Sehwag PX
Max Life Term Plan
  • 1 Crore Cover @ 563/month*
  • Coverage Upto 40 Critical Illness*
  • Pay Policy Premium Till Retirement
  • 98.26% Claim Settlement Ratio
  • Tax Benefit Under 80C & 10D

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Max Life Term Insurance

Max Life Term Insurance offers security to your family from any uncertainties such as death, disability, and illness. This insurance will provide financial assistance in times of need to the family in case of unfortunate death of the policyholder. A lump sum amount is paid to the beneficiary(s) if any mishap will happen to the life insured at the time of policy period i.e. only when the policy is in force. The word ‘term’ refers to the specific time duration and that is why the insurance covers for a certain period.

Max Life Term Insurance will not pay any maturity amount in the event of survival of the life insured for the complete term of the policy. The insurance cover act as a safeguard for the family when the policyholder will be no more to take care of his/her loved ones. Also, the plan pays only for a limited time period thus making it cheaper and accessible than other insurance policies. Term insurance is needed to support the family in hard times by providing them with a regular source of income to fulfill the bare necessities of life.

Why you should buy Max Life Term Plan?

Highest Claim Settlement Process

Highest Claim Settlement Process

Max Life insurance always thrive to settle the claims quickly that ranks the company highest in terms of claim settlement ratio among all the term insurance provider in the market. With 98.26% of claim settlement ratio in accordance with the latest annual reports by IRDA, the company attracts millions of customers every year for their profitable insurance policies.

100% customer satisfaction

100% Customer Satisfaction

The rate of customer satisfaction is analogous to the claim settlement ratio of the company. Due to high CSR, Max Life Insurance has maintained a good reputation among its customers by happily accepting and fulfilling the majority of term insurance claims raised by the policyholders.

Awards and Accolades

Awards and Accolades

Max Life own an overwhelming count of awards and titles that persuades its customer to buy their term plans. Some award claimed by Max Life are Life Insurer of the Year’, ‘Best Customer Service Initiative’, ‘Best Insurance company- claim approval in 1 day’ etc. Apart from this, the company is also the first life insurer to provide Free Look Period of 15 days to review the terms and conditions of a term insurance plan.

24/ 7 claim assistance

24/7 Claim Assistance

Max Life is the first company to introduce the service of 24/ 7 assistance to its customers and making the term insurance easy to understand. Also, with the help of toll-free number, any policyholder can easily cluster information about their policy.

Comprehensive coverage

Comprehensive Coverage

From 5 lakhs of sum assured to 100 crores of sum assured, Max Life term plans bestows a wide range of coverage amount with fluctuating premium rates. Life assured is given full freedom to choose sum assured for term plan according to their future needs ad current income.

Protection against critical illnesses

Protection Against Critical Illnesses

Several term plans of Max Life insurance give complete protection from 40 critical illness which makes the family financially weaker. An additional sum assured is guaranteed on the payment of extra premium, if the assured diagnosed with any of the critical illness.

Lower premiums for healthy policyholders

Lower Premiums for Healthy Policyholders

Do you know that Max Life term plans provide you monetary rewards for staying fit and healthy? Yes, you heard it right. The company offers you lower premium value if you are a non-smoker or does not consume tobacco in any way. The premium rates are different for smokers and non-smokers.

Discount on Premium for Females

Discount on Premium for Females

The protection of female lives has always remained the priority of Max Life term plan. This is the reason behind introducing cheaper premium rates for women.

Tax Benefit

Tax Benefit

Tax benefits under section 80C and 10C(C) under the Income Tax Act where the tax paid annually for the income will get lessened due to the premiums paid. Tax deduction up to a maximum of Rs 1.25 lakhs in the payment of annual income tax for the yearly income received engagement into work.

Types of Max Life Term Insurance Plans

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

Max Life Online Term Plan Plus

Max Life Online Term Plan Plus

Max Life Online Term Plan Plus that provides convenience and flexibility to the policyholder in the premium payment and settlement of claims through its online mechanism. The life assured is guaranteed a payment of coverage either in lumpsum or income or regular increasing income.

