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Term Insurance 15313 views June 18, 2019
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 several plans in the market keeping in mind the varying needs of customers. Some of the plans include:-
Table of Contents
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.
|Max Life Insurance Plans||Nature of Insurance||Min Entry Age |
|Max Entry Age|
|Minimum Sum Assured |
|Min Policy Term||Max Policy Term|
|Max Life Online Term Plan Basic Cover||Term Insurance||18 yrs||60 yrs||85 yrs||25,00,000||10 yrs||50 yrs|
|Max Life Online Term Plan Life Cover + Monthly Income||Term Insurance||18 yrs||60 yrs||85 yrs||25,00,000||10 yrs||50 yrs|
|Max Life Online Term Plan Life Cover + Increasing Monthly Income||Term Insurance||18 yrs||60 yrs||85 yrs||25,00,000||10 yrs||50 yrs|
|Max Life Super Term Plan||Term Insurance||18 yrs||65 yrs||75 yrs||25,00,000||10 yrs||35 yrs|
|Max Life Platinum Protect II||Term Insurance||18 yrs||60 yrs||75 yrs||25,00,000||10 yrs||30 yrs|
|Max Life Premium Return Protection Plan||Term Insurance||21 yrs||55 yrs||75 yrs||5,00,000||20 yrs||30 yrs|
|Max Life Forever Young Pension Plan||Pension Plans||30 yrs||65 yrs||75 yrs||25,00,000||50 yrs||75 yrs|
|Max Life Perfect Partner Super Plan||Pension Plans||91 yrs||55 yrs||-||50,000||10 yrs||20 yrs|
|Max Life Future Genius Education Plan||Child Plans||21 yrs||45 yrs||66 yrs||3,27,000||18 yrs||-|
|Max Life Shiksha Plus Super Plan||Child Plans||21 yrs||50 yrs||65 yrs||10* Annual Premium||10 yrs||20 yrs|
|Max Life Whole Life Super Plan||Savings and Income Plan||18 yrs||50 yrs||-||50,000||-||100 yrs|
|Max Life Guaranteed Income Plan||Savings and Income Plan||25 yrs||60 yrs||67 yrs||4,51,226||6 yrs||12 yrs|
|Max Life Gain Premier||Savings and Income Plan||18 yrs||55 yrs||70-75 yrs||50,000||15 yrs||20 yrs|
|Max Life Monthly Income Advantage Plan||Savings and Income Plan||18 yrs||55 yrs||75-77 yrs||3,24,000||22 yrs||25 yrs|
|Max Life Assured Wealth Plan||Savings and Income Plan||8 yrs||55 yrs||65 yrs||1,97,460||-||10 yrs|
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.
This insurance plan ensures life insurance for 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 policyholders are assured a predetermined amount i.e. sum assured in the event of the sudden death of the policyholder. The 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 can get the benefit of low premiums. Non-smokers and female policyholders are given discounts on the premium charged for this plan.
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 give them 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 children’s fees, daily groceries, etc.
Features of this plan include:-
This life insurance plan is unlike any other plan. This life insurance plan ensures that the amount received by the nominee(s) beats the inflation rate, thus allowing them to meet the expenses in future. Available for customers aged 18-60 years, the minimum sum assured that one could get is INR 25 lakhs while the maximum can go up to any limit.
Policyholders opting for this plan can have the following benefits –
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.
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 the 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.
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 of INR 50 lakhs, which is more than what’s offered by most other cancer insurance plans available in the market. Moreover, if cancer is detected early, the insurance company hands over 20 percent of the sum assured immediately while waiving the remaining premium charges.
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 along 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.
You can add riders to your Max Life Term Insurance Plans to enhance your coverage. There will be a different rider sum assured for which you need to pay extra premium. Here’s a list of rider options available under Max Term Insurance Plans –
Choosing this rider will safeguard your family’s future in case of your death due to an accident. You can buy this rider while purchasing a base plan or after the same provided there are specified number of years remaining in the policy term. In case such an incident takes place, your family will get the agreed sum assured, courtesy this rider.
All future premiums will get waived owing to dismemberment, critical illness or death based on the following criteria, while the family members will continue to receive benefits of the policy.
When the Policyholder and Insured Remain the Same – Here, the future premiums will get waived upon dismemberment or diagnosis of specified critical illnesses.
When the Policyholder and Insured are Different – The future premiums will get waived upon dismemberment, diagnosis of specified critical illnesses or death of the policyholder.
Buying Max Term Insurance makes sense as it secures the future of your loved ones in the best way. Now that ‘Best’ is indicated by its following offerings –
Being flexible is the core of Max Term Insurance plans. So, in case the policyholder dies, Max Life could disburse the payment to the nominee in the form of monthly income too if the former requests the same while accepting the policy. The disbursal in the form of monthly income could help nominees meet their day-to-day expenses.
In case you get disabled due to an accident, the future premiums will get waived while the policy benefits will continue to exist.
Treatment of critical illnesses can make a deep hole in your pocket if not insured for the same. Thankfully, Max Term Insurance covers critical illnesses including Cancer and prevent yourself from spending towards the same.
Getting covered for a longer time than the premium payment duration remains an exciting feature of Max Term Insurance Plans. So, in case the policy term remains 20 years, the premium payment term could be 12 years. But you will get covered till 20 years. The policy term could extend to your retirement too. Such a flexibility makes Max Term Insurance stand in the intensely competitive life insurance segment of India.
Note – Cover for critical illnesses and accident disability applies upon the payment of additional premium.
The payment of Max Term Insurance premiums on time holds the key to have uninterrupted services. In case you have instances of skipped payments, the insurer could deny you a cover for unfortunate events should they occur. So, stay away from the same by paying the premium online. All it takes is a few steps shown below.
You’ll receive an SMS and email intimation confirming the successful payment the moment it gets executed.
Sometimes you may forget to pay the premium on its due date because of your busy schedule. As a result, your policy won’t get renewed, and when you pay the premium later, the late payment charges could also incur. To avoid the same, you can fill the NACH/ECS/Direct Debit Mandate Form and submit it to the branch office of Max Life Insurance. You can download the form online, take its printout, fill in the details and submit. Or you can get the form at the branch and do the formalities there.
Once it gets activated, you’ll receive an SMS and email confirming the same. So on the due date, the premium amount will get debited from your bank account automatically, relieving you from the duty of paying it manually. But do keep sufficient balance in the account to ensure successful payment on the due date.
You could also pay the premium via apps having the feature of Unique Payment Interface (UPI).
You can pay the premium by issuing cheque or demand draft at the branch of either Max Life Insurance or Axis Bank.
You could also use the Renewal Cheque Pick-up Facility to pay the premium. All you need to do is send your request online by mentioning your policy number and mobile number. An executive will come to your doorstep to collect the premium cheque from you. Once the cheque gets encashed, you will know about the same too via SMS and email.
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