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4 Term Plan Features You Must Know About

Term insurance plans are simple and cost-effective life insurance policies that can offer a large cover for a low premium. Here are a few things to keep in mind while purchasing a term insurance plan:

Cover Amount

This is perhaps the most important consideration while applying for a life insurance policy

Policy Period

Based on the age of the life assured, you can choose a policy term (no. of years for which the cover will remain) of 5 years to 45 years or more. Do remember that once fixed, the premium remains the same for the entire policy period. So it’s a good idea to get a policy till you reach the age of retirement, which is 60 for most people this will ensure that the cover extends throughout your working years. On the other hand, a policy period can also be tailored to coincide with the paying term of a loan or a liability you might be serving.

Payout Options

Simple term plans offer a single lump sum death benefit while some insurance companies extend the option to receive life cover + monthly income (fixed or increasing), for a higher premium. To know more about how these variants can differ from each other, check out our online term plan

Additional Coverage with Riders

You can enhance the life cover of the Term insurance plan you buy to include additional sum assured for critical illness and accidental death or disability. These add-ons are highly beneficial and can be availed by paying a small additional premium.

Max Whole Life Super Plan (UIN: 104N080V03) is a Traditional Participating Whole Life Insurance Plan.
Max Life Super Term Plan (UIN: 104N086V03) is a Traditional, Non - Participating, Regular Pay Term Insurance Plan.
Life Insurance coverage is available in these products.

Max Life Things To Know Before Buying Term Insurance
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Quick Buy

  • Choose Cover Option

    Tips

    We advise you to choose an option as per your need. Do go through the basic features of all the three options before making a final decision.

  • Gender

    Tips

    Your gender is an important factor in deciding the life insurance premium as it is directly related to life expectancy

  • Date of Birth

    Tips

    You must be between 18 - 60 years of age to be eligible for this policy. Please enter your correct date of birth in order to get an accurate premium amount.

  • Tobacco Consumption

    Tips

    Choose yes if, in the last three years, you have consumed any Tobacco/Nicotine products which include Cigarette, Beedi, Cigar, Gutka, Flavoured Pan Masala, Khaini, etc. If not then you are classified as a non smoker.

  • Life Cover Tips
    Amount Tips

    DurationTips

    yrs