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    Term Insurance Comparison - Your Key to Finding the Best Coverage

    A term insurance policy is the simplest life insurance product that can offer financial protection to your loved ones in the case of your untimely demise during the policy term. But you might be unsure about which term insurance policy to choose since there are a multitude of choices available to you. So you need to do a term insurance comparison to select a term plan that suits your unique needs. Read on to know the different factors you need to consider when comparing different term insurance plans so that you make the correct choice....Read More

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    Term Insurance and Investment Plans

    tax-icon.svg Tax Savings upto Rs 46,800##
    guard-icon.svg99.51% Claims Paid Ratio^
    discount.svg5% Discount3
    zero-commission.svgZero Commission#~
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    tax-icon.svg Tax Savings upto Rs 46,800##
    guard-icon.svg99.51% Claims Paid Ratio^
    discount.svg5% Discount3
    zero-commission.svgZero Commission#~
    Covers COVID-19 Claims**
    term_life_ins_icon_12bc31e8d1

    Term Life Insurance

    1_crore_icon_18a1d013a4

    ₹ 1 Crore Term Plan

    2_crore_icon_77ca5c7e6c

    ₹ 2 Crore Term Plan

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    Term Insurance (Women)

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    ₹ 3 L Premium Back^

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    7.5%6 Guaranteed

    1 Cr Life cover + Premium of Rs.3L* Returned

    With Max Life Term Insurance Plan

    • benefits
      Premiums back~1 on exit
    • benefits
      Tax savings of up to Rs.46,800/-*
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    Insure your future, start now.

    Please provide following information correctly as it will be used to calculate your eligibility.

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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. 3,23,717 . ~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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    Written by

    Reviewed by

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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.

    What is Term Insurance Plan?

    A term insurance policy is the simplest life insurance product that offers financial protection for a specific period. In case of your untimely demise during the policy term, your loved ones will get the insurance benefit to maintain their lifestyle and secure their goals.

    Why Do You Need Term Insurance?

    Term insurance is perhaps the most affordable variant of life insurance that you can take to ensure your family’s protection. In case of an unfortunate event, term insurance provides financial security for you and your family. It is advisable to buy life insurance as soon as you start earning after careful term insurance comparison to cover your liabilities and have a financial backup at the time of a health crisis.

    When you compare term life insurance, you can create a comprehensive financial support system for your loved ones. If you have dependents in your family, it becomes even more crucial for you to compare term insurance plans mindfully before purchasing one.

    Term InTerm_Insurance_comparison_CTA.webp

    Term Plan Comparison

    The insurance industry has broadened extensively, and you have numerous term plan options to choose from according to your suitability. You can make a term plan comparison online and get the best option for you and your family.

    Here are a few factors to be considered when you compare term life insurance plans:

    term insurance comparision 2.webp

    Premium Payment Options

    Along with affordable premiums, term insurance plans offer the ease of payment through different options. You can choose between various premium payment tenure - limited pay (for a fixed duration, less than the policy coverage period), single pay, or regular pay (throughout the policy coverage period). Term plan premium comparison of different policies will give you a clearer estimation of the financial impact.

    Moreover, you have the option to choose the premium payment frequency - monthly, quarterly, or yearly, depending upon your financial dispositions and convenience. To ensure you select a feasible premium payment option, it is crucial that you make a thorough term insurance comparison and analyze the premium payment options offered.

    Premium Amount vis-à-vis the coverage

    Evaluate your family’s needs and your financial situation at the time of term insurance comparison. You must understand that the premium payable under a term insurance plan varies based on the coverage amount chosen. In other words, the higher the chosen coverage, the higher will be the premium payable. So, choosing the right prices by a term plan premium comparison is in your best interest.

    Thus, it is advisable that you use an online term plan premium calculator to compare term insurance plans and determine the premium amount payable as per the coverage opted. Using a term plan calculator also helps you compare term insurance plans and get an insight into the overall long-term premium-payment structure and manage your funds accordingly. It will aid term plan compare process and help you make an accurate decision.

