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    What Is Health Insurance?

    Health insurance is a type of insurance policy that can cover various medical expenses incurred due to an illness or injury. These medical expenses can include hospitalisation costs, cost of medication, diagnostic test costs, doctor/physician fees and more. Read on for a clear idea of what health insurance means and key features of these insurance plans.

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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.

    Why Do You Need Health Insurance?

    Never before has it been so important to take care of your health. The Coronavirus outbreak has made that abundantly clear for all of us. However, even before the global pandemic, there were several threats to our health present in the environment, because of which we need to understand what is health insurance. You might lead a healthy lifestyle, but unfortunately, a medical emergency can occur without warning.

    In times of a health crisis, the financial burden can become immensely stressful. With the skyrocketing healthcare costs, it can be challenging to pay for them out of your savings. Therefore, it is essential to plan for medical emergencies.

    A health insurance plan protects you from these overwhelming medical expenses. When you understand health insurance meaning and invest in a suitable health insurance plan, it ensures that your family is financially untroubled. Make sure you are aware of various tips to consider before buying health insurance in India.

    Benefits of Health Insurance

    Health Insurance_1.jpg

    There are several benefits to investing in a health insurance plan next to understanding health insurance meaning. Following are the benefits of health insurance plans in India:

    • Optimum Coverage
    • Cashless Claim Benefit
    • Additional Protection
    • Tax Benefits

    Let’s discuss the above health insurance benefits in detail.

    1. Optimum Coverage

    The principal reason to know what is health insurance and buy it is to create a financial shield for your future. There are several kinds of health insurance plans available to cater to specific requirements. It is crucial to understand your financial needs and choose a suitable policy.

    A carefully selected plan will provide optimum coverage, including regular check-up expenses, ambulance expenses, hospitalization charges, alternative treatment, and more. Some policies also offer coverage for treatment at home under medical supervision as a part of domiciliary treatment.

    Make sure you understand health insurance meaning in various facets before you choose a plan.

    2. Cashless Claim Benefit

    To make things easier, most insurance companies offer cashless treatment athospitals. The insurance providers have tie-ups with certain hospitals for such cases. It means that you do not have to pay medical bills directly when you avail of treatment in a network hospital.

    The expenses are settled between the hospital and the insurance provider. In the case of an unforeseen medical emergency, cashless treatment can be incredibly helpful.

    3. Additional Protection

    Most employers provide health insurance for their employees. However, many people find it to be unsuitable to their specific requirements. It may also be affected by a change in employment. A health insurance policy of your choice will put your mind at ease. A plan that is customized to your requirements will offer better security and stability.

    Furthermore, several riders can be attached to your existing plan and expand the scope of security. For example, the critical illnesses rider offers protection against life-threatening diseases such as cancer, heart attacks, kidney failure, and more.

    4. Tax Benefits

    One of the most significant benefits of investing in a health insurance plan is the tax benefits. Many people find it to be a substantial incentive behind opting for health policy. It is so because tax relief is a massive advantage for an individual’s ongoing expenses.

    Tax Benefits of Health Insurance

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    If your annual income falls under the taxable category, health insurance can prove beneficial in more than one way. The government allows tax deductions for specific expenses that will help reduce your taxable income. A health insurance plan comes under the list of expenses eligible for tax deductions.

    Under Section 80D of the Income Tax Act, you can claim a tax deduction of up to Rs. 25,000 for the self, spouse, or dependent children. If you have a health plan for your parents of less than 60 years of age, an additional deduction of up to Rs. 25,000 is applicable. In case the parents are above the age of 60, the deduction amount can be increased up to Rs. 50,000.

    In case both the taxpayer and the parent are above the age of 60, this section allows a maximum deduction up to Rs. 1 Lakh. There are also taxation reliefs for preventive health check-ups between Rs. 5,000 – Rs. 7,000 for the age brackets mentioned earlier.

