Protect Your Family Against Death, Disability & Disease^
Max Life Term insurance can continue to maintain your family’s lifestyle by funding essential day to day expenditures and also achieve their life goal even in your absence
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Family Against Death, Disability
& Disease^

 

Max Life Insurance Plan
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Life Insurance plan is a contract between an individual (policyholder) and an insurance company (insurer). Under the contract, the policyholder pays a certain sum of money as a premium to the insurance company. In return, the insurer promises to pay a specific sum of money (sum assured) to help cover all financial expenses.

What is Life Insurance?

Life Insurance plan is a contract between an individual (policyholder) and an insurance company (insurer). Under the contract, the policyholder pays a certain sum of money as a premium to the insurance company. In return, the insurer promises to pay a specific sum of money (sum assured) to help cover all financial expenses.

Why Should You Choose MAX LIFE INSURANCE

Best Term Plan Company of the year*^*
98.74%**^ Claims Paid
IRDAI Registered Registration No. 104

What are the benefits of
Life Insurance?

Death Benefit The death benefit is the primary feature of a life insurance plan, and regardless of which type of plan you invest in, the death benefit remains integral. You should ensure that your family has adequate death benefit cover to take care of the household expenses, as well as future financial goals
Investment benefits In general, life insurance plans not only serve as financial instruments to provide a replacement for income loss, but they also function as an investment opportunity. Throughout the policy tenure, you can avail significant returns on your investment.
Tax exemptions You can use your life insurance policy as an essential tax planning tool. When you purchase life insurance, you become eligible to avail comprehensive tax benefits under the Income Tax Act of C. The policy premium paid qualifies for tax deductions under Section 80C of the Income Tax Act of 1961, subject to existing tax laws
Protection from critical illnesses Life insurance plans from Max Life Insurance offer protection cover against 40 critical illnesses, including kidney failure, cancer, heart attack, & stroke through its Accelerated Critical Illness (CI) Benefit. Thus, the policyholder will receive a lump sum if he or she is diagnosed with any critical health conditions as outlined by the rider
Create wealth to fulfil your life goals When it comes to financial planning, life insurance is one of the best options to provide risk protection and steady pay-outs. Be it securing your child’s future or planning for your retirement, buying a life insurance plan can help you take care of important life goals, while ensuring financial security for yourself and your family.
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How easy it is to buy Life Insurance?

Buying life insurance from Max Life is quick and hassle-free. Here are a few hallmarks of our life insurance plans:

1
Buy as you like Multiple channels for a seamless buying experience
2
It just takes 15 seconds Calculate your premium in just 15 seconds
3
Paperless process No bulky paperwork while buying or paying a premium for policies
4
Pay as you please Multiple premium payment channels, including net banking, digital wallet, credit cards, and debit cards
5
Secure future Dedicated claim settlement officer to make the claim process effortless
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How to choose the right life Insurance provider?

The next crucial step is to choose the right insurance company based on its customer assistance, plan benefits, and claim settlement ratio. Here’s are a few terms you need to understand first:

1. What is their Claim Settlement Ratio (CSR)?

Claim settlement is the ratio between the number of claims successfully disbursed by an insurance company and the number of claims they have received in a financial year.

For example, a claims settlement ratio of 98% means that the insurance company has settled 98 out of 100 death claims filed in that particular year. Therefore, higher the CSR, better are the chances of your death claim getting settled.

Also, you need to compare the year-on-year CSR for the insurance company to check if they have been consistent in paying the life insurance claims.

2. What is their Solvency Ratio?

Solvency Ratio refers to the ability of an insurance company to have a sufficient cash flow to take care of its debts.

Thus, you can expect hassle-free claim settlement from your insurance plan if the insurance company depicts a strong ability to meet their short-term and long-term liabilities.

3. How much will the plan cost you?

Each life insurance plan is priced differently. Given the fact that you have to pay the premiums at regular intervals to keep your life plan active; you need to choose an insurance plan that is cost effective. In case the premium is too high and you cannot afford to pay the premium, you may risk losing your life cover.

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Why should you choose Life Insurance?

Whether you are a young professional, newly married, a young parent, or nearing retirement, your family’s happiness and security is always a top priority. You take care of your family’s financial needs, providing them with a suitable lifestyle.

