Insurance Plans 11432 views June 18, 2019

Max Life Insurance Term Plan

Max Life Insurance Company has been operating in India for roughly 15 years. During this period, Max Life Insurance Company with the aid of its stakeholders and agents has managed to introduce myriad plans in the market keeping in mind the varying needs of its growing customer base. Some of the plans include:-

Term Insurance

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Eligibility Criteria Of Various Max Life Insurance Term Plan

While Max Life Insurance Company sells numerous plans, the eligibility criteria of some of them have been included in the following table.

Max Life Insurance Plans
Nature of InsuranceMin Entry Age
(in yrs)
Max Entry Age
(in yrs)
Maturity Age
(in yrs)
Minimum Sum Assured
(in Rs.)
Min Policy TermMax Policy Term
Max Life Online Term Plan Basic Cover Term Insurance18 yrs60 yrs85 yrs25,00,00010 yrs50 yrs
Max Life Online Term Plan Life Cover + Monthly IncomeTerm Insurance18 yrs60 yrs85 yrs25,00,00010 yrs50 yrs
Max Life Online Term Plan Life Cover + Increasing Monthly IncomeTerm Insurance18 yrs60 yrs85 yrs25,00,00010 yrs50 yrs
Max Life Super Term PlanTerm Insurance18 yrs 65 yrs75 yrs25,00,00010 yrs35 yrs
Max Life Platinum Protect IITerm Insurance18 yrs 60 yrs75 yrs 25,00,00010 yrs30 yrs
Max Life Premium Return Protection Plan Term Insurance21 yrs55 yrs75 yrs5,00,00020 yrs30 yrs
Max Life Forever Young Pension PlanPension Plans 30 yrs65 yrs75 yrs25,00,00050 yrs75 yrs
Max Life Perfect Partner Super PlanPension Plans91 yrs55 yrs-50,00010 yrs20 yrs
Max Life Future Genius Education PlanChild Plans 21 yrs45 yrs66 yrs3,27,000
18 yrs-
Max Life Shiksha Plus Super PlanChild Plans21 yrs50 yrs65 yrs10* Annual Premium10 yrs20 yrs
Max Life Whole Life Super PlanSavings and Income Plan18 yrs50 yrs-50,000-100 yrs
Max Life Guaranteed Income PlanSavings and Income Plan25 yrs60 yrs67 yrs4,51,2266 yrs12 yrs
Max Life Gain PremierSavings and Income Plan18 yrs55 yrs70-75 yrs50,00015 yrs20 yrs
Max Life Monthly Income Advantage PlanSavings and Income Plan18 yrs55 yrs75-77 yrs3,24,00022 yrs25 yrs
Max Life Assured Wealth PlanSavings and Income Plan8 yrs55 yrs 65 yrs1,97,460-10 yrs

Term Insurance Plans Offered by Max Life Insurance Company

Max Life Online Term Plan Basic Cover

This insurance plan ensures life insurance to those looking for a basic cover sans any frills or added benefits. Deemed as a basic term insurance cover, customers buy this plan to ensure financial security to their loved ones at low costs. Buying this life insurance policy ensures that the nominee(s) of the customers are assured a predetermined amount of sum assured in the event of the sudden death of the policyholder. The amount of sum assured is determined while buying the policy. However, some customers prefer to ensure an added level of security, thus, explaining their decision to pay for add-on covers too. Policyholders opting for a larger Sum Assured amount are required to pay low premiums. Non-smokers and female policyholders are given discounts on the premiums charged for this plan.

Max Life Online Term Plan Life Cover + Monthly Income

Some customers may feel apprehensive about the adequacy of the life insurance cover they have chosen to secure the future of their dependents on nominees. Moreover, financial illiteracy of the nominee(s) may prompt certain customers to look for alternative payout options that would not only assure their loved ones a fixed amount in the event of their deaths but also avail them of the monthly income benefit so that they are not deprived of their lifestyle habits and essential expenses. The idea behind this plan is that while the lump sum amount can be used to pay off expenses like loans and liabilities, the monthly income can be used to pay for the family’s monthly expenses including paying for children’s fees, daily groceries, etc.

