coverage term.
  • Accelerated Critical Illness Benefit - Accelerated payout in case the life insured is diagnosed with any one of the 40 specified critical illnesses.
  • Life Stage Event Benefit - Option to enhance your life cover at important milestones of your life.
  • Rider Add-ons.
  • Hassle free, online application process.

Benefits of Max Life Online Term Plan Plus

The benefits of this plan are:

Death Benefit - The Death Benefit under Max Life Online Term Plan Plus is higher of:

  • 10 times the annualised premium*
  • 105% of all the premiums paid as on the date of death
  • Minimum guaranteed sum assured on maturity
  • Absolute amount assured to be paid on death

*Annualised Premium includes extra premium (if any) but excludes any loadings for modal premiums and remains same irrespective of the premium payment mode.

Under the Sum Assured plus Level Monthly Income option, the death benefit is 100% of the policy Sum Assured paid immediately on death of Life Insured. Plus 0.4% of the policy Sum Assured per month, for 10 years. The total amount translates to 148% of the sum assured. There is no maturity or surrender benefit under this plan. The monthly income will be paid each month on the anniversary date, starting from the first Policy Anniversary post the date of death of the Life Insured.

Accelerated Critical Illness Benefit - Under this option, you can select a Sum Assured under CI benefit starting with minimum of Rs. 5 Lakh, in intervals of Rs. 5 Lakh, up to 50% of the Sum Assured or Rs. 50 Lakh, whichever is lower. The CI is paid on the first occurrence of any of the specified Critical Illnesses while Accelerated CI benefit is payable on diagnosis of any of the specified Critical Illness during the CI Benefit cover period.

Life Stage Event Benefit - Under this benefit, you have the option to increase the Sum Assured in future, basis Life Stage events like Marriage, Child Birth or House Loan.

Life Stage Events Increase in Sum Assured Permissible
Marriage (only 1 instance during the lifetime of policy) 50% of Sum Assured not exceeding Rs. 50 Lakh
Childbirth (applicable for 2 children only) 50% of Sum Assured not exceeding Rs. 25 Lakh, for each child birth
House loan (only 1 instance during the lifetime of the policy) 50% of Sum Assured not exceeding Rs. 50 Lakh

Lifestyle Benefit - Max Life offers lower premium rate for non-smokers.

Discounts - There are discounts built in for a higher Sum Assured.

Lower rate for women - There will be a 5 year age setback over males ‟rates for female lives for the Regular Pay variant only”.

Eligibility Criteria

The eligibility criteria for this plan is:

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Minimum / Maximum Age at Entry (age last birthday) Minimum Age - 18 years Maximum Age - Regular Pay - 60 years / Pay till 60 - 50 years
Maximum Maturity Age (age last birthday) 85 years
Minimum Annual Premium Rs. 2,200 (For Regular Pay variant, Age 18 years, Policy Term 10 years, Female, Sum Assured Variant, Non Smoker)
Maximum Annual Premium Rs. 2,18,44,600 (For Pay till 60 variant, Age 50 years, Policy Term 35 years, Male, Sum Assured + Increasing Monthly Income Variant, Smoker, Critical Illness cover of Rs. 50 Lakhs
Policy Term 10 to 50 years (in interval of 1 year), subject to Maximum Maturity Age Critical Illness - 10 to 40 years
Sum Assured Base Plan Minimum: Rs. 25 lakhs Maximum: Rs. 100 crore Critical Illness Minimum: Rs. 5 lakhs Maximum: Rs. 50 lakhs
Premium Payment Term Regular Pay - The premium payment term will be the same as the policy term Pay till 60 - The premium payment term will be equal to (60 less Entry Age (Age last birthday), subject to minimum premium payment term of 10 years and entry age being less than or equal to 50 years
Premium Payment Mode Modal Factors

Premium Details

Below are the premiums for sample ages (Rs. per annum) at different ages for Sum Assured of Rs. 50 lakhs (Regular Pay):

Age (Male) Coverage Sum Assured Sum Assured plus Level Monthly Income* Sum Assured plus Increasing Monthly Income*
Non-Smoker Smoker Non-Smoker Smoker Non-Smoker Smoker
30 70 4,800 6,750 6,250 8,950 6,900 9,850
35 75 6,650 9,650 8,850 13,000 9,750 14,350
40 75 8,650 12,800 11,600 17,300 12,800 19,200
45 75 11,400 17,100 15,350 23,250 17,000 25,800
45 85 15,750 23,200 21,350 31,600 23,700 35,050

*Sum Assured – Rs. 50 lakhs; Total Protection Value including Monthly Incomes – Rs. 74 lakhs

*Sum Assured – Rs. 50 lakhs; Total Protection Value including Monthly Incomes – Rs. 84.8 lakhs

Additional Features and Rider Options

Max Life Comprehensive Accident Benefit Rider - Under this rider, you can avail additional cover by way of rider Sum Assured in case of Death or Dismemberment (impairments are listed under the Rider contract) due to an accident.

Max Life Waiver of Premium Plus Rider - Under this rider, a policyholder can get waiver of all future premiums under a policy and all other attaching riders on happening of earlier of either of the following events: Critical Illness; or Dismemberment; or Death (only when Life Insured and Policyholder are different individuals, rider benefit will be paid on death of the Policyholder).

Documents Required for Max Life Online Term Plan/h2>

The following documents are required to buy Max Life Online Term Plan-

  • Application Form
  • KYC - Proof of ID and Address
  • Proof of Income
  • Bank Mandate/SIP/SI Application Form
  • Medical Test/Report, if required

Exclusions under Max Life Online Term Plan

Suicide Exclusion - If the Life Insured, whether sane or insane, dies by suicide within 12 months from the date of inception of the policy (effective date of risk commencement) or the date of revival of policy, the policy shall terminate immediately.