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    Types Of Life Insurance Policies in India

    Choosing from the different types of life insurance in India is a crucial financial decision, as it helps you protect your loved ones from life’s uncertainties. Still, you may not be fully aware of the types of life insurance policy in India and how they affect your financial health. Let’s check the types of life insurance and their benefits in detail below.
    Also Read: Benefits of Term Insurance

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    Disclaimer :

    Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan| The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan and is rounded off from Rs. 3,26,964 . ~1 Condition for special exit value: Option to receive all premiums paid back at the age of 55 years and post which the life cover also gets terminated. Total premiums paid towards the policy (excl. GST) will be the Special Exit Value payable at the age of 55 years in case the policy holder wishes to completely exit the policy. Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums exclusive of all applicable taxes, cesses or levies. This value shall be applicable on the base cover premium only and not to additional optional benefits like ACI, Accident cover, Joint life cover and Voluntary Sum Assured Top-Up.

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    Rohit Ghosh

    Insurance Writer

    Rohit Ghosh has authored and reviewed several informative articles on Life and Term Insurance during his experience working with top Life Insurance brands. During his experience in the Life Insurance sector he has been responsible for formulation of several integrated marketing communication strategies. In his current role with Max Life Insurance he is responsible for website content and experience enhancement

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    Bhaskar Sinha

    Insurance Expert

    8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.

    Different Types of Life Insurance Policies in India

    Following are the types of life insurance available in India: [1]

    • Term insurance
    • Term insurance with return of premium
    • Unit Linked Insurance Plans
    • Endowment plans
    • Moneyback policy
    • Whole life insurance
    • Group life insurance
    • Child Insurance Plans
    • Retirement Plans


    Let’s dig deeper into these categories to understand how to choose one of the types of life insurance policy in India

    1. Term Insurance Plan

    The term insurance plan is one of the most sought-after types of life insurance policies in India. This is one of the types of life insurance policy in India that you can buy for a specific period of 10, 20, 30 or more years, hence the name.

    While some other types of life insurance policy offer maturity benefits, term insurance does not. It is one reason why term insurance, being the best insurance policy in India, is comparatively cheaper than other types of life insurance schemes.

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    Term insurance is pure life cover, unlike other types of life insurance policies which have a saving component. You can also opt for a significant life cover at a lower premium as compared to other types of life insurance policy which are costlier but have built-in saving components.

    2. Term Insurance with Return of Premium

    A term insurance plan is amongst the types of life insurance policies that provides a death benefit but no maturity benefit.

    If you live a healthy lifestyle, the probability that you will outlive the best insurance policy in India you have bought also increases. For you, among the many life insurance types, a term insurance with return of premium is one of the best insurance policy in India, which also give you maturity benefits.

    It is one of the types of term insurance plans that give back the premiums you pay on surviving the policy period. Besides, you can easily calculate premium for term insurance using an online term insurance calculator.

    When you calculate premium for term insurance, you get a clear understanding about your unique requirements, explore rider options, and also choose your policy term. Doing so helps you ensure that you are investing in the most suitable types of life insurance policies for yourself and your family.

    Also Read: 5 Things to Think Before Buying Life Insurance

    If you want to support long term goals in life, for example, you could opt for a whole life insurance, and the factors to be considered here will be different. Keep in mind that your age and personal needs determine the most needed types of life insurance policies.

    3. Unit Linked Insurance Plan (ULIP)

    You may face a dilemma in life about choosing between any of the two options – investment or insurance.

    A ULIP is one of the types of life insurance policies in India that fulfill both these aspects. Amongst different types of life insurance, it is the one that offers life cover along with investment opportunities. Being one of the types of life insurance, it has a lock-in period of five years, which makes it a long-term investment instrument that comes with risk protection. ULIPs also allow you to balance your funds as per market dynamics.

    Also Read: Benefits of ULIP Investments

    Types of Insurance in India 3.webp

    4. Endowment Policy

    Endowment policies are one of the types of life insurance policies that provide you with the combined benefit of life insurance and savings. Along with giving you the life cover, these types of life insurance help you save money regularly over a period to get a lump sum at maturity.

    What makes them one of the most useful types of life insurance policies is that they help fulfill long-term goals in life. You will also get the maturity amount if you survive the policy tenure.
    <b/r>Endowment policies, being one of the most appropriate types of life insurance plans, also help you create a financial cushion for your family to meet various financial objectives in life.