Features of this plan include:-

  1. Online availability
  2. Free-look period of 30 days
  3. Lower premiums for higher sum assured
  4. Premium discounts for non-smoking customers
  5. Tax benefits on premiums and sum assured

Max Life Online Term Plan Life Cover + Increasing Monthly Income

This life insurance plan is unlike any other plan. Not only this life insurance policy ensures a proper cover but also ensures that the amount received by the nominee(s) beats the inflation rate, thus, making it possible for them to meet the expenses in future. Preferred by customers aged 18-60 years, the minimum sum assured that can be applied for is Rs 25 lakhs while the maximum can go up to any limit.

Policyholders opting for this plan can benefit as:-

  1. The nominee is ensured of the total amount of Sum Assured in addition to a monthly income that increases at 10 percent each year for the next 10 years. The monthly income received in the first year will be 0.4 percent of the Sum Assured. This means that the total effective amount of death benefits including the monthly income in the hands of the nominee will be 169.6 percent of the predetermined Sum Assured amount.
  2. However, customers looking for added protection over and above the aforementioned life insurance plan can choose to pay for add-on riders too. For example, customers who wish that their nominees receive an additional cover amount due to death by accident can choose to buy the Max Life Comprehensive Accident Benefit Rider.

Max Life Super Term Plan

As the name suggests, this term insurance plan is indeed superior to many other life insurance plans in many ways. Just like most other term insurance policies, this plan also promises a definite amount of sum assured in the event of the policyholder’s death. However, the benefits of this plan are far beyond what other term insurance policies extend. A major benefit of paying for this plan is that the life cover promised increases by 5 percent each year till the end of the policy period sans any increase in premium rates, thus, beating the damaging effect of inflation.

Max Life Premium Return Protection Plan

People buy term insurance plans with the intent to secure protection to their loved ones. However, this is subject to the condition that premiums are paid regularly throughout the entire policy period. Since most people may find it difficult to pay towards premiums after they retire from their active service, this plan comes to the rescue as policyholders buying these plans are required to pay premiums only for 11 years. This means that limited premium payments do not come in the way of unlimited benefits as envisaged and promised by this term insurance plan.

In addition, policyholders get back the total premiums they paid in case they outlive the policy period. This benefit helps those customers who are apprehensive to invest in term insurance plans due to lack of or no survival benefits at all.

Protection Plans

1. Max Life Cancer Insurance Plan

Cancer is becoming increasingly pervasive these days. This explains why many people are looking for life insurance plans that give added benefits to the detection and treatment of this disease. This term insurance plan, unlike other life insurance policies, ensures a maximum cover amount up to Rs 50 lakhs, thus, ensuring the highest cover amount when compared to most other cancer insurance plans being sold in the market. Moreover, if cancer is detected early, then the insurance company hands over 20 percent of the sum assured immediately while the remaining premium charges are waived off.

Also, irrespective of whether the policy term has ended or the policyholder has died, the insurance company hands over the entire amount of sum assured coupled with an added 10 percent income over the next five years. The increase in cover amount is, however, limited to 150 percent of the original sum assured.

Unit Linked Insurance Plans

1. Max Life Fast Track Super Plan

This life insurance policy is actually a non-participating Unit Linked Insurance Plan that ensures financial security to your loved ones. In addition to the much-needed security promised by every life insurance policy, paying for this plan ensures that you achieve your long-term goals too. This is made possible by the policyholders who benefit from market-linked returns by investing in any of the six fund options allowed by the insurance company. Moreover, the policyholders earn additional loyalty rewards for continuing to pay for this plan.

2. Max Life Platinum Wealth Plan

More than a life insurance policy, this plan serves to build wealth in the long run. More than the sum assured promised under the policy, this plan that policyholders witness growth on the savings they had accumulated over the entire policy period. This is possible through market-linked returns and loyalty additions that act to boost wealth in the long run. The flexibility to choose between premium payment term and policy term means that policyholders can continue to earn returns even after having paid premiums for a limited period.

Retirement plans

1. Max Life Forever  Young Pension Plan

The golden years of your life post-retirement must not be fraught with financial insecurities. Opting for this retirement plan ensures that you and your loved ones are ensured a regular monthly income till the end. This plan invests a portion of your savings in equities, thus, enabling you market-linked returns. However, the plan is structured in a manner that retirement savings are intact and secure from the undulating movement of the stock market. The insurance company promises a yearly annuity plan to the policyholders and their nominees that goes a long way in safeguarding their monetary interests during the retirement period.

