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 taken a life insurance in MAX LIFE on 6 months back. It covers up to myself with tenure period of 35 years. To pay the premium amount there is additional criteria like accidental and for an emergency purpose can do claim at any time, so total amount need to pay of 18K on yearly. They have tied up with many hospitals.
Taken the life insurance policy with MAX company around 8 years ago. My colleague is suggested me to take the policy from here. The claim ratio is more compared to others. I am paying the premium amount of Rs. 15000 and i will get a sum assured amount of Rs. 3.5 lakhs. In online, i will pay the premium amount without any hassle.
I have taken life insurance policy through Max life insurance .This policy tenure is10 years and the premium was paid on yearly through ECS mode.The policy features and benefits are well known to me since working with Max.I am satisfied with my policy.
I have taken Life Insurance policy through Max Life insurance .Since working with max life i know the policy features and benefits.This policy is monthly income plan and for the tenure of 10 years .This policy premium is paid on yearly basis .I am paying the premium on ecs mode and it is totally for family benefits.I am paying the premium of rs.30,000.
I have taken life insurance policy directly through Max life since i am working with them .This was a monthly income plan and it is availed for family benefits only.I am paying the premium on ECS mode and the premium amount was Rs.50,000.The policy details was clearly shared by the agent and i am satisfied with the service .
I have chosen my life insurance from Max Life because one of my friend recommended me about the same. I have been paying the premium amount of Rs. 21000 yearly. This policy has a sum assured amount of Rs. 1 lakh. This is a term insurance. They don't cover for medical illness and disability cover.
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.
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.
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.
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.
I am very bad experience Maxlife insurance , very poor service , Fake information Information hide ,,................................,................................,..................................................
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.
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.
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.
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.
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.
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.
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.
