Online Term Plan Plus

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Max Life brings to you Online Term Plan Plus that provides a secure financial future for your loved ones, against the risks of Death, Disease and Disability.

Online Term Plan Plus offers a life insurance cover of 1 crore at just Rs. 563 per month* only. (Standard Premium For 28-Year-Old Male, Non-Smoker, Base Plan Policy Term Of 30 Years, Premium Payment Term Of 30 Years)

 

What is a Term Plan?

Term insurance plan is a type of life insurance contract that offers to pay a lump-sum amount to the nominee (a family member nominated by the person who is insured to receive the policy benefits in case of his/her death) in case of insured dies during the policy term. Term insurance is called so because it covers the life of the insured for a limited period (or term).

Term plan does not offer a maturity value if the policyholder survives through the entire duration of the policy. This is one of the reasons why term plans are affordable.

Why Should you Buy Term Insurance?

Emergencies and unfortunate events like the loss of breadwinner can push a family financially backward and put their future at risk. With a term insurance policy, the breadwinner can ensure that the family continues to receive the financial support to maintain a respectable lifestyle

Term Plan Options Available to you

PLAN DESCRIPTION UNIQUE FEATURES
BASIC LIFE COVER A pure term plan with which pays a fixed amount (sum assured) to the family • Lumpsum payment of death benefit to your nomine
• Lifestage benefit to enhance insurance cover on important milestones like marriage, birth of a child
• Benefit payment for up to 40 life threatening illnesses & disabilities(on payment of additional premium)
• Pay until the age of 60 years for coverage up till the age of 85(on payment of additional premium
BASIC LIFE COVER
+
MONTHLY INCOME
A pure term plan with which pays a fixed amount (sum assured) to the family + a fixed sum every month • 0.4% of the Sum Assured (S.A.) is paid each month for 10 years as fixed monthly income
• Monthly income benefit is payable over and above the base Sum Assured
• The effective cost of this option is just Rs. 85/Lakh of S.A. (( Standard Premium For 28-Year-Old Male, Non-Smoker, Base Plan Policy Term Of 30 Years, Premium Payment Term Of 30 Years for Basic life cover+monthly income option for a sum assured of 1 crore)
BASIC TERM LIFE COVER
+
INCREASING MONTHLY INCOME
A pure term plan with which pays a fixed amount (sum assured) to the family + a fixed sum every month payable for 10 years that keeps increasing by 5% every year to account for increasing living cost • This plan pays 0.4% of S.A. each month in the first year as monthly income
• The monthly income increases each year by 10% for the rest of the payout period
• The monthly income benefit is payable over and above the base sum assured

 

Benefits of Term Insurance Plan

The concept of insurance is based on community, and thus the term insurance plans too. Term insurance plans benefit not just the buyer and the families but the society at large:

Buyer of the Term Insurance Plan

a. Affordable premiums (Max Life Online Term Plan Plus offers 1 crore cover at just Rs. 563 per month*
(Standard Premium For 28-Year-Old Male, Non-Smoker, Base Plan Policy Term Of 30 Years, Premium Payment Term Of 30 Years)

b. Peace of Mind

c. Tax Savings under section 80C (As per existing tax laws)Max Life Online Term Plan Plus offers flexibility to choose the benefit amount that family receives – (3 options - lumpsum one time, lumpsum along with a monthly income or lumpsum with increasing monthly income)

d. Max Life Online Term Plan Plus offers flexibility to choose the duration of the cover (minimum 10 years to a maximum of 50 years)

The Family of person who is insured

a. A regular income to support basic essentials – food, rents, bills, EMI’s

b. Financial protection to the future of kids in the family by supporting the kid’s school fees or higher education goals c. Benefit amount received on death of person insured is exempt from tax under section 10(10D)^^ (as per existing tax laws)

The Society at large

a. Efficient protection of bereaved families

b. Freeing up individuals, businesses and governments from the financial burden of supporting the dependents of deceased

Key Features of Max Life Online Term Plan Plus

  • Minimum age to buy is 18
  • Maximum age for buying the cover can be up to 60 years
  • Choice of regular income payout options
  • Limited pay option for premium payment
  • Option to add benefits like accidental death and dismemberment, premium waiver, and critical illness covers (On payment of additional premium
  • Option to pay premiums monthly, quarterly, half yearly or annually
  • Freelook period of 30 days (for online plans)
  • A grace period of 15 days for payment of regular premium under monthly mode, 30 days for other modes
  • Maximum covered age of life-insured can be up to 85 years for term plans.
  • A lapsed term insurance policy can be revived within two years of the first unpaid premium

Steps to Buy Term Plan Online

Buying the term plan online is easy:
 

Step 1: Select your sum assured and term

The first step of buying the term cover online is to use the online term insurance calculator and estimate the premium for your desired sum assured and term of the plan.

