Get covered at unbelievably low premiums for high sums. It can't get any better.

Max Life Term Plan Plus

Max Life is a leading non-bank promoted private life insurer that was founded in the year 2000. This Company began their operations in April 2001 as a joint venture between Max Financial Services Pvt. Ltd and Mitsui Sumitomo Insurance Company Ltd. Max Life has launched “Treating Customer Fairly” (TCF) policy, to set a superior customer service at each point right from first contact as pre-sales to the claim settlement with paying benefits. Max Life was recognized as the India's Most Trusted Brand in the year 2015. A Term Plan is the most basic, simplest and comprehensive life insurance plan to provide financial protection to your family.

Max Life Online Term Plan Plus offers term insurance plan for NRIs too however in selected countries

With the help of a Max Life Online Term Plan Plus, the breadwinner can provide financial stability in case of an untimely death. This way the family stays covered and can manage monthly household expenses, child's education, marriage, and pay off any debts or loan. This plan offers different variants and you can choose the same as per your requirements.

Features of Max Life Online Term Plan Plus

The main features of the Max Life Online Term Plan Plus are mentioned below:

  • Get 100% sum assured
  • 30 day free look period
  • Tax Benefits on the premiums and the payouts under Section 80C, 80D, 80DD and 10(10D) of Income Tax Act.
  • Riders to expand the coverage of the base policy
  • Rebates on higher sum assured
  • Lower rates for non-smokers and female lives
  • Flexibility to choose term plan policy period
  • Offers 3 variants with different payout options
  • Flexibility in premium payment modes

Benefits of Max Life Online Term Plan Plus

  • Coverage Option: In the life stage event, you have an option to increase the coverage.

You have the option to increase the coverage (Sum Assured) in future on different life stage events like Marriage, Child Birth or House Loan.

However, you must select this option at the time of inception of the policy. The increase will only be applicable once you intimate about the life stage with requisite proofs.

Following are the eligibility criteria for choosing this option:

  • To choose Life Stage Event option, term plan's sum assured chosen by you should be greater than or equal to Rs.50 Lakh
  • You need to pay for three full annual premiums equivalent from the time of policy issuance or reinstatement
  • Completion of three policy years from the time of policy issuance or reinstatement
  • For 'Pay Till 60' premium payment variant, this option can only be exercised before the completion of the premium payment term

The Life Stage Events covered along with the applicable Sum Assured limits are mentioned in the table below

Life Stage EventsIncrease in Sum Assured Permissible
Marriage (only 1 instance during the lifetime of policy)50% of Sum Assured not exceeding Rs.50 Lakh
Child Birth (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
  • Death Benefit: Depending on the variant of the term plan, the nominee will receive the death benefit as lump sum, lump sum plus level monthly income, or lump sum plus increasing monthly income.

The Death Benefit under the Max Life Online Term Plan Plus is highest of:

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

Under this Plan, Minimum guaranteed sum assured on maturity’ is zero. Absolute amount assured to be paid on death will depend on the Death Benefit option chosen by the Life Insured at the inception of the policy

  • Accidental Death Rider Benefit: In case of an accidental death or dismemberment within 180 days of an accident the rider benefit will be paid.

  • Waiver of Premium Plus Rider Benefit: In case of a critical illness or dismemberment/death of the policyholder (where policyholder and life assured are different individuals) the rider benefit will be paid.

  • Maturity Benefit: There is no maturity benefit under this.

Eligibility Criteria of Max Life Online Term Plan Plus

Entry AgeMin. 18 years and Max. 60 years
Policy Term AgeMin.10 years and Max. 40 years
Maturity AgeMax.75 years
Premium Payment ModeRegular – Equal to policy period
Premium Payment FrequencyAnnual, Semi-annual, Quarterly, Monthly
Min Basic Sum AssuredRs.25 lakh
Min Basic PremiumRs.2,200 (excluding rider premium, tax, modal extra; annual mode)

Plans Offered by Max Life Online Term Plan Plus

  • Basic Life Cover: 100% of the policy sum assured is paid immediately on the death of the life insured.

  • Basic Life Cover + Monthly Income: Offers basic sum assured along with a fixed monthly income for 10 years

In this plan, the death benefit i.e. 100% of the policy sum assured is paid immediately plus 0.4% of the policy sum assured is paid per month, over next 10 years.

  • Basic Life Cover + Increasing Monthly Income: One-time payout along with increasing monthly income @10% every year on simple interest basis for the next 10 years.