However, if anything unfortunate happens to you, the household needs and dreams of your family should not suffer. Life insurance can ensure that your dependents can look after themselves and meet their goals even when you are not around.

When you purchase term insurance plan, you choose a significantly large amount of money (life insurance cover/sum assured) that your family will receive after your death during the policy term. After your death, the life cover amount will assist your family to cope with the sudden loss of income and maintain their current lifestyle.

You can use an online life insurance calculator to get an estimate of the highest possible life cover that is available under the plan and the premium amount payable. This way, you can make sure that you have the best possible financial protection for your family.

Moreover, life insurance can help you avail significant tax benefits and by buying Critical illness benefit rider (available at an additional cost) will protect you against serious health issues, such as heart conditions, cancer, brain tumour etc.

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What are the Types of Life Insurance Plans?

Life insurance is not a single product; instead, it has many forms. Most common types of life insurance include term plans, unit linked insurance plans, endowment plans, and retirement plans.

Thus, you need first to understand the working of each form of life insurance and then compare between plans to see which one suits you the best, in terms of benefits as well as affordability. Using a life insurance calculator here can help you assess your life cover requirement and choose the most suitable plan variant.

Let us take a closer look at the different life insurance plans in detail:

Term Plans Term insurance is the purest and most affordable form of life insurance. A term plan offers a high death risk cover at affordable premiums for a specific period. Thus, in case of your untimely demise during the policy tenure, the insurance company will pay the death benefit to your nominee. Moreover, you have the option to enhance your coverage through rider add-ons and choose the death benefit payout method (payable as a lump sum, monthly payouts, or their combination). Typically, term insurance plans do not have any maturity value. However, Max Life Smart Term Plan pays back the entire premium amount paid if you outlive the policy tenure.
Unit Linked Insurance Plans ULIP is a long-term investment option that offers a comprehensive combination of insurance and investment benefits. A portion of the premium paid towards a ULIP is used as a risk cover (insurance) while the remaining part is available for investments. You can choose to invest in different fund options offered by the insurance company. The insurance company then invests the accumulated amount, on your behalf. You can also monitor the fund performance of ULIP investments through their Net Asset Value (NAV). The NAV of each fund is updated on a daily basis. ULIP plans help you to alter your fund allocation by choosing switching and/or premium redirection options.
Child plans A child plan is a type of ULIP that helps you create wealth to support your child’s higher education. These plans provide you the flexibility to invest into different funds, based on your current financial status and your child’s education needs. In general, child insurance plans provide a life cover, which is approximately 10 times the annual pay. The life cover is available as a lumpsum payment at the end of the policy tenure. Not only this, child plans provide flexible payout options to help you take care of the important milestones of your child's education.
Endowment Plans Endowment plan is another type of life insurance plans that offer a combination of insurance and savings benefits. In an endowment plan, one receives the twin benefit of life cover and savings. In case you outlive the policy term; the insurance company will offer you the maturity benefit. Also, you will be eligible to receive periodic bonuses (in par products), paid either on maturity or to your nominee along with the death benefit. Under Non par products you receive a guaranteed amount on maturity or on earlier death
Retirement Plan Retirement plans (Deferred pension products) help to build a corpus for your retirement so that you can remain financially independent even after your working years are over. You can save systematically to build your retirement corpus. In case of your unfortunate demise, during the policy term, your nominee will receive immediate payment from the insurance company. The amount paid here will be higher of fund value or coverage or 105% of premiums paid. On the other hand, vesting benefit will be payable if you survive the maturity age. Here, you will receive the payout, in the form of the fund value, which can be invested into an annuity. Immediate Annuity products help you to get periodic installments as annuity payouts.

Which plan suits your need?

When it comes to buying life insurance, the “one size fits all” does not work. Each has a different perception towards life, and therefore, seeks a plan that is personalized according to his or her needs.

