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Max Life Term Insurance

Max Life Term Insurance plans are designed to provide comprehensive life coverage to the insured against death, disability and diseases. The term plans are easy to understand and all the information regarding the term plans are available on the website for easy reference.

Max term insurance plans give long term protection covering age of up to 85 years.

Max Life term plans ensure your family and loved ones are looked after financially in your absence. The different pay-out options in term plans help the nominee/beneficiary to make the optimum use of the death benefit.

Benefits of Buying of Max Life Term Insurance

  • Comprehensive term insurance plans offering coverage for death, disability and diseases
  • Useful long term coverage till the age of 85 years
  • Flexibility to increase coverage to cover life stage requirements and needs
  • Easy to understand claim settlement process and high claim settlement ratio of the term insurance plans
  • Return of premium term plan also offers maturity benefit
  • The term insurance plans are economical and do not put financial burden on the policyholder
  • Tax benefits can be availed on the premium payment of term insurance plans under prevailing income tax laws

Types of Max Life Term Insurance Plans (Features and riders)

Max Life Online Term Plan Plus

Max Life Online Term Plan Plus is an online term insurance plan available for purchase on Max Life Insurance website. This term plan is available to anyone between the age of 18 and 60 years.

  • Max Life Online Term Plan Plus (Basic Life Cover)

This is an online term plan which itself comes in 3 variants. A basic protection plan where the death benefit paid is equal to the sum assured. Premium discounts are given to women and people who don’t smoke

Features

  • Lump sum benefit payable to the nominee if the insured dies during the term period
  • Comprehensive accidental death benefit and Max Life waiver of premium plus rider can be attached to the base term insurance plan
  • Annual, Semi- annual, Quarterly and monthly payment modes available
  • Tax benefit applicable on all premiums and policy benefits as per the prevailing tax laws.

Eligibility Details

CriteriaDescription
Age of Entry18 years - Minimum
60 years (Regular Pay) – Maximum
50 years (Pay till 60)
Age of MaturityNA - Minimum
85 years - Maximum
Age of Maturity₹2500000 - Minimum
₹100 Crores - Maximum
Policy Term10 to 50 years
Term of Premium PaymentRegular Pay - Equivalent to the policy term
Pay till 60 - 60 less Entry Age
Frequency of Premium PaymentAnnual, Semi-Annual, Quarterly and Monthly
Tax Benefits- Sum assured on death is tax free as per Sec 10(10D) - Claim tax deduction up to ₹1.5 lakh on premiums paid
  • Max Life Online Term Plan Plus (Life Cover + Monthly Income)

Under this variant, in case of the policyholder’s unfortunate demise, the death benefit is immediately paid to the family/beneficiary/nominee. In addition, a benefit of 0.4% of the sum assured is paid to the family on a monthly basis. Thus, they receive a total amount which is 148% of the sum assured. You can add Max Life Comprehensive Accident Benefit Rider as a rider option. Premium discounts are given to women and people who don’t smoke.

Features

  • Lump sum benefit and monthly income for 10 years is payable to nominee if the insured dies during the term period
  • Comprehensive accidental death benefit and Max Life waiver of premium plus can be attached to the base term insurance plan
  • Optional Accelerated Critical Illness Option, 50% of the sum assured is paid on diagnosis of any of the 40 specified critical illnesses
  • Annual, Semi- annual, Quarterly and monthly payment modes available
  • Tax benefit applicable on all premiums and policy benefits as per the prevailing tax laws.

Eligibility Details

CriteriaDescription
Age of Entry18 years - Minimum
60 years (Regular Pay) – Maximum
50 years (Pay till 60)
Age of MaturityNA - Minimum
85 years - Maximum
Sum Assured₹2500000 - Minimum
₹100 Crores - Maximum
Policy Term10 to 50 years
Term of Premium PaymentRegular Pay - Equivalent to the policy term
Pay till 60 - 60 less Entry Age
Frequency of Premium PaymentAnnual, Semi-Annual, Quarterly and Monthly
Tax Benefits
  • Sum assured on death is tax free as per Sec 10(10D)
  • Claim tax deduction up to ₹1.5 lakh on premiums paid
    • Max Life Online term Plan Plus ( Life cover + Increasing Monthly Income)

    Under this variant, your nominee/family/beneficiary will receive the entire sum assured on death of the policyholder. In addition, a benefit of 0.4% of the sum assured is paid to the family on a monthly basis. This benefit increases at the rate of 10% on the first monthly benefit simple rate per year. Thus, you receive 169% of the sum assured as total amount. Discounts are given to people who select a higher sum assured amount and lead a healthy lifestyle.