Benefits Offered of Online Term Plan Plus

  • Higher sum assured to meet the future inflation standards
  • 100% settlement of claim on submission of legitimate evidence supporting the claim.
  • Get complete financial protection on the investigation of 40 critical illnesses that can dangerously affect the health of the life assured.
  • Extended coverage till 85 years while you only pay for 60 years when you are earning income. The premium will be paid if the assured suffers from any disability or critical illness.
  • Increase the Sum assured on happening of major events where you need plenty of funds to cope with the expenses. The events such as the marriage of children, birth of a child, home loan are eligible to receive the benefit.
  • Max Life Online term plan is divided into three coverage payout options-
    1. Basic Life Cover: By choosing this option, the sum assured will be paid in lumpsum as death benefit. This amount can be used to pay the immediate liabilities may accumulate after the death of assured.
    2. Basic Life Cover With Monthly Income: If death happens, then the total sum assured under this payout option will be given in the form of monthly income. This will facilitate the family to sustain the current lifestyle in the future.
    3. Basic Life Cover With Rising Monthly Income: The guaranteed sum assured will be paid in monthly income which keeps on elevating @ 10% every year. The monthly income must be 0.4% of the sum assured and the term plan must be in force.

Max Life Super Term Plan

Max Life Super Term Plan

Max Life Super Term Plan assured can avail super benefits like the flexibility to choose policy term, sum assured, and premium paying term; increase the sum assured during life stage events like marriage and availability of coverage payout options.

Benefits Offered of Super Term Plan

  • Affordable premium rates for securing higher coverage amount starting from Rs 5,000 per year.
  • Discount on premiums for females term policy buyers. Females will pay the premium for the age derived from the formula (Actual age less than 5 years).
  • Rewards for maintaining a healthy and fit lifestyle by not being addicted to smoking.
  • Boost your basic sum assured by opting Increasing sum assured. The sum assured will be increased by 5% every year with any fluctuation in the rates of premium.
  • Secure your family's future by opting lumpsum or increasing monthly payment of sum assured as the death benefit. The monthly payment will be given for 10 perpetual years commencing from the date of death occurred.
  • Deduction in the rate of premium if the life assured was traced as carrying a critical illness or any permanent disability as confirmed by the medical practitioner. Extra premium has to be paid to avail the benefits.
  • In case life assured suffered from any death or dismemberment due to accidents, the company promises to pay lumpsum amount of basic sum assured plus the additional sum assured taken as accidental death or dismemberment benefit. An additional premium is to be supplied with basic policy premium to utilize the rider benefit.
  • The insurance cover will reduce if the premiums are not paid continuously in the 16th policy year.

Max Life Premium Return Protection Plan

Max Life Premium Return Protection Plan

A term plan that offers maturity benefit if the assured survives till the end of the policy maturity date. The assured also have the freedom to choose term of protection according to current financial requirements and get lifelong shelter from future contingencies.

Benefits Offered of Premium Return Protection Plan

  • Prevents your family from the risk of unforeseen accidental death by supplying full payment of sum assured plus 50% of the basic sum assured to the nominee. No extra premium is required as it is inbuilt.
  • Return of all the premium of the death does not happen within the policy term chosen and assured survived till the maturity date.
  • Cheaper premium rates starting from Rs 8,500 ever years during the policy term.
  • Limited premium payment for 11 years so that you don’t have to pay when you don’t earn.
  • Discounted premium rates for the female policy purchasers in relation to the male policyholders.
  • Special discounts for buying a high sum assured of Rs 30 lakhs or more irrespective of gender.
  • The death benefit is paid in four methods as discussed below:
    1. 10 times of the annualized premiums
    2. 105% of the premiums paid till the date of death.
    3. Guaranteed Maturity Sum Assured which will be whole of the premium deposited for the policy term selected.
    4. Guaranteed Death Sum Assured equal to 100% of the sum assured value if death is non-accidental. If death is accidental, then 150% of the sum assured is paid.

