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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.

Features

  • Max Life Online Term Plan Plus (Basic Life Cover)
    • 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.
  • Max Life Online Term Plan Plus (Life Cover + Monthly Income)

    • 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.
  • Max Life Online term Plan Plus ( Life cover + Increasing Monthly Income)

    • 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.

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.

  • 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

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.

  • 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

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

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.

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