At Max Life Insurance; therefore, you can find flexible life insurance plans that can be customized to match your age and unique set of life goals and protection needs. Let us help you with a small guide to assessing your insurance need as per your life stage:

Life stage

What Form of Life Insurance You Need

Plans to Consider

Young and unmarried

A savings plan, health insurance

Max Life Online Savings Plan

Max Life Cancer Insurance Plan

Max Life Online Term Plan Plus

Married with no children

Term insurance, savings plan, health insurance

Max Life Super Term Plan

Max Life Online Term Plan Plus

Max Life Premium Return Protection Plan

Max Life Online Savings Plan

Max Life Cancer Insurance Plan

 

Married with young children

Term insurance, savings plan, health insurance, child’s plan

Max Life Super Term Plan

Max Life Online Term Plan Plus

Max Life Premium Return Protection Plan

Max Life Online Savings Plan

Max Life Cancer Insurance Plan

Max Life Child Insurance Plans

 

Parents with teenage children

Term insurance, savings plan, health insurance, child’s plan

Max Life Super Term Plan

Max Life Online Term Plan Plus

Max Life Premium Return Protection Plan

Max Life Online Savings Plan

Max Life Cancer Insurance Plan

Max Life Child Insurance Plans

 

Nearing retirement

Health insurance, term insurance, savings plan

Max Life Super Term Plan

Max Life Online Term Plan Plus

Max Life Premium Return Protection Plan

Max Life Online Savings Plan

Max Life Cancer Insurance Plan

How can you pay for a Life Insurance?

Life insurance plans allow you to pay the premium either in one go (single payment) or through regular payments (annual, semi-annual, quarterly, or monthly). Max Life Smart Term Plan also offers the option to pay the premium for a limited payment tenure (Pay till 60).

Regular premium payment options allow you to pay in the following premium payment modes:

Annual : You have to pay the annualized premium (the total of Annual premium and any extra premium) once a year.

Semi-annual : You have to pay half of the annualized premium once in every six months, throughout the premium payment term.

Quarterly : You have to pay one-third of the annualized premium once every four months, throughout the premium payment term.

Monthly : There are twelve equal parts of the annualized premium, which are payable every month.

It is essential to know here that the policyholder can change the premium payment mode during the premium payment term.

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How will your family get Claim money from Life Insurance (Term Insurance)?

Basic Life Cover Your dependents receive a one-time lump sum payout as term plan payout.
Fixed Income Your nominee receive the policy benefit in the form of a fixed level monthly income for up to a specific period, as selected at the time of policy purchase.
Increasing Income Your dependents receive the policy benefit in the form of an increasing monthly income for up to a specific period, as selected at the time of policy purchase.
Basic Life Cover + Monthly Income Your dependents receive the payout in the form of monthly income for ten years in addition to the lump sum amount.
Basic Life Cover + Increasing Monthly Income Your dependents receive the term plan payout in the form of an increasing monthly income, in addition to lumpsum amount.
Increasing Cover Under this option, the sum assured increases at a fixed rate every policy anniversary. At the time of your demise, your family would receive the Sum Assured effective as on the last policy anniversary, as lump sum payout.
Reducing Cover Under this variant, the sum assured decreases by a fixed rate on completion of every 5th Policy year. Upon your demise within the policy tenure, your nominee would receive the Sum Assured effective on the last policy anniversary, as lump sum payout.
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ARN NO: PCP/LIP4

Frequently Asked Questions

Frequently Asked Questions

What are the advantages of investing in a life insurance policy?

In addition to giving you, and your family, financial protection investing in life insurance offers many other benefits.

  • Encourages the habit of saving so you are provided with financial security at the time of retirement or your family is provided with financial assistance at the time of your demise.    
  • Through a Life Insurance policy you can claim a tax benefit under section 80C of the Income Tax Act, up to Rs. 1,00,000.
  • The maturity benefits from a life insurance policy are tax free under section 10(10D) of the Income Tax Act.
  • You can invest in a policy that offers you a loan against your amount invested, if you need financial assistance in the case of an emergency. You can also take a loan from a bank or financial institution and put your policy up as collateral for the loan.
  • You can invest in a policy that allows you to withdraw a part of your investment at the time of a financial emergency.
  • You can add a critical illness rider to your policy, which offers you medical aid in case you are inflicted by a serious illness or injury. Under this rider you can also claim a tax benefit up to Rs. 15,000 as specified in section 80D of the Income Tax Act.
  • You can also invest in policies in the name of your spouse and children and claimtax benefit, under section 80C, on those policies as well.

Is Life Insurance necessary?

Life Insurance is not necessary but is a smart investment to make, especially if you have a dependent spouse and children.

It offers your family the benefit of financial support even after your death. In addition to this, it offers a number of advantages and provides a lot of flexibility on your investment. For example, you can add a  critical illness rider  to cover the cost of expensive for surgeries and operations; you can withdraw a part of your maturity benefit in case of an emergency or for your child's education or marriage, etc. Life Insurance policies come with a lot of flexibility.

