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Max Life Online Term Plans

 4.0 / 5.0   by 516 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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 Max Life online term plans , 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.
Example

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.
Example

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.
Example

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

Max Life Online Term Insurance Reviews

Page 1 of 26 1 2 3 4 5
  • Max Life Insurance
    "Okay Policy"
    0.5 4.0/5 "Great!"
    I have purchased a term insurance policy from MAX LIFE. I have selected the MAX company because they have higher rating on their claim ratio. I'm really happy about the sum assured amount. Total tenure period is fine. In 2015, i have purchased this policy. I'm really satisfied with the services.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 03, 2019
  • Max Life Insurance
    "Too Good policy"
    0.5 5.0/5 "Blown Away!"
    Just recently 5 months back, i have purchased this life insurance policy. I bought the money back policy from Max Life. Total tenure period of the policy is 11 years. There is no particular reason for choosing this policy. I pay the premium amount of Rs. 50000 in a year. I am making the premium through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 02, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my Term insurance with Max life insurance, there service is good, there agent had clearly explain me about the policy, and benefit coverage , and there premium amount they have charged me was nominal, the premium amount is for half yearly basis, i use to pay through off line mode
    Was this review helpful? 1
    , surat
    Reviewed on Dec 30, 2018
  • Max Life Insurance
    "They are good in market"
    0.5 2.0/5 "Expected more"
    I have purchased a life insurance policy in 2012 from Max life. Because of my boss recommendation and reputation of the company, i find the claim ratio was very good hence i chosen same. Max life premium is slight costlier than other. The customers are completely satisfied with their services. They have class set of policies according the premium amount.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 29, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    MAX LIFE INSURANCE It is a good policy to access. The maturity period of this policy is for 15 years as it is very good added on that it is the user friendly policy to access. The premium i pay for yearly once with this policy. Also they provide coverage for self.
    Was this review helpful? 1
    , bangalore
    Reviewed on Dec 26, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    The process is very good with the MAX LIFE INSURANCE as i have purchased the life insurance policy with this and also at the beginning the documentation is very good. The maturity period is for 30 years as the premium i pay for monthly once. This give the policy coverage for self.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 22, 2018
  • Max Life Insurance
    "Good Policy"
    0.5 3.5/5 "Pretty good"
    I had taken this insurance policy almost five years back and the premium amount has been nominal as well. I have been paying the premium half yearly and the payment method has been simple as well. Their customer care services has also been helpful at times.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 17, 2018
  • Max Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken my life insurance policy with Max life insurance, there service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 16, 2018
  • Max Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my money policy 2 years ago. I have selected the MAX because of the agent who explained me about the policy details. I pay the premium amount of Rs. 50000 per annum. I don't remember about the sum assured amount. This is the tax benefit policy. I pay the premium through cash in their branch office.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 03, 2018
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with Max Life and it was taken through an agent. This is a necessary for me and it was taken for tax benefits. The customer service is good. The policy coverage and plan benefits are fine, it could have been better. I make annual premium of around 30K.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Dissatisfied"
    0.5 1.0/5 "Really Bad"
    Its a fix guaranteed, I Have invested but I could take the capital amount if I cancel that policy. MY bank forced me but its not recommend from my end. The policy which I took its very disappointed, the customer service is good in one call they updated my KYC details. But the policy terms is not good I get my amount on retired age.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have 2 life insurance policies with Max Life Insurance and am using the service for last 10 months. My friend is working in the company so I have taken the policy with them. I am paying the premium yearly 53K plus 24K through online. The policy is good.
    Was this review helpful? 0
    , chandigarh
    Reviewed on Nov 29, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with Max life insurance, it has been a month only, and they have charged me premium amount up to 50,000 it was nominal for me and it was based on yearly basis , there agent had explain me policy related norms clearly, overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 21, 2018
  • Max Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance policy with the MAX LIFE INSURANCE since from past 2010 where the tenuity period of this policy is for 20 years also the policy coverage is for self as well as the nominee. The customer service is very good and supportive.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 19, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
    Was this review helpful? 1
    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Necessary policy for any human being"
    0.5 4.0/5 "Great!"
    I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
    Was this review helpful? 1
    , faridabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my Life insurance with Max life insurance , they have many service center near and the process was smooth and there premium they have charge is nominal , i do payment through on line or off line and there agent are very friendly in nature.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 14, 2018
  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken a personal loan from one bank they have offered me with the MAX LIFE insurance. I ma holding it from past five years where i pay the premium for yearly once through online. The maturity period of this policy is for 15 years and the coverage is for self.
    Was this review helpful? 1
    , bhubaneshwar
    Reviewed on Nov 07, 2018
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