Eligibility Criteria of Premium Return Protection Plan

Max Life Term Insurance PlansOnline Term planSuper Term PlanPremium Return Protection Plan
Minimum Age of Entry18 years18 years21 years
Maximum Age of Entry60 years65 years
  • Policy Term of 20 years: 55 years
  • Policy Term of 25 years: 50 years
  • Policy Term of 30 years: 45 years
Maximum Age of Maturity85 years75 years75 years
Term of the Policy10 years to 50 years10 to 35 years20/ 25/ 30 years
Minimum Sum AssuredRs 25 lakhs (under all the three options)Rs 25 lakhsRs 5 lakhs
Maximum Sum Assured100 crores.No limitations and must be in multiples of Rs 1 lakhRs 1 crore
Premium Paying Term
  • Regular Pay (Pay till 60 years)
  • Limited Pay
Same as the base policy11 years
Premium Paying FrequencyYearly/ Half Yearly/ Monthly/ QuarterlyYearly/ Half Yearly/ Monthly/ QuarterlyYearly/ Half Yearly/ Monthly/ Quarterly

Max Life Term Plan Riders

  • Max Life Critical Illness Benefit Rider
  • Max Life Comprehensive Accident Benefit Rider
  • Max Life Waiver of Premium Plus Rider
  • Max Life Accidental Death and Dismemberment Rider

Max Life Critical Illness Benefit Rider

Max Life Critical Illness Benefit Rider

Life Assured can get infected with critical at any point of time during the policy term. At this stage arranging a huge amount of money is quite hectic and can lead to drainage of whole wealth. But due to the availability of critical illness benefit in Max Life term insurance, the tension for hospitalization expense is dissolved.

Disease covered by Critical Illness Benefit Rider

Cancer of Specified SeverityMajor Organ/ Bone Marrow TransplantPermanent Paralysis of LimbsMajor Head Trauma
First Heart Attack – of specified severityMotor Neurone Disease with Permanent Symptoms.Major BurnsSystemic Lupus Erythematosus with Lupus Nephritis
Stroke resulting in Permanent SymptomsMultiple Sclerosis with Persisting SymptomsMuscular DystrophyParkinson's disease
Open Chest Coronary Artery Bypass Graft (CABG)Aplastic AnaemiaSurgery of AortaPrimary Pulmonary Hypertension
Benign Brain TumourChronic Liver DiseaseBlindnessAlzheimer Disease
Kidney Failure Requiring Regular DialysisChronic lung diseaseComa of Specified SeverityLoss of Independent Existence
Primary Pulmonary HypertensionApallic SyndromeLoss of speechFulminant Viral Hepatitis
Creutzfeldt - Jakob diseasePoliomyelitisBacterial MeningitisEncephalitis
Progressive supranuclear palsySevere Rheumatoid arthritisLoss of LimbsMedullary Cystic Disease
DeafnessBrain SurgeryAngioplastyCardiomyopathy

Max Life Comprehensive Accident Benefit Rider

Max Life Comprehensive Accident Benefit Rider

In case the life assured suffers from any death or dismemberment due to an accident, then this rider provides the whole sum assured.

If death is due to accident-

  • The death must result in 180 days after the accident took place.
  • Death must happen by an external, unforeseen force which left visible effects on the body of assured.

Life assured is considered as disabled or dismembered if he/ she qualifies any of the below-mentio

conditions of Comprehensive Accident Benefit Rider

Minimum Sum AssuredRs 50,000
Maximum Sum AssuredRs 1 crore
Maturity Age75 years
Age of Entry18 years to 60 years
Premium Paying TermSame as the base policy
Term of the Rider10 years to 40 years
  • Loss of eyesight in both the eyes.
  • Loss of both the hands or above the wrists
  • Loss of both the feet or above the area of ankle.
  • Loss of one hand/ above the wrist and one foot/ above ankle portion.

Max Life Waiver of Premium Plus Rider

Max Life Waiver of Premium Plus Rider

Max Life waves off the upcoming premiums if the assured confronts death, disability or critical illness which makes impotent to participate in income-generating business or activity. The policy will continue and will not affect the existing benefits

Eligibility Criteria of WOP Plus Rider

Maximum Waiver of PremiumRs 3.5 lakhs
Maturity Age70 years
Age of Entry18 years to 6 years
Premium Paying TermEqual to the rider term
Term of the Rider
  • 5 years to 35 years
  • Same as the policy term

When the premium is waived off?