    5. Moneyback Policy

    The purpose of investing in the insurance policy in India for your loved ones can be to create wealth over an extended period. However, most of the types of life insurance do not provide any provision to get funds before their tenure ends. It is where a moneyback policy plays a vital role in solving the problem of liquidity.

    As the name suggests, moneyback policies are one of the popular types of life insurance policies in India that give money back regularly.

    It pays a percentage of the assured sum throughout the policy tenure, unlike other types of life insurance plans that offer no returns till maturity.

    Types of Insurance in India 4.webp

    6. Whole Life Insurance

    As a life insurance policyholder, you get the benefits depending on the types of life insurance policies you have chosen. What distinguishes a whole life insurance plan from other life insurance types is that it provides insurance coverage to the insured for the entire life, up to 100 years of age.

    Typically, the death benefit, under a whole life insurance, is payable to the beneficiary in the case of the untimely demise of the policyholder. On the other hand, you are eligible to receive a maturity benefit under a whole life insurance policy if you cross 100 years of age.

    Another significant feature of such whole life insurance plans is that some offer the option to pay premium for the first 10-15 years while you get the benefits for the entire life.

    7. Group Life Insurance

    Just like group health insurance, group life insurance is one of the types of life insurance policies that covers a group of people under one master policy. Such life insurance types are generally provided as part of an employment benefit.

    A unique feature of these types of life insurance products is that you will get the insurance cover if you remain a part of the group. It is different from the individual types of life insurance plans in which the coverage continues throughout the chosen policy tenure.

    8. Child Insurance Plans

    When it comes to life insurance types, a child plan is an investment+insurance plan that helps you meet your child’s financial needs. A child insurance plan will help you create wealth for your child’s future needs like education.

    You can start investing in these plans from the birth of your child. You get the flexibility of investing your hard earned money into several funds on the basis of your financial condition and goals in mind.

    9. Retirement Plans

    Retirement Plans are amongst the types of life insurance policies that provides financial security and help you with wealth creation after your retirement. With Retirement Plan, you will get a sum of money as pension in the vesting period.

    In case of your untimely demise during the policy term, your nominee will get the death benefits. Retirement Plans comes with death benefit as well as vesting benefit providing protection to you and your family members.

    Different Types of Life Insurance Plans from Max Life Insurance

    Following are some of the plans offered by Max Life Insurance:

    S. No.Types of Life InsuranceName of the PlanUIN
    1.Term InsuranceMax Life Smart Term PlanUIN: 104N113V04 (Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan)
    2.Term insurance with return of premium optionMax Life Smart Term PlanUIN: 104N113V04 (Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan)
    3.Unit linked insurance planMax Life Fast Track Super PlanUIN: 104L082V04 (Unit Linked Non Participating Individual life insurance plan)
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    How to Buy Life Insurance Policy in India?

    The ultimate purpose of buying any of the types of life insurance plans in India is to provide life cover to you and financial protection to your family members. To make sure that you have the best possible insurance coverage, you can first calculate premium for term insurance using term plan calculator.

    When you calculate premium for term insurance, you get a overview of what you insurance plan looks like, what customization or add-on options are available, as well as realize your affordability – all of this helps you invest in the best types of life insurance policies, be it whole life insurance or term insurance, to name a few.

    While you calculate premium for term insurance, you just need to follow a few easy steps, and you get an understanding about what premium you need to pay, then you can compare plans, and choose the best one.

    With insurance policy in India adorning your portfolio, you can ensure that your family members receive the sum assured as defined under the policy terms.

    Choose the Best Life Insurance Policy in India for Adequate Coverage

    Choosing one of the types of life insurance policies in India is not easy. It is because the decision forces you to think about the unfortunate events that may occur in your life. Then, there is a financial aspect of investing in various types of life insurance plans.

    You might have assumed you need to choose a life insurance policy in India from the array of available variants. However, the decision of the insurance policy must depend upon how much life cover you need.

    For instance, if you want to ensure financial security of your family in your absence, then you need to purchase a term insurance policy, after carefully evaluating the financial needs and various factors relating to the insurance policy.