The plan is a non-participating ULIP that the customers may opt for either by paying a single premium or through regular premium payments. The insurance company guarantees additions after the 10th year to the existing amount paid. Moreover, the policyholders get the option of investing in any of the two funds including the Pension Preserver Fund and the Pension Maximiser Fund.

2. Max Life Guaranteed Lifetime Income Plan

Customers looking for regular income even after retirement opt for this plan. A non-participating ULIP that ensures a regular income every year after retirement. This income available till death takes care of the daily cash expenses of the policyholders and their nominees. The policyholders do not have to undergo any medical tests before buying this plan and continue to enjoy tax benefits on the premiums paid under Section 80C of the Income Tax Act.

3. Max Life Perfect Partner Super Plan

This plan has been designed to make your post-retirement years comfortable. The key benefits of paying for this plan include:-

  1. The sum assured is 212.5 percent of the guaranteed maturity amount. The money backs guaranteed on the plan will be roughly 7.5% of the guaranteed sum assured and will be disbursed to the policyholders from their 61st year to the 75th year of their lives.
  2. Moreover, the insurance company will hand over the maturity benefit amount in lump sum apart from the accrued paid-up additions plus the terminal bonus when the policyholder turns 75 years old.

Savings And Income Plans

1. Max Life Whole Life Super Plan

As evident from its name, this plan ensures security to the policyholders till the age of 100 years. This is a participating whole life insurance plan that guarantees protection till the policyholder turns 100 years old in addition to bonus additions. Moreover, the option to pay premiums for limited premium charges and pay for additional riders ensures a good extent of risk cover.

2. Max Life Guaranteed Income Plan

Nothing in life is certain, which further explains why many customers look for guaranteed plans that promise income and benefits to their loved ones in the event of their sudden death. This is essentially a savings plan with guaranteed payout benefits for the next 10 years after the policy period. The payouts are then doubled during the last five years of your policy payout period.

A participating plan that allows scope for limited premium payments. The insurance company declares bonuses that can be availed from the second year of the policy period that can be availed in three different ways including:-

  1. Cash payment
  2. Purchase Paid-up additions
  3. Offsetting of subsequent premiums

The death benefit guaranteed is higher of 11times the yearly premiums paid or 105 percent of the total premium charges paid towards the policy. Provision of terminal illness coupled with tax benefits is also available.

3. Max Life Monthly Income Advantage Plan

A comprehensive savings and investment plan that guarantees monthly income for 10 years after the completion of the policy period and a lump sum benefit amount to cater to your major financial goals. In addition, the insurance company waives off the premium charges and ensures that the benefits are added over to the nominee(s) in the event of the sudden death of the policyholder. Tax benefits on both the premiums paid and the death benefits are in according to the prevailing Income Tax laws.

4. Max Life Assured Wealth Plan

The insurance company assures wealth to the policyholders under this life insurance policy. A non-linked, non-participating plan in structure, this life insurance plan involves payment of limited premiums while guaranteeing a lump sum maturity benefit to meet the savings plan of the policyholder concerned. Moreover, the death benefit is handed over to the nominee(s) in the event of the policyholder’s sudden death, thus, ensuring the much-needed protection.

Group Insurance Plan

1. Max Life Group Credit Life Premier Plan

As opposed to most other life insurance policies, this is a single premium plan. The plan is not linked to market movements which means that the savings are secured against the ups and downs of market movements while ensuring an additional risk cover. The minimum policy term cannot be less than a year while there are no minimum or maximum limits on the premium charges that the policyholder wishes to pay.

Child Plans

1. Max Life Future Genius Education Plan

Securing a child’s future is the ultimate goal of every parent. This plan adheres to those policyholders’ needs who are looking to save for their children’s education, marriage, and other life goals. The policyholders may make their choice of premium paying terms, policy periods and the timings of their money backs depending on the purpose for they wish to save.

2. Max Life Shiksha Plus Super Plan

Market-linked returns are deemed beneficial for those looking to earn returns. Since the costs of higher education and associated expenses are high, parents can choose to pay for this market-linked policy. Structured as a ULIP, this plan ensures adequate returns by accumulating the savings and returns earned on them while also guaranteeing life insurance benefits. Policyholders can choose from the following fund options including:-

  1. Growth Super Fund
  2. Growth Fund
  3. Balanced Fund
  4. Conservative Fund
  5. Secure Fund

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