About Max Life Term Insurance

Max Life is a joint venture between Max Group and Axis Bank Limited. The company currently offers a portfolio of life insurance plans through its multichannel distribution network of partners and third-party agencies. Max Life term insurance plans serve different needs of their customers and come with additional riders that the user can personalize according to their financial requirements.

Term Insurance Plans offered by Max Life

Please find below a list of the active Max Life insurance term plans.

**Last Updated on August, 2021

Let's delve into these plans to understand them better.

1. Max Life Smart Secure Plus

   It is a pure risk, individual, non-linked, non-participating term insurance plan. The Max Life Smart Secure Plus allows for customizations against critical illness, disability and death benefits. The figure below illustrates each death benefit variant available under the scheme.

   Death Benefit Variants of Max Life Smart Secure Plus

   

   Key Features of Max Life Smart Secure Plus:

   • Policyholders are eligible to receive a 100% return of premium paid upon maturity*.
   • Flexibility to increase policy period for coverage up to 85 years of age.
   • Accelerated critical illness (ACI) cover in case of medical emergencies such as
     cancer, kidney failure, and heart attack.
   • 5% loyalty discount on the premium amount for existing policyholders.

   Eligibility Criteria:

   Age at Entry	Minimum: 18 years Maximum: < 60 years
   Maximum age at Maturity	85 years
   Policy Term	ACI and Death benefit: 10 to 50 years Accident Cover: 5-50 years
   Premium Payment Options	Single premium, Regular premium, Limited premium, Pay till 60
   Minimum Sum Assured	Rs. 10,00,000

   **Last Updated on August, 2021

2. Max Life Smart Secure Plus Plan

   A new product, Max Life Smart Secure Plus plan is for people looking to invest in a financial contingency plan to keep up with the evolving economy. Under this plan, policyholders can avail of any of the two death benefits: life cover and increasing life cover. Further, the beneficiary has the option to choose from a lump sum amount, monthly income, or as a part lump sum and a part monthly income as payout for the death benefit.

   Key features of Max Life Smart Secure Plus Plan:

   • Built-in discounts for choosing higher sum assured
   • Lower premium rates for females and non-smokers.
   • Discounts in premium applicable for existing customers.
   • Maturity benefit can be availed by the policyholder if they purchase the return of premium (ROP) variant along with the base plan.

   Eligibility Criteria:

   Age at Entry	Minimum: 18 years Maximum: 65 years
   Maximum age at Maturity	Base Death Benefit: 85 years ACI Benefit: 75 years Accident Cover: 85 years
   Policy Term	Base Cover: 10-67 years ACI Cover: 10 to 50 years Accident Cover: 5-67 years
   Maximum Policy Term (ROP variant)	50 years
   Premium Payment Options	Single premium, Regular premium, Limited premium, Pay till 60
   Minimum Sum Assured	Rs. 20,00,000

   **Last Updated on August, 2021

3. Max Life Online Term Plan Plus

   Max Life Online Term Plan Plus, accessible for people across 377 cities in India offers additional coverage, which can be availed under Accident Death Benefit and Waiver of Premium Plus riders. NRIs in selected countries can also invest in the same.

   Key Features of Max Life Online Term Plan Plus:

   The plan comes in three variants depending on the death benefit payout: basic life cover, basic life cover plus monthly income, basic life cover plus increasing monthly income. The table below attempts to highlight key features of the three variants.

   Features		Basic Life Cover	Basic Life Cover + Monthly Income	Basic Life Cover + Increasing Monthly Income
   Death Benefit Payout		Fixed sum assured payable as a lump sum to the nominee	Fixed sum assured plus an additional monthly amount payable to the nominee	Fixed sum assured plus an additional monthly income that increases by 10% every year for a period of 10 years
   Age of Entry		Minimum: 18 years Maximum: 60 years	Minimum: 18 years Maximum: 60 years	Minimum: 18 years Maximum: 60 years
   Maximum age at Maturity		85 years	85 years	85 years
   Minimum Sum Assured	Base Plan	Rs. 25 Lakhs	Rs. 25 Lakhs	Rs. 25 Lakhs
   	Critical Illness	Rs. 5 Lakhs	Rs. 5 Lakhs	Rs. 5 Lakhs
   Premium Payment Option		Regular pay, Pay till 60, 10 Pay	Regular pay, Pay till 60, 10 Pay	Regular pay, Pay till 60, 10 Pay
   Policy Term	Regular pay	10-50 years	10-50 years	10-50 years
   	Pay till 60
   	10 Pay	15-50 years	15-50 years	15-50 years
   Additional Riders		Comprehensive Accident Benefit Waiver of Premium	Comprehensive Accident Benefit Waiver of Premium	Comprehensive Accident Benefit Waiver of Premium

   **Last Updated on August, 2021

Max Life Term Insurance Riders

• Premium Break, allows policyholders to take a break from paying the premium amount after reaching a certain point in the tenure, subject to terms and conditions.
• Special Exit Value gives policyholders a one-time option to quit the plan with the benefit of the return of premiums.
• Policyholders also have the option to increase the sum assured through the Voluntary Sum Assured Top-Up feature.
• Individuals can avail of an additional Accident Cover, which the nominee is liable to receive along with the base cover.
• Accelerated Critical Illness benefit allows the insured to cover medical expenses upon diagnosis of any of the pre-specified critical illnesses.
• Insured can opt for Joint Life benefit to support the financial needs of their spouse.
• In cases wherein the insured is diagnosed with a terminal illness, their financial needs can be taken care of under the Terminal Illness Cover.
• An additional Waiver of Premium plus rider is available under this scheme.
• Option to choose the Life Stage Add on Sum Assured benefit, which allows policyholders to increase cover amount upon reaching certain milestones in life.

Benefits of Buying Max Life Term Insurance

Procedure to Purchase Max Life Term Insurance Plans

Purchase with Max Life

• 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.
• Upon payment, you will receive a confirmation receipt and policy documents at your registered email address.

Purchase with PolicyX.com

• At the top of this page, you will find a section 'Get Max Life Term Insurance Quotes Online'
• Fill in the required details and click on 'Continue'.
• Choose your income and city, then tap 'Proceed'.
• Select your education and occupation type.
• From the list of insurers, choose 'Max Term Life Insurance Plan' and click on 'Buy this Plan'.
• Upon successful payment, a receipt will be sent to your email.

Claim Process Of Max Life Insurance

Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim Settlement process at Max Life Insurance involves the following three steps:

• Claim Registration & Document Submission
• Claim Evaluation
• Claim Decision & Settlement

Documents required to register a claim are:

• Original policy document
• Original/attested copy of death certificate
• Form A - Death claim application form
• NEFT mandate form attested by bank authorities
• Cancelled cheque/passbook of bank account
• Nominee's photo ID

Additional documents such as death summary attested by hospital authorities of FIR and post mortem report are crucial in case of accidental deaths.

Note: Depending upon the TnCs of the plan, you might be required to submit some additional documents as well. We recommend that you should check the specific plan brochure for that.