What is Term Insurance?

In your 20s and 30s, you may think that you will never suffer from a critical illness such as cancer or kidney failure and hence, not pay attention to what is term life insurance meaning. However, if it happens, not only will your health deteriorate, but you may lose your hard-earned savings to get the necessary treatment. Although the regular term insurance plan meaning for a plan includes a death benefit, you can increase their coverage with a critical illness rider.

As the name suggests, a critical illness rider provides additional benefits when attached with your term insurance policy i.e., if you get diagnosed with an illness covered under the rider, a lump sum amount is paid to you to avoid any financial setback that your family might have to face for getting the treatment.

Also Read:Critical Illness Cover

Accidents can happen anytime and anywhere. Depending on the severity, you may need a significant amount of money for the incurred medical expenses and compensate for the loss of income. Knowing what is term insurance and investing at the right time helps you tackle such situations with accidental death or disability rider.

Max Life Insurance offers a Comprehensive Accident Benefit Rider (UIN: 104B025V03) with their term insurance plans. The rider provides extended financial protection to your family by also covering you for accidental dismemberment and death.

If you feel your family members do not have the necessary know-how of handling large amounts of money as they may find it challenging to utilize a lump sum amount they receive under your term insurance policy, you can choose from multiple payout options available with Max Life’s term insurance plan.

For instance, you can opt for term insurance plans like the Max Life Smart Secure Plus Plan[104N118V01], which is designed keeping in mind your unique financial security requirements and enable a reliable support system for emergencies.

The Max Life term insurance Smart Secure Plus Plan also offers you with options of two death benefit variants and comes backed with features such as return of premium. Besides, term plan meaning of financial protection also includes inbuilt benefits like cover for terminal illness. When you understand what is term insurance and make prudent choices, you can be assured that all your insurance needs are completely covered.

Before you proceed to select a term insurance policy, it is crucial that you check the CSR of the insurance company you choose. But, what is term insurance CSR? It is the ratio of the number of claims received by the insurer versus claims settled by them during a financial year. A high CSR implies that the insurance company does its best to resolve the settlement claim filed by your nominee.

Max Life Insurance has a Claim Paid Ratio (Claim Settlement Ratio) of 99.51% for the financial year 2022-23. (Source – Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023).

Based on your needs and preferences, you can customize the term life insurance meaning of financial protection for your family with add-ons, also called riders. If you are wondering what is term plan rider value? The answer is it can add an extra layer of financial protection which can be immensely valuable during emergencies.

Max Life Insurance offers the following riders for their term insurance plans:

Once you reach this step, you have all the necessary information to understand what is term plan meaning and make a prudent decision to buy term insurance policy. The last step of this checklist is to pay the premium online.

For further assistance, you can also contact our customer service team to understand the term life insurance meaning and details. We will be happy to help you understand what is term policy meaning and buy the best plan that aligns with your needs.