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Max Online Term Plan Plus
  • Coverage for 40 Critical Illness
  • Flixible to Choose Payout Option
  • Pay until the age of 60
  • Life Cover + Monthly Income
  • Add-on Riders Benefits
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Max Life Online Term Plan

The motive of Max Life Term Insurance Plan Plus should not be limited to financial assistance to the family at the time of death the insured. Ideal term plan is seen as that include returns, additional coverage for treacherous ailments, online facility etc and must be different from traditional term insurance policies. Max life Online Term Plan Plus is one such policy that includes financial protection to the beneficiaries with affordable rates of premium, add-on coverage for critical illness and accidents, long term coverage, flexibility in premium payment. Max Life Insurance holds an excellent record of satisfied customers through the quick claim settlement process.

Why Should You Buy Max Life Online Term Insurance?

  • Financial Protection: The beneficiaries or dependent family members after the demise of the insured get a lumpsum payment of sum insured.
  • Cheapest Way of Secure Family Future: A term insurance is the most effective and cheapest method to Secure Family future from uncertainties or risks.
  • Save Tax: When you pay premiums, you get a tax deduction under the Income Tax Act.
  • Lowest Premiums: Term plans have relatively less monthly or annually premium as compare to endowment or any other insurance plan.
  • Claim Settlement Ratio: The claim settlement ratio is higher under the term insurance plan as the policyholder is guaranteed to receive a fixed amount with other benefits following the death of the insured.

For Whom Max Term Insurance is Suitable?

Max online term insurance can be purchased by anyone who is receiving salary or income and have dependents to care of. It is suitable for -

If you are single - If you invest in term insurance when you are single, then this becomes beneficial for parents who are utterly dependent on you at present moment or in future.

If you are married - When married your spouse may be financially dependent for expenses and this ensures spouse’s safety for future.

If you are married and have kids - When you are married and got future responsibilities of children like expenses of education and marriage, then it will safeguard them in your absence.

Eligibility of Max Life Term Plan

Minimum age of entry 18 years
Maximum age of entry 60 years
Maximum age of maturity 85 years
Duration of cover 10 to 50 years
Sum insured amount 25 lakhs to 100 crores
Premium payment options monthly/quarterly/half yearly/annually
Premium payment Type Pay till 60 / Regular
Riders Accidental death and dismemberment cover, Critical illness, life stage benefit, Waiver on premium

Max Life Term Plan Coverage Options

MaxLife Online Term Plan Plus has 3 variants or options mentioned below -

1. Basic Life Cover

Definition: Pays a lumpsum amount on the maturity or death to the beneficiaries.

Features:

  • Give coverage to 40 illnesses and disabilities precarious to health through extra premium
  • Benefit of upgrading the coverage amount for significant expenses like marriage or birth.
  • Premium payment till the age of 60 years for the coverage taken up to 85 years (possible through extra premium).
  • Sum insured is 25 lakhs to 100 crores

2. Basic Life Cover With Monthly Income

Definition: This plan will give you a definite amount of sum insured along with monthly income (0.4% of the sum insured for 10 years) to the family of the policyholder.

Features:

  • 98.26% of claim settlement record and tax deductions
  • Covers 40 critical illness (on extra premium payment) for which 50% of the sum insured is paid and rest is carried forward.
  • Pay til 60 years if the term of coverage is up to 85 years.
  • Sum insured is 25 lakhs to 100 crores.

3. Basic Life Cover With Rising Monthly Income

Definition: It gives the family of the insured unlimited benefits of full sum insured along with payment of monthly income for 10 years that keep rising by 10% per year as the cost of living escalates.

Features:

  • Premium payment term is less than the term of the policy
  • Coverage form critical illness, accidental death, disability and waiver of premium.
  • Deposit premiums till you work (up to 60 years) and get coverage until 85 years. Also, save the total amount of premium.
  • Sum insured is 25 lakhs to 100 crores.

Benefits of Max Life Online Term Plan

  1. 7Death Benefit: At the time of death the family or beneficiaries of the insured will receive a lumpsum payment of sum insured along with other benefits depend on the variant chosen.
  2. Tax Benefit: The premium paid on term insurance plans is designated tax benefits under Section 80C and 10C © of Income Tax Act.
  3. Increase Coverage When You Need it Most: The insured have the freedom to escalate the figure of sum insured when the expense rises due to marriage, childbirth, home loan etc. This option is available for one time during the whole policy term by providing necessary proofs.
  4. Rewards to Healthy Individuals: The policyholder who have no addiction to tobacco and maintains a healthy lifestyle, then he/she is rewarded with lower premium rates.
  5. Fast Claim Settlement: The claim settlement ratio of Max life insurance is 98.6% which reflects the quick processing and effective customer service.
  6. Flexibility: The plan bestows the flexibility to decide sum insured, mode of premium payment, type of coverage in relevance to the income, age, and liabilities of the policyholder.

Max Life Term Insurance Policy Riders

Riders are offered only on the payment of additional premium.

  • Accidental Death and Dismemberment: Any death or disability to the insured exists due to accidents will receive due coverage from the insurer. The maximum coverage provided for this rider is 1 crore and minimum is Rs 50,000. The rate of premium would be Rs 63 per lakh of sum insured.
  • Premium Waiver Benefit: The future premium will get waived off on the detection of critical illness, or happening of dismemberment and death. The maturity age of this rider is 70 years. Premium payment should not be more than 100% of the premium paid plus any other riders for a base policy.
  • Critical Illness Benefit: It covers critical illnesses such as specific cancer, heart attack, replacement of heart valve, hypertension, blindness, chronic lung diseases, brain tumor, head trauma, paralysis of limbs, deafness, and many more. The maximum coverage amount for critical illness is Rs 50 lakhs whereas the minimum is Rs 5 lakhs.

PREMIUM ILLUSTRATION

Akshay who is 35 years want to invest in Max Life Online Term Plan Plus for 50 years of coverage and the premium payment term is 26 years. He selected Pay till 60 option for premium payment. Let’s see how the premium fluctuates with respect to variants and sum insured.

Sum Insured Premium Payment (monthly) (after inclusion of GST)
Basic Life Cover Basic Life Cover With Monthly Income Basic life cover With Rising Monthly Income
Basic Premium With Accidental & Critical Illness Rider Basic Premium With Accidental & Critical Illness Rider Basic Premium With Accidental & Critical Illness Rider
25 Lacs 654 1,079 839 1,264 916 1,341
50 Lacs 1,137 1562 1516 1941 1672 2097
75 Lacs 1,706 2,131 2274 2,699 2508 2,933
80 Lacs 1819 2,244 2426 2,851 2675 3,100
1 Crore 2118 2,543 2876 3,301 3188 3,613
10 Crore 19937 20,362 27518 27,943 30633 31,058

Exclusion of Max Life Term Insurance Policy

  • Suicides or self-destruction activities.
  • Death due to Intake of hallucinogenic substance or alcohol, tobacco etc
  • Death resulting from participation in a war, nuclear bombing, or criminal act.

Max Term Plan Review

Overall the online term plan plus is cost-effective, affordable, and easy to understand. This online term plan of Max Life is a perfect amalgamation of benefits in the form of regular incomes along with lumpsum payment of sum insured guaranteed by the company on the death of the policyholder. It also gives assistance at retirement period through the option of Pay Till 60 and coverage for 40 life taking diseases.

FAQs

1. What are the advantages of buying Max Life term insurance online?

  1. By the plan by just sitting at home or in your comfort zone.
  2. Less time consuming and smooth processing with zero efforts.
  3. Compare premiums and coverage according to your needs.

2. How to select the best term insurance?

Consider the following points -

  1. Claim settlement ratio of the company
  2. Satisfaction rate of the current policyholders
  3. Check the number of benefits provided in the term plan
  4. Compare the premiums with respect to the sum insured and riders
  5. Flexibility under a plan

3. Is there any Maturity benefits under the policy?

No, there is no provision to receive maturity benefits at the end of the policy.

4. What is the benefit of selecting pay till 60 option?

e benefits are -

  1. Total payout premium would be less than the premium under the regular payment option.
  2. Get coverage till the age of 85 years while you pay till 60 years.

5. What is the eligibility criteria for selecting life stage benefit?

To avail this option -

  1. Sum insured must be more than or equal to Rs 50 lakhs.
  2. Age must be 45 years minimum.
  3. Three years must have passed from the date of issuance of the policy.
  4. Annual payment of premium for three continuous years from the date of inception.
  5. Sum insured can be increased within a time period of one year after the occurrence of the event.

6. What events are covered under Life stage benefit?

Events covered are -

  • Marriage
  • Childbirth
  • Home loan

7. How much percentage of increase is given under life stage benefit?

Types of life stage benefit % of increase in sum insured
Marriage (one time in the whole policy term) 50% of sum insured (but less than Rs 50 lakhs)
Childbirth (up to 2 births only) 50% of sum insured (but less than Rs 25 lakhs)
Home loan (one time in the whole policy term) 50% of sum insured (but less than Rs 50 lakhs)

8. What death benefits do we receive under Max online term plan plus?

The death benefit is different for various coverage given in the table

Coverage options Total Death benefit
Basic life cover 100% of sum insured
Basic life cover with monthly income 148% of sum insured
Basic life cover with rising monthly income 169.6% of sum insured

9. How much do we get if we choose Basic Coverage with Increasing Income?

Let’s consider an example, Mr. Gupta purchased Max life online term plan plus on 20th January 2014 for Rs 1 crore by selecting basic coverage with increasing income. Mr. Gupta died on 25 July 2018 Monthly income would be 0.4% of the sum insured

The income payable after death will start from new year i.e. 20th January 2019 as shown in the table.

Payment Period of Income Amount of income (10% of increase every year for continuous 10 years )
20 January 2019 to 20 December 2020 Rs 40,000
20 January 2020 to 20 December 2020 Rs 44,000
20 January 2021 to 20 December 2021 Rs 48,000
20 January 2022 to 20 December 2022 Rs 52,000
20 January 2023 to 20 December 2023 Rs 56,000
20 January 2024 to 20 December 2024 Rs 60,000
20 January 2025 to 20 December 2025 Rs 64,000
20 January 2026 to 20 December 2026 Rs 68,000
20 January 2027 to 20 December 2027 Rs 72,000
20 January 2028 to 20 December 2028 Rs 76,000

Note: 10% increase will be given on first-year income of Rs 40,000.

10. Do the premium amount increase with the increase in age?

No, there no clause in the policy that says premium rises with an increase in income. But if there are any fluctuations in the tax rate, the premium may change.

11. Is it good to buy term plan at an early age?

Buying term plan at an early age can give relaxation in payment of premium. If you buy a cover of Rs 50 lakh at age of 35, the premium would be Rs 1137 per month. While if you buy at 25 years for the same sum insured, the premium would be 514 per month. In both the case, the coverage is taken for 50 years. Premium at an early age is much less than premium at a higher age.

12. How much coverage amount should I buy?

The basic rule to follow is-

Sum insured= 10 x annual income + outstanding loan and liabilities

Most of the term insurance companies follow this trend. But Max life gives you sum insured option up to 22 times of annual income. The sum insured will depend upon your age and income.

13. What is the grace period if we fail to pay premium on the due date?

Under monthly payment of premium, a grace period of 15 days is allowed to the policyholder for payment.

Under the annual/quarterly/half yearly payment of premium, 30 days of grace period is given.

Max Life Term Plans

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