  • In case of Critical Illness: Critical illnesses that are covered are Cancer, Stroke, First Heart Attack (specific severity), Open Heart Replacement/ repair of heart valves, Multiple Sclerosis, Kidney failure, Major Organ/Bone Marrow Transplant, Coma, Motor Neurone disease, Open Chest CABG and Permanent Paralysis of Limbs.
  • In case of dismemberment: A person who has been infected by any of the following impairments depicted below is declared as disabled-
    1. Irrecoverable loss of eyesight of both the eyes OR
    2. Misplacement or loss of limbs or above wrists OR
    3. Total damage to both the legs at or above the ankles OR
    4. Total damage to one hand at/ above the wrist and one foot at/ above the foot.
    5. In both the situation pointed above, the assured must be carrying disability or illness for at least 180 days in an urge to receive the coverage amount of the rider.

Max Life Accidental Death and Dismemberment Rider

Max Life Accidental Death and Dismemberment Rider

With the help of this rider assured can save his family from future financial instabilities that may develop from uninvited death and dismemberment. Max Life term insurance will provide an additional sum assured in combination with the basic sum assured, if the claim has been raised.

Highlights of Accidental Death and Dismemberment Rider

  • The minimum premium payable under this rider is Rs 50 per year.
  • Maximum premium payable should not exceed 100% of the premium submitted under base policy. However, the maximum amount decided is Rs 10,000.
  • The death must result within 180 days after the accident or illness happened and the rider must be in force.
  • Disability must result from either, permanent loss of eyesight of both eyes or loss of both hands or loss of foot or loss of one hand and one foot.

Eligibility Criteria of Accidental Death and Dismemberment Rider

Minimum Sum AssuredRs 50,000
Maximum Sum AssuredRs 1 crore
Age of Entry18 years to 65 years
Maximum Maturity Entry70 years
Premium Paying TermEqual to the rider term
Premium Paying ModeAnnual/ Semi-Annual/ Quarterly/ Monthly
Term of the Rider5 years to 52 years

Max Life Term Insurance Review

Max Life Insurance is a pioneer in the insurance industry that claims to settle all the honest claims within a week. Max Life term insurance has become the choice of millions of people due its claim settlement ratio and deliverance of quick customer services.

FAQs

Yes, all the term insurance plans carry the feature of free look period where the assured is given 15 days of time period to examine and scrutinize each and every clause described in the policy document. In case the asured is not contented with any one or more clauses, then the decision of cancellation can be conveyed to the company.

Max Life insurance allow a grace period of 30 days within which the outstanding premium must get paid by the policyholder.

Even if the premiums are not submitted within this time duration, then the policy will lapse and all the accumulated benefit will automatically get ceased.

The information must be shared in written form and there are three ways through which claims are intimated-

  • Visit the nearest branch office of the company.
  • Email the information to the claim support team of the company on claims.support@maxlifeinsurance.com.
  • Tell your Agent advisor about the claim.
  • Original policy document and wordings.
  • Original death certificate issued by local municipal body. Assured must carry self-verified photocopies as well.
  • Death claim application form (Form A)
  • NEFT mandate form certified by bank authorities along with a canceled cheque or photocopy of bank account passbook.
  • Photo identity proof and address proof of the nominee such as copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.

If death causes due to illness or any other natural event:

  • Form 'C to be filled by the attending physician declaring his/ her statement regarding the death.
  • Medical history records of the deceased such as admission notes, discharge/death summary, test reports, doctor consultation etc.

If death appears due to an accident or unnatural cause:

The nominee should present original plus duplicate copies of the documents listed below-

  • First Information Report (FIR) or Panchanama/Police complaint
  • Post Mortem report (PMR)
  • Autopsy and Viscera report
  • Final Police Investigation report (FPIR)/Charge sheet.

The estimate time taken by the company to settle a claim is 30 working days after the complete set of documents are submitted and are duly verified by the company. If further verification of claim is necessary, then 180 days are taken by the company to completely settle the claim.

  1. Inform Max Life insurance about the claim by specifying all the mandatory details about the policy.

  2. Arrange and submit all the necessary documents along with claim intimation form duly filled and attested.

  3. The company will examine the authenticity of the documents submitted and an approval letter is delivered to the claimant, if no further authentication is required.

  4. The claim amount will be settled through electronic mode to make the process more convenient and effortless.

  5. The company may ask for extra documental proof, if present evidence does not meet the satisfaction.

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Last updated on 13-11-2019