Max Life Term Insurance

Max Life term insurance plans come in 6 kinds and are affordable, customizable, come bearing discounts for non-smokers and females, and can be bought online. The company has a high CSR of 99.51% and a solvency ratio of 2.4.

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Max Term Insurance Plans

Max Life Insurance has been India's leading term insurance provider since 2000. Currently, Max Term Life Insurance has 200+ Branches and 14,000+ Employees who work day and night to support customers in every possible aspect in tough times.

Max life insurance provides multiple products such as life insurance, term insurance, ULIP's participating and non-participating, pension, annuity, child plan, etc. Max Term Plans offer financial support to loved ones and extra protection with riders. Max life term insurance plans are reliable, customizable, and affordable, which is why it has the best customer base in the world.

Max term insurance plans offer tax benefits to the policyholder under section 80c (max Rs 1.5 lakh) & section 10 10D (max Rs 2.5 lakh).

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Why Should You Consider a Max Life Term Insurance Policy?

Since you have decided to purchase a term insurance plan for your family that supports them financially during challenging times in your absence, max term plans have several insurance plans that fulfill all the requirements and needs of the customers. Here are the following features that have made Max term insurance industry leader for many years

  • Claim Settlement Ratio
    Max Life company holds the highest claim settlement ratio of 99.51%, considered the highest in the industry in 2021-2022, reflecting the company's steadiness and trustworthiness.
  • Solvency Ratio
    The solvency ratio is the matrix that helps to understand the customer and how the insurance company performs in tough times such as COVID-19 and the recession. Max Term plans hold a solvency ratio of 2.4, which is considered the best in the industry.
  • IRDAI Guideline
    Insurance Companies must maintain a solvency ratio of 1.5 to do insurance business in india.
  • Operating Networks
    In Tough times, max-term plans support the family of the policyholder in every possible way. Max's term plan has the best operating networks all over India and is continuously working on increasing them.
  • Annual Premiums
    Max life term insurance receives a total of Rs. 22,414.90 crores during the year 2021-2022, which is considered good in the industry. It shows the security that customers feel with Max term insurance.
  • Low Premiums costs
    Max term plans offer a one crore term insurance plan at just Rs.690 per month. In case if the policyholder survives the policy term, they can get all the premiums back, excluding taxes paid.

Top Max Term Insurance Plans in India for 2024

Max Term Insurance Plans
Policy Term
Entry age
Maturity age
Check Plans
Max Life Smart Secure Plus Plan 10-35 years 18-65 years 85 years
Max Life Smart Term Plan 5-67 years 18-44 years 65 years
Max Life Online Term Plan Plus 10-50 years 18-60 years 85 years
Max Life Term Plan with Return of Premium (TROP) 20,25,30 years 21-55 years 75 years
Max Life Saral Jeevan Plan 5-40 years 18-65 years 70 years
What is Policy Term?

Policy term is the duration or the number of years you buy your life insurance policy for. "

What is Entry Age?

The age (last birthday) at which you buy an insurance policy is your entry age to that policy. Insurance policies usually come with a minimum and maximum age at entry which means that you must attain a specific age or should be less than the maximum age to buy a policy.

What is Maturity Age?

The date at which your life insurance policy ends is known as the maturity age of your policy.

Benefits of choosing of Max Term Insurance Plans

From economical term plans to plans for smokers and nonsmokers, max term insurance has several benefits. Here is the list of benefits that max term insurance offers.

  • Economical Plans

    Compared to any other insurance company in industry, max life term plans are one of the economical plans with higher value.
  • Flexibility in Plans

    Max term Insurance Plans provide policyholders with personalized options in various terms such as term, cover amount, premium amount, etc.
  • Special rates for smokers and Females

    Special rates are offered for smokers and females in all max life term insurance plans.
  • Availability in online + offline Mode

    In max life term plans, Both offline and online ways are available. Customers can choose any option for any facility at their convenience.
  • Tax Advantage

    Customers can opt. The benefits of section 80c and section 10 (10)D are in any of the max life term plans.
  • Category of plans

    Max life insurance companies offer a variety of term insurance plans that suit the different requirements of the customers.

List of Max Term Insurance Plans in India

Max Term insurance offers six different types of term plans; each plan has its benefits and criteria; customers can choose any of the term plans as per their needs and requirements.

  1. Max Life Smart Secure Plus Plan

    Max Life Smart Secure Plus Plan, is the term insurance plan that provides financial security to the family of the policyholder and gives a 5% increment in the total sum assured on every anniversary.

    Eligibility criteria :

    Terms Limits
    Policy Term 10-35 yrs
    Entry age 18-65 yrs
    Maturity age 75 yrs
    Premium paying options One time,Regular,Limited
  2. Max Life Smart Term Plan

    Max Life Smart Term Plan is a type of term insurance plan that offers double-death benefits to the policyholder. The first is life cover, and the second is increasing life cover.

    Eligibility criteria :

    Terms Limits
    Policy Term 5-67 yrs
    Entry age 18-44 yrs
    Maturity age 65 yrs
    Premium paying options One time,Regular,Limited
  3. Max Life Online Term Plan Plus

    Max life online term plan plus is a pure term insurance plan, which provides comprehensive protection to the policyholder of death benefits, policyholders can also opt for the benefits of riders in it.

    Eligibility criteria :

    Terms Limits
    Policy Term 10-50 yrs
    Entry age 18-60 yrs
    Maturity age 85 yrs
    Premium paying options Regular, one time limited
  4. Max Life Term Plan with Return of Premium (TROP)

    Max life term plan with return of premium is a term insurance plan offered by max life. Basic purpose of this plan is to give maturity benefits as well as life cover to the policyholder.

    Eligibility criteria :

    Terms Limits
    Policy Term 20,25,30 years
    Entry age 21-55 years
    Maturity age 75 years
    Premium paying options Monthly, half yearly, quarterly, yearly
  5. Max Life Saral Jeevan Plan

    Max life saral Jeevan plan is a pure term insurance plan offered by max term insurance, the basic purpose of this plan is to provide financial security to low income or less educated families.

    Eligibility criteria :

    Terms Limits
    Policy Term 5-40 yrs
    Entry age 18-65 yrs
    Maturity age 70 yrs
    Premium paying options Monthly, half yearly, yearly.
  6. Max Life Premium return protection plan

    Max term premium return protection plan is a term insurance plan offered by max life insurance. This plan offered return of premium facility if the policyholder survives the policy term, apart from sum insured offered to the policy holder.

    Eligibility criteria :

    Terms Limits
    Policy Term 20,25,30 yrs
    Entry age 21-55 yrs
    Maturity age 75 yrs
    Premium paying options Monthly, half yearly, Quarterly, yearly.

Who should buy a max life term insurance plan?

In today's dynamic environment, death, illness, and disability are the harsh realities that are rarely discussed, and the fact is we are unable to neglect it completely. One way that can help you and your loved ones avoid financial problems and incurred events caused by these three is to buy a term insurance plan in a timely manner. Therefore, everyone who depends should buy a term insurance plan; however, given below, people should buy term insurance as a top priority.

  • Parents with dependent children
    Parents who have liabilities such as children's education responsibilities should definitely go to the maximum term insurance plans. So, in your absence, they will not lose any opportunities in life.
  • Young Individuals
    As soon as any young teenager reaches eighteen years of age, they would prioritize term insurance on top. As the age increases, the premium of the term insurance is less compared to higher age.
  • Newly married couples
    As you are newly married, your responsibility also increases with time. Choosing a good term insurance plan provides your spouse sufficient financial help in your absence.
  • High net worth Individuals
    Term insurance plans help your family to not compromise with the financial habits, in case of your absence. Even they act as a strong support in tough times.

Types of Riders available in Max Life Term Insurance Plans

  1. Max Life Waiver of Premium

    It is a Non-Linked Non-Participating Individual Pure Risk Premium Insurance rider. When you add Max Life Waiver of Premium Plus rider to your life insurance policy, you can avail waiver of all future premiums in case of an eventuality mentioned below to the policyholder.

    In case Policyholder & Life Insured are same

    • Dismemberment
    • Diagnosis of eleven (11) specified critical illnesses

    In case Policyholder & Life Insured are different

    • Dismemberment
    • Diagnosis of eleven (11) specified critical illnesses
    • Death

    Once claim under this rider is accepted and future premium(s) are waived; then in case of termination of base policy due to happening of any insured event or surrender (only if surrender value is available under the base policy), the following benefits are payable:-

    • All applicable benefits under the base policy
    • The present value of the future Premium

How To Buy MAX Life Term Insurance Plans?

