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 -
- Max Life Online Term Plan
- Max Life Premium Protection Plan
- Max Life Super Term Plan
Basic Features & Benefits of Max Life Term Plans:
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Low cost of insurance
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Flexible options in insurance pertaining to term, cover amount and premium payment
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Special rates for non-smokers and female lives
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Customers can buy select plans online in the comfort of their homes
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Customers can avail of certain tax benefits under relevant sections of the IT Act, 1961
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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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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
