Max Life Term Plan
Max Life Term Plan
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Max Life Term Insurance

Max Life Insurance Company Limited was founded in the year 2000. It is a joint venture between Max Financial Services Limited and Mitsui Sumitomo Insurance company. The company is headquartered in New Delhi and has 239 offices present across the country. It offers various types of insurance such as child, savings, life, etc. Max Life Term Insurance provides financial assistance to the family in case of the unfortunate death of the policyholder. A lump sum amount is paid to the beneficiary(s) as a death benefit if the policyholder dies during the policy period.

Types of Max Life Term Insurance Plans

1. Max Life Online Term Plan Plus

Max Life Online Term Plan Plus is a term insurance plan that offers guaranteed payment to the life assured's family either in a lump sum or monthly income or income through regular increasing income. Its online accessibility provides convenience and flexibility to the policyholder in premium payments and easy claims settlement.

Features & Benefits Offered of Online Term Plan Plus

  • It comes with 3 different variant options to choose as per your needs.
  • It provides long-term coverage for up to 50 years as per chosen by the life assured.
  • In case of disability or critical illness, the future premiums will be waived off by opting additional riders.
  • The plan offers extended coverage until the age of 85 years.
  • You can increase the Sum Assured amount for major events such as the marriage of children, birth of a child, home loan etc. where you need plenty of funds to cope with the expenses.
  • The premium rates are lower for non-smokers and rewards for healthy lifestyle choices.

Eligibility Criteria Offered of Online Term Plan Plus

Minimum Age of Entry18 years
Maximum Age of Entry60 years
Maximum Age of Maturity85 years
Term of the Policy10 years to 50 years
Minimum Sum AssuredRs. 25 lakhs (under all the three options)
Maximum Sum AssuredRs. 100 crores
Premium Paying TermRegular Pay, Pay till 60 years, 10 Pay
Premium Paying FrequencyYearly/Half Yearly/Monthly/Quarterly

**Last Updated on 19-06-2020

2. Max Life Super Term Plan

Max Life Super Term Plan is a pure protection term plan that provides financial security to your loved ones in your absence at affordable costs. With the help of this policy, the life assured has the flexibility to choose policy terms, the sum assured, and premium paying term.

Features & Benefits Offered of Super Term Plan

  • The plan offers lower premium rates for choosing a higher coverage amount.
  • Discount on premiums for female policy buyers and non-smokers.
  • Rewards for maintaining a healthy and fit lifestyle.
  • Boost your basic sum assured by opting 'increasing sum assured' option. The sum assured will be increased by 5% every year on policy anniversary until the policy term ends.
  • The policyholder can choose to receive benefits either as a lump sum or monthly income or a mix of a lump sum (50% guaranteed lump sum + 0.42% monthly income for 10 years).
  • You can take additional benefits on adding various rider options by paying extra premiums.

Eligibility Criteria Offered of Super Term Plan

Minimum Age of Entry18 years
Maximum Age of Entry65 years
Maximum Age of Maturity75 years
Term of the Policy10 years to 35 years
Minimum Sum AssuredRs. 25 lakhs
Maximum Sum AssuredNo limitations and must be in multiples of Rs. 1 lakh
Premium Paying TermSame as the policy term
Premium Paying FrequencyYearly/Half Yearly/Monthly/Quarterly

**Last Updated on 19-06-2020

3. Max Life Premium Return Protection Plan

Max Life Premium Return Protection Plan is a non-linked and non-participating term plan that offers protection cover along with the guaranteed return of premium (including extra premiums) at the end of the policy term (if the life assured survives till the end of the policy). It provides the freedom to choose the policy term and sum assured amount according to financial requirements in the future.

Features & Benefits Offered of Premium Return Protection Plan

  • The plan offers long-term protection cover up to 30 years.
  • It provides an inbuilt accidental death benefit of 50% of the sum assured.
  • Cheaper premium rates starting from Rs. 8,500 every year during the policy term.
  • It offers discounts on premium rates for female policyholders.
  • Special discounts for buying high sum assured of Rs. 30 lakhs or more irrespective of the gender.

Eligibility Criteria of Premium Return Protection Plan

Minimum Age of Entry21 years
Maximum Age of EntryPolicy Term of 20 years: 55 years
Policy Term of 25 years: 50 years
Policy Term of 30 years: 45 years
Maximum Age of Maturity75 years
Term of the Policy20/25/30 years
Minimum Sum AssuredRs. 5 lakhs
Maximum Sum AssuredRs. 1 crore
Premium Paying Term11 years
Premium Paying FrequencyYearly/Half Yearly/Monthly/Quarterly

**Last Updated on 19-06-2020

Max Life Term Plan Riders

Max Life Critical Illness Benefit Rider: Max Life Critical Illness Benefit Rider covers 40 critical ailments and pays a lump sum in case the life assured is diagnosed with any listed critical illness (mentioned in the policy documents). This rider can be added by paying extra premiums to stay financially independent during pre and post-treatment of a critical ailment such as heart attack, kidney failure, cancer, etc.

Max Life Comprehensive Accident Benefit Rider: In case of death or dismemberment due to an accident of the policyholder, this rider option provides an additional sum assured or rider sum assured to the family. The disability or death must occur within 180 days from the date of accident and independent of any mental illness.

Max Life Waiver of Premium Plus Rider: As the name suggests, this Max Life rider waves off all the future premiums if the life assured becomes a victim of disability or critical illness, which may result in income loss and inability to pay further premiums of the policy. This will help the policy continue and will not affect the existing benefits.

How To Purchase Max Life Term Insurance Plan?

Purchase With Max Life:

  • Visit the official website of Max Life Insurance.
  • Click on 'calculate premiums' and fill the form consisting of basic questions like name, age, contact details, etc.
  • Now add multiple benefits and riders as per your choice from the options provided and click on the 'continue' button.
  • The plan options along with premium details will be displayed in front of you. Check the details and select a plan as per your needs and click on the 'buy' option.
  • Make the payment and you will get a confirmation receipt along with policy documents in your registered email address.

Purchase With PolicyX.com:

  • At the top of this page, you can see a form 'Get MAX Life Term Insurance Quotes Online'. Fill the form with the required information and click on 'Continue'.
  • Choose your income and city. Tap on 'Proceed'.
  • Select your education and occupation type.
  • Choose 'MAX Term Insurance Plan' from the list of insurers and click on 'Buy this plan'.
  • Make the payment online using various modes of transaction.
  • A premium receipt will be sent to your email id on successful transaction.

How To Settle A Claim For Max Life Term Insurance Plan?

Intimate Claim: You are required to intimate the claim to the insurance company by providing information through any of these channels:

  • Email at claims.support@maxlifeinsurance.com or
  • Call on the toll-free number 1860-120-5577 or
  • Agent advisor or
  • Write to Office Address: Max Life Insurance Operations Centre - Claims Department, Max Life Insurance Company, Operations Centre, - 2nd floor, 90A, Sector 18, Udyog Vihar,, Gurgaon-122015, India.

Documents Required: The insurer will ask you to submit supporting documents to process the claim. The following documents will be required for the same:

  • Original policy documents.
  • Original/attested copy of death certificate issued by the local municipal authority.
  • Death claim application form (Form A).
  • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook.
  • Nominee's photo identity proof such as a copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.

Additional documents required on the basis of the cause of death:

Medical/Natural Death:

  • Attending physician's statement (Form 'C').
  • Medical records (admission notes, discharge/death summary, test reports, etc.)

Accidental/Unnatural Death:

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

Settlement of Claim: Once the company receives all the documents and claim form, they will verify the information provided as per terms and conditions. Upon successful completion, the company will inform the nominee whether the claim gets accepted/rejected via email or call. If it is accepted, the claim will be settled and the amount will be transferred to the nominee's bank account.

Max Life Term Insurance : FAQs

1. Is ECS - Electronic Clearance System available in Max Life term insurance?

Yes, it is available.

2. Is there a mobile application available for Max Life term insurance?

Yes, an app called 'Max Life One App' is available for Max Life term insurance.

3. What are the GST charges applicable under Max Life term insurance policy?

18% of GST charges are applicable for Max Life term insurance policy.

4. How much death benefit is payable under Max life super term plan?

The death benefit is higher of 10 times of annualised premiums or 105% of total premiums paid under Max life super term plan.

5. What are the 3 variants available in Max life online term plan plus?

The 3 variants under the plan are as follows:

  • Lump sum payment of sum assured amount
  • Sum Assured + Fixed monthly income
  • Sum Assured + Increasing Monthly Income

6. How many days does Max Life take to settle the claim?

The estimated 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 the company may take 180 days to completely settle the claim.

Last updated on 19-06-2020