MAX Life allows you to buy term insurance plans online or via their advisors who can assist you in making the right decision. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of the buying process.

Steps to buy from PolicyX.com

  • Fill out the form given at the top of this page with the necessary details.
  • Select your income and city. Click on 'Proceed'.
  • Update your education and occupation details.
  • Choose your preferred plan and click on 'Buy this plan'.
  • Select policy term, premium period, and riders (if required) and then proceed to do the payment.

**Once the payment is made, you will get a payment confirmation at your registered email address.

Steps to buy from MAX Life Insurance company

  • Visit the official website of Max Life Insurance.
  • Click on 'Calculate Premium' and fill in the form that comes up.
  • Add benefits and riders as per choice, then click on 'Continue'.
  • Check out the plan options and premium details and select a suitable plan.
  • Click on the 'Buy' option.

**Once the payment is made, you will get a payment confirmation at your registered email address.

How to file a claim in Max Life Term Insurance Plans

Filing a claim for MAX Life Term Plan is a simple and hassle-free task. You can easily fill and submit their claims online or offline. To file a claim for MAX Life Term Plan, you need to follow the below-mentioned steps.

Claim forms can be downloaded from the company website www.maxlifeinsurance.com or can be collected from any of the branch offices of the company and submitted back to the company.

Documents required for term insurance claim

  • Claim form.
  • Original policy document.
  • FIR report if applicable.
  • Post mortem report if applicable.
  • Death certificate by the local municipal authority.
  • Photo identify proof of the nominee.
  • Any other document which may be asked by the insurance company to approve the claim request.

How to Contact MAX Life Insurance Company?

Online Sales Helpline Contact Information

Toll-free number: 0124 648 8900 (Available from 9:00 am to 9:00 pm IST) Monday to Saturday

service.helpdesk@maxlifeinsurance.com, SMS 'LIFE' to 5616188

MAX Life Term Insurance: FAQs

1. How much coverage do I need for my MAX Life Term Insurance plan?

The thumb rule to calculate your coverage needs is that a term insurance plan needs to be 20 times of your annual income. You can also take into consideration your life stage requirements, liabilities, income, age, etc., to come to ideal term insurance coverage.

2. Is maturity benefit available in MAX Life term plan?

Term insurance should be taken as a financial protection cover and not seen as an investment. Term Insurance is the only life insurance option that offers such high coverage for low premiums compared to other life insurance products. The Max Life Smart Secure Plus term plan comes with a maturity benefit.

3. Are there any riders available in term insurance plans provided by MAX Life?

Max Life offers a "waiver of premium" rider in their term insurance plans.

4. Is Max Life a good company to buy insurance from?

One of the top insurance providers in India, Max Life Insurance Company has a high claim settlement ratio of 99.51% and a solvency ratio of 2.4% It has 269 branches and excellent pan-India connectivity. They design their plans with an affordable premium, with ease of online availability of plans, contributing to the convenience of the customers.

5. What are the benefits of Max Life Insurance?

  • High life cover at affordable premiums.
  • Protection of your loved ones from unforeseen circumstances.
  • Protection from illnesses.
  • Long-term coverage.
  • Disability benefits.
  • Income options in case of unfortunate accidents.
  • protection against liabilities.

6. Does my smoking habit affect my insurance premium rate?

Yes, the premium rates for a person with smoking habits are generally higher than for a non-smoker. This is because they are at a greater risk of developing health-related issues later in life.

7. What is the free look period of Max Life term insurance plans?

The free look period is 15 days from the date of receipt of the policy bond.

8. Is Return of Premium applicable for those charged under additional riders?

Any premium amount charged under optional benefits such as Critical Illness benefit, accident cover riders will not be a part of the benefit (return of premium) upon maturity.

9. Can optional benefits be purchased after buying a term plan?

Premium Back and Life Stage benefits can only be added while purchasing the policy and not after.

10. What should I do in case I lose the documents required to file a claim at Max Life?

As a first step, an FIR must be lodged. Then you must make sure to inform your insurer to avoid any hassles. One should always maintain duplicate copies of important documents to aid in times of need.

