Max Life 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

• 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 Insurance 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

• Death Benefit: Depending on the variant of the term insurance 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.

• 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.

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:

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:

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.

Follow these simple steps to buy Max Life Online Term Plan Plus:

Step 1: Choose your sum assured and policy term from the available options. These parameters will be considered by the online premium calculator to offer you an estimate of the premium that you will be paying. It is recommended that you opt for a benefit amount that is between ten to fifteen times of your annual take home salary.

Step 2: Select add-on riders that are available with Max Life Term Plan Plus – Critical Illness Rider, Accidental Death and Disability Benefit, and Waiver of Premium (WoP) on diagnosis of critical illness and disability. Riders are additional benefits that you can opt for, over and above the base plan to enhance the effectiveness of the plan. These are available at a nominal additional premium, over and above the premium for the base plan. However, since these are only optional, you should opt for one only when it is relevant for your unique needs.

Step 3: Enter the required personal details accurately – your personal details, education details, profession and income, existing address, and information about the nominee. Next, you can make your premium payment online through Debit Card, Credit Card, Net Banking, etc.

Step 4: Fill up the Proposal Form with essential information related to yourself, your profession, personal and family medical history, current health and lifestyle habits like smoking, drinking, etc. Step 5: After you have submitted the Proposal Form along with the necessary documents, the insurance company arranges for certain mandatory medical tests to be conducted in your existing address.

Below are the documents that have to be submitted to buy Max Life Term Plan Plus:

• Proof of Identity: The accepted documents are – Aadhaar Card, PAN Card, Passport, Driving License, Voter ID, etc.
• Proof of Address: The valid documental proof options are Aadhaar Card, Passport, Voter ID, Electricity Bill, Water Bill, Telephone Bill, Gas Bill, Driving License, Ration Card, Bank Statement, copy of insurance policy, etc.
• Proof of Age – Aadhaar Card, School Leaving Certificate, etc. are acceptable documental proofs of age
• Passport sized photographs

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

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.

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.