Max Life Term Insurance

Max Life Insurance came into existence in the year 2000. It was formerly known as Max New York Life Insurance Company Limited. It is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of the MS&AD Insurance Group, which is amongst the leading insurers in the world.

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

Max Life Insurance is a leading life insurance company in India. Max life provides a range of life insurance, term insurance, linked, participating & non-participating, health pension, annuity, retirement, child plan, savings, protection, and growth plans to individuals and to groups. Max Life insurance is working tirelessly towards making claim process quick & straightforward for you and your family member's. By being transparent and accountable. Note: All information has been sourced from the official website of Max Life Insurance.

Facts About Max Life Insurance

Claims Paid Percentage	99.22%
Max Life Presence	269 Offices
Sum Assured	Rs. 9,13,660 Cr
Assets Under Management	Rs. 68,471 Cr
13th Month Persistency	87%
Solvency Ratio	207%

Source: Public disclosure FY19-20, as reported to IRDAI FY19-20, Max Life Public disclosure FY19-20, as per Annual Audited Financials FY19-20

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

Term Insurance Plans Offered by Max Life Insurance

Max Life Online Term Plan Plus (UIN: 104N092V04)

A comprehensive protection solution for your loved ones at an affordable price. Avoid the hassle of tedious paperwork and easily get yourself insured online.

What does this Plan Offer?

3 Death Benefit Options: Choose from 3 death benefit options as per your requirement.

Basic Life Cover - 100% of the policy Sum Assured paid immediately on death.
Basic Life Cover + Monthly Income - 100% of the policy Sum Assured paid immediately on death Plus 0.4% of the policy Sum Assured paid every month for 10 years
Basic Life Cover + Increasing Monthly Income - 100% of the policy Sum Assured paid immediately on death Plus 0.4% of the policy sum assured paid every month for 10 years. The monthly income increases every year by 10% p.a. (simple interest) of the first year monthly income.
Maturity Benefit: No maturity benefit is payable.
Long Term Coverage: Cover till age 85 years by paying till just age 60 years or 10 years.
Critical Illness Benefit: Cover against 40 specified critical illnesses at a small additional premium.
Life Stage Benefit: Enhance your cover at important mile-stones like marriage, childbirth, or house loan.
Riders for Comprehensive Protection: Get Max Life Comprehensive Accident Benefit Rider & Max Life Waiver of Premium Plus Rider at an additional premium.

Plan at a Glance:

Age of Entry	Minimum Age: 18 years Maximum Age: Regular Pay: 60 years Pay till 60: 50 years 10 Pay: 49 years
Maximum Maturity Age	85 years
Annual Premium	Minimum - Rs. 2,200 (For Regular Pay variant, Age 18 years, Policy Term 10 years, Female, Sum Assured Variant, Non-Smoker) Maximum - Rs. 2,18,44,600 (For Pay till 60 variant, Age 50 years, Policy Term 35years, Male, Sum Assured + Increasing Monthly Income Variant, Smoker, Critical Illness cover of ₹50 Lakhs
Premium Payment Term	Pay till 60: 60 less Entry Age (Age last birthday) Regular Pay: Same as the policy term 10 Pay: Fixed for 10 years
Policy Term	Regular Pay and Pay till 60 options: 10 years to 50 years For 10 Pay option: 15 to 50 years
Premium Payment Modes	Annual, Semi-Annual, Quarterly & Monthly
Sum Assured	Minimum: Regular Pay & Pay till 60: Rs. 25 lakhs 10 Pay: Rs. 50 lakhs Maximum: Rs. 100 crores
Rider	Max Life Comprehensive Accident Benefit Rider Max Life Waiver of Premium Plus Rider

The above information has been sourced from company website and product brochure.

##Max Life Smart Term Plan (UIN: 104N086V04)

A comprehensive protection solution which can be personalised at an affordable price. With Max Life Smart Term Plan you get the freedom to design your own plan which suits your protection needs.

What does this Plan Offer?

Comprehensive Protection Options: Choose from 7death benefit variants for complete comprehensive protection: *
Life Cover - Lump-sum Life cover amount
Income Protector - A fixed level monthly income for payout duration of 10 years, 15 years, or 20 years as chosen
Income + Inflation Protector - Increasing monthly income for payout duration of 10 years, 15 years, or 20 years as chosen
Life Cover + Income - Lump-sum Life cover plus Level monthly income of 0.4% of the Lump-sum Life cover amount for 10 years
LifeCover + Increasing Income - Lump-sum Life cover plus increasing monthly income of 0.4% of the Lump-sum Life cover amount for 10 years
Increasing Cover - Sum Assured payable increases by 5% p.a. (simple interest) of the Lump-sum Life cover amount chosen every year.
Reducing Cover - Sum Assured payable decreases by 5% p.a. (simple interest) of the Lump-sum Life cover amount, on every 5th policy year.
Premium Back variant - Available at policy inception only, 100% of the Total Premiums Paid plus will be paid at end of the policy term on completion of the policy term.
Life Stage Option - Increase Sum Assured on important Life Stage events like marriage, childbirth, or house loan.
Death Benefit: On the death of the Life Insured during the term of the policy, the Guaranteed Death Benefit is paid.
Maturity Benefit: No maturity benefit is payable except in the case of Premium Back variant