    Features

    • Lump sum benefit and monthly income at the increasing annual simple rate of 10% is payable to the nominee if the insured dies during the term period.
    • Accidental death benefit rider can be purchased and attached to the base term insurance plan for enhanced protection.
    • Optional Accelerated Critical Illness Option, 50% of the sum assured is paid on diagnosis of any of the 40 specified critical illnesses
    • Annual, Semi- annual, Quarterly and monthly payment modes available
    • Tax benefit applicable on all premiums and policy benefits as per the prevailing tax laws.

    Eligibility Details

    CriteriaDescription
    Age of Entry18 years - Minimum 60 years (Regular Pay) – Maximum 50 years (Pay till 60)
    Age of MaturityNA - Minimum 85 years - Maximum
    Sum Assured NA - Minimum 85 years - Maximum
    Policy Term10 to 50 years
    Term of Premium PaymentRegular Pay - Equivalent to the policy term Pay till 60 - 60 less Entry Age
    Frequency of Premium PaymentAnnual, Semi-Annual, Quarterly and Monthly
    Tax Benefits
  • Sum assured on death is tax free as per Sec 10(10D)
  • Claim tax deduction up to ₹1.5 lakh on premiums paid
  • Max Life Super Term Plan

    Max Life Super Term Plan is a unique plan which helps your life cover to get updated every year to keep up with the inflation. The life cover gets increased by 5% every year at a simple rate till the end of the policy term and all this without any increase in the premium.

    A term insurance plan which provides the option to choose the death options i.e. Death benefit with Fixed Sum Assured Option or death benefit option with an increased sum assured. The sum assured increases every year at the rate of 5% simple rate till the end of the plan. An additional rider of Max Life Waiver of Premium Plus can be added to this policy.

    Features

    • Minimum entry age is 18 years and maximum entry age is 65 years, maximum maturity age is 75 years.
    • Option to have increasing sum assured at the rate of 5% every year at simple rate till the end of the term period without increasing in premium amount.
    • Flexibility in choosing the death benefit payment as lump sum or lump sum plus monthly payout.
    • Option of choosing policy terms from 10 years to maximum 35 years
    • Choice of adding riders, comprehensive accidental death benefit and Max Life waiver of premium plus.
    • No maturity benefit is payable under this plan
    • Tax benefit as per prevailing tax law

    Eligibility Details

    CriteriaDescription
    Age of Entry18 years - Minimum
    65 years - Maximum
    Age of Maturity75 years - Maximum
    Policy Term10 years - Minimum
    35 years - Maximum
    Premium₹5000 - Minimum
    Maximum on the basis of the sum assured
    Term of Premium Payment● Regular pay
    Frequency of Premium PaymentAnnual/semi-annual/quarterly/monthly
    Death Benefits payout Optionslumpsum payout option
    lumpsum with monthly income payout option
    Maturity BenefitsNothing is paid back
    Sum Assured₹25,00,000 lakhs - Minimum
    No Limit - Maximum

    Max Life Premium Return Protection Plan

    Max Life Premium Return Protection Plan is a term plan that has a maturity benefit of returning your premiums paid if you survive the policy term.

    An offline term insurance plan which provides life protection cover along with a benefit of return on premium payment at the end of the policy term. This plan comes with an inbuilt Accidental Death Benefit rider which provides 50% (additional benefit) of the sum assured. Thus, you will receive 150% of sum assured as death benefit amount. Discounts can be availed, if the sum assured is ₹30 lakhs and above.

    • Minimum entry age is 21 and maturity age is 75
    • Comprehensive protection plan with inbuilt accidental death cover whereby nominee gets extra 50% of the sum assured if there is death due to an accident
    • Guaranteed return of premiums on maturity including extra premiums paid
    • Flexibility to choose policy term for 20, 25 or 30 years
    • Premium payment term is 11 years
    • No other rider option is available in this plan
    • Tax benefits on premium paid and policy benefits
    CriteriaDescription
    Age of Entry21 years - Minimum
    55|50|45 years for 20|25|30 years policy term - Maximum
    Age of Maturity75 years - Maximum
    Policy Term20|25|30 years
    Term of Premium Payment
  • Regular pay is when you pay the premium throughout the policy term.
  • Limited pay is when you pay the premium for either 5 years or 10 years.
  • Single pay is when you make a one-time lump sum payment of premium.
  • Frequency of Premium PaymentAnnual/semi-annual/quarterly/monthly
    Death BenefitsHigher of 10 times of annualized premium or 105% of total premiums paid
    Maturity BenefitsTotal Premiums paid
    Sum Assured₹5 lakhs - Minimum
    1 Crore - Maximum

