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    What is Term Insurance?

    It is a commonly held belief that term insurance should be the first step in financial planning. However, you may ask, how purchasing a term plan actually helps? To help you understand this, let’s look at what is term life insurance and how it works in detail....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#~
    With Special Exit Value~1
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    Free of Cost Term Plan

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    ₹ 1 Crore Term Plan

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    ₹ 2 Crore Term Plan

    Upto 20% Lower Premiums~3
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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

    Updated : July 29, 2023

    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?

    If you are wondering about what is term insurance, we are here to help you. Simply put, term life insurance meaning can be regarded as an agreement between the policyholder (insured) and the insurance company, where in case of the policyholder’s untimely demise, a specific sum is paid to the insured person’s family by the insurance company. You will find that term plans are significant when it comes to long-term financial planning.

    When understanding what is term insurance, it is important to also know – term insurance is the purest form of life insurance policy that offers comprehensive financial protection to your family members against life’s uncertainties.

    Based on the term insurance plan you buy, your family will get life cover or sum assured in case of your untimely demise within the policy period. Let us know more about what is term insurance and the many features and benefits it offers.

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    Tax exemptionup to Rs. 54,600~#

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    High life cover at affordable premiums

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    Claim Paid Ratio^99.51%

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    Coverage against 64 critical illnesses@

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    What are the Key Features of Term Insurance?

    Now that you are aware of what is term life insurance plan, you should thoroughly understand the term plan meaning for your loved ones by checking the features and benefits of term insurance plans. Following are some of the primary term insurance benefits and features:

    what is term insurance.jpg

    • Cover Against Eventualities

    If you are the sole breadwinner of your family, you can help secure your loved ones against any financial setback by understanding what is term plan early in life to support a worry-free financial future for your family. You can easily take a significant life cover for a relatively small premium payable under these term insurance plans.

    • Provides Add-on Riders

    Once you know what is term insurance and choose one to buy, you can add riders to your term insurance plan. Riders will help you extend your policy benefits by paying additional premium, and get comprehensive coverage and riders serve this purpose well.

    With Max Life Insurance, you can opt for Max Life Accidental Death and Dismemberment Rider [104B027V03; Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider] & Max Life Waiver of Premium Plus Rider [UIN: 104B029V03; Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider].

    • Provides Cover for Critical Illnesses

    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

    What is Term Insurance 2.jpg

    • Cover for Accidental Death or Disability

    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.

    • Offers Tax Benefits

    As taxpayers, you may be concerned about what is term insurance tax benefits. With term Insurance plans, you can avail tax benefits on premiums paid under Section 80C of the Income Tax Act, 1961. You can avail tax benefits up to Rs.1.5 lakh on the premium paid. Not only this, with the critical illness cover, you can also avail additional tax benefits on premium paid under Section 80D of the Income Tax Act, 1961.

    Tax benefit as per prevailing tax laws

    • Include Multiple Payout Options

    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.

    What is Term Insurance Online Buying Procedure?

    When you consider financial security and understand what is term plan, you need to know and understand term life insurance meaning for your family and know which plan will suit the specific requirement. For instance, knowing the term insurance meaning and how it can deliver financial security is critical to choosing the adequate cover amount. This willhelp your family pay for the regular expenses, child’s education and other liabilities.

    Besides understanding what is term insurance and the importance of buying term insurance policy, you need to do thorough research about the term plan meaning, features and benefits. Buying term insurance plans online is quick and hassle-free. All you need to do is follow a few easy steps.

    Here is a stepwise checklist you should follow to buy term insurance policy:

    1. Assess Financial Needs Before Investing In Term Insurance

    You must fully understand the financial needs and requirements of your family to determine what is term life insurance and benefits, best-suited for your family. It provides security and stability to your family, hence the policy you choose must have an adequate life cover, enough to take care of your family’s needs in your absence.

    To understand what is term plan cover required, start with analyzing all sources of income, the number of dependents, existing financial liabilities, and the lifestyle expenses of your family. Moreover, you should consider the life goals of your spouse and children to determine the term policy meaning for their future.

    This way, you will be able to understand what is term plan meaning and select an adequate financial protection that will help your family live without worries, even in your absence.

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    2. Estimate What is Term Insurance Policy Premium Before Investing

    Once you have assessed your financial needs and understood what is term plan meaning, the next step is to calculate what is term life insurance premium that you need to pay for your policy. When you search online, you will find there are multiple kinds of term plan meanings available, as there are different types of term plans. These include basic term insurance plans, term insurance with survival benefits (term plans with return of premium), and term insurance with various payout options.

    Estimating what is term plan premium depends on several factors such as the chosen life cover, policy tenure, type of plan, age, gender and smoking habits. One way to check how the premium varies with these factors is to use an online term insurance premium calculator.

    The ideal coverage amount should be around 15-25 times your annual income for term life insurance, meaning your loved ones have a substantial corpus to take care of them when you are not around.