Note: The ideal benefit amount for your term life insurance should be 10 to 15 times of your annual take home income.

Step 2: Add Riders

Select the add on benefits to the base cover. The additional benefits enhance your financial support in case of unfortunate events like disability and diagnosis of life threatening illnesses and are optional benefits available on payment of additional premium.

You can add the following four riders to your online term insurance plan:

* Critical illness cover covering up to 40 illnesses

* Accidental death and disability benefit

* Premium waiver benefit in case of diagnosis of critical illness or disability

Step 3: Pay the Premium

Once you are satisfied with the benefits and the premium amount you can complete personal information and pay the premium. You need to fill the following information and pay the premium:

* Income, profession and education details

* Details about the nominee

* Present Address (your medical test will be conducted in the location of this address)

You can pay the premium online using debit or credit card or netbanking and more

Step 4: Complete the Proposal Form

The proposal form is the detailed version of the application form for life insurance. It focuses on the information related to your life which can affect the claim in future. The important areas of a proposal form will include:

> Details of profession

> History of Health issues (including that of the immediate family and parents) > Lifestyle habits such as drinking and smoking

Step 5: Medical Tests

Medical tests happen in selected cases basis individual life-risk. It is done after successful completion of the proposal form and submission of all necessary documents. You may be prompted about the medical test, if needed by the company

How to Choose the Best Suited Term Insurance Plan For You?

Selecting best term insurance plan is a simple five step process:
 

Step 1: Select Your Life Insurer (or the company from whom you wish to buy life insurance)

Check the Claims Paid Percentage

Claims paid percentage of an insurance company is the ultimate proof of the moment of truth faced by the person insured. It shows the number of claims settled by the insurer in given financial year divided by total outstanding claims at the beginning of that year and reported during the year. A good claims paid percentage, is a testament to insurance company’s commitment and efficiency in managing customer’s claims.

Check Persistency Ratio

Persistency ratio indicates how satisfied current policyholders are. It is the number of customers who stay invested in their policy year after year. More satisfied policyholders will stay with the insurer for longer periods. A good persistency ratio indicates trust of customers on their insurance company and the product purchased. Max Life Insurance recorded a 13th month persistency of 81%.(As per Max Life Public Disclosures FY 17-18)

Step 2: Estimate the Sum Assured & duration of your plan

Sum assured, or the insurance cover amount, should be large enough to take care of both your family’s regular financial needs and major life goals for their entire life.

As a rule of thumb, you can opt for a sum assured anywhere between 10 to 15 times of your annual take home income.

It is advisable to take longest term possible. However, you must continue your cover for atleast your working years.

Step 3: Select the Add-on Benefits

Once you have decided the life insurance company of your choice, it’s time to start looking for the plan benefits. Term insurance plan is a pure life insurance cover and the money is paid only on the death of person who is insured. To enhance your term insurance cover, you may add various additional benefits or riders that may come at an additional minimal cost. Such optional benefits/riders cover additional risk, are very cost effective and can be availed on payment of additional premium. The optional benefits you should add to your term life cover are:

> Accidental death and dismemberment(ADD) cover ((On payment of additional premium for rider) - ADD pays additional amount to the family in case of death due to an accident.Also pays the selected sum assured in case of disabilities contracted from the accident.

> Premium waiver benefit (On payment of additional premium for rider) - In case of permanent disability, all future premiums for the term life cover are waived off, but the life cover continues.

> Critical illness (CI) benefit#(On payment of additional premium) - CI benefit offers financial support in case of diagnosis of a life-threatening illness or health condition. It can include up to 40 illnesses and conditions.

> Life Stage Benefit (On payment of additional premium) - