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.
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

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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Max Life Online Term Insurance Reviews

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  • Max Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a Life Insurance Policy from Max Life and the coverage value was Rs. 60L. I can continue this policy till the age of 60-65 years not sure till when I can utilize. This policy covers all type of death, accident and natural death. I am paying premium through auto debit. Monthly i am paying Rs. 735 and also getting Tax benefits sec 80C.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Feb 17, 2020
  • Max
    Max Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance policy from Max LIfe. I can continue this policy till the age of 70 years and this will cover all types of death and the goes to the nominee, i wont get any returns Yearly i am paying Rs. 7000, and i am getting Tax benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 12, 2020
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance from MAX and this is Ulip policy. Customer service was good and i have to pay for 15 years, after 16th year i will be getting some returns. Premium i am paying annual Rs.10k and this insurance will cover all type of death and also rider benefits available in this plan.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 12, 2020
  • Max Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a Life Insurance Policy from MAX LIFE. I am paying the premium amount through online and that was a long term policy and its going to be matured. I have paid for many years which is deducted from my savings account every month. The policy and service was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 10, 2020
  • Max Life Insurance
    "Very bad Service Max Life insurance"
    0.5 0.5/5 "Unacceptable"
    I am very bad experience Maxlife insurance , very poor service , Fake information Information hide ,,................................,................................,..................................................
    Was this review helpful? 1
    , gurgaon
    Reviewed on Jan 09, 2020
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy from MAX LIFE and i have chosen this policy, because which covers for my life. Recently i have taken this policy and i used to make the premium through online in ECS mode monthly i am paying Rs. 890. This insurance cover Rs. 25 lakhs for accident cover and Rs. 15 lakhs for critical illness and also normally it covers for 50 lakhs.
    Was this review helpful? 0
    , surat
    Reviewed on Jan 06, 2020
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy from MAX LIFE to ensure my life. Recently i have taken this policy and i used to make the premium through online in ECS mode monthly i am paying Rs. 890. This insurance cover 25 lakhs for accident cover and 15 lakhs for critical illness and also normally it covers for 50 lakhs.
    Was this review helpful? 1
    , surat
    Reviewed on Jan 06, 2020
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My life was insured with Max Life Insurance but there is no special reason for choosing this company. Based on the agent's explanation about the policy, i have taken it. I have been paying the premium amount of Rs. 18000 per annum. This is a tax benefitable policy. I pay the premium through online.
    Was this review helpful? 0
    , guwahati
    Reviewed on Dec 16, 2019
  • Max Life Insurance
    "Not a correct policy at a current situation"
    0.5 3.0/5 "Satisfactory"
    I had chosen Max Life Insurance policy without any reason. When I want to avail the life insurance policy, they have respond me properly. I bought the policy on 13 years before. They are providing the sum assured amount of Rs. 4.30 lakhs. I have been paying the premium on a monthly basis.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Dec 04, 2019
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Laxmi Vilas Bank has offered a life insurance policy from Max Life since they have tied up. I am paying the premium amount of Rs. 15,000 every year. Automatically they deduct the premium amount from my account. They said sum assured amount will be 2.50 L. Total term period of the policy is 8 years.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Nov 05, 2019
  • Max Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have chosen a life insurance policy from Max life which was referred my agent. This policy is going to mature in next year and the tenure is 15years. The benefits are okay but at the period it was good. Sometimes, the executive will call me to check if any issues are there because they have started the payment through the application before 2 to 3years ago.
    Was this review helpful? 0
    , kochi
    Reviewed on Oct 19, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 6 years before. The policy is for 50 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It covers up to myself.
    Was this review helpful? 3
    , jaipur
    Reviewed on Oct 03, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The reason for selecting Max life is I felt, the benefits are good and convenient for me. The customer service is better. I have taken a 5years policy and the premium was 50K per year. In the 10th year, I will be getting sum assured of 6L which is double the amount what I have paid.
    Was this review helpful? 1
    , kakinada
    Reviewed on Sep 27, 2019
  • Max Life Insurance
    "Good policy for future"
    0.5 4.0/5 "Great!"
    I had chosen my term insurance from Max Life. Since my friend has recommended about the policy i have taken it. I am paying the premium amount of Rs. 6000 every year. They have given me a coverage value of Rs. 50 lakhs. They do provide cover for partial disability cover also.
    Was this review helpful? 0
    , tirunelveli
    Reviewed on Sep 24, 2019
  • Max Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in MAX LIFE INSURANCE on 1 year before. The policy is for life term. I am paying premium in the yearly package for 50 thousands. While getting a policy my agent has given an information about the policy details. I visit to office directly to pay the premium amount.
    Was this review helpful? 0
    , anantapur
    Reviewed on Sep 22, 2019
  • Max Life Insurance
    "Good claim settlement ratio and very good service"
    0.5 4.0/5 "Great!"
    I have life insurance with MAX because of the claim settlement ratio around 98.9% . Yearly I make Rs. 52,000 it has the maturity period of 25 years, its a traditional plan, I get around Rs. 22 lakhs overall and it has life coverage if there is no any demise my nominee get the life cover. I do have flexi pay option.
    Was this review helpful? 0
    , sonipat
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Need improvement on the benefits"
    0.5 4.0/5 "Great!"
    AXIS bank have recommended Max life insurance comes along with ULIP. I need to invest upto 7 years but the ULIP has the locking period of 12 years, the premium is economical as per the policy. They do have good life cover for the financial security for unforeseen events. It has tax saving under 80c section, I have online credential for max life to check my insurance details and every day I get sms as well. I make the premium on yearly basis through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 19, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The payment mode is online and making the premium through debit card or credit card. I have taken short term life policy with MAX LIFE. The benefits are good. They have provided me a life cover of 12L with the locking period of 5 years. I have not gone through the documents so cannot tell about this policy much. Their claim settlement rate is good and giving 98.8%.
    Was this review helpful? 0
    , new delhi
    Reviewed on Sep 16, 2019
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through Max Life agent .This policy tenure is for 20 years.I am paying the premium through citi bank credit card .The agent gave all the information about the insurance policy .I have received the policy documents on time .This policy is really useful and it is still active .
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2019
  • Max Life Insurance
    "Moderate"
    0.5 3.0/5 "Satisfactory"
    I have taken a term plan from MAX LIFE because am employee of Axis Bank and that time have take a term plan of 75L. There is no benefits, just am paying the premium. If any demise happens the family will be getting the benefit. The customer service is average. I am doing online payment and its 7K per year.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 03, 2019
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