Max Life Online Term Plan Life Cover + Increasing Monthly Income Plan
Max Life Online Term Plan Life Cover + Increasing Monthly Income Plan can be opted by customers who are above 18 years and below 60 years. The maximum expiry age is 70 years. Under the Max Life Online Term Plan Life Cover + Increasing Monthly Income Plan, the minimum Sum Assured is Rs. 25 lakhs while the maximum Sum Assured is Rs. 100 crore (Sum Assured is available in multiples of Rs. 1 lakh).
Customers can choose any term ranging from 10 to 35 years subject to the maximum expiry age. The premium payment term is equal to policy term. Premiums under the plan should be paid on an annual basis. The minimum premium will depend on the minimum sum assured opted 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 unfortunate event of an accident resulting in impairments (as listed in the policy document) or death.
Features of Max Life Online Term Plan Life Cover + Increasing Monthly Income Plan
- The plan offers an easy online application process with no tedious paperwork. Customers can log on the official website of Max Life Insurance and click on the the Max Life Online Term Plan Life Cover plus Increasing Monthly Income Plan page, wherein they have to fill out the required details, make the payment and upload the required documents.
- The Max Life Online Term Plan Life Cover plus Increasing Monthly Income Plan comes with a free-look period of 30 days. Customers can review the terms and conditions of the plan within the said period and if dissatisfied, may choose to cancel it, request any minor changes or shift to a different policy.
- The plan offers high Sum Assured discounts for the benefit of customers.
- The plan offers low premium rates for non-smokers, offering rewards for a healthy lifestyle.
- Customers can avail of some tax benefits on premiums.
Eligibility Criteria For Max Life Online Term Plan Life Cover + Monthly Income Plan
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 maturity age | 85 years as per last birthday |
Sum assured | Minimum of Rs. 25 lakhs Maximum Rs. 100 crore (available in multiple of Rs. 1 lakh) |
Premium Payment Term | Equal to Policy Term |
Premium Payment Mode | Annual Mode Only |
Benefits of Max Life Online Term Plan Life Cover + Increasing Monthly Income Plan
- Upon the death of the life insured, the nominee will get 100% Sum assured plus monthly income which increases every year for 10 years at 10% simple rate of interest of the first year. The first year monthly income will be 0.4% of the Sum Assured. The total effective death benefit including monthly incomes will be 169.6% of Sum Assured.
- Customers can opt for additional protection in the form of Max Life Comprehensive Accident Benefit Rider.
- Max Life Online Term Plan Life Cover plus Increasing Monthly Income Plan is a pure term plan which provides death benefit but no maturity benefit.
Example – How Max Life Online Term Plan Life Cover + Increasing Monthly Income Plan Works
Pramod Kumar, a 35-year-old advertising executive in Hyderabad, opts for a sum assured of Rs. 1 crore for 30 years at an annual premium of Rs. 11,000. As ill-luck would have it, Kumar dies after paying nine premiums. Consequently, his nominee gets Rs. 1 crore Sum Assured in addition to Rs. 40,000 as monthly income, which increases at 10% every year, with effect from the policy anniversary of the demise of Kumar.
Max Life Online Term Plan FAQs
- What is the minimum and maximum Sum Assured under the Max Life Online Term Plan Life Cover + Increasing Monthly Income Plan?
A. The minimum Sum Assured is Rs. 25 lakhs while the maximum Sum Assured is Rs. 100 crore.
- What is the minimum and maximum entry age under the plan?
A. The minimum entry age under Max Life Online Term Plan Life Cover + Monthly Income is 18 years while the maximum is 60 years.
- What is the premium payment mode under the Max Life Online Term Plan Life Cover + Increasing Monthly Income Plan?
A. Premiums under this plan should be paid on an annual basis.
- What is the death benefit offered under this plan?
A. Upon the death of the life insured, the nominee will get 100% Sum assured + monthly income which increases every year for 10 years at 10% rate of interest (simple) of the first year. The first year monthly income will be 0.4% of the Sum Assured. The total effective death benefit including monthly incomes will be 169.6% of Sum Assured.
Disclaimer
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.