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.
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.
|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|
MaxLife Online Term Plan Plus has 3 variants or options mentioned below -
Definition: Pays a lumpsum amount on the maturity or death to the beneficiaries.
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.
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.
Riders are offered only on the payment of additional premium.
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|
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.
Consider the following points -
No, there is no provision to receive maturity benefits at the end of the policy.
The benefits are -
To avail this option -
Events covered are -
|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)|
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|
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.
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.
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.
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.
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.
Last updated on 29-05-2020