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Max Life Saral Jeevan Bima is a beacon of simplicity in the world of insurance. This is a non-participating, non-linked pure-term plan, designed to deliver life coverage at an affordable price, safeguarding an individual's financial security. The plan has a simple structure with a fixed premium, and flexible premium payment terms spanning 5 to 40 years. The coverage extends to a long-term range up to the age of 70 ensuring sustained security.
Max Life Saral Jeevan Bima Plan offers you a range of benefits including:
Minimum Age - 18 years Maximum Age - 65 years
Maximum Maturity Age - 70 years
Minimum term - 5 years Maximum term - 40 years
Base sum assured: 5 lakhs to 25 lakhs
The policy loan is not available under Max Life Saral Jeevan Bima Plan.
Annual, half-yearly, quarterly & monthly
Let's understand how the Max Life Saral Jeevan Bima works with a simple premium illustration.
Mr. Verma is looking for a simple term plan that provides financial safety to his family in case of his unfortunate demise.
His financial advisor advised him to buy the Max Life Saral Jeevan Bima. He visited PolicyX.com
Let's understand how the Max Life Saral Jeevan Bima works for him with a premium illustration table.
Age of policyholder | Annual premiums | Policy tenure | Premium payment term | Total premiums paid | Sum assured |
25 years | Rs 10,135 | 40 years | 40 years | Rs 4,05,400 | Rs 25 lakhs |
Key Takeaways: In case of Mr. Verma's demise during the policy tenure, Rs 25 lakhs will be paid to their nominee.
Here are the benefits associated with the Max Life Saral Jeevan Bima
The plan provides a payout to the nominee that is assigned by the policyholder in case of any unfortunate situation. The death benefit offered by the company is 105% of all the premiums paid.
The plan premiums can be paid annually, semi-annually or monthly (only under ECS/Nach).
The policyholder can enjoy a maximum sum assured of up to 25 lakh, with annualized premiums. This gives the policyholder substantial protection against varied risks and supports all financial needs.
Max Life Saral Jeevan Bima offers tax benefits under section 80C of the income tax act, 1961 for up to 1.5 lakhs of the total premium paid in the same financial year.
Max Life Term Insurance Plans
You can add the following riders to your Max Life Saral Jeevan Bima Plan:
It will waive off all future premiums and the benefits of the policy will remain the same in case of disability, dismemberment, or diagnosis of critical illness.
In case the policyholder is diagnosed with any of the critical illnesses mentioned in the brochure then rider benefits are paid to them.
Accidental Death coverage during the 45-day waiting period from the day of commencement. In case of non-accidental death during this period,100% of the premiums paid (excluding tax) are returned.
The plan extends coverage to individuals aged between 18 to 65 years, which gives the policyholder the freedom to buy the plan at any stage of life whether early or later.
The plan provides the option to add extra benefits in the form of riders, for example, the policyholder can add optional riders like accidental Benefits and Permanent Disability Riders.
The plan also offers the option for premium exemption, this benefit is best for the person who is not able to pay the premium due to any disability or any other specified conditions.
Here is the list of exclusions associated with the plan:
Max Saral Jeevan Bima offers streamlined and accessible solutions for life coverage, accommodating individuals from all walks of life. With its flexible payment term ease of understanding and comprehensive protection, this plan ensures financial security for loved ones. For early stage to later stage of life ranging from 18 to 65 years empowers individuals to secure their future. However, as with any insurance policy, it's essential to read all the policy terms, conditions, and exclusions to make informed decisions that align with your specific needs and circumstances.
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Age eligibility of Max Saral Jeevan Bima Term Insurance Policy is: maximum age for buying the plan is 65 years and the minimum age for being plan is 18 years.
The maximum sum assured of the policy is 25 lakh and the minimum sum assured is 5 lakh.
The initial waiting period of the plan is 45 days from the commencement of the policy.
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Bindiya is a seasoned content writer specializing in keeping readers acquainted with the insurance industry, term insurance developments, and life insurance sector shifts. With an experience of 3 years in insurance, Bindiya ensures that her readers stay well informed with the insurance developments and factually correct information.
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