    Application for a Term Insurance Plan from the Company

    Online Application

    The e-Term plan can be purchased online. You simply need to visit the official website of the Max Life Term Insurance, create a login id and password, and select the right term insurance plan along with the coverage required. Once selected, the premium will be calculated and you will be directed to an online portal to make the premium payment via debit/credit/net banking.

    Intermediaries

    If you are not comfortable with the online mode, you can avail a number of Max Life Term Insurance Policies via banks, brokers, agents and intermediaries.

    How much Term Life Insurance Coverage do I need?

    The amount of life coverage that you require depends on a variety of factors such as the number of dependents, single/married status with/without children, existing income and liabilities, rate of inflation etc. You need to evaluate the future cost of living for your family.

    How to calculate the amount of Term Life Insurance Coverage?

    Think about the following scenarios, they will help you understand the required amount of term life insurance coverage.

    • Rising cost of living with respect to inflation.

    • Children’s future education and marriage.

    • Existing standard of living with income earned.

    • The number of family members.

    • The number of dependents.

    • Additional sources of income.

    • Your future goals and current loans/financial obligations.

    How to calculate the Term for which the Plan needs to be purchased?

    Once you have determined your financial goals, you can select the term for the insurance policy. For example, if you want to finance your child’s higher education, you can select a policy term for 20 years, so that by the time your child is 20 years old, in case of your demise, he/she will have enough money to pursue their higher studies. It is not wise to have a policy running forever.

    Reasons to buy term insurance plan online

    • Less Expensive - It is true that insurance policies bought online are up to 50% cheaper in comparison to buying a policy offline. Since you buy the policy directly from the official website of the insurer, there are no middlemen/brokers/agents involved, there are no additional sales charges or fees involved. Buying online can be easily done from the comfort of your home or office.

    • Smooth and hassle free process - The online mode has made the entire process of buying insurance easy/hassle free/paperless/convenient. You do not need to submit any physical documents or take printouts of the same. You can simply correct/auto correct your address and details only which usually requires one to go to the branch. The entire application form is very simple to fill up as all the mandatory details are highlighted and you simply need to click on submit.

    • Convenient and comforting - The online mode is very convenient and comforting. Nowadays, you can purchase a policy via mobile as well. Be it your home or office, you can make the premium payment or renewal of premium with a click of a button. You no longer need to visit the branch for getting updates regarding your insurance policy.

    • Easily comparable - The best part about the online mode is that you can compare multiple policies from different insurers. You can easily compare premiums, rider options, tax benefits, discounts, exclusions, inclusions, sum assured, tenure, eligibility etc. This will help you select the most suitable option for you.

    • Better Transparency - Insurers provide all relevant information on their official online portals. This brings about greater transparency as you can easily access information related to claim settlement ratio, application procedure and status, premium payment, benefits and features, FAQs, etc.

    • Superior Customer Support - With the online mode, you get 24x7 assistance and expert advice free of cost. Online, not only can you select the most suitable plan for yourself, but you can also access and educate yourself with a large database of articles, blogs, infographics, videos, tutorial, FAQs.

    Riders Offered With Max Life Term Insurance

    • Max Life Comprehensive Accident Benefit Rider : Max Life Comprehensive Accident Benefit Rider gives extra financial coverage if the policyholder meets with an unfortunate accident. The rider sum will be paid to the policy holder if the accident leads to dismemberment or death of the policyholder within 180 days of the accident.

    • Max Life Waiver of Premium Plus Rider : Max Life Waiver of Premium Plus Rider helps you to keep your base term plan active at all times in case of eventuality like dismemberment, critical illness or death (if life insured and policyholder are different). In case any of the unfortunate events mentioned happen, then all the future premiums of the policy will be waived off by the insurance company and the base term plan will continue to stay active.

    Exclusions of Max Life Term Insurance

    • Suicide : If the policy holder commits suicide within 12 months from the date of commencement of policy then no death benefit will be payable by the insurance company. The insurance company will refund only the premium paid till date.

