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Max Life Term Insurance

 4.0 / 5.0   by 508 users
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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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.

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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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Max Life Term Insurance Reviews

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  • Max Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my money policy 2 years ago. I have selected the MAX because of the agent who explained me about the policy details. I pay the premium amount of Rs. 50000 per annum. I don't remember about the sum assured amount. This is the tax benefit policy. I pay the premium through cash in their branch office.
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    , hyderabad
    Reviewed on Dec 03, 2018
  • Max Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with Max Life and it was taken through an agent. This is a necessary for me and it was taken for tax benefits. The customer service is good. The policy coverage and plan benefits are fine, it could have been better. I make annual premium of around 30K.
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    , chennai
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Dissatisfied"
    0.5 1.0/5 "Really Bad"
    Its a fix guaranteed, I Have invested but I could take the capital amount if I cancel that policy. MY bank forced me but its not recommend from my end. The policy which I took its very disappointed, the customer service is good in one call they updated my KYC details. But the policy terms is not good I get my amount on retired age.
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    , hyderabad
    Reviewed on Nov 30, 2018
  • Max Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have 2 life insurance policies with Max Life Insurance and am using the service for last 10 months. My friend is working in the company so I have taken the policy with them. I am paying the premium yearly 53K plus 24K through online. The policy is good.
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    , chandigarh
    Reviewed on Nov 29, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with Max life insurance, it has been a month only, and they have charged me premium amount up to 50,000 it was nominal for me and it was based on yearly basis , there agent had explain me policy related norms clearly, overall service is good.
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    , hyderabad
    Reviewed on Nov 21, 2018
  • Max Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance policy with the MAX LIFE INSURANCE since from past 2010 where the tenuity period of this policy is for 20 years also the policy coverage is for self as well as the nominee. The customer service is very good and supportive.
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    , hyderabad
    Reviewed on Nov 19, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
    Was this review helpful? 1

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    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
    Was this review helpful? 1

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    , new delhi
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Necessary policy for any human being"
    0.5 4.0/5 "Great!"
    I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
    Was this review helpful? 1

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    , faridabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my Life insurance with Max life insurance , they have many service center near and the process was smooth and there premium they have charge is nominal , i do payment through on line or off line and there agent are very friendly in nature.
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    , ahmedabad
    Reviewed on Nov 16, 2018
  • Max Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
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    , mumbai
    Reviewed on Nov 14, 2018
  • Max Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have taken a personal loan from one bank they have offered me with the MAX LIFE insurance. I ma holding it from past five years where i pay the premium for yearly once through online. The maturity period of this policy is for 15 years and the coverage is for self.
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    , bhubaneshwar
    Reviewed on Nov 07, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the TERM POLICY with the MAX LIFE INSURANCE the documentation for taking the policy is easy and good. I have been using from last three years the maturity period of this policy is for 25 years. The premium i pay yearly once also the service is good.
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    , noida
    Reviewed on Nov 03, 2018
  • Max Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I am having a Max Life insurance policy from the last 11 years, it is a pension policy where i get good benefits and returns. Maturity period for this policy is 11 years but it can go up to 20 years. I pay my premium every month through ECS and i am convenient with the payment options.
    Was this review helpful? 1

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    , kochi
    Reviewed on Oct 11, 2018
  • Max Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have taken life insurance from the Max life as it has good returns i make the payment through online banking annually . This policy covers accidental and critical illness benefits with the tenure period of 15 years . Overall am satisfied with my policy .
    Was this review helpful? 1

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    , pune
    Reviewed on Oct 03, 2018
  • Max Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    This is a term plan which i have purchased it through MAX LIFE INSURANCE. The tenuity period is for 8 years and premium i pay yearly through auto debit from account. Documentation done physically also it provides the self coverage along with the accidental benefits is. I am using from last 2 years.
    Was this review helpful? 2

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    , mumbai
    Reviewed on Oct 03, 2018
  • Max Life Insurance
    "Average Service"
    0.5 3.0/5 "Satisfactory"
    I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
    Was this review helpful? 4

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    , hyderabad
    Reviewed on Sep 15, 2018
  • Max Life Insurance
    "Good services overall"
    0.5 4.5/5 "Excellent!"
    Max Life Insurance was pretty quick in the response for the term plan. The plan riders come up with good set of critical illness. The insurance procedure was quiet well described and executed. Just wish to add one point for the medical test center guys, please try to maintain cleanliness of the instruments because it will help in creating a hygienic impression of the process.
    Was this review helpful? 4

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    , ahmedabad
    Reviewed on Sep 10, 2018
  • Max Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I had taken this Insurance Policy a long time back, it has been a good policy. I had been making the payments online and i had been making the payments offline and there has not been any hassle in making the payments. Their customer support and their staff responses had been good as well.
    Was this review helpful? 1

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    , bangalore
    Reviewed on Sep 03, 2018
  • Max Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy almost 5-6 months back. I had been making the payments online and the payment methods had been simple and easy. The premium which has been paying had been good. There has not been any hassle faced with them so far.
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    , new delhi
    Reviewed on Aug 27, 2018
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