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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