Max Life Term Insurance
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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.

To ensure that your family is financially stable after your demise, the company offers several Term Plans. Max Life Term Insurance plans are affordable and specially designed to offer a financial cushion to your family in case of an uncertainty.

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.

Let's read and understand more about Max Life Term Insurance Plans:

Features of Max Life Term Insurance:

  • Max Life Insurance's term plans can be thought of as the foundation of financial planning. These plans make sure that the insured's family is financially secure in the event of his or her death.
  • Max Life term plans provide substantial coverage at a very affordable price. By paying an additional premium at the time of policy acquisition, you can combine these term insurance plans with various riders supplied by the insurer to receive additional coverage.
  • By buying Max Life Term Plans, you can customize your premium and policy term as per your own convenience, and even customize your plan as per your needs and requirements.

Benefits of Buying Max Life Term Insurance

Protection Against Financial Liabilities Such As Debts And Loans

Regular Stream Of Income For Term Plan Beneficiaries

Tax Benefits Up To Rs. 1.5 Lakh On The Premium Paid

3D Benefits Sgainst Death, Disability and Diseases

Long Term Coverage - Till The Age Of 85

Term Insurance Plans offered by Max Life

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

S. No. Max Life Term Insurance Plans Who Should buy?
1Max Life Smart Secure PlusSingle individuals with dependent parents
Married individuals with dependent spouse and/or children
2Max Life Smart Secure Plus PlanIndividuals looking for their family's financial security.
Individuals looking for a return on premium payment.
3Max Life Online Term Plan PlusSuitable for those looking for additional protection from death, disease, and disability.

**Last Updated on April, 2022

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

    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 April, 2022

  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 April, 2022

  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 PayoutFixed sum assured payable as a lump sum to the nomineeFixed sum assured plus an additional monthly amount payable to the nomineeFixed sum assured plus an additional monthly income that increases by 10% every year for a period of 10 years
    Age of EntryMinimum: 18 years
    Maximum: 60 years
    Minimum: 18 years
    Maximum: 60 years
    Minimum: 18 years
    Maximum: 60 years
    Maximum age at Maturity85 years85 years85 years
    Minimum Sum AssuredBase PlanRs. 25 LakhsRs. 25 LakhsRs. 25 Lakhs
    Critical IllnessRs. 5 LakhsRs. 5 LakhsRs. 5 Lakhs
    Premium Payment OptionRegular pay, Pay till 60, 10 PayRegular pay, Pay till 60, 10 PayRegular pay, Pay till 60, 10 Pay
    Policy TermRegular pay10-50 years10-50 years10-50 years
    Pay till 60
    10 Pay15-50 years15-50 years15-50 years
    Additional RidersComprehensive Accident Benefit
    Waiver of Premium
    Comprehensive Accident Benefit
    Waiver of Premium
    Comprehensive Accident Benefit
    Waiver of Premium

    **Last Updated on April, 2022

Death Benefit Variants of Max Life Smart Secure Plus

  • Life Cover: Nominee receives 100& of sum assured in a lump sum.
  • Income Protector: Nominee receives fixed level monthly income for up to 10, 15, or 20 years.
  • Income + Inflation Protector: Nominee receives an increasing amount of monthly income for up to 10, 15, or 20 years.
  • Life Cover + Income: Nominee receives 100% sum assured as a lump sum, plus the increasing amount of monthly income.
  • Increasing Cover: Sum assured increases by 5% per annum up to the 21st policy anniversary; nominee receives a lump sum effective as of last policy anniversary.
  • Reducing Cover: Sum assured decreases by 5% per annum every 5th policy year; nominee receives lump sum effective as of last policy anniversary.

Max Life Term Insurance Riders

Max Life Term Insurance offers various additional riders along with the base term insurance cover. Below mentioned are the additional riders offered by the Max Life Term Insurance:

  • 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.

Exclusions of Max Life Term Plans

Though several benefits are offered by the company, there are some features that they do not cover. One such criteria is Suicide. Max Life Term Plans do not pay death benefit to the policy beneficiary if he/she commits suicide within the first 12 months of the policy's inception.

Procedure to Purchase Max Life Term Insurance Plans

Customers can buy a Max Life Term Insurance plan from the official website of Max Life or PolicyX.com. To make it easier for you, we have explained both the buying process below:

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 Process Aviva Life Insurance
  • 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.

Max Life Term Plans


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Max Life Term Insurance: FAQs

1. 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.

2. 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.

3. 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.

4. 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.

5. 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

6. 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.

7. 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.

8. 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.

9. 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.

10. Who should buy Max Term Insurance?

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

Find Out What Customers Are Saying

(Showing latest 5 reviews only)

- 4.5/5 (53 Total Rating)

February 24, 2022

shivani kashyap

Mumbai

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

February 24, 2022

shruti

Kanpur

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.

February 18, 2022

puneet

Chandigarh

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

February 18, 2022

anirudh

Coimbatore

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.

February 10, 2022

shika suman

Guwahati

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 take care of my family after my death. I am relieved.

Last updated on April, 2022

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