    You can avail of the tax benefits under Section 80D and Section 80C by adding a critical illness rider with a Max Life term plan, thereby serving as a health insurance plan. You can use an online calculator to pay the premium.

    Also Read: Features & Benefits of Critical Illness Insurance

    Types of Health Insurance

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    Every individual has different requirements from their insurance plan, depending on their financial situation. Therefore, you must be exceptionally careful and thorough while investing in a health plan.

    It is a critical life decision that will impact your future significantly. Consequently, it is essential to understand the types of health insurance plans available today to provide optimum coverage for yourself and your loved ones.

    There are two categories of health insurance policies.

    • Indemnity Plans
    • Defined-Benefit Plans

    Indemnity Plans

    •  Mediclaim Insurance – This provides compensation for the hospitalization expenses that occur due to accidental stay or illnesses. It includes nursing charges, surgery expenses, oxygen, anesthesia, doctor’s fee, etc.
      •  Individual Insurance – This is the most common type of health plan available. As the name suggests, it is meant for the insured individual only. The payable premium depends upon the insured individual’s age, medical history, and other relevant factors. You can add additional members to the plan by paying an extra premium.
    •  Family Floater Insurance – It provides coverage for the entire family under a single premium amount. This amount is comparatively lesser than that of an individual health plan. For a family with no significant health issues, this option might be preferable. However, if there is a family member with severe health issues, they might require a sizable amount of the sum insured, which will leave other members with a lesser coverage amount.
    •  Unit Linked Health Insurance – Commonly known as ULIPs, this plan is a combination of investment and insurance coverage. A portion of the premium amount is invested in mutual funds while the rest of it goes into securing insurance. The returns are subject to market performance.
    •  Group Mediclaim – This is a popular choice among large and medium scale enterprises. It offers health coverage for the employees under a common plan.

    Definite-Benefit Plans

    These are the type of health plans that provide compensation for a lump sum amount when the insured is detected with an illness. Here are the plans included:

    •  Critical Illness Plan – This plan offers a pre-determined amount of compensation upon detecting a critical illness regardless of pre or post-hospitalization charges. These critical illnesses majorly include life-threatening diseases such as cancer, multiple sclerosis, paralysis, kidney failure, stroke, paralysis, and more.
    •  Hospital Daily Cash Benefit Plan – Under this plan, a pre-set sum assured is offered as compensation for each day of hospitalization. These plans are available as standalone covers or riders.
    •  Personal Accident Plan – This plan provides compensation in case of an accidental injury or demise. Some Plans also cover loss of income due to a temporary permanent disability rendering a person unfit to go back to work for a few days.

    How to Choose Health Insurance Plan?

    While deciding to purchase a health insurance plan, there are certain things you must consider. Here’s how to choose a plan that provides maximum benefits:

    • You must choose the sum-insured precisely based on your age, marital status, and health condition. Inadequate coverage will defeat the purpose of a health plan and cause financial strain. It is often recommended to invest in a health plan at a younger age since the premium amount is comparatively lesser and waitig periods can be consumed during the early years when one is healthy
    • When you purchase a health plan, there is a waiting period before the insured can claim the compensation. Since different plans have varying terms and conditions, make sure that your plan's waiting period is relatively lesser
    • Consider the claim-settlement ratio of the insurance provider as well
    • Make sure to look at the network list of hospitals
    • Strengthen your plan by adding relevant riders to it

    Eligibility Criteria to Buy Health Insurance

    Principally, if you are an earning individual, it is highly recommended to invest in a health insurance plan. It is a significant financial decision that helps plan the future.

    Insurance providers have specific eligibility criteria in place. Most often, this includes a medical screening of the person to be insured. It evaluates their health according to specific medical parameters to make a note of any underlying medical conditions. It enables the underwriter to arrive at a reasonable cost of the premium. It also helps in avoiding any future disputes over the insurance claim.

    Documents Required to Buy Health Insurance

    Different insurance providers require a different set of documents when buying health insurance. Here is a list of standard documents that are needed:

    •  Age Proof – A voter ID Card, Pan Card, Aadhar Card, Passport, Driving License, or Birth Certificate.
    •  Identity Proof – A Voter ID Card, Passport, Aadhar Card, or Driving License
    •  Address Proof – Ration Card, Driving License, Passport, Rent agreement if applicable, PAN Card, Aadhaar Card and utility bills like electricity bill, telephone bill, etc.
    •  Passport-size photographs (if demanded by the insurer)
    •  Medical reports (if demanded by the insurer)
    •  Proposal form duly filled in and signed

    How does Health Insurance Work?

    At the time of health insurance purchase, the insurer calculates the premium that need to be paid based on factors like the sum insured, applicant age, pre-existing conditions, add-on benefits, etc. Usually the insurer carries out a medical check-up of the applicant prior to confirming the premium amount that needs to be paid. After initial purchase of the policy, the due premium amount needs to be paid usually on an annual basis to keep the policy in effect.

    If expenses are incurred as a result of hospitalization or treatment while the health insurance policy in effect, such medical expenses will be covered unless they are in the health insurance exclusion list. In case of covered medical expenditures, there are two ways a health policy can work – cashless method or reimbursement method.

    Cashless Process

    Health insurers offer cashless treatment through a specific network of hospitals/clinics, the details of which can be found on the insurer’s website. If the policyholder seeks treatment and/or hospitalization at a network hospital, the claim will be processed directly by the insurance company. So, out of pocket expenses by the insured individual is minimized.

    Reimbursement Process

    If the insured person gets treated at a hospital that is not part of the insurer’s network, in that case, the cost of treatment/hospitalization will be initially borne by the policyholder. But, this expenditure will be reimbursed by the health insurance provider on providing detailed bills, treatment notes and other documentation as per the insurer’s policies.

    From above you can see that when health insurance works, your out of pocket medical costs are minimized so that your savings are minimally impacted.

    What is Not Covered by Health Insurance?

    As mentioned in the earlier section, not all hospitalization and treatment-related expenses are covered by health insurance. Such medical expenditures are commonly termed as health insurance exclusions and not covered by the health insurance company. These are out-of-pocket expenditures for the policyholder and some common examples of excluded expenditures are:

    • Non-medical expenses such as food costs during hospitalization
    • Pre-existing conditions
    • Cosmetic procedures such as plastic surgery
    • Costs associated with dental treatment
    • OPD treatments unless otherwise covered by the plan
    • Cost of treatment for self-inflicted injuries, etc.

    The above list of exclusions is not exhaustive and there can be additional exclusions as per the insurer’s individual criteria.

    Frequently Asked Questions (FAQs)

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    There is no hard and fast rule, but it is often recommended to buy a health plan at a young age. It might help you escape the waiting period or higher premium charges due to pre-existing diseases. It is also beneficial for long-term financial planning.

    No, there aren’t any limits on the number of claims. However, the claim amount cannot exceed the sum insured.

    In case of no claims in a year, most insurance providers offer an increase in the sum insured up to a certain percentage as a part of a cumulative bonus.

    In such a case, you can switch to an insurance provider who is more suitable to you. The IRDAI introduced this feature in 2011; however, it is essential to note that porting the policy is different from cancelling or not renewing it.

    Yes, certain charges are not reimbursable under the policy, such as administration/registration charges, visitor pass charges, special nursing charges, etc.

    ARN No: Mar23/Bg/15K

    Source:

    www.incometaxindia.gov.in/Pages/tools/deduction-under-section-80d.aspx

    www.outlookindia.com/business/10-common-exclusions-in-a-health-insurance-policy-news-253680

    www.hdfcbank.com/personal/resources/learning-centre/insure/know-how-does-health-insurance-works
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    THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.

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

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

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

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

     

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

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

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

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

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

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    Tax conditions :

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

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

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    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. 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: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: 15 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 30/06/2022| 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).