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:
- 98.74% 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
- Death 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.
- Tax Benefit: The premium paid on term insurance plans is designated tax benefits under Section 80C and 10C © of Income Tax Act.
- 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.
- 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.
- Fast Claim Settlement: The claim settlement ratio of Max life insurance is 98.74% which reflects the quick processing and effective customer service.
- 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.
