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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

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Max Life Online Term Insurance Reviews

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  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a term insurance in MAX LIFE INSURANCE 2 years before. The policy is for 40 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online. The policy coverage up to myself.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 14, 2019
  • Max
    Max Life Insurance
    "Pretty Good Policy"
    0.5 4.0/5 "Great!"
    I pay the premium amount of Rs. 50000 every year. Total term period is 12 years. I took the life insurance policy from Met LIFE. Once the maturity is over, i will get Rs. 6000 for every month for the next 10 years. This is a fixed value with guaranteed along with that 4% or 5% appreciation amount i will get which is an optional one. I make the premium through online.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 14, 2019
  • Max Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken life Insurance through Max life it is a Maturity benefit policy is for the tenure of 15years .The premium is paid online ,The premium is amount is Rs. 36000.The premium is paid on yearly basis ,policy is still active and the agent gave all the relevant details about the policy .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 07, 2019
  • Max Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through Max Life directly This is a maturity policy is for the tenure of 10 years ,The premium is monthly basis,premium is very nominal ,The premium paid was yearly and then i have changed it as now monthly basis , Axis bank referred this Max life policy .I have received the policy documents on time.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 02, 2019
  • Max Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy through Max Life Insurance company directly.This is a maturity policy ,it is for the tenure 15years ,premium is very nominal ,policy documents got on time ,it will be closed after 15years.I have got all the required information about the policy .This policy is very useful .
    Was this review helpful? 1
    , bangalore
    Reviewed on Jun 02, 2019
  • Max Life Insurance
    "Good Service"
    0.5 2.0/5 "Expected more"
    I have taken Life insurance policy directly taken through Max Life Insurance company .The agent gave all information about the life insurance through the agent ,it is for the tenure of 8years ,The premium is paid through online ,premium is very nominal policy documents received on time ,The agent gave all the details .so far not faced any difficulties , I have closed this policy .
    Was this review helpful? 0
    , bangalore
    Reviewed on May 30, 2019
  • Max Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Max Life insurance year policy through Online ,it is valid till age 50 years and i need to pay till 60years ,policy documents got on time ,The agent gave all information about the policy .The payment is done through online and using credit card for making the payment.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 29, 2019
  • Max Life Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I have been paying the premium recently with MAX LIFE for the term plan. The premium is good and they are providing better benefits than other insurer. The customer service is good. I make monthly premium of Rs.1900 through online. They have explained about the policy well.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 29, 2019
  • Max Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I have purchased the life insurance policy with the MAX LIFE INSURANCE where using it since from last 3 years the policy has the coverage for self and i have purchased the pension plan with this policy. The customer support is good also it is a good policy to use.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 28, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX LIFE INSURANCE for the past 3 years ago. The policy is for 30 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an agent. The coverage up to myself.
    Was this review helpful? 0
    , jaipur
    Reviewed on May 26, 2019
  • Max Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in MAX LIFE INSURANCE. The policy is for 20 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. The coverage for my whole family members. Through an online I used to payments.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 24, 2019
  • Max Life Insurance
    "Best way to protect the family"
    0.5 5.0/5 "Blown Away!"
    I have term plan with Max life, per month I make Rs. 1900 it has term upto 50 years old, the sum assured for Rs. 1 crore to protect my family. I checked the claim settlement and grievance resolved ratio its good. They need improvement on support remain all fine, they do have waiver on the critical illness and disability.
    Was this review helpful? 0
    , pune
    Reviewed on May 21, 2019
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the life insurance policy with the MAX LIFE INSURANCE where the policy has the maturity period of 25 years also the coverage is for self. The premium paying for yearly once added on that i am using it since from last 1-15 years policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on May 20, 2019
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    MAX LIFE INSURANCE is the insurance company where i am holding the ENDOWMENT POLICY since from last 10 years the policy has the coverage for self and the policy has the maturity period of 20 years. The documentation process was simple and good.
    Was this review helpful? 0
    , new delhi
    Reviewed on May 20, 2019
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I am using from last 1 year the life insurance with the MAX LIFE INSURANCE documentation process was done through the online. The customer support explained the policy details. The maturity period is for 25 years and paying the premium yearly once, coverage for self. It has the coverage of little premium higher with disability.
    Was this review helpful? 0
    , kolkata
    Reviewed on May 19, 2019
  • Max Life Insurance
    "Good flexible investment"
    0.5 5.0/5 "Blown Away!"
    Its some thing like a money back plan, I need to pay the premium for six year then Max Life will provide the bonus interest hence its so flexible for me. I make the premium around Rs. 52,000 per annum and its really good for the tax saving and life coverage.
    Was this review helpful? 0
    , gurgaon
    Reviewed on May 15, 2019
  • Max Life Insurance
    "GOOD"
    0.5 4.5/5 "Excellent!"
    I have purchased the life insurance policy with the MAX LIFE INSURANCE where the maturity period of this policy is for 20 years also the policy coverage is for self. The premium paying for yearly once added on that the policy has the life coverage.
    Was this review helpful? 0
    , pune
    Reviewed on May 13, 2019
  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the life insurance policy with the MAX LIFE INSURANCE where the where the policy has the coverage for family added on that the maturity has the long term plan and it is has the life coverage also the accidental coverage with this policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on May 10, 2019
  • Max Life Insurance
    "NOT SATISFIED"
    0.5 1.0/5 "Really Bad"
    It is not good the life insurance with the MAX LIFE INSURANCE because the premium not paid with this policy and asked for closing then they have given return money after detecting the one month premium. It is the child plan. Maturity period is for 16 years. I am using from last more than 7-8 yeras.
    Was this review helpful? 0
    , new delhi
    Reviewed on May 08, 2019
  • Max Life Insurance
    "BETTER"
    0.5 3.0/5 "Satisfactory"
    I have purchase the EULIP PLAN with the MAX LIFE INSURANCE where i am using it since from last 10 years the maturity period of this policy is for 10 years and i got the policy matured and sot the sum assured too, The premium paid was yearly once with this policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 29, 2019
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