How much Insurance cover do I need?

While deciding the cover, it is important to remember that the objective of insurance is to provide financial support to your family and/or dependents, in case you (as the primary breadwinner) are no more, or are unable to earn because of a permanent disability or illness. The life cover you decide on should be adequate to help your family maintain the standard of living you would have provided for them always.

You should keep the following things in mind as you go about the calculations:

  • Your current annual income
  • Your current and future financial liabilities
  • Your financial goals
  • Your age at the time of policy purchase & number of working years left
  • Number of dependent family members & their expenses

Why choose Max Life Insurance?

Max Life’s claim assurance is one of the best among private insurance companies in India. The company has an impressive individual death claims paid percentage of 98.26% in FY'18 (Src: Max Life Public Disclosure FY 2017-18). Such a healthy claim settlement ratio means that you are more than likely to get your claims on time, and at the time when you probably need it the most.

The ability of Max Life to offer feature-rich products has demonstrated the company’s robust financial strength and stability.

In the FY 17, the company posted its best finances in a decade. The gross written premium touched Rs. 10,780 crore, which was higher by 17% than the FY 16. Moreover, the net profit of the company grew by 50% and reached Rs. 660 crore, while the renewal premium grew by 12% and reached Rs. 7,114 crore. The solvency ratio reached 309%, for FY 17- way above the mandatory requirement of 150%.

Another great thing about Max Life is that they offer personalized assistance during claims. A dedicated claim settlement officer engages the customer within 5 working days after the submission of a claim.

Our Comprehensive Range of Plans

Choose from a set of insurance plans to meet your specific goals and needs

Our Comprehensive Range of Plans

Choose from a set of insurance plans to meet your specific goals and needs

MAX LIFE ONLINE TERM PLAN

  • Flexibility to choose the death benefit payout as lumpsum or lumpsum & monthly income
  • Comprehensive coverage against death, disability, and diseases with riders
  • Coverage for up to 40 Critical Illnesses
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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
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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
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MAX LIFE CANCER INSURANCE PLAN

  • Living benefit to ensure your child’s dreams turn into reality
  • Complete financial security through immediate payouts & future moneybacks
  • Flexibility to customize the plan
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MAX LIFE FUTURE GENIUS EDUCATION PLAN

  • Living benefit to ensure your child’s dreams turn into reality
  • Complete financial security through immediate payouts & future moneybacks
  • Flexibility to customize the plan
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MAX LIFE SHIKSHA PLUS SUPER PLAN

  • Safeguard your fund against market volatilities
  • Guaranteed loyalty benefits at the end of each year
  • Financial security for your child, in case you are no longer around
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MAX LIFE FOREVER YOUNG PENSION PLAN

  • Flexible death benefits and their payout options
  • Guaranteed loyalty additions to enhance fund value
  • Guaranteed benefits transferred to nominees
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MAX LIFE GUARANTEED LIFETIME INCOME PLAN

  • Guaranteed income for lifetime
  • Option to choose a single or a joint life annuity
  • Option to receive return of purchase price on death of policyholder
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MAX LIFE PERFECT PARTNER SUPER

  • Guaranteed payout of 212.5% of sum assured at the age of 75
  • Insurance coverage till 75 years, with withdrawal flexibility
  • Guaranteed benefit for spouse through riders
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MAX LIFE FAST TRACK SUPER PLAN

  • Grow your fund with loyalty additions
  • Choice of 5 funds; protection from market volatilities with two strategy options
  • Tax Benefits based on the prevailing tax laws
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MAX LIFE PLATINUM WEALTH PLAN

  •  Life cover of 10 times the total premium paid in a year
  • Choice of 5 funds; protection from market volatilities with two strategy options
  • Additional wealth boosters to enhance your overall fund value
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MAX LIFE SAVINGS ADVANTAGE PLAN

  • Be flexibile to choose policy duration that matches your life goals
  • Get lumpsum amount on maturity that is partly guaranteed
  • Save tax under section 80 C and Section 10(10D) as per prevailing tax laws
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MAX LIFE MONTHLY INCOME ADVANTAGE PLAN

  • Lumpsum benefit on maturity
  • Guaranteed monthly income for 10 years after premium payment term
  • Policy continues for family even in case of death of policyholder
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MAX LIFE GUARANTEED INCOME PLAN

