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    6 Tips to Choose the Best Term Insurance Plan

    Keeping your loved ones protected against unprecedented circumstances is everyone's priority. When you have a steady income source, you can create a sound financial plan that enables you to do so. One of the first steps is understanding how to choose term insurance for your family. You can secure their future effectively when you make a wise and informed policy buying decision. Let us consider important tips to understand how to choose the best term insurance plan in India....Read More

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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.

    Tips to Select Best Term Insurance in India

    If you are new to investments, you may wonder how to choose best term insurance in India to make better use of your money. Making efficient financial decisions is key to a stable future for you and your loved ones. Therefore, let's look at a few tips which will help you learn how to choose term insurance:

    1. Consider Your Life Stage and Dependents

    The primary step for learning how to choose term insurance is to assess your life when buying insurance. When you secure a life coverage, your age and financial situation set the groundwork for choosing the right policy. It affects the policy duration and, consequently, the amount of life coverage that is more suitable.

    Furthermore, each person has distinct financial responsibilities in life. In case you are the sole breadwinner of your family, they may depend on you for an extended period to meet their life goals. On the other hand, an unmarried person may not have several dependents. Hence, you need to consider who needs life coverage and how to choose term insurance appropriately for them.

    2. Assess Current Lifestyle

    It is vital to understand how to choose term insurance based on your lifestyle needs. Your lifestyle includes spending habits and a general standard of living. It is crucial to be realistic when assessing your current lifestyle to project the required life coverage from the term insurance.

    When you have a clear idea of lifestyle needs, you can secure your loved ones more efficiently. Consequently, they will not have to compromise on their standard of living, even in your absence.

    3. Analyze Your Income

    A common concern among people is how to decide term insurance amount that will be enough for their family. It is advisable to analyze analyse your income to get a more practical picture of it. Each of us has a set of financial duties in life that require different portions of the income. When you evaluate the limitations of your income, you can invest better.

    It is important to calculate the financial requirements of your loved ones so that you do not overestimate the life cover. If your income is unable to meet the premium amount, you can end up overburdening your financial situation.

    6_Tips_to_Choose_the_Best_Term_Insurance_Plan-1.png

    4. Look at the Existing Liabilities

    Debts and liabilities are other important factors in the process of how to choose term insurance. Often, people have loans to repay over an extended period. In case the policy term does not cover the repayment period or if the amount falls short, it can be financially dreadful for your dependents.

    It is painful for any of us to think of our loved ones bearing the burden of debt repayment without adequate support. Hence, it is crucial to understand how to choose best term plan by carefully considering the debts and liabilities in life.

    5. Add Riders to the Plan

    Not many people are aware of how to choose term insurance and customize its benefits to their particular profile. Riders are additional instrument tools provided by insurers to enhance the coverage of an insurance policy. They can be attached to a base policy at the time of purchase by paying an extra premium.

    Some of the standard riders available with term insurance plans are critical illness rider, accidental death & disability rider, and waiver of premium rider. You can expand the scope of the term insurance policy by knowing how to choose term insurance riders.

    Also Read: What are Riders in Insurance?

    6. Check Claim Settlement Ratio of the Insurer

    The ratio defines the percentage of claims successfully paid by an insurer compared to the total number of claims received in a financial year. It reveals the intent and capacity of an insurance provider to keep their promise of providing financial support in times of need.

    From the policyholder's perspective, it is essential to consider the claim settlement ratio of the insurer. It gives you a better grasp of how to choose term insurance by a provider by looking at their claim settlement ratio.

    Term Insurance Terminology

    India is ranked 10th among 88 countries[1] in the life insurance business. More people are choosing life insurance policies to secure the future of their families. Hence, it is crucial to understand term insurance and its features well. Now that you are aware of how to choose the best term insurance plan in India, let's look at some important terms to remember:

    1. Policyholder

    In terms of insurance, policyholder is the one who purchases the policy and pays the premium. This person is the owner of the insurance plan but not necessarily the person whose life is being insured under the plan. The policyholder may secure life coverage for their family members.

    2. Life Insured

    The insured person under the term insurance is known as the life insured. In case of the insured's death during the policy term, the benefits from the term insurance are payable to the nominee. In simple words, a term insurance policy covers the life insured against risks.

    It is not necessary that the life insured and the policyholder is the same person. For example, if a husband wishes to secure his wife's life with term insurance, he will be the policyholder who pays the premium, while his wife is the life insured.

    6_Tips_to_Choose_the_Best_Term_Insurance_Plan-3.png

    3. Sum Assured

    The purpose of term insurance is to offer financial support when the insured's family has suffered a loss. With a loss of life, there may be a financial loss that the insurer covers with a suitable term insurance plan.

    Sum assuredis the amount of money that the insurer agrees to pay in case of an unprecedented event, as covered under the policy terms. Going for the adequate sum assured is a crucial factor for how to choose term life insurance.

    4. Policy Term

    The policy term is the duration that you choose to keep the insurance policy active. There are different types of life insurance policies that can provide coverage for up to whole life. It is important to be aware of how to choose term insurance policy period appropriately, depending on your life stage and other crucial factors.

    5. Nominee

    Nominee refers to the person/persons that the policyholder chooses to receive the benefits from the term insurance policy. They will receive the sum assured or any other benefits in case of an unfortunate eventuality.

    In general, people choose their children, spouse, or parents to be their policy nominee. If the insured passes away during the policy term, the nominee must file a claim to receive the benefits.

    Know More:What is Nominee?

    6. Premium

    The policyholder has to pay a predetermined amount of premium to keep the life coverage in force. It is up to them to decide the frequency of payments, be it annually, semi-annually, quarterly, or monthly.

    7. Claim

    On the demise of the insured individual, the nominee needs to file a claim with the insurance provider as soon as possible. The insurer needs to be notified to begin the claim settlement process.

    8. Death Benefit

    The death benefit of term insurance is the amount payable to the nominee in the event of the insured's demise. The nominee has to go through the claim settlement process to receive this benefit.

    FAQs

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    A free look period is a duration after purchasing term insurance when you can return the policy. In case you are not satisfied with the terms and conditions of the purchased policy, you can return it within the free-look period, which is generally 15-30 days.

    Grace period in term insurance is the time allowed for premium payment after the due date has passed. You can pay the premium without losing life coverage or incurring penalties within the grace period. Failure to pay the premium after the grace period may result in policy lapse.

    There is no maturity benefit available with pure term insurance. But you can get the premiums paid back at the end of the policy term with a Term Plan with Return of Premium (TROP).

    Most policies offer three premium payment modes

    • Single Pay
    • Regular Pay
    • Limited Pay

    According to the IT Act, 1961, there are tax benefits available for premiums and benefits received under life insurance policies. Under different sections of the tax law, you will find regulations for tax deductions.

    ARN NO: Feb23/Bg/21G

    Sources:

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

    www.policyholder.gov.in/how_to_buy_life_insurance_and_from_whom.aspx

    www.policyholder.gov.in/What_Life_Insurance_to_Buy.aspx

    www.policyholder.gov.in/why_buy_life_insurance.aspx

    Disclaimer:

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

    **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:104N118V02).

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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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      ^^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)

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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:104N118V05). 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 Claims Paid Ratio as per IRDAI Annual Report FY 2021-2022

      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 - 104N118V05)– 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:104N118V05)

      **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:104N118V05)

      ~~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:104N118V05)

      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. 20,000/- 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. 20,000/- 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:104N123V03). 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:104N118V05) 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:104N118V05) 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:104N118V05) 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:104N118V05) 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:104N118V05) 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.