Max Life Online Term Plans

Max Life Insurance is one of the most prominent life insuranceproviders in India. With a claim settlement ratio of over 90%, the company has an immense customer base which has been growing steadily over the past few years. It was formed as a joint venture between Max India and the Japanese insurance company Mitsui Sumitomo Insurance Group Holdings Inc, which is a part of the insurance giant MS&AD Insurance Group Holdings, Inc.

Of the many insurance products offered by the company, one of the most popular products are the , which allow customers to buy a term insurance plan online.

Max Life Insurance Online Term Plans

Basic Life Cover

  • This is a pure term plan which offers the benefit of a lump sum payout in the unfortunate event of the death of the policyholder.
  • The plan offers life insurance cover ranging from Rs. 25 lakhs to Rs. 100 crore.
  • It can be taken with the Comprehensive Accident Benefit rider.
  • The application process is simple and can be completed online.
  • The plan can be taken for durations ranging from 10 years to 50 years subject to the maximum maturity age specified by the insurer.
  • Policyholders need to be 18 years or above to purchase this plan. The maximum maturity age is 85 years.

Arun is 34 years old, married with one child. He has to travel a lot for work. If something were to happen to him, his family won’t survive long on their minimal savings. He decides to buy the Basic Life Cover plan and chooses a cover of Rs.2 crore for 10 years. He also adds on the accident benefits rider worth and additional Rs.71 lakhs. Now, in case something happens to him, his family will get 2.7 crores all for a premium of Rs.19, 473.

Life Cover + Monthly Income

  • This is a plan that gives policyholders a double benefit. The first is that of a pure term insurance plan and the second is that of a regular income plan.
  • The death benefits of this plan include a lump sum payout in case of death of the policyholder and a fixed income for them for the next 10 years.
  • The plan can also be taken with the Comprehensive Accident Benefit rider which enhances protection in case of death caused by an accident.
  • The plan comes with a free-look period of 30 days.
  • It also offers attractive discounts for high sum assured.
  • It also offers non-smokes lower premium rates.
  • The minimum age that one is required to be in order to purchase this plan is 18 years. The maximum maturity age is 85 years.

Parul had taken a life cover and monthly income plan for 15 years. She chose a cover of Rs.3 crores for which she paid a premium of about Rs.31,500. When she passed away, because the policy was still in effect, her family was paid a lump sum amount of Rs.3 crore and for the next 10 years they receive a monthly amount of Rs.1.2 lakhs per month.

Life Cover + Increasing Monthly Income

This is a term insurance plans that can be bought online and offers the policyholder a life insurance cover and a monthly income facility for the beneficiary for 10 years after the policyholder's death.

  • The plan offers simple life insurance cover and a monthly income that increase at a steady rate.
  • The plan comes with a free-look period of 30 days.
  • It can also be taken with the accident benefits rider to enhance the cover.
  • It rewards healthy lifestyles by offering lower premiums to non-smokers.
  • The minimum age at entry for this policy is 18 years. The maximum maturity age is 85 years.

Govind, a father of two, passed away a few years after taking a life cover with increasing monthly income for a premium of about Rs.37,800. The death benefits paid to his family was the sum assured of Rs.3 crore with a monthly income of Rs.1.2 lakhs for the next 10 years. This monthly income increases every year by 10% (simple interest) per annum, on the first year’s monthly income.

Why Max Life Online Term Plans?

The main reasons why anyone should buy the Max Life online term plans is because

  • They can be bought online so it is very convenient.
  • These term plans offer high sum assured for very reasonable premiums.
  • All online term plans offer lower premiums to non-smokers.
  • Since the plans are available online, all the information about them is also available online thus negating the task of going through agents.

Tips on Max Life Online Plans

Before buying an online term plan, make a decision on what benefits you want to be paid to your beneficiary. You can have benefits paid as a lump sum or a lump sum plus a monthly income so in case the beneficiary is economically dependent on its best to go in for a term plan plus monthly income. It is also a good idea to add an accidental death benefits rider as that will provide enhanced cover in case death occurs in an accident.

Other Max Life Insurance Plans

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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