  • Guaranteed monthly income that doubles after 5 years
  • Flexibility to choose the benefit payout in the event of death 
  • Immediate payout after policy term with no waiting period
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MAX LIFE WHOLE LIFE SUPER

  • Get complete protection until the age of 100 years
  • Preserve a corpus for your family’s secured future
  • Lumpsum payout at the age of 100 years
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MAX LIFE POS GUARANTEED BENEFIT PLAN

  • Guaranteed Financial Protection Throughout The Policy Term
  • Short Premium Payment Term and Policy Term
  • Easy Plan and Simple Process
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Group Term Life Platinum Assurance Plan

  • Single Policy is issued covering all members
  • Simplified risk assessment procedure
  • Cost of group coverage is lesser than the cost for purchasing a similar amount of individual term insurance policy
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MAX LIFE GROUP CREDIT LIFE PREMIER

  • Covers borrowers against loan in the event of death
  • Covers Total & Permanent Disability (TPD) caused due to accident through riders
  • A low-cost insurance cover for loan borrowers
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MAX LIFE GROUP GRATUITY PREMIER PLAN

  • Facilitates employers to fund their gratuity liability
  • Offers increased benefits through guaranteed loyalty additions
  • Reduced cost to the employer through market-linked returns
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MAX LIFE GROUP SUPER LIFE PREMIER IN LIEU OF EDLI

  • Better financial protection for employees’ families instead of EDLI
  • Higher employee retention with low-cost insurance
  • Tax benefits with regulatory compliance
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MAX LIFE GROUP SUPER LIFE PREMIER

  • Better financial protection for employees’ families
  • Higher employee retention with low-cost insurance
  • Tax Benefits based on the prevailing tax laws
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MAX LIFE GROUP CREDIT LIFE SECURE

  • An attractive low-cost plan to cover against loan
  • Helps lending institutions to secure assets & avoid defaults
  • Safeguards lending institutions against non-performing assets
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MAX LIFE PRADHAN MANTRI JEEVAN JYOTI BIMA YOJNA

  • Affordable financial protection for savings account holders
  • Higher customer retention with low-cost insurance  
  • Tax benefits for members based on the prevailing tax laws
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Related Articles

Related Articles

Top term insurance myths

Having a conversation about death is very uncomfortable and unthinkable, one of the main reasons why people procrastinate or avoid shopping for life insurance products. Other myths that people have due to low awareness of this category are - ‘Life insurance is not affordable’, ‘I am Single, I don’t need life insurance’, ‘It’s for older people’, ‘It’s only for earning members of the family’ and many more. This article tackles some of the most common but major misconceptions and myths

Is term insurance is an investment or an expense ?

Term insurance plans are not an expense but a safety net that no other financial product can give and a wise financial decision. A term plan pays the promised money in case of the policyholder’s demise, any time during the entire policy term. This means that even if he dies after paying a single premium, the entire sum assured will be given to the nominee. Additionally, you can also save tax. This article helps you understand the benefits of a owing a term plan.

How to Evaluate a Term Insurance Quote

Term plans is the simplest form of protection plans which is easy to understand and is highly cost- effective. You start your purchase journey by calculating a premium quote. For the same person, you may get different quote amount from different companies. This is because there are many factors involved like change in base premiums, rider costs, tax component, lapse charges etc. This article helps you understand the factors so that you can make a smart buy.

Maximize Term Insurance Benefits with Riders

Riders are add-on benefits that are optional with a life insurance product. This helps you customize the plan basis your personal needs. Few critical and powerful riders that you must definitely consider during the purchase journey is Comprehensive Accident Benefit, Waiver of premium and Critical Illness. This article helps you understand the meaning and benefits of different types of riders so that you buy the best term insurance plan customizable for yourself.

Difference between Term Insurance Plan and Whole Life Plan

Term life insurance is the simplest form of life insurance, that offer a lump sum payment as Death Benefit and can be availed for a fixed term. Whole life insurance offers both, a death benefit as well as savings benefits. Both these plans have distinct features and benefits and one should choose the plan that best suits your requirements. This article helps you understand the proposition each plan offers and helps you take a right decision for yourself.

Let’s Connect

Let’s Connect

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nri.helpdesk@maxlifeinsurance.com