Max Life Term Insurance

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 a myriad of plans in the market keeping in mind the varying needs of its growing customer base. Some of the plans include:-

Eligibility Criteria for Various Max Life Term Insurance Plans

While Max Life Insurance Company sells numerous plans, it screens your candidature based on certain points. For your convenience, we have listed out the eligibility criteria for some of its plans in the following table.

List of Max Life Term Insurance Plans

Max Life Term Insurance Plans are quite popular among its customers. The  reasons are extended coverage and customized premiums according to the chosen plan. Let’s go through such plans in detail.

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 for 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. Available for customers aged 18-60 years, the minimum sum assured that one could get 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 sum assured amount 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 outweighing the effect of inflation.

Max Life Premium Return Protection Plan

People buy term insurance plans to secure 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 would have 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.

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, 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.