In this plan, 100% of the policy sum assured is paid immediately plus increasing monthly income for 10 years is paid. The first year monthly income shall be 0.4% of the policy sum assured. This shall increase every year by 10% p.a. on simple interest basis of the first year monthly income.

Additional Riders of Max Life Online Term Plan Plus

1. Comprehensive Accidental Death Benefit Rider: In case of an accidental death or dismemberment within 180 days of an accident, the rider benefit will be paid.

Rider Details:

Entry AgeMin. 18 years and Max. 60 years
Rider Term AgeMin.10 years and Max. 40 years (equal or less than the policy term)
Maturity AgeMax.75 years
Premium Payment ModeRegular – Equal to policy period
Premium Payment FrequencyAnnual, Semi-annual, Quarterly, Monthly
Min Basic Sum AssuredRs.50,000
Min Basic PremiumRs.63 lakh sum assured

Specific Exclusion:

  • Pre-existing diseases, AIDS, and
  • Participation in hazardous sports
  • Participation in wars, nuclear wars, radiations or reactions
  • Any self-inflicted injury, attempted suicide whether sane or insane
  • Participation in terrorism, wars, strike, illegal activity, industrial dispute, hostiles.
  • If the insured is found under the influence of drugs, alcohol, narcotics etc. there is no benefit.

2. Waiver of Premium Plus Rider: In case of a critical illness or dismemberment/death of the policyholder (where policyholder and life assured are different individuals) the rider benefit will be paid.

Rider Details:

Entry AgeMin. 18 years and Max. 65 years
Rider Term AgeMin. 5 years and Max. 35 years (equal or less than the policy term)
Maturity AgeMax.70 years
Premium Payment ModeRegular – Equal to policy period
Premium Payment FrequencyAnnual, Semi-annual, Quarterly, Monthly
Min Basic Sum AssuredBased on annual premium of base plan
Min Basic PremiumRs.2 p.a. sum assured

Specific Exclusion:

  • Pre-existing diseases, AIDS, and
  • Participation in hazardous sports
  • Participation in wars, nuclear wars, radiations or reactions
  • Any self-inflicted injury, attempted suicide whether sane or insane
  • Participation in terrorism, wars, strike, illegal activity, industrial dispute, hostiles.
  • If the insured is found under the influence of drugs, alcohol, narcotics etc. there is no benefit.

Other Details of Max Life Online Term Plan Plus

Surrender Value: There is no Surrender Value under this plan.

Grace Period: Max Life offers a grace period of thirty days from the due date. Except for monthly mode, for which a grace period is of only fifteen days.

If the life assured dies during the grace period, Max Life will still pay the death benefit, post deducting the due premium till the date of death (if any).

Tax Benefit: All the premiums and the payout is exempted from the tax under Section 80C, 80D, 80DD, 10(10D) of Income Tax Act.

Free-look Cancellation: To review the policy, Max Life provides a 30 days of free-look period. If you disagree to any of those terms and conditions, you can cancel the policy stating the reasons.

If you cancel the policy during the grace period, you shall receive the refund of the premiums paid. But will reduce the cost due to the medical tests, risk premium for the period of cover, and stamp duty charges.

Lapsed Policy Reinstatement or Revival: You may revive your lapsed policy within 2 years from the due date of the first unpaid premium. But only acceptable if the premium is paid before the expiry of policy term.

The approval of reinstatement will be considered only after the approval by the company's Board Underwriter.

It will be communicated to you in writing, only if:

  • You give a written request;
  • You produce an evidence of insurability of life assured acceptable to the company and bear the cost for the same; and
  • You pay all overdue premiums with late payment fee and/or interest as decided by the Max Life

Max Life Online Term Plan Plus Exclusions

Suicide Exclusion: If the life assured, whether sane or insane, dies due to 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.

In such cases, the Company shall only refund total premiums paid (inclusive of extra premiums, if any, but exclusive of service tax), to the nominee.

Max Life Online Term Plan Plus Review

The plans are customizable. You can customize the term plan with optional riders. The flexibility of Max Life Online Term Plan gives you an option to increase the sum assured with life stage events like marriage, first child, and second child. Moreover, the different payout options means you can opt how your family will receive the coverage. You can select the plan as per your requirements. And as the name suggests, this plan is specifically available only when buying online, this way it becomes convenient and pocket-friendly too when compared to buying plans offline. Online Term plan offered by Max Life must be there in your shortlisted plans before you lock it.

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