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Max Life Term Insurance Plans – Benefits, Reviews and Premium Details

One cannot predict what will be going to happen to him or her after a few minutes. Hence, you can’t even predict how much you are going to live. Therefore, after knowing this fact, one has to think practically too. As you are having your loved ones who are dependent on you in many ways and if something happens to you it affects them a lot. But have you ever thought about this, what will they do if you are no more with them? Have you ever planned something for them and their survival when you are not with them? If not then this is the time to think about the future planning of your loved ones. So, that if you are not with them at any unfortunate time then they will get assistance in living their life happily. The solution to this problem is – Max Life Term Insurance Plans It will help your family with some financial assistance when you are not with them to assist them.

Must Read: How To Choose The Best Term Insurance Plan in India?

About Max Life

The Max Life Insurance Company Limited has been formed earlier after the two companies that are Max India Limited and Mitsui Sumitomo Insurance Company Limited came together. Both the company is leading business companies in their sectors. The Max term insurance helps to cover the insured individual at the time of death, any disability or chronic disease.

“Get assistance till you reach the age of 85 Years under the Max Term Insurance Plans.”

Now, below are the types of term plans with their description and the advantages.

Type of Max Life Term Insurance Plans

Max Life Term Insurance Plans NamesMin. – Max. AgeMaturity Age of the PlanTotal Years of Policy TermBasic Benefits
Super Term Plan (Basic Life Cover)Min.- 18 Years Max.- 65 Years75 Years
    1. Years
– Death Benefits to the nominee. – Increase in cover at the time of marriage or childbirth.
Max Online Term Plan (Basic Cover & Monthly Income)Min.- 18 Years Max.- 60 Years85 Years10-50 Years– A sum assured of 0.4% will be paid every month to the nominee and known as the monthly income.
Max Life Return Premium Protection Plan (Increased Monthly Income)Min.- 21 Years Max.- 45,50,55 Years75 Years20,25,30 Years– A sum assured of 0.4% paid as monthly income will increase every year by 10% till the last payout date.

Max Life Super Term Plan (Basic Life Cover)

The basic cover of Max Life Super Term Plan includes the death benefit along with increasing sum assured. The other features of the plan are given below:

  • The sum assured will increase at a rate of 5% every year.
  • After the death of the insured person, the nominee will get two options for availing the death benefits
    • First, the nominee could take a hundred percent of the sum assured after the death of the insured person immediately.
    • Second, the nominee could take a 50% of the sum assured after the death of the insured person and can get 50% as a regular income every month till the next 10 year by an increase of 8.5 % per year.
  • Therefore, this is a basic cover with some of the very precise benefits for the insured person and the nominee.

Eligibility Under This Plan

CriteriaAge
Entry Age for Super Term PlanMin. -18 Years Max. – 65 Years
Maturity Age for Super Term PlanMin. – N/A Max. – 75 Years
Policy TermMin. – 10 Years Max. – 35 Years
Sum Assured for Super Term PlanMin. – Rupees 25 Lakhs Max. – No Bar
Premium AmountMin. – Rupees 5000 Max. – Based on cover

Max Life Online Term Plan (Basic Cover)

As the name suggests this plan can be easily purchased through online mode and other features of this plan are:

  • Under this plan, the amount paid at the time of death of the insured person will be equal to the sum assured.
  • There is a special discount given to non-smokers.
  • Even one can add a rider to the plan under which even if the person died in any kind of accident at that time the additional sum insured will be provided.

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Eligibility Under This Plan

CriteriaAge
Entry Age for Online Term PlanMin. -18 Years Max. – 60 Years
Maturity Age for Online Term PlanMin. – N/A Max. – 70 Years
Policy TermMin. – 10 Years Max. – 35 Years
Sum Assured for Online Term PlanMin. – Rupees 25 Lakhs Max. – 100 Crores

The online Term plan is also having two of the variants. These variant plans are carrying some of the advantages for the insured person if they opt for them. Some extra advantages are being added in the variant plan along with the basic cover. The variant plans are discussed below.

Max Life Online Term Plan (Basic Cover) + Fixed Monthly Income

This plan could also be purchased by the person through online mode and the additional features of the plan are given below:

  • One does not need to go to the office and then fill paper works for taking an insurance plan. As this could be done very easily through the online mode.
  • Under this plan, if the insured person dies, the sum assured will be provided to the nominee immediately.
  • But apart from the sum assured the nominee will be eligible to get the monthly amount which will be equal to 0.4 % of the sum assured.
  • Therefore, if we calculate the total sum assured it will be equal to 148% of the total sum assured which has to be provided in a basic cover.
  • The non-smokers will get an advantage, and the discount in paying the premium will be given to them.

Max Life Online Term Plan Increasing Monthly Income

This plan could also be purchased very easily through online mode and the premium will be lower than that of the basic cover.

  • Under this plan, after the death of the insured person, the nominee will be able to get a monthly income of 0.4 % of the sum assured. But this amount will increase annually at a rate of 10% on the first monthly payout.
  • Therefore, the total monthly payout along with the sum assured will be 169.60 percent of the sum assured according to the basic cover.

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Max Life Return of Premium Protection Term Plan

This plan of Max life Term plan offers a chance to the insured person to get the premiums returned if the plan gets matured before their death. The features of the plan are:

  • This plan offers includes beneficial Riders which will help the nominee to withdraw the money if the insured person had an accidental death.
  • If the death of the insured person is due to the unfortunate accident then the nominee will be able to get the 150% of the sum assured. That is 50% of the sum assured will be an additional benefit for the nominee.
  • Under the basic Max Life Term plan, the premium payment will be of 11 years only but in different coverage, the policyholder can choose more tenure.
  • If the insured person lives till the maturity date of the plan then he or she will be eligible to get the 100% of the premiums paid back from the max life plan.
  • Therefore, Riders are available along with the basic cover which the policyholder opts for to get the extra benefits under the single plan.

Eligibility Under This Plan

CriteriaAge
Entry Age for Premium Return Protection PlanMin. -21 Years Max. – 55 Years
Maturity Age for Premium Return Protection PlanMin. – N/A Max. – 75 Years
Policy TermMin. – 20 Years Max. – 30 Years
Sum Assured for Premium Return Protection PlanMin. – Rupees 8500 Max. – Depends on the cover.

Benefits

  • This Max term insurance plan is very beneficial for the policyholder to secure the future of their family after their death.
  • The insurance is providing all the facilities and the availability of the plans along with their variants. Where the policyholder could increase the coverage according to their needs.
  • Even one would be able to get the tax benefit under the act of 80C Income Tax Act 1961.
  • The premiums which are being offered by the term insurance plan are quite low but on the opposite side the life coverage provided is too high and the benefits are also given in different cases.

Conclusion

Therefore, we can say that Max Life Term Insurance Plans is providing a full package for policyholders so that they could get all the benefits in single coverage. Even these plans are so easy to opt that one can purchase them through online mode and there is no hassle of going outside and filling the papers.

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