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Max Life Term Insurance Plans

Max Life Insurance Company

Max Life Insurance (Max Life) is a renowned private life insurance company, which is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. While Max Financial Services Ltd. is a part of the eminent Max Group of India, the Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, one of the world’s leading general insurers. Backed by an extensive experience of 15 years of helping Indian customers to achieve their financial goals and protect themselves against contingencies, Max Life comes across as a financially stable and trusted company. With about 20 products on offer, the company aims to cater to all the specific savings, protection, wealth creation, and retirement requirements of its customers, thereby ensuring that there is something for everyone!

Max Life Term Plans

As the bread-earner of the family, you may often wonder, how your spouse & children will combat the rising expenses, in case you meet with an untoward incident. Max Life Term Plans are here to ensure that your family receives financial support, either in the form of a lump sum amount, or monthly income, if ever something happens to you. With these plans, you can be assured that your loved ones can maintain a comfortable lifestyle and fulfil their dreams, even when you are not around.

Term Plans:

Term Plans are revered as the most pure and fundamental forms of insurance, as they offer financial protection to the family, in case of an eventuality. Affordable & cost-effective, these plans often provide massive coverage, ensuring that the family’s financial needs are taken care of, in the absence of the bread-earner of the family.

Common Features of Max Online Term Plans

  • Simple insurance plans that provide comprehensive coverage
  • Affordable premiums
  • Liberty to choose your own policy term based on your needs
  • Lump sum amount receivable as Death Benefit
  • Choose between four premium paying frequencies – annually, semi-annually, quarterly, & monthly
  • Income Tax Benefits

List of Different Term Plans Offered By Max Life Insurance Company, With Features, Benefits And Eligibility

Max Life Online Term Plan Plus

Features:

  • A simple & affordable, Non-linked, Regular Pay, Online Term Plan
  • Availability of 3 Plan Variants – Basic Life Cover, Basic Life Cover + Monthly Income, Basic Life Cover + Increasing Monthly Income
  • Customize your payout options based on the needs of your family
  • Lump sum payment and monthly income for 10 years ensures that your family’s daily needs are taken care of, even in your absence
  • Simple to buy and easy on the pocket too. In just a few clicks, you can protect yourself and your family from unfavourable events and provide a secured future for all
  • Avail a sum assured of as high as 100 Crores!
  • Opt for riders at an extra nominal cost for enhanced coverage and facility of waiver of future premiums in the occurrence of any untoward incident
  • Not addicted to tobacco or smoking? Great! Enjoy discounted premium rates!
  • Special discounts for choosing higher sum assured
  • Female life assured can enjoy discounted premium rates, which have a 5 year age setback over the premium rates for male life assured. In cases, where corresponding rate is not available, the lowest available premium rate for male is applied.
  • Enjoy Income Tax benefits

Benefits:

  • Choose from 3 Plan Variants at the time of taking the policy and decide the best-suited option of how your nominee should avail the Death Benefit:
    1. Basic Life Cover: 100% of Sum Assured received as lump sum immediately after the death of the insured
    2. Basic Life Cover + Monthly Income: 100% of Sum Assured received as lump sum immediately after the death of the insuredalong with 0.4% of the policy Sum Assured each month, for the next 10 years, starting from the first Policy Anniversary post the date of death of the Life Insured. This benefit amounts to a total of 148% of the sum assured.
    3. Basic Life Cover + Increasing Monthly Income: 100% of Sum Assured received as lump sum immediately after the death of the insuredalong with Increasing monthly income for the next 10 years. In this case, the first year monthly income will be computed at 0.4% of the policy sum assured, and thereafter, it shall increase every year by 10% p.a. (simple interest) of the first year monthly income. The total benefit under this variant amounts to 169.6% of the sum assured.
  • By submitting a written request to the company, the nominee can avail the option to commute the outstanding monthly incomes at any point of time, which will be receivable at the present value, but discounted at the rate of 5.5% p.a.
    1. Under this plan, the Death Benefit is calculated as the highest of:
    2. 10 times the annualised premium
    3. 105% of all the premiums paid as on date of death of the life assured
    4. Minimum guaranteed sum assured on maturity which is nil
    5. Absolute amount assured to be paid on death (depends upon the variant chosen)

Eligibility:

Entry Age Minimum – 18 years | Maximum - 60 years
Policy Term 10 years to 40 years in interval of one year subject to maximum maturity age
Premium Amount Minimum: 2200 | Maximum: 1,12,30,000
  Premium Payment Term : Same as policy term
Sum Assured Minimum: 25,00,000 | Maximum: 100 Crores
Premium Payment Frequency Annual, Semi - Annual, Quarterly and Monthly

Riders:

  • Max Life Comprehensive Accident Benefit Rider (UIN 104B025V01)
  • Max Life Waiver of Premium Plus Rider (UIN 104B029V01)

Max Life Super Term Plan

Features:

  • A Traditional, Regular Pay, Term Insurance Plan
  • Enjoy the unique feature of increasing Sum Assured, wherein the Sum Assured increases by 5% every year at simple rate, till Policy Maturity, and that too without any increase in the Premium!
  • Liberty to choose how your nominee would receive the payout
  • Select any policy term ranging between 10 years to 35 years, as per your needs, convenience, and financial goals & commitments
  • Reap the benefits of paying affordable premiums and simultaneously receiving increasing coverage, so that you are better prepped up to combat the rising inflation and yet enjoying an upgraded lifestyle
  • Enjoy Income Tax benefits on premium payments and benefits

Benefits:

  • Two settlement options : In the unfortunate event of the demise of the life insured, the nominee has the discretion to choose any of the following settlement options:
    1. Option 1: Receive the entire Death Benefit as a lump sum
    2. Option 2: Receive 50% of the Guaranteed Death Benefit as a lump sum and 0.42% of Guaranteed Death Benefit as monthly income for the next 10 years increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death of the life insured
  • Death Benefit: No matter which of the above options is chosen, the amount of Guaranteed Death Benefit will be computed as the highest of:
    1. 10 times the Annualised Premium
    2. 105% of all Premiums paid as on the Date of Death of life assured
    3. Guaranteed Maturity Sum Assured payable on the Maturity Date
    4. Sum Assured effective on the Policy Anniversary previous or coinciding with the Date of Death

Eligibility:

Entry Age Minimum - 18 years | Maximum - 65 years
Maturity Age Maximum - 75 years
Policy Term 10 years to 35 years with intervals of 1 year
Premium Amount Minimum: 5,000 | Maximum : No Limit
Premium Payment Term Same as Policy Term
Sum Assured Minimum: 25,00,000 (in multiples of 1 Lac) | Maximum: No Limit
Premium Payment Frequency Annual, Semi - Annual, Quarterly and Monthly

Riders

  • Max Life Comprehensive Accident Benefit Rider (UIN 104B025V01)
  • Max Life Waiver of Premium Plus Rider (UIN 104B029V01)

Max Life Premium Return Protection Plan

Features:

  • A Limited Pay, Term Insurance Plan
  • Enjoy guaranteed return of premiums, if the life insured outlives the policy term
  • A Wholesome coverage having in-built accidental death benefit
  • Avail 150% of the sum assured as Death Benefit, in the event of death of life insured occurring as a result of an accident
  • Pay premiums for a limited period of 11 years only
  • Select the best-suited policy term for your needs & goals - 20 / 25 / 30 years
  • Option to choose 1 Crore as Sum Assured
  • Avail Income Tax benefits on premium payments and proceeds

Benefits:

  • Maturity Benefits: When the policy matures, you are entitled to receive the Guaranteed Maturity Sum Assured, which is the sum of all the premiums paid over the Premium Payment Term.
  • Death Benefits: If the insured passes away during the term of the policy, the nominee receives a lump sum Death Benefit, which is computed as the highest of the following:
    1. 10 times the Annualised Premium
    2. 105% of Total Premiums paid
    3. Guaranteed Maturity Sum Assured
    4. Guaranteed Death Sum Assured, which is 100% of Sum Assured for non-accidental claims and 150% of Sum Assured for accidental claims.

Eligibility:

Entry Age Minimum - 21 years | Maximum - For 20
year policy term 55 years; For 25 year policy term: 50 years; For 30
year policy term 45 years
Maturity Age Maximum - 75 years
Policy Term 20/25/30 years
Premium Amount Minimum: 8500 p.a. (for annual mode only) | Maximum : Based on maximum sum assured of 1 Crore
Premium Payment Term 11 years
Sum Assured Minimum: 5,00,000 (subject to the minimum premium limit) | Maximum: 1 Crore with intervals of 50,000
Premium Payment Frequency Annual, Semi - Annual, Quarterly, and Monthly