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Max Life Insurance commenced operations in the year 2000 and since then has expanded their presence across the nation.
Max life provides a range of life insurance, term insurance, linked, participating & non-participating, health pension, annuity, retirement, child plan, savings, protection, and growth plans to individuals and to groups. These term plans offer financial support to your loved ones and extra protection with additional riders. Max Life Term Insurance plans are customizable, reliable, and affordable term plans which is why it has garnered a wide customer base that places its trust in Max Life Insurance.
Max Life Insurance provides tax benefits on the premium amounts paid and the final amount that is achieved as a pay-out as per death benefit. As a trustworthy term insurance company, these plans can allow the policyholder to avail of loans in its lieu.
Max Life Term Insurance offers multiple plans and ways of securing your family after you. Let's have a look at some of the brilliant features of the policy making it one of the best available term insurance plans in the domain.
A unique all-around protection plan providing coverage for 64 critical illnesses and terminal illnesses with an option of skipping the premium post 10 policy years.
Unique Benefits
A simple term plan that provides a death benefit and life cover. Being a TROP it provides maturity benefits and gives you your premiums back.
Unique Benefits
A simple, uncomplicated pure protection term plan that protects you and your family against fixed premiums.
Unique Benefits
This Plan offers two death benefit options to cater to diverse financial requirements; wherein you can choose from a Life Cover or Increasing Life Cover, depending on your preference.
Unique Features
Death, illness, and disability are all realities that are rarely discussed. All three, however, are facts that we are unable to completely neglect. One way that can protect you and your family from the financial problems caused by these three and other dreadful events is buying a term insurance plan.Therefore, everyone who has dependents should purchase a term insurance policy. They include:
Buying a Max term plan is a serious decision, as it will provide your family significant financial support, after your passing. Therefore, we must choose the term plan that will benefit us the most. Your coverage should be sufficient to appropriately safeguard your family, while not being too expensive for you to afford.Here are a few points you must consider while purchasing or looking for a term insurance plan:
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
In case Policyholder & Life Insured are different
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:-
To calculate MAX Life Term Insurance premiums, policyholders can turn to MAX Life Term Insurance premium calculator. It is an online tool that allows the policyholder to calculate their term plan premiums in advance.
Take a look below at sample premiums of MAX Life Term plan
Sum Assured (in Rs.) | 50 Lakhs | 75 Lakhs | 1 Crore |
Monthly Premium Payable(in Rs.) | 522 | 783 | 895 |
*Premiums calculated for a 30-year old, non-smoker male. Chosen plan option is "Life Cover only" with a premium payment term of 40 years.
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.
**Once the payment is made, you will get a payment confirmation at your registered email address.
**Once the payment is made, you will get a payment confirmation at your registered email address.
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.
The Max Life Term Insurance claim process is simple. All you need to do is follow the below procedure.
Claims 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
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
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.
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.
Max Life offers a "waiver of premium" rider in their term insurance plans.
One of the top insurance providers in India, Max Life Insurance Company has a high claim settlement ratio of 99.34% 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.
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.
The free look period is 15 days from the date of receipt of the policy bond.
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.
Premium Back and Life Stage benefits can only be added while purchasing the policy and not after.
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.
To renew a Max life term plan, you need to follow these below-mentioned steps:
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.
No. It is not possible to change the policy duration of Max Term Insurance once the policy is issued.
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.
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.
Single individuals with dependent parents, Married individuals with dependent spouse and/or children.
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.
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.
The Solvency Ratio of Max Life Term Insurance is 2.04% (2021-22) which is higher than IRDAI mandate (1.50%).
See More Term Insurance Articles
See More Term Insurance Articles
Read what our customers have to say about Max life term insurance company
Vishakha Kumari
Dehradun
May 25, 2022
MAX Bupa is indeed a good company. After my husband s death, the company settled the claims within a few months.
shivani kashyap
Mumbai
February 24, 2022
Max life is a reputed company for a reason. They always take good care of their clients without delaying their requests and claim. I am impressed
shruti
Kanpur
February 24, 2022
Got claim settled of my father s policy within 15 days as my family needed money to repay loan. Thank you to the team. Really happy with the service.
puneet
Chandigarh
February 18, 2022
My father was having term insurance from them and when we informed them about the death of my father. They helped me and my family. cleared all claims asap
anirudh
Coimbatore
February 18, 2022
Last year I met with an accident while going to the office. My life insurance rider- accident one came very usefully. I got sufficient money to earn my home as I was not able to go work.
shika suman
Guwahati
February 10, 2022
I am the earning member of the family and I am always scared that what will happen to them after my death. So Max life gave me the best suggestion to purchase a term insurance plan that will ta...
Rachita Kamble
Pune
August 18, 2021
Max Life is a very nice company. I am glad that I chose this company. The premiums are affordable, and I have peace of mind that my family will be financially secure after my death.
Victor Dutta
Agra
June 16, 2021
I m really happy with the riders provided by Max Life. I bought a term plan and the riders just make sure that I have a thorough cover.
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