Articles November 7, 2019
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Max Life Online Term Plus Insurance Plan
The Max Life Online Term Plus Insurance Plan is a pure term insurance cover. It offers a wholesome life cover to the policyholder and after his death, a sum assured is paid out to his nominees. If he outlives the policy period, there is no maturity benefit on offer. The plan has many benefits on offer. Take a look at this article to know what exactly they are.
Benefits of the Max Life Online Term Plus Insurance Plan
Here are some of the main benefits you get when you invest in a term life insurance plan from Max Life:
- Comprehensive life cover – The Max Life Online Term Plus Insurance Plan is one of the most comprehensive terms covers available these days. You can get a life cover of up to Rs 100 crores, while a minimum sum assured of Rs 25 lacs is available. The sum assured should be selected after understanding the financial requirements of the family members. The other sources of income such as the spouse’s salary, parents’ pension, etc must also be calculated to understand what the ideal sum assured of the term life insurance cover must be.
- Affordable – The term plan is available at a very affordable rate. This is a huge advantage of buying term insurance online. You can buy the plan at a low rate. You can also make use of the tools offered by Max Life on their website such as the term life insurance premium calculator to see how much the life cover would cost. The basic life cover is available at a lower cost, but the plan offers many add-on covers. If you opt for these additional riders, the insurance premium will be more. However, your coverage will be higher too. Look to get the maximum and most suitable insurance coverage at the best possible price when you buy the Max Life Online Term Plus Insurance Plan.
- Flexible premium paying terms – The premium of the Max Life Online Term Plus Insurance Plan can be paid on flexible terms. First of all, you can choose the type of payment you want to make for the life insurance premium. You can make an annual payment, semi-annual payment, quarterly payment or monthly payment. The premium is generally paid for the entire duration of the life term plan. You can also opt for the limited premium payment option. Here, you will only have to pay the premium until you are 60 years. Once you retire, the premium will no longer be collected, but your life cover will stay in force.
- Simple payout terms – The term insurance claim payout process is simple and hasslefree. The death benefit is paid out as a lump sum and the life insurance coverage ends. The nominee has to submit the required documents at the earliest and initiate the claim. If everything is in place, the claim will get processed very quickly. Max Life has a very high claim settlement ratio of over 98% and so the insurance company is known for settling a vast majority of the insurance claims.
- Tax benefits – The policyholder gets a tax benefit for the premium he pays towards the Max Life Online Term Plus Insurance Plan every year. A tax benefit of up to Rs1.5 lacs is available under Section 80C of the Indian Income Tax Act. this apart, the death benefit received after the policyholder’s death is also completely tax-free. The term life insurance plan, therefore, offers a two-fold tax benefit.
- Available online – The Term Plus Insurance Plan from Max Life is an online term insurance policy. This is a very handy benefit as term insurance online is much cheaper than term insurance offline. When you buy the plan directly from the insurance provider through their website or mobile app, you get to bypass the insurance agents and save on the brokerage amount. Then, the processing and administrative fees on term insurance online are less expensive than term insurance offline. You also get online access to your life insurance policy. You can check the insurance coverage, pay the premium, add riders, etc merely with the click of a few buttons. This makes it very easy for you to own and maintain the Max Life Online Term Plus Insurance Plan.
- Options to add riders: You have many options to attach riders to this term life insurance policy from Max Life. the riders available include:
- Accelerated Critical Illness Option – When this option is selected, the policyholder gets a lump sum payment if he is diagnosed with a critical illness. This amount is usually around 50% of the entire term life cover. You get this amount at the time and the remaining amount is paid to the nominees after your death.
- Comprehensive Accident Benefit Rider – When this rider is taken, the policyholder gets financial assistance if there is a temporary or permanent disability following an accident. If there is death due to the accident, then an additional sum assured is paid out to the nominees.
- Waiver of Premium Plus Rider– Under this rider, the policyholder is entitled to a complete waiver of all future payments of he is diagnosed with a critical illness or disability. The term life cover continues, but the premium liability ends.
These are some of the handiest benefits you get when you buy the Max Life Online Term Plus Insurance Plan.
Term insurance is one of the most important types of life insurance for you to invest in. A term plan allows you to cover your own life and subsequently the financial well-being of your loved ones. Choose a good term plan like the Max Life Online Term Plus Insurance Plan and you will stay adequately covered for as long as you need. As you can see from the points mentioned above, this term insurance plan offers many benefits. From being a comprehensive life cover to being very affordable and flexible, the life insurance policy is a great choice for anyone looking to buy a good term insurance coverage for themselves.