Plan at a Glance:

Age at Entry	Minimum Age: 18 years Maximum Age: Regular Pay: 60 years Pay till 60 variant: 44 years
Maximum Maturity Age	Base Death Benefit: 85 years Accelerated Critical Illness (ACI) Benefit Option: 75 years Accident Cover Option: 85 years
Annual Premium	Minimum - Subject to minimum Sum Assured Maximum - No Limit, subject to maximum Sum Assured limits
Premium Payment Term	Single Pay for policy terms ranging from 10 years to 50 years Regular Pay for policy terms ranging from 10 years to 50 years 5 pay - policy terms ranging from 10 years to 50 years> 10 pay - policy terms ranging from 15 years to 50 years 12 pay - policy terms ranging from 17 years to 50 years 15 pay - policy terms ranging from 20 years to 50 years Pay till 60 variant: 60 less Entry Age (Age last birthday)
Policy Term	Base Death Benefit Option: 10 years to 50 years Accelerated Critical Illness (ACI) Benefit Option Minimum Policy Term: 10 Years Maximum Policy Term: 50 Years Accident Cover Option: Minimum Policy Term: 5 Years Maximum Policy Term: 50 Year
Premium Payment Modes	Annual, Semi-Annual, Quarterly & Monthly
Sum Assured	Minimum Base Death Benefit Non-Medical Sales: Rs. 10,00,000. Medical Sales: Rs. 25,00,000 for all death benefit variants other than the Reducing Cover death benefit variant. Rs. 1,00,00,000 for Reducing Cover death benefit variant Accelerated Critical Illness (ACI) Benefit Option - Rs. 5,00,000 Accident Cover Option 50,000 Maximum Base Death Benefit: No Limit, Accelerated Critical Illness (ACI) Benefit: a)Level ACI benefit option: 50% of Base Death Benefit Sum Assured chosen at inception capped at Rs. 50,00,000. b)Increasing ACI benefit Option: 25% of Base Death Benefit Sum Assured chosen at inception capped at Rs. 25,00,000. Accident Cover Option a)Reducing Cover Death Benefit Variant: 25% of Base Sum Assured chosen at inception capped at Rs. 50,00,000. b)Other than Reducing Cover Death Benefit variant: Rs. 1,00,00,000.
Rider	Max Life Waiver of Premium Plus Rider

The above information has been sourced from company website and product brochure

**Max Life Premium Return Protection Plan (UIN: 104N083V01)**

A term plan helps you ensure your family‟s financial comfort in case of an eventuality, how about a plan which offers you protection and also returns all your premiums paid at the end of the term, on survival?

What does this Plan Offer?

Comprehensive Protection along with inbuilt accident death benefit: Sum assured as death benefit and 50% of base sum assured as an inbuilt accident death benefit.
Limited Premium Payment tenure for longer term coverage - Flexibility to choose the period of protection i.e. 20/25/30 years and pay for just 11 years.
Guaranteed return of premiums - On survival till the end of the policy term, get 100% of total premiums back guaranteed.
Additional discount for females - Lower premium rates for female life insured
Death Benefit: On the death of the Life Insured during the term of the policy, the Death Benefit is paid.

Plan at a Glance:

Age at Entry	Minimum Age: 21 years Maximum Age: For 20 Year Policy Term - 55 years For 25 Year Policy Term - 50 years For 30 Year Policy Term - 45 years
Maximum Maturity Age	75 years
Annual Premium	Minimum - Rs. 8,500/- Maximum - Rs. 4,40,400/-
Premium Payment Term	11 years
Policy Term	20/25/30 Years
Premium Payment Modes	Annual, Semi-Annual, Quarterly & Monthly
Sum Assured	Minimum: Rs. 5 Lakhs Maximum: Rs. 1 Crore.
High Sum Assured Discounts	For sum assured of Rs. 30 Lakhs and above, there is a discount of Rs. 130 per Lakh of sum assured.

The above information has been sourced from company website and product brochure

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.

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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 Plan	10\|35 Years
Max Life Online Term Plan Plus	10\|50 Years
Max Life Premium Return Protection Plan	20\|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.

Free look cancellation Form/Letter.
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.
Furnish a Cancelled Cheque with name and account number printed. (If not printed, copy of the bank passbook/statement with printed account holder details)
Furnish Original Policy pack.
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:

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

Second, you can avail the Instaclaim Facility if:

The amount of sum assured is below 50 lakhs and
The policy has been in force for at least three years
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.