11. What is the process of Max Life term plan renewal?

To renew a Max life term plan, you need to follow these below-mentioned steps:

  • Enter your correct Client ID and D.O.B. to login into e-portal
  • Enter the policy details of your Max Life term plan
  • Select the payment method (Debit/Credit Card or Net Banking)
  • Save/print premium deposit receipt on successful payment

12. What is the Max term insurance cancellation process?

For canceling a Max term plan, you need to visit the nearest branch of Max Term Insurance with all the policy documents and duly filled surrender form. Once the cancellation process is completed, the refund will be transferred immediately into your bank account.

13. Is it possible to change the policy duration of my Max Life Term Insurance plan after it has been issued?

No. It is not possible to change the policy duration of Max Term Insurance once the policy is issued.

14. Is it possible for Non-Resident Indians (NRIs) to buy a Max Term Plan?

Yes, NRIs can buy the Max Life Term plan online if they are Indian citizens, have ever held an Indian passport, or are the lawfully married spouse of an Indian citizen.

15. What is the grace period offered by Max Life Term insurance?

If you do not pay the policy premium by the due date, Max life term insurance will provide you a grace period of 15 to 30 days. In case you still fail to pay the premium of your Max Term Plan your policy will lapse immediately.

16. Who should buy Max Term Insurance?

Single individuals with dependent parents, Married individuals with dependent spouse and/or children.

17. What are the types of Max Life term Insurance plans?

  • Max Life Super Term Plan
  • Max Life Online Term Plan Plus
  • Max Life Premium Return Protection Plan
  • Max Life Smart Secure Plan Plus
  • Max Life Flexi Wealth Plus

18. Is natural death covered under Max Life Term Plan?

Yes, the Max Life Term Plan covers natural death. It provides the nominee of the policy a certain amount irrespective of the reason of the death.

19. Can a person buy more than one Max life term insurance at a time?

Yes, it's possible to buy more than one Max life term insurance. Just read the documents carefully and disclose the information about previous max term insurance plans.

20. Documents required to buy Max Life Term Insurance?

  • Voter ID
  • Aadhar Card
  • Documents issued by the Central government.
  • National Register with your name, address, aadhar information on it.

21. What is the solvency ratio of Max Life Term Insurance?

The Solvency Ratio of Max Life Term Insurance is 2.04% (2021-22) which is higher than IRDAI mandate (1.50%).

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Max life Term Insurance Reviews

Read what our customers have to say about Max life term insurance company

Customer Review Image

Anubhav yadav

Amritsar

March 18, 2024

Outstanding service by policyx.com! I had some doubts about my max life insurance that I purchased recently, but their insurance expert solved all my doubts without any hassle.

Customer Review Image

Sahil singh

Amritsar

February 16, 2024

Recently, I bought a term plan of max life insurance from policyx.com, an advisor named Rahul properly explained all the details very carefully and answered my all queries very well, So the ove...

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Ranjan Pandey

Lukhnow

January 25, 2024

I had questions about term insurance plans, and PolicyX.com gave me all the information I needed. They replied quickly and were ready to help, making me feel sure about choosing PolicyX.com for...

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Kunal Singhania

Kochi

October 5, 2023

The Max Life Term Insurance I purchased on PolicyX.com provides the financial security my family needs. I highly recommend their services.

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Kavya Reddy

Lukhnow

October 5, 2023

PolicyX.com made it easy to compare Max Life Term Insurance plans, and I m happy with the policy I chose to protect my loved ones.

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Janvi Trivedi

Meerut

October 5, 2023

I had a seamless experience purchasing Max Life Term Insurance through PolicyX.com. Their platform is efficient and trustworthy.

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Jai Mehta

Nagpur

October 5, 2023

Max Life Term Insurance through PolicyX.com offers comprehensive coverage at competitive rates. I m glad I chose this policy.

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Ishaan Mathur

Patna

October 5, 2023

PolicyX.com s website is user-friendly, and I was able to find a Max Life Term Insurance plan that suits my family s needs perfectly.

Varun Saxena

Written By: Varun Saxena

Varun is a passionate content writer with over three years of experience in the insurance domain. An avid learner, he stays ahead of the industry's trends ensuring his writing remains fresh and includes the latest insurance shifts. Through his work, Varun strives to engage with targeted insurance readers.