Max Life Term Insurance
Max Life Insurance Company Ltd is a joint venture between Axis Bank and Max India Ltd and is a subsidiary of Max Financial Services. The company primarily provides life insurance products, along with offering coverage for health, annuity, and pension.
Term insurance is a life insurance product. Being covered by one provides financial security to the nominee in the event of the policyholder’s demise. The nominee is entitled to receive the sum assured as the death benefit as outlined in the policy agreement.
Max Life Company Ltd – At a Glance
| Name | Max Life Insurance Co. Ltd. |
| Parent Company | Max Financial Services |
| Founded In | 2000 |
| Operations Started In | 2001 |
| Headquarters | New Delhi |
| MD & CEO | Mr Prashant Tripathy |
| Settlement Ratio | 99.35% |
| No. of Offices | 277 |
| No. of Employees | Over 14,000 |
Max Term Insurance – Why Should You Buy It?
Term insurance is designed to safeguard the policyholder’s family from financial risks if the policyholder dies. Max Life offers affordable term insurance plans, provides assistance through its customer care services and provides a simple and easy claims process.
You should consider getting term insurance for the following reasons:
- As someone who may be the primary breadwinner or contributes to the family’s income, loss of life will, apart from the emotional impact, will also put a strain on the finances.
- People invest in assets, such as a vehicle or a home, and may opt for loans. Without a term insurance plan, the loan EMIs may impact your family’s finances and assets. Having a term insurance plan makes it easier for your family to pay off these loans.
- Life can be unpredictable. What you have today may be gone tomorrow. Safeguarding your family’s future with a term plan can be one of the smartest and most pragmatic things to do.
- Paying your term insurance premium also makes you eligible on receiving a tax rebate.
Types Of Max Life Term Plans & Features
1. Max Life Smart Term Plan
This plan has a range of features that can be customized to suit your personal requirements and offer the security your loved ones need.
Key Features:
- Surrender/Exit Value: Policy acquires a surrender value depending on the premium payment plan selected.
- Tax Benefits: Receive tax benefits as per current income tax laws.
- Accelerated Critical Illness Benefit: Receive compensation upon diagnosis of a critical illness.
Eligibility Criteria:
| Age Criteria (Entry age) | Regular Pay: Min. 18 years – 60 years Pay till 60 variant: 44 years |
| Maturity age | Base Death Benefit: 85 years Accelerated Critical Illness (ACI) Benefit Option: 75 years Accident Cover Option: 85 years |
| Policy term | Policy Term starting from 10 years to 50 years Accelerated Critical Illness (ACI) Benefit Option Minimum Policy Term: 10 Years Maximum Policy Term: 50 Years Accident Cover option Minimum Policy Term: 5 Years Maximum Policy Term: 50 Years |
| Sum Assured | Minimum: Base Death Benefit Non-Medical Sales: Rs. 10,00,000. Medical Sales: Rs. 25,00,000 for all death benefit variants other than the Reducing Cover death benefit variant. For the Reducing Cover death benefit variant, the minimum Sum Assured is Rs. 1,00,00,000 Accelerated Critical Illness (ACI) Benefit Option Minimum: Rs. 5,00,000 Accident Cover Option Minimum: Rs. 50,000 |
2. Max Life Smart Secure Plus Plan
This plan will cover you and your family against any unforeseen circumstance. Customise your plan with a range of features available.
Key Features:
- Flexible payment terms: Select the premium and payment terms that suit your budget and needs.
- Critical illness cover: Stay protected in case of diagnosis of critical illness.
- Tax benefits: Get tax benefits as per current income tax laws.
Eligibility Criteria:
| Age Criteria (Entry age) | Minimum Age: – 18 years Maximum Age: – Regular Pay: – 65 years, Pay till 60: – 44 years |
| Maturity age | Base Death Benefit: 85 years Accelerated Critical Illness (ACI) Benefit: 75 years Accident Cover: 85 years |
| Policy term | 5 years to 67 years |
| Sum assured |
Minimum: Rs. 5,00,000
|
3. Max Life Saral Jeevan Bima Plan
Pure life insurance covers protects families and individuals from all walks of life.
Key Features:
- Economic accessibility: Economical and reduced-cost premium payments provide wide access to all individuals of all income backgrounds
- Flexible policy and payment terms: Flexible policy term between 5 to 40 years
- Tax saving benefits: Provisions for tax benefits under Section 80C and 10(10D) of Income Tax Act, 1961.
Eligibility Criteria:
| Age Criteria (Entry age) | Min. 18 years | Max. 65 years |
| Maturity age | Max. 70 years |
| Policy term | 5 years to 40 years |
| Sum assured | Min. Rs. 5 lakhs | Max. Rs. 25 lakhs |
4. Max Life Premium Return Plan
This plan provides essential financial coverage and protection, along with return of premium upon policy maturity.