    Types of Insurance in India 5.webp

    Also Read: 5 Things to Think Before Buying Life Insurance

    If you want to support long term goals in life, for example, you could opt for a whole life insurance, and the factors to be considered here will be different. Keep in mind that your age and personal needs determine the most needed types of life insurance policies.

    Frequently Asked Questions (FAQs)

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    Following are the different types of life insurance policies that are available in India:

    • Term Insurance
    • Term insurance with return of premium
    • Unit Linked Insurance Plans
    • Endowment plans
    • Moneyback policy
    • Whole life insurance
    • Group life insurance
    • Child Insurance Plans
    • Retirement Plans

    Following are the primary benefits of life insurance plans in India:

    • Financial Security
    • Life Coverage
    • Long Term Savings
    • Investment Options
    • Tax Benefits under Section 80C & 10 (10D) of income tax act 1961. As per prevailing tax laws subject to change

    You can avail various tax benefits with several life insurance policies in India. Under Income Tax Act, 1961, you can avail deductions under Section 80C up to Rs.1.5 lakh on the life insurance premium paid. Also, nominee can claim tax deduction under Section 10 (10D) on the insurance payouts received.

    A. Following are the types of insurance in India:

    • General Insurance

      Following are the various types of general insurance in India:
      • Health Insurance
      • Motor Insurance
      • Home Insurance
      • Fire Insurance
      • Travel Insurance
    • Life Insurance

      Following are the various types of life insurance policies available in India:
      • Term insurance
      • Term insurance with return of premium
      • Unit Linked Insurance Plans
      • Endowment plans
      • Moneyback policy
      • Whole life insurance
      • Group life insurance
      • Child Insurance Plans
      • Retirement Plans

    A whole life insurance is a type of insurance plan that provides an extended life coverage until the death of the policyholder. In most cases, a whole life insurance policy stays in force all throughout the policyholder’s life, given they regularly pay the premiums.

    Under a whole life insurance policy, the sum assured or the life cover gets decided during the time of policy purchase, and the same is paid to the policy nominee at the time of claim – when the life assured (policyholder) dies.

    Usually, for most whole life insurance policies, the standard maturity age is 100 years, and in case the policyholder passes away before completing 100 years, then the sum assured is paid out to the nominee. However, in case the policyholder outlives the age of 100 years, then the insurance provider pays out the matured endowment coverage to the policyholder.

    No, using an online insurance calculator to calculate premium for term insurance is very easy. When you calculate premium for term insurance online, you need follow a few, simple steps, that require your input, such as:

    • Personal Details (Name, Gender, Date Of Birth, Annual Income, etc,.)
    • Critical Insurance Values (Sum Assured, Policy Tenure, Premium Payment Duration, etc,.)
    • Choose Add-On Rider options (Accidental cover, Critical illness, future waiver of premium, premium break, etc,.)
    By entering these information, you can effortlessly calculate premium for term insurance, and compare plan to buy the best one.

    Usually, whole life insurances have higher premiums when compared to term insurances. However, unlike term insurance, where the premiums increase at the time of renewal, with whole life insurance, the premiums stay the same for your whole life.

    Yes, you can absolutely buy different types of life insurance policies. Typically, many individuals invest in multiple life insurance types to create a well-rounded investment and financial portfolio.

    Different types of life insurance policies have different premium rates, as it takes into consideration a lot many factors such as age, annual income, existing medical conditions, liabilities and more. However, amongst the many life insurance policies in India, one of the most affordable option is term insurance, given you buy the policy as early in your life as possible.

    No. Riders are optional add-ons that you can avail in order to enhance your existing life insurance cover and they cannot be purchased independently. Some examples of riders in life insurance policies include accidental death, critical illness, future waiver of premium, premium break, etc. Opting for riders can increase the premium payable for the policy but these add-ons can provide you additional protection against various risks.

    No. Even though there are news reports that life insurance premiums are increasing as a result of COVID-19, this change will impact individuals who are buying new life insurance policies. If you have an existing policy your life insurance premium will not increase currently.

