Max Life Online Term Plan Basic Life Cover

Max Life Online Term Plan (basic cover) can be availed of by customers who are above 18 years and below 60 years. The maximum expiry age is 70 years. Under the Max Life Term Plan (basic cover), the minimum Sum Assured is Rs. 25 lakhs while the maximum Sum Assured is Rs. 100 crore. Also, Sum Assured is available in the multiples of Rs. 1 lakh only. Customers can choose terms ranging from 10 to 35 years subject to the maximum expiry age. The premium payment term is equal to policy term. Premium should be paid on an annual basis. The minimum premium will depend on the minimum sum assured chosen by the customer.

Customers can also avail of Max Life Comprehensive Accident Benefit Rider under this term plan. The rider provides additional protection in the event of an accident resulting in impairments (listed) or death.

Features of Max Life Online Term Plan (basic cover)

  • The plan offers an easy online application process sans elaborate paperwork. Customers can log on the official website of Max Life Insurance and click on the Online Term Plan (basic cover) page wherein they have to fill out the required details to get a premium estimate, following which they can make the payment and upload the mandatory documents.
  • Max Life Online Term Plan (basic cover) comes with a free-look period of 30 days. Customers can review the terms and conditions of the policy within the period and choose to return and cancel it, ask for any minor changes or shift to another different policy.
  • Max Life Online Term Plan offers high Sum Assured discounts for the benefit of customers.
  • The plan offers low premium rates for non-smokers, ensuring rewards for healthy lifestyles.
  • Customers can also avail of some tax benefits on premiums.

Benefits of Max Life Online Term Plan (basic cover)

  • Upon death of the life insured, the nominee will get 100% Sum Assured as lumpsum amount
  • Customers have the option to add Max Life Comprehensive Accident Benefit Rider for more coverage.
  • Max Life Online Term Plan (basic cover) provides death benefit only and no maturity benefit.

Eligibility Criteria For Max Life Online Term Plan Basic Life Cover

Criteria

Eligibility

Minimum entry age

18 years as per last birthday

Maximum entry age

60 years as per last birthday

Policy term/duration

Choose from anywhere between 10 to 35 years (with an interval for 1 year) to the maximum of the age expiry

Maximum expiry age

70 years as per last birthday

Sum assured

Minimum of Rs. 25 lakhs
Maximum Rs. 100 crore
(available in multiples of Rs. 1 lakh)

Premium Payment Mode

Annual Mode Only

Minimum Premium

As per the minimum sum assured chosen

Example – How Max Life Online Basic Life Cover Term Plan Helps

Vivek Koduganti, a 32-year-old IT employee from Bangalore opted for a Max Life Online Term Plan (basic cover) for a Sum Assured of Rs. 1 crore for 30 years with an annual premium of Rs. 7,400. Vivek expired after six years. His wife, who was his nominee, got the death benefit of Rs. 1 crore, following which, the policy was terminated.

Max Life Online Term Plan Basic Life Cover FAQs

  1. What is the minimum and maximum Sum Assured under Max Life Online Term Plan (basic cover)?
  2. The minimum Sum Assured is Rs. 25 lakhs while the maximum Sum Assured is Rs. 100 crore.

  3. What is the minimum and maximum entry age under the Max Life Online Term Plan (basic cover)?
  4. The minimum entry age under Max Life Online Term Plan (basic cover) is 18 years, while the maximum is 60 years.

  5. What is the premium payment mode under Max Life Online Term Plan (basic cover)?
  6. Premium should be paid on an annual basis.

  7. Are there any riders offered under Max Life Online Term Plan (basic cover)?
  8. Yes. Customers can opt for Max Life Comprehensive Accident Benefit Rider under this term plan.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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