Max Life Term Insurance
  • Covers Terminal Illness
  • Covers death, disability & diseases
  • 64 critical illnesses covered
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Max Life Term Insurance Plans June, 2023

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.

Key Features of Max Life Insurance Company

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.

  • Annual Premium: As per the IRDAI report 2021-22, Max Life Insurance recorded an annual premium of Rs. 22,414.90 Crores.
  • Solvency Ratio: The solvency ratio of the company helps an individual ascertain the company's ability to meet its long-term financial obligations. The Solvency Ratio of Max Life Insurance company for 2021-22 is 2.4. (As per the IRDAI, it is mandatory for every life insurer to maintain a solvency ratio of 1.5).
  • Claim Settlement Ratio: The company holds one of the highest claim settlement ratios in the insurance industry with a CSR of 99.34%. (CSR as per IRDAI report of the year 2021-22). This shows that the company is trustable and reliable.
  • Operating Network: Max Life Insurance Company has 269 branches across India and additional distribution touch-points through several new tie-ups and partnerships.
Max Life Term Insurance Key Features
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Benefits of MAX Life Insurance Company

  • Economical Term Plans Affordable costs for term insurance plans and other insurance products.
  • Customizable Term Plans Term Insurance offered by Max Life Insurance offers multiple customizable options in insurance pertaining to term, cover amount, and premium payment.
  • Special Rates for Non-Smokers and Females Non-smokers and females are offered special premium rates.
  • Online and Offline Insurance Plans Max Life offers its customers online term plans so that they can buy and select plans online from the comfort of their homes.
  • Tax Benefits Customers can avail of certain tax benefits under relevant sections of the IT Act, 1961.
  • Variety in Plans Max Life Insurance company offers a good variety of life insurance plans to suit the different requirements of their customers.

Max Life Term Plan

Max Life Smart Secure Plus Plan

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

  • Increasing sum assured
  • Return of Premium
  • Cover for Spouse

Term Plan with Return of Premium (TROP)

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

  • Critical illness support
  • Disability cover
  • Option to surrender

Max Life Saral Jeevan Bima

A simple, uncomplicated pure protection term plan that protects you and your family against fixed premiums.

Unique Benefits

  • Flexible premium payments
  • Long-term coverage
  • Least restrictions

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

  • Different payout options available
  • Terminal illness cover
  • Maturity benefit available

Who Should Buy Max Term Insurance?

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:

  • Parents with Dependent Children The children will receive financial support from a term policy, guaranteeing they do not lose out on any possibilities in life.
  • Young Individuals Max Term insurance policies can be beneficial for young people who have fewer responsibilities and whose chances of death are very low. So with fewer financial obligations, their premiums will be less expensive than those of older people.
  • Newly Married Couple You may give your spouse a present that will last a lifetime, by securing your spouse's financial future with Max insurance. Choosing a good term insurance plan can give your loved ones sufficient financial help in the following ways in the event of such an occurrence:
    • A one-time payment to cover their urgent needs.
    • A steady income to cover their living expenditures (if opted).

Points to Consider While Buying Max Term Plan

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:

  • The coverage amount You must evaluate and take into account the factors like the following when determining how much coverage you require. This depends on criteria like- your age, your financial obligations, the financial needs of your family in the future, your regular expenses dependent on your way of living, any loans you are currently servicing, and whether you take inflation and growing prices into consideration.
  • Decide the policy period The tenure of the policy can be determined by keeping in mind the following factors:
    • Based on your age Your age determines the length of your insurance, thus the younger you are, the longer the policy will last and the less the premium will be.
    • Based on your other financial obligations You can choose the best policy duration based on your other financial obligations and when they are due. For instance, if you have a 30-year mortgage, it makes it reasonable to buy term life insurance for at least 30 years in order to safeguard your family from financial hardship in the event of an unlucky incident.
    • Based on your retirement If you have a retirement plan, then you can opt for a longer policy period till you reach the age of retirement, which is usually 60-65 years for most people. This will ensure that the cover extends throughout your working years and your family is financially secure in case of the unfortunate death of the earning member.
  • Look for suitable payout options Depending on the payout option you can select your Max plan's premiums. You can choose between two options either receiving a lump sum payment or a recurring monthly income (if available in your plan). You should select the payout choice based on your needs and financial viability because the premium varies according to the payment option you select.
  • Select the perfect insurer
    • Claim Settlement Ratio Look at the claim settlement ratio because it reveals a company's readiness to settle its disputes. It is essential to choose an insurance provider with a high percentage of claims settled.
    • Solvency Ratio An insurance company's ability to pay its long-term liabilities is measured by its solvency ratio. It is better to choose insurance with a more excellent solvency ratio because it denotes financial strength.
    • Financial Background Find out the insurer's financial history to make sure it has the resources to meet its short and long-term obligations in the event of a catastrophe.
    • Market reputation Analyze market reputation, from the elements like the volume of the company's client complaints and the grievance ratio, and research the insurer's standing in the market.

MAX Life Term Plan Riders

  • 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

Calculate MAX Life Term Insurance Premium

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

MAX Life Smart Plus 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.

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 MAX Life Term Insurance Claims?

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

  • 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 99.34% 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.

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

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.

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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

Customer Review Image

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.

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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

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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.

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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...

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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.

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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.