    Various Riders offered for a more comprehensive coverage

    While buying a term insurance policy, you can make your coverage more comprehensive by adding different riders to your basic term plan. While the premium payable increases slightly as you add these riders, the additional expense proves to be inconsequential compared to the long-term financial benefits of these add-ons. So, make sure you do a term plan premium comparison by adding riders of your choice to determine a suitable policy price.

    At the time of making a term insurance comparison, you must look into different types of riders such as critical illness benefit, waiver of premium, and accidental death/disability cover benefit offered with the base plan. It is advisable that you first assess your needs and invest in the term plan when you compare term insurance, to understand which offers suitable riders to help you create a more robust financial safety net for your loved ones.

    Term_Insurance_comaprison_CTA1.webp

    Maximum Policy Duration Offered

    You may be confident with your health or financial stability today, but you cannot possibly foresee the future. The term insurance compare process enables you to choose the best-suited policy for your family. Moreover, when you compare term insurance benefits carefully, you can choose a policy tenure that covers your working and post-retirement years – facilitating long-term financial security even if you are not earning a regular source of income after retirement.

    The best thing to do here is to compare term insurance plans and take a maximal insurance coverage period and opt for the plan which offers coverage till the age you want to be covered.

    Claim Settlement/Paid Ratio of the Insurer

    With all life insurance companies offering term plans it becomes crucial that you spend time in making a comprehensive term insurance comparison and factor-in the claim settlement/paid ratio of the insurance companies. The claim settlement ratio of an insurer is a statement of their credibility and track record of settling term insurance claims. Thus, the higher the Claim Settlement Ratio, the better it is.

    When you compare term insurance plans keeping these factors in mind, you can choose an effective and reliable policy to protect your loved ones. With Max Life Insurance online term insurance plans, you have several options available to ensure a secure future for your family. Here is what you need to know about them to compare term insurance plans appropriately.

    Max Life Term Insurance Plans

    • MAX LIFE SMART TERM PLAN

      Limited premium payment options such as limited pay, regular pay and pay till 60

      Flexible premium payment options as per your budget

      Option to increase insurance coverage upon achieving important milestones in life

      Know more
    • CRITICAL ILLNESS

      The CI Sum Assured is always paid as a lump sum benefit, irrespective of the Death Benefit variant selected by the policyholder.

      The maximum maturity age for ACI Benefit cover will be equal to 75 years

      Know More
    • MAX LIFE SUPER TERM PLAN

      Increasing life cover at 5% simple rate every year, till end of Policy Term, at no extra cost

      Flexibility to choose the death benefit payout as lumpsum or as lumpsum plus monthly income

      Choice of policy term from 10 to 35 years

      Know more
    • MAX LIFE PREMIUM RETURN PROTECTION PLAN

      Limited premium payment term of 11 years

      Guaranteed return of total premiums (including extra premiums) at maturity

      Flexibility to choose a protection coverage period of 20/25/30 years

      Know more

    Compare Term Insurance Plans: Understanding the Different Types

    term insurance comparision 3.webp

    Let us look at some of the types of term insurance plans:

    1. Basic Term Plans

    It is the simplest form of term insurance, which provides only level life cover without any maturity benefit. Under this term plan, the sum assured remains fixed throughout the policy tenure, and the policyholder’s nominee(s) receive the death benefit in case of death of the life assured.

    2. TROP (Return of Premium) Plans

    A term plan with return of the premium option comes with a maturity benefit where the total premium will be returned if the policyholder survives the term period. When you compare term insurance plans, you can assess the differences between the benefits of standard term insurance and TROP.

    3. Increasing and Decreasing sum assured Term Plans

    In an increasing term plan, your sum assured increases on an annual basis while keeping the same premium amount for the policy tenure. The premium is, therefore, usually on a higher side from the beginning. When you compare term insurance plans, you can estimate the price difference accordingly.

    Decreasing term plans mean the opposite, i.e. the sum assured keeps on reducing every year and comes in handy in case of debts such as a personal loan.