    3. Check What is Term Insurance Claim Settlement Ratio of the Insurer (CSR)

    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).

    4.Select Riders for Additional Coverage Available

    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:

    Max Life Accidental Death and Dismemberment Rider [UIN: 104B027V03; Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider]

    Max Life Waiver of Premium Plus Rider [UIN: 104B029V03; Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider]

    5. Pay term Insurance Premium Online

    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.

    How to Select the Best Term Insurance Plan with the Right Sum Assured Option?

    When it comes to selecting the best term insurance plan for yourself in order to secure your family’s financial future, we recommend choosing the right sum assured option. This is the amount your dependents shall receive to live out their live worry-free after your demise. You can select your sum assured option below to proceed to know more.

    Term Insurance

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    ₹ 50 Lakhs

    Starting from ₹ 15/ day*

    Check Plan

    Term Insurance

    sum-assured-right-arrow.svg

    ₹ 75 Lakhs

    Starting from ₹ 22/ day*

    Check Plan
    BESTSELLER

    BESTSELLER

    Term Insurance

    sum-assured-right-arrow.svg

    ₹ 1 Crore

    Starting from ₹ 23/ day*

    Check Plan

    Term Insurance

    sum-assured-right-arrow.svg

    ₹ 1.5 Crore

    Starting from ₹ 35/ day*

    Check Plan

    Term Insurance

    sum-assured-right-arrow.svg

    ₹ 2 Crore

    Starting from ₹ 35/ day*

    Check Plan

    Term Insurance

    sum-assured-right-arrow.svg

    ₹ 5 Crore

    Starting from ₹ 83/ day*

    Check Plan

     Disclaimer: Standard daily 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).

    ARN: C/SA/050623

    Term Insurance Benefits Explained.jpg

    Who Should Buy Term Insurance Plans?

    Ideally, you should take a term insurance policy as soon as you start earning, especially if you have financially dependent family members. Whether you are 18 years of age or 65 years, Max Life’s Term Plan has got you covered.

    To buy a term insurance plan right away, please click here.

    FAQs

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    Now that you know what is term insurance plan, it is of utmost importance to know about what is term insurance premium. Term insurance premium is the amount you pay to the insurance company for the financial coverage.

    The insurance company provides financial coverage in exchange of the term insurance premium which provides financial protection in case of your untimely demise during the policy term. Term Insurance premium can be either monthly/quarterly/semi-annually/annually.

    Understanding what is term life insurance riders will help you get better financial security. In term plan meaning, riders are add-on benefits with your term insurance plans. With these riders, you can avail extended benefits with basic life cover. Max Life Insurance offers Max Life Accidental Death and Dismemberment Rider [104B027V03; Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider] & Max Life Waiver of Premium Plus Rider [UIN: 104B029V03; Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider].

    Experts usually propose that sum assured in term insurance should be at least 10 times of your annual income, while 15 to 20 times is always a better option to avail. But, you should calculate your term insurance cover as per your need or calculate the term insurance premium that you need to pay for the cover you want to buy. You can also use Human Life Value Calculator or Max Life Term Insurance Calculator to make these complex calculations easy for you.

    With term insurance policy, you can also avail tax exemptions to reduce your tax burden. You can avail tax deduction on your term insurance premium up to Rs.1.5 lakh under Section 80C of the Income Tax Act, 1961. Not only this, if you opt for critical illness benefits, you can avail tax benefits up to Rs. 25,000 under Section 80D as well.
    Anyone who knows what is term policy meaning, knows that there are numerous factors which affect your term insurance premium. Term insurance premium varies depending on various factors such as age, annual income, the amount and tenure of insurance coverage, health condition and whether you are a smoker/non-smoker.
    Yes, most term insurance policies offer the option to opt for add-on riders such as critical illness riders that provide an additional cover against terminal illnesses. However, the terms and conditions of such riders varies across different insurance providers.
    Yes, if you understand what is term life insurance meaning, you should know that you can add a rider while renewing your existing term insurance policy. Note that some insurance providers may have different terms and conditions.

    To buy a term insurance plan, you will need the following documents:

    • Salary slips, income tax returns, bank statements, and other forms of evidence of income are appropriate for income proof.
    • A driving license, Aadhaar card, voter's id, passport, and other forms of identification may be used as proof of address.
    • PAN card, Aadhaar card, a Voter ID card can be used as identification proof.
    • What documents will I need to buy term insurance plans?

    Generally, the minimum age to buy a term insurance policy is 18 years, whereas the upper age limit differs as different insurance providers have different criterions. Also, different term insurance plans have different entry age limits.
    Term insurance does not provide cover for every situation, and these instances are known as exclusions. Here, if the policyholder’s death occurs due to specific circumstances that are excluded as per the policy terms and conditions, the beneficiary may not get the claim. However, note that such exclusion vary from company to company. For detailed exclusions, please refer to policy prospectus before concluding a sale

    ARN NO: June23/Bg/21A

    Disclaimer:

    **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)

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

    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
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    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).