    Claim Process of Max Life Term Insurance

    Max Life Term Insurance claim process is simple. All you need to do is follow the below procedure.

    Claim for can be downloaded from the company website www.maxlifeinsurance.com Or can be collected from any of the branch office of the company and submitted back to the company.

    Documents required for term insurance claim

    • Claim form
    • Original policy document
    • FIR report if applicable
    • Post mortem report if applicable
    • Death certificate by local municipal authority
    • Photo Identify proof of the nominee
    • Any other document which may be asked by the insurance company to approve the claim request

    Contact details of the Max Life Claim Department

    Email- claims.support@maxlifeinsurance.com

    Address- Max Life Insurance Operations Centre-– Claims Department, Max Life Insurance Company Operations center, - 2nd floor 90A, Sector 18, Udyog Vihar, Gurgaon-122015, India

    Telephone - Toll Free: 1800 200 5577

    Documentation Required for Max Life Term Insurance Pans

    You are required to submit these basic documents:

    KYC Details

    • Identity proof - PAN, Aadhaar Card, Voter ID, Passport, Driving License.
    • Address proof - Aadhaar, Passport, Electricity/Gas/Phone Bill, Rental Agreement.

    Proof of Income

    • Salary slips.

    • Income Tax Returns

    Review of Max Life Term Insurance

    Max Life Insurance Company offers good variety and flexibility in its term insurance plans. The company has term insurance plans which can be purchased from online and offline platforms. The term insurance plans offer good coverage at an affordable cost, and with the option of additional riders you get to further enhance the protection of the term insurance plan. The company has a simple claim process and high claim settlement ratio making the term plans a good choice if you want to buy one for yourself.

    FAQs on Max Life Term Insurance

    How to decide how much coverage I need for my Max Life Term Insurance Plan?

    It is considered a thumb rule that a term insurance plan needs to be 20 times of your annual income. You can also take into consideration your life stage requirements, liabilities, income, age, etc., to come to ideal term insurance coverage.

    Is there maturity benefit in term insurance plan?

    Term insurance should be taken as a financial protection cover and not seen as an investment. Term Insurance are the only life insurance option that offer such high coverage for low premiums compared to other life insurance products. Having said this, if you are still worried about getting your money back if you survive the policy term, then you should opt for Max Life Premium Return Protection Plan which offers return of premium on maturity of the policy.

    What are the riders in term insurance plan? Do Max life term plan have option for riders?

    Riders are additional protection which you can attach to your base plan for extra premium. Riders are optional benefits which offer flexibility to the policy holder to customize their plan protection as per their needs and requirements. Max Life offers comprehensive accidental death benefit rider and waiver of premium riders in their term insurance plans.

    What is claim settlement ratio?

    Claim settlement ratio is the number of successful claims paid out by the insurance company against the number of claims received by the insurance company in a year. Before going for a term insurance plan, you should always check the claim settlement ratio of the insurance company. The higher the claim settlement ratio, the better are the chances of your claim getting settled as it shows easy claim settlement process and good claim history of the insurance company.

    What is the ideal age to buy a term insurance plan? Does Max Life offer good variety in term plans?

    There is no ideal age to buy a term insurance plan but the earlier you get it, the lower is the premium you will pay. The older you get, chances of contracting life diseases are more which will impact the premium and coverage offered by the term insurance company. Hence it is recommended to get a term insurance plan early in life and freeze the premium from inflation and other causes. Max Life has 3 term insurance plans that offer different variety and flexibility to build and customise your life insurance coverage requirments.

    Is Max Life Term insurance good?

    Yes, Max Life is one of the leading insurance companies renowned for their term insurance plans. Here are few reasons why they are a reliable insurer:

    Wide range of term insurance plans – The extensive range of term insurance plans ensures that there is something for consumers irrespective of their needs and objectives, health and medical conditions, etc. One of the most well-known term plans from Max Life is Online Term Plan, which is a basic plan.

    Claim settlement ratio – Claim settlement ratio determines the reliability of an insurance company and their efficiency in settling claims when customers need it the most. With a high claim settlement ratio of 95.5, as per 2016 records, Max Life scores over several other insurers.

    Cost-effective premium rates – Apart from efficiency, the cost-effective monthly premium rates of Max Life’s term insurance plans, even those offering a high sum assured, ensure that they are affordable for everyone across financial capacities. Add-on riders – There are also additional riders, designed for unique health and medical conditions, which you can opt for if they are suitable for your beneficiary.

    Easy availability – Max Life offers the flexibility of purchasing term plans online as well as offline, contributing to the convenience of their customers.

    What are the various types of Max Life Term Plans?

    There are three term insurance plans offered by of Max Life:

    • Max Life Super Term Plan
    • Max Life Online Term Plan Plus
    • Max Life Premium Return Protection Plan

    What are the different benefits available under Max Life Plans?

    The various benefits available depend upon the plan that you have selected. Some plans provide cover and financial protection to you and your entire family, while other plans are more specific for your children such as Child Endowment Plans.

    What is the minimum sum assured under Max Life Term Plans?

    The minimum sum assured for Max Life Term Plan is:

    Max Life Super Term Plan- Minimum - ₹25 Lakhs subject to minimum premium limits. - Maximum - No limit, subject to the limits determined in accordance with board approved underwriting policy of the insurance company. - Note: The Sum Assured will be available in multiples of ₹1 Lakh only.
    Max Life Online Term Plan Plus
    Min - Rs. 25 lakhs
    Max - 100 Crore
    Max Life Premium Return Protection Plan
    Min – Rs. 5 Lakhs
    Max - 1 Crore

    What is the maximum and minimum policy term available under these plans?

    Max Life Super Term Plan10|35 Years
    Max Life Online Term Plan Plus10|50 Years
    Max Life Premium Return Protection Plan20|25|30 Years

    What is the policy cancellation process for Max Life Term Plan?

    As a policyholder, you will have to visit the official branch of Max Life Insurance with the following documents and ask them to cancel the policy.

    1. Free look cancellation Form/Letter.
    2. Customer have to visit any nearest Max Life Insurance branch for case sourced other than online. Online cases can be considered through registered email id.
    3. Furnish a Cancelled Cheque with name and account number printed. (If not printed, copy of the bank passbook/statement with printed account holder details)
    4. Furnish Original Policy pack.
    5. Self-attested ID proof.

    What is the company's process to settle a claim for Max Life Term Insurance Plan?

    First, you need to register the claim to the insurer:

    1. Through an agent.
    2. Visit nearest Max Life Insurance Company office.
    3. Write to Max Life at support@maxlifeinsurance.com.
    4. Call on toll-free number at 1800-200-5577.

    Second, you can avail the Instaclaim Facility if:

    1. The amount of sum assured is below 50 lakhs and
    2. The policy has been in force for at least three years
    3. All the necessary documents shall be submitted before 3 pm on any working day in any of Max Life’s office from Monday to Friday.

    What is the policy renewal process for Max Life Term Insurance Plan?

    For renewing your Max Life Term Plan, simply visit the official website of Max Life and login with your registered ID and Password. Select the policy with your policy number and preferred payment gateway. Then, fill in the requested information and make the payment via debit/credit/charge/net banking.

    You can also make the payment via Paytm, PhonePe, Google Pay and Airtel Money.

    How can I check the policy status for Max Life Term Insurance Plan?

    To check the policy status, simply visit the official website of Max Life and login with your registered ID and Password. Once logged in, you can view all information regarding the status of your policy.

    How to pay a premium? What are the modes of payment available?

    There are multiple ways to pay premium. To name a few: Credit/Debit/Net Banking/Website/Cheque/ECS/Branch Banking/Check Pick Up Facility/Wire Transfer/NEFT/RTGS/Direct-Auto Debit/Standing Instruction/Paytm/PhonePe/Google Pay and Airtel Money.

    How is Max Life Term Insurance?

    Max Life Insurance, with one of the highest claim settlement ratio of 98.26% for the year 2017-18, offers a wide range of term insurance plans. Each of their plan is designed to meet varied investment needs. Individuals can select one that suits their unique investment objectives.

    Do I get a reminder for my premium payments?

    Yes, all insurance companies offer their policyholder the convenience of opting for Premium Payment Reminders on their registered mobile number through SMS or email ID. You will receive alerts if you opt for it.

    Can I take a policy loan?

    Yes, you can take a loan against a list of approved policies. Many insurers provide policies with such a facility. The policies include endowment plans, whole life and income plans. You can get a loan up to 80% of the surrender value.

    Note: A term plan does not come with a feature of a policy loan.

    Can I avail any policy related services over the telephone?

    Yes, every insurance provider has a dedicated customer care number. You can also contact the Grievance Redressal Officers at Branch / Division / Zonal / Corporate Level. From claim intimation to settlement, policy purchase, all can be done over the phone.

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