Term insurance plans from Max Life Insurance include a trifecta of policies that are available online as well as offline. While the online plans are completely bereft of messy paperwork, the offline plans can be easily consulted with advisors and all three plans can be availed easily. Tax benefits might be available on the premium amounts paid and the final amount that is achieved as a pay-out as per death benefit. As a trustworthy term insurance policy, this plan can allow the policyholder to avail loans in its lieu. Plans under this category from Max life collectively form the Protection Plans group.
Types of Max Life Term Plans:
There are three types of term plans offered by Max Life Insurance and they are -
An online pure term plan from Max Life Insurance, this plan is available for purchase through the company’s official portal and has three variants. Its basic features are as follows –
Features
Description
Entry Age
Minimum – 18 years
Maximum – 60 years
Maturity Age
Maximum of 75 years
Premium
Minimum – Based on factors chosen by insurer
Maximum – No limit
Sum Assured
Minimum - INR 25 lakhs
Maximum – INR 100 crores
Premium Payment Term
Regular Pay – Premium paid throughout policy term
Policy Term
Minimum – 10 years
Maximum – 35 years
Premium Payment Mode
Annual
Tax Benefit
Premiums paid – Deduction up to INR 100000 per year as per Section 80C
Sum Assured on Death – Tax free as per Section 10(10D)
Death Benefit
Lump sum assured
Sum Assured + Fixed monthly income
Sum Assured + Increasing Monthly Income
Max Life Premium Return Protection Plan
A term insurance plan from Max Life that offers to return the premiums paid during the policy period along with providing a comprehensive cover. Mentioned below are the features of this plan –
Features
Description
Entry Age
Minimum – 21 years
Maximum
55 years for 20 year policy term
50 years for 25 year policy term
45 years for 30 year policy term
Maturity Age
Maximum of 75 years
Premium
Minimum – INR 8500
Maximum – Based on Sum Assured
Premium Payment Term
Regular Pay – Premium paid throughout policy term
Limited Pay – Premium paid for either 5 years or 10 years
Single Pay – One time lump sum payment of premium
Policy Term
20 years, 25 years, 30 years
Premium Payment Mode
Annual, semi-annual, quarterly or monthly
Sum Assured
Minimum – INR 5 lakhs
Maximum – INR 1 crore
Death Benefit
Higher of 10 times of annualised premium or 105% of total premiums paid
Maturity Benefit
Total premiums paid
Max Life Super Term Plan
An offline plan that offers pure protection and financial security at very reasonable costs. The plan details are as follows
Feature
Description
Entry Age
Minimum – 18 years
Maximum – 65 years
Maturity Age
Maximum of 75 years
Premium
Minimum – INR 5000
Maximum – No limit subject to the Sum Assured amount chosen
Premium Payment Term
Regular Pay – Premium paid throughout policy term
Sum Assured
Minimum – INR 2500000
Maximum – No limit
Policy Term
Minimum – 10 years
Maximum – 35 years
Premium Payment Mode
Annual, semi-annually, quarterly or monthly
Death Benefit
Higher of 10 times of annualised premium or 105% of total premiums paid
Sum Assured Choices
Either Fixed or Increasing by 5% every policy year without increase in premium
Basic Features & Benefits of Max Life Term Plans:
Low cost of insurance
Flexible options in insurance pertaining to term, cover amount and premium payment
Special rates for non-smokers and female lives
Customers can buy select plans online in the comfort of their homes
Customers can avail of certain tax benefits under relevant sections of the IT Act, 1961
Some plans can be converted to other plans offered by Max Life
Max Life Term Plans FAQs:
1. Q. What are the various types of Max Life Term Plans?
A. The three types of term plans are Online Term Plan, Premium Return Protection Plan and Super Term Plan.
2. Q. What are the various benefits available under the plans from Max Life?
A. Each term plan from Max Life has differing death benefits and add-on benefits as per the riders chosen, but the basic benefits allow a pay-out of sum assured either in a lump sum amount or a staggered manner. Additionally, one can also change the cover amount.
3. Q. What is the minimum sum assured for Max Life Term Plans?
A. The minimum sum assured under the various term plans from Max Life is INR 500000 and that is available under the Premium Return Protection plan.
4. Q. What is the maximum and minimum policy term available under these plans?
A. Max Life term plans have a minimum policy term of 10 years and a maximum term of 35 years, subject to the entry age and the maturity age of the life insured.
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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.
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.
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.
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.
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.
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.
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%.
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 .
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.
I have taken a life insurance with MAX LIFE INSURANCE on 2 years before. The policy is for 15 years and it is gain plan policy. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details. I use to pay for 2500 rupees.
I have chosen MAX LIFE for a life insurance. It is for future savings and life insured cover. I am doing yearly premium of Rs.52,000, it will be automatically debited from my account. I receive a statements from them. The sum assured is 5Lakhs.
I have one term plan with Max life for the sum assured of Rs. 70 lakhs, yearly I paid Rs. 22,000 for the term of 16 years and the life cover upto 70 years of age. I have option to add only nominee however the claim settlement is good for this insurance company.
I am having MAX LIFE which was suggested by their staff, the premium is economical. I used to pay Rs. 50,000 per annum it has the term of 19 years, after the maturity I get the lump sum amount along with the monthly bonus. I got the policy bond from the insurance company.
I have purchased a term plan with MAX LIFE because their claim settlement ratio is high compared to other insurance company and also premium is affordable. Their executive is regularly calling me and helpful too. The payment mode is online.
Taken my life insurance policy from Max life. I am paying the premium amount of Rs. 50000. I did the ECS facility hence the amount will be automatically deducted from my account. I need to pay the premium for 10 years and after 10 years the bonus will get added. Total sum assured amount of the policy is 6 lakhs.
I took a life insurance from Max life because the premium is affordable. I have not used the customer service but heard they are doing good. I am paying 35K yearly through online. The payment mode is convenient and am getting notifications immediately. I took it for savings plan.
I have taken a life insurance with MAX LIFE INSURANCE on 6 months before. The policy is for 38 years. I use to do payment through an online. I am paying premium on monthly package. While getting a policy my agent has given an information about the policy details.
I have just booked the policy through online and i have got my insurance documents within a day to my mail id. They have sent the documents after 10 days. Axis bank had a tie up with Max life thats the reason i opted this policy. I'm satisfied with the coverage value.No medical examination is required.
I have purchased a life insurance policy from Max Life through online. I am paying premium of Rs.700 monthly through cash and sometimes online. The customer service is good. The policy coverage is 32L. I need to pay the premium upto age of 60K.
Reason to select Max life, I found the claim settlement ratio is good around 98% this year. They also providing critical illness waiver, waiver on disability. The customer care is very prompt they shared terms and condition before availing the plan. It has the life cover upto 80 years and premium 60 years. I paid the premium around Rs. 850 per month, I sum assured of Rs. 1 crore, I have option to add nominees, I avoided half of the lum sum amount and they give monthly payment.