Key Features:
- Premium payment: Choose from one-time payment, regular pay, pay til 60 or limited pay.
- Death benefit: Payable upon the insured’s demise.
- Surrender value: With the return of premiums, your policy will acquire a surrender value if you no longer wish to renew.
Eligibility Criteria:
| Age Criteria (Entry age) |
|
| Maturity age | Max. 75 years |
| Policy term | 20 years, 25 years, and 30 years |
Max Life Term Plan Exclusions
One of the most standard exclusions that are common across all of Max Life’s term plans is the death of the policyholder by suicide within 12 months from when the policy came into effect. Any premium amount paid, however, will be refunded in this case.
Max Life Insurance Riders
A rider is basically like an add-on that you purchase with your term insurance policy to enhance its coverage and benefits. Max Life offers the following riders on its term plans:
- Comprehensive Accident Benefit – This rider provides additional benefits if the policyholder is involved in an accident leading to their death or dismemberment.
- Premium Plus Waiver – A premium plus waiver offers the policyholder waiving of all future premiums in the event of death, dismemberment, or diagnosis of certain illnesses.
- Critical Illness Benefit – A critical illness benefit rider provides a periodic or a lump sum benefit to the policyholder who has been diagnosed with a critical illness that is outlined in the policy.
- Max Life COVID-19 One-year term rider – This rider offers benefit on diagnosis of or death due to COVID-19.
Max Life Term Plan Premium And Calculation
Your term plan’s premium primarily depends on the coverage and benefits you opt for along with details like your age, whether or not you smoke, and the current status of your health. Ideally, you’d want to go for a higher base cover, but you would also need to bear in mind how much out of your budget you could afford in order to pay the premium. It’s a balancing act.
Here’s an estimate of the monthly premium you could be expected to pay.
| Gender | Age | Smoker | Cover Amount | Estimated Monthly Premium |
| Female | 32 years | Yes | INR 1 Cr | INR 1737 |
| Female | 32 years | No | INR 1 Cr | INR 1086 |
| Male | 25 years | Yes | INR 2 Cr | INR 2679 |
| Male | 25 years | No | INR 2 Cr | INR 1674 |
| Female | 19 years | No | INR 1.5 Cr | INR 971 |
| Male | 19 years | Yes | INR 1.5 Cr | INR 1622 |
*Disclaimer- Premiums vary from plan to plan, person to person. This is just an estimate.
How To Purchase Max Life Term Plan Online?
Purchase via Official Site:
To purchase a Max Life term plan on the official site:
- Log in to the company website
- Select the Max Life term plan you wish to purchase
- Select your coverage and riders
- Provide the requisite details
- You’ll receive a premium quote, which you can then pay online
- Check your email for your policy document.
Filing a Max Life Term Insurance Policy Claim
In the unfortunate event of the policyholder’s demise, the nominee can follow these steps to file a claim:
- Fill in the details on the claim form that is available at all Max Life Insurance offices.
- Attach all the requisite documents.
- Submit the form and the documents to the branch.
Typically, Max Life Insurance settles all claims within 10 working days.
Documents Required For Filing a Claim
While filing a term insurance claim with max Life, you need to submit the following documents –
- Original policy document
- Original and attested copy of death certificate issued by the local municipal authorities
- Death claim application form – Form A
- NEFT mandate form attested by bank authorities
- Canceled cheque or account passbook
- Nominee’s photo ID proof copies
- Passport
- PAN Card
- Voter’s ID
- Aadhar
- For medical or natural death –
- Attending physician’s statement – Form C
- Medical records
- For accidental or unnatural death –
- Copy of the FIR or Punchnama / police complaint
- Copy of the post-mortem report or autopsy and viscera report
- Copy of the final police investigation report or charge sheet.
Frequently Asked Questions
Only Life Insurance Corporation (LIC) is owned by the Ministry of Finance, Government of India.
Max Life’s term plans have a 15-day free look period. If within 15 days of purchase, you happen to change your mind or need to cancel the policy, you can do so without incurring any charge.
Buying a term plan online lets you –
- Quickly and easily compare different plans and choose the one that suits your requirements
- Pay a premium amount that is comparatively lower than the amount you would pay in person
- Pay your premium through a secure payment gateway.
Yes, you can avail of tax benefits on the premiums paid for a term plan under Section 80C of the Income Tax Act, 1961. There are other tax benefits associated with a term plan under Section 80 D and Section 10(10D) as well.
The following factors impact the determination of your term insurance premium amount:
- Your gender
- Your age
- Whether or not you smoke
- Your current health status.
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