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Max Life Term Insurance

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 -

  1. Max Life Online Term Plan
  2. Max Life Premium Protection Plan
  3. Max Life Super Term Plan
Max Life Online Term Plan

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

  1. Lump sum assured

  2. Sum Assured + Fixed monthly income

  3. 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

  1. 55 years for 20 year policy term

  2. 50 years for 25 year policy term

  3. 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.

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

Responsiveness

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Max Life Term Insurance Reviews

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  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    MAX LIFE INSURANCE is the insurance provider where i am holding the TERM PLAN with this policy, and using it since from last 6 years. The policy has the maturity period of this policy is for 70 years of the age. The premium paying for monthly once.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    Max life is also good and the premium is reasonable for the life insurance. I took a short term plan and the tenure is 10 years. The customer services are good. I make the premium through ECS, it was around 70,000 rupees per annum for two policies.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 23, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I hold my life insurance with Max life for a long time, They have given me good benefits, and the agent had clearly explain me about the plan and policy coverage, Their customer care service is quite average, i pay premium on yearly basis ,it use to get deducted annually from my account.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 13, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    The Axis bank is tie up with Max insurance company, so they have recommended me this life insurance,The agent had properly explain me about the plan benefits and policy coverage , Even they have given me hard copy as well, I use to pay premium on yearly basis, It use to get auto debited from my account.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 10, 2019
  • Max Life Insurance
    "Need improvement on the maturity amount"
    0.5 4.0/5 "Great!"
    Yearly I pay Rs. 26,125 to the Max life policy, it has the tenure period of 10 years, then I get the maturity benefits around Rs. 2.9 lakhs + 50,000 bonus amount. The service is proactive, they send the timely reminder. But I feel the benefits are very average, I have activated for ecs payment. It has the tax benefits, however premium should be reduced and the maturity should be higher.
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 10, 2019
  • Max Life Insurance
    "Good claim settlement process"
    0.5 4.0/5 "Great!"
    For a Sum assured Rs 1 crore , I taken a policy from MAX life insurance . Max has a very good settlement ratio . So I need not to worry about settlement for my family . It covers every types of risk benefit . while getting the policy , Max life executive helped me a lot in understanding the policy .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 09, 2019
  • Max Life Insurance
    "App can be improved"
    0.5 4.0/5 "Great!"
    Recently I have started my policy with Max Life Insurance before 4 months back. I have tried the online comparisons and found MAX is good with reasonable premium. It was applied through online and the tenure is 15 years. The maturity amount is good depends on the market as well. They don't have direct login online facility but still I can view the statement through the site.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 28, 2019
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have been holding the life insurance policy with the MAX LIFE INSURANCE and i am using it from last 20 years, the documentation process was simple and the customer support is good with this policy. It is the long term policy also the policy has good features.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 19, 2019
  • Max Life Insurance
    "Communication should be clear"
    0.5 3.5/5 "Pretty good"
    When I was taking this Max life insurance, they told I need to pay upto 60 years . Monthly I make Rs. 500, before the policy gets maturate if some thing happen to me, the nominees get the sum lump, if I live after 60 years, there is no benefits. They need to give at least partial amount to insured person. I am not aware of complete benefits before availing it.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 16, 2019
  • Max Life Insurance
    "good service "
    0.5 5.0/5 "Blown Away!"
    I have taken a Max Insurance from Bajaj Insurance company .This is a combine policy both Health and Term policy.The coverage was Rs. 15,00,000. Term policy can coverage was Rs. 1000000 and medical coverage Rs. 500000.I am getting Tax benefits for this policy to claim Tax.I am paying yearly Rs. 12000 premium.In medical still there is no claim so i have some no claim bonus .During renewal time i use to get call for renewal at that time i can re assist my coverage value also its good .I am holding this policy since 1 year customer service is good.
    Was this review helpful? 0
    , kochi
    Reviewed on Mar 14, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy with Max life insurance, Their service is good,The agent had clearly explain me about the policy and benefits, and they have charged me nominal premium amount, and on yearly basis i pay premium through on line.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 13, 2019
  • Max Life Insurance
    "Average service"
    0.5 3.0/5 "Satisfactory"
    I have taken my life insurance policy with Max life insurance, Their service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.but now i have closed this insurance ,as there was no return.
    Was this review helpful? 1
    , lucknow
    Reviewed on Mar 03, 2019
  • Max Life Insurance
    "Not satisfied"
    0.5 1.0/5 "Really Bad"
    I have taken my life insurance policy with Max life insurance. Their service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.i have pay up to 40,000,but i did not felt any kind of benefit,so i have closed this insurance,on year bases i was paying premium up to 20,000,for 2 installment i paid then i have closed it.
    Was this review helpful? 1
    , mumbai
    Reviewed on Feb 26, 2019
  • Max Life Insurance
    "Good Policy to protect the family with Max Life"
    0.5 5.0/5 "Blown Away!"
    I have term plan with Max Life, the claim ratio is really good. I do make the premium around Rs. 28k per annum until 60 years of my age , it laps the age of 82 days, there is a premium terminal for the disability, critical illness. On some certain demise my nominees will get Rs. 1 crore lump sum and also they will be getting monthly Rs. 40,000 for next 10 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 21, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Max life insurance , and their service is good. the agent had clearly explain me about the policy and coverage benefits. and the premium amount i use to pay on yearly basis. and i use to pay premium amount through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 14, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with MAX life, and the agent had clearly explained me about the policy coverage and benefits,i have taken this policy for my kids like after 12 years,they will be getting the coverage amount ,and the premium amount they have charged me on yearly basis, and i pay my premium through on line.Till now their service is good.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Feb 11, 2019
  • Max Life Insurance
    "Good saving plan"
    0.5 4.0/5 "Great!"
    I have taken a saving plan from MAX LIFE and the tenure period is 18 years. It was purchased through online. Its a children plan and am paying per month 5K through online option via credit card. I have received the insurance paper. I will lump some amount once and there is bonus on every month.
    Was this review helpful? 2
    , bangalore
    Reviewed on Feb 08, 2019
  • Max Life Insurance
    "Good for saving"
    0.5 4.5/5 "Excellent!"
    I pay about Rs. 15000 for one year plan in Max Life, it has the term of 8 years again the period of 7 years I got some policy covered after maturity period, they tax benefits and life cover is good for any certain demise they have payment mode like online , cash.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Feb 07, 2019
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with MAX life, and i have applied through on line, and the premium amount they have charged me on yearly basis, and i pay my premium through on line. I have been got the hard copy of the policy , and till now my experience with this insurance company was good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 30, 2019
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with MAX life, and the agent had clearly explained me about the policy coverage and benefits, and the premium amount they have charged me on monthly basis, and i pay my premium through on line.Till now their service is good.
    Was this review helpful? 1
    , kochi
    Reviewed on Jan 27, 2019
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