    ARN NO: Jun23/Bg/15V

    Source:

    [1] www.policyholder.gov.in/WhatLifeInsurancetoBuy.aspx

    www.sbilife.co.in/en/knowledge-centre/insurance-basics-financial-advice/what-is-rider-in-insurance

    www.businessinsider.in/personal-finance/news/premiums-on-new-life-insurance-premiums-for-both-term-plans-and-endowment-are-rising/articleshow/88889744.cms

    www.sbilife.co.in/en/knowledge-centre/insurance-basics-financial-advice/what-is-rider-in-insurance

    www.businessinsider.in/personal-finance/news/premiums-on-new-life-insurance-premiums-for-both-term-plans-and-endowment-are-rising/articleshow/88889744.cms

    Disclaimer:

    Savings mentioned are indicative of the maximum premium difference when the same plan/variant is bought offline
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    THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.

    Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Max Life Online Savings Plan (UIN: 104L098V05) is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.

    Max Life Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN104L098V05)

    *#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid.The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

    ^*Disclaimer: Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy female of 18 years old paying Rs.3,60,000/- annually (exclusive of all applicable taxes)

     

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    The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.

    ^*All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (4.65 % p.a. for FY’20) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.

    Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.Mandatory Documents :> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

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    5Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition

    4InstaClaim TM is available for all versions of (UIN:104N118V06). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

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    Tax conditions :

    ##

    Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

    3The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

    CI Rider disclaimers:

    MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.

    >Extended cover of up to 85 years is available with gold and platinum variant only

    @ 64 critical illnesses covered in platinum and platinum plus variant on payment

    22 critical illnesses covered in gold and gold plus variant

    6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider

    *^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.

     ~ Conditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

    ~1 Conditions for Special exit value:

    Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

    ~2 Voluntary Top-up Sum assured:

    Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

    ^^*^^Free look period conditions:

    The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

    ^Individual Death Claim Paid Ratio as per audited financials for FY 2022-2023

    8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

    2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

    3The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

    4Tax benefits as per prevailing tax laws, subject to change

    Terms and conditions for availing 5% employee discount:

    <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

    1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount


    9

    The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V06)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

    ~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

    ARN - ARN/Web/01/21042021

    Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

    The premium shall be adjusted on the due date even if it has been received in advance.

    For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

    For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

    For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

    For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

    *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

    6

    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 30,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

    ##

    Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

    #

    With “Save the date”, you can choose to take your annual income to any special date in a year.

    ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

    ~

    Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

    #~

    Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

    ~1

    Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

    6

    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 30,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

    **

    Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

    *

    Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

    7

    Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

    8

    Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V04). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 50 lakh.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 75 lakh.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 1.5 Cr.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 2 Cr.

    **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06) with a life cover of Rs. 5 Cr.

    **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.

     

    Disclaimer~*Standard premium for 24-year old healthy female,non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~^Disclaimer: 5 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 31/05/2023| 2Nifty Midcap Free Float 100% (5-year return) | For more details on risk factors, terms and conditions and products offered.

    ^~The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back. The value of your policy depends on a number of factors including future investment performance. The amount shown is for a 30-year-old healthy male, with 10 years premium payment term, and 35 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product).

    **Disclaimer | Max Life Smart Secure Plus Plan. A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan. | **Standard Premium for 24 Year Old Healthy Female, Non-smoker, 25 Years Policy Term, 25 Year Premium Payment Term (exclusive of GST) for Max Life Smart Secure Plus Plan. | For Male, the Total premium to be paid in 25 years is Rs.2.09 lakhs (exclusive of GST). ~As compared to the similar modal points of Male, Female has to pay Rs.13,800 lesser premium than male for the entire policy term (exclusive of GST).

    ~3Disclaimer: A 35 year old female opting for a life cover of Rs. 1 Cr till the age of 75 years pays Rs. 3,319 monthly for 10 years while a 35 year old male will pay Rs. 4,168 monthly for 10 years

    7Disclaimer : Rs. 1,00,29,587 after 14 years at policy maturity on monthly investment of Rs. 16,600 for 12 years for 30 year old male with Max Life Smart Wealth Plan – Long Term Variant. A non-linked non-participating individual life insurance savings plan. The guaranteed benefits are applicable only if all due premiums are paid. Total premiums paid is exclusive of GST. Life Insurance is available in this product. ARN: WP/SWP/250723.

    Disclaimer: ~10 year CAGR of Nifty SmallCap 250 Quality50 index as on 24/07/2023. Max Life Nifty Smallcap Quality Index Fund is passively managed Index fund that tracks the Nifty SmallCap 250 Quality50 index (subject to tracking error).