    Let us now look at the term insurance options offered by Max Life Insurance in detail. Max Life Insurance offers Max Life Insurance Online Term Plan Plus (UIN No. 104N092V04) and Max Life Smart Term Plan (UIN - 104N113V02), which are non-linked non-participating individual pure risk premium life insurance plans.

    Term Plan Compare: How Much Term Insurance Costs for Different Ages?

    As we cannot predict the future, it is better to have a financial backup in the form of a term plan. To be able to do that, you must compare term life insurance plans in terms of their cost, so you can remain financially secure without burning a hole in your pocket.

    Below is a table that will help you get an idea about the premium rates according to various ages and additional riders under the Max Life Smart Term Plan (UIN - 104N113V02) (Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan).

    AgeBase Policy Premium (Rs.)With Return of Premium (Rs.)With Critical Illness Cover (Rs.)With Accidental Cover (Rs.)With Waiver of Premium (Rs.)
    25 Years4,9567,9427,7068,4965,067
    35 Years6,90312,69711,94210,4437,200
    45 Years11,15127,17020,59114,69112,030
    55 Years19,1161,01,52236,80522,65620,706

     Note: Term insurance premiums mentioned above are based on the following assumptions:

    For a non-smoker healthy male across different age groups i.e. Age 25, 35, 45 and 55 Years (Age last birthday) with annual income of Rs.5 lakh – Rs.7 lakh

    With Life Cover of Rs. 50 Lakhs, Accidental cover of Rs 50 lakhs and Critical Illness Cover of Rs.10 lakhs

    Policy term = 65 years – Age at Entry

    Premium Payment Term is the same as the Policy Term

    The Premiums stated above are inclusive of GST and paid annually.

    As you can see, buying a term plan at a young age is beneficial as the rates are lower during that time. It is therefore advised to make term plan premium comparison as soon as you start earning and invest in a comprehensive cover.

    How to Buy Max Life Term Insurance?

    We, at Max Life Insurance, offer easy-to-buy term insurance plans so that you can take one at your convenience anytime and from anywhere.

    Below are the steps explained (please note that the values depicted in the illustrations provided under this section are for illustrative purposes only, and the actual premium payable may vary from one person to another):

    Step 1: Fill in your details in the term insurance calculator with name, gender, date of birth, smoking habits and annual income bracket. Click on Calculate now to proceed.
    typesOfInvestments
    Step 2: You can customize your coverage amount, the period for which you want life cover, the period for which you want to pay the premiums and also how frequently you would like to pay the premiums. You can choose the policy coverage tenure and opt for premium payments either regularly throughout the Policy Term or for different shorter tenures (as depicted in the below illustration)
    typesOfInvestments
    Step 3: You now get the option to take additional coverage to your base term plan according to your needs. Based on the rider add-ons selected, your premium will increase slightly.
    typesOfInvestments

     Step 4: You need to provide some other personal details such as email address, education type, Pan number, occupation type and postal pin code (as depicted in the illustration below.)

    typesOfInvestments
    Step 5: Finally, you can select the payment method and begin the process either through net banking, debit card or credit card.
    typesOfInvestments

    Gone are the days when you had to visit the insurer’s office to buy an insurance policy. With the ease of purchase due to online facilities, everything is available online, including term policy comparison, application process and payment procedures.

    After the payment is done, you will be required to answer a few more questions related to your health and medical history.

    Compare Term Insurance Plans to Ensure Lifetime’s Worth of Financial Security!

    term insurance comparision 9.webp

    We, at Max Life Insurance, understand your concern and love for family. Therefore, we suggest that to buy a suitable plan, term insurance comparison is crucial. Keeping in mind your needs, we offer comprehensive term insurance plans for your family’s overall financial protection. These plans are designed to help you protect your loved ones financially, and with the complete term insurance compare process, you can obtain suitable coverage to stay protected from future eventualities i.e. death, disease and disability.

    Knowing your family will be taken care of at all times, even after your demise, is an excellent source of relief. Therefore, a term insurance comparison is necessary to find the one that suits you and your family’s financial needs. For more enhanced coverage, you can use the term insurance compare process to opt for appropriate riders such as critical illness cover, waiver of premium plus or comprehensive accident accidental benefit rider.

    While you compare term insurance plans to make a sound financial decision, it is also mandatory that you refrain from hiding any health- and age-related information to reduce your premium amount. It is often seen that individuals try to avoid revealing their smoking or tobacco consumption habits at the time of buying the term plan. However, not disclosing any such information may have severe consequences later, including a rejection of the claims filed. Instead of this, a comprehensive term plan premium comparison can help you find policies that align with your financial budget well.

    FAQs

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    To meet your insurance needs, you might purchase two or more term insurance plans. It is also possible to have multiple beneficiaries on an insurance policy.

    When you compare term insurance plans, you will find regular term plans do not allow the policy period to be extended but there are renewable and convertible policies that you may find during the term insurance compare process which allow it.

    Yes. Purchase of online term insurance plans is secure and can offer the same benefits as an insurance policy purchased via the offline route. What’s more, when buying an online term life insurance plan, you can easily compare features of multiple policies from the comfort of your home or office before choosing a specific policy that suits your life insurance needs.

    Term plans and endowment plans are two of the different types of life insurance policies. The key difference between these plans is that term plans are pure insurance products that provide no investment benefit, while endowment plans comprise both insurance and investment component.

    A term life insurance policy provides a pay out to the beneficiaries mentioned in the policy in case of the death of the policyholder. Typically 2 types of payout are offered in the case of term life insurance plans – lump sum payout and staggered payout. A lump sum payout, as the name suggests, involves the insurer paying the entire sum assured in one go to the beneficiary.

    A staggered payout, on the other hand, involves a single lump sum payout up to 50-60% of the sum assured and the balance amount is paid out in the form of regular payments over a predetermined period of time. These smaller payouts can be either fixed payouts i.e. the amount remains unchanged over time or as increasing monthly payouts i.e. each subsequent payout is higher by a fixed percentage than the previous one.

    ARN NO: June23/Bg/21AL

    Sources:

    www.livemint.com/money/personal-finance/how-to-choose-payout-option-while-buying-term-insurance-11610452421272.html

    www.livemint.com/Money/vKrw93X4IMxOfHo9cc8LFP/Buying-insurance-online-is-safe-but-read-all-the-features-be.html

    www.businesstoday.in/opinion/top-story/story/endowment-plans-vs-term-plans-which-one-is-better-64973-2016-12-16

    *^Savings mentioned are indicative of the maximum premium difference when the same plan/variant is bought offline

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    BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

    IRDAI clarifies to public that:

    • • IRDAI is not involved in activities like selling insurance policies, announcing
      bonus or investment of premiums.
    • • Public receiving such phone calls are requested to lodge a police complaint.

    IRDAI - Registration No. 104. ARN/Web/01/21042021 Category: Life. Validity: Valid.
    Corporate Identity Number (CIN):U74899PB2000PLC045626.
    Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd .respectively and with their consents, are used by Max Life Insurance Co. Ltd

    All Rights Reserved. An ISO 9001:2008 Certified Company.

    Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.

    Corporate Office :

     Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.

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     Max Life Insurance Co. Ltd, Plot No. 90-C UdyogVihar, Sector 18, Gurugram (Haryana) - 122015.

    Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.

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    Max Life Insurance is integrated with licensed NBFC FinVu(Cookiejar Technologies Pvt. Ltd. for sharing policy details with regulated Financial Information Users within the Account Aggregator ecosystem after obtaining the Policy holder's consent. Read more about Account Aggregator framework here.

    *Life insurance coverage is available in this product. For more details on risk factors, Terms and Conditions please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co.

    Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Tax benefits are eligible for tax exemption on fulfilling conditions mentioned under Section 10(10D) of income tax act 1961. Tax exemptions are as per our understanding of law and as per prevailing provisions of income tax at 1961 . Policy holders are advised to consult tax expert for better clarification /interpretation. Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Tax benefits are subject to changes in tax laws. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.

    Disclaimers for Market Linked Plans & Saving plans:

     

    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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    ^^On completion of policy term

    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)

    7CMO Asia BFSI Excellence Award 2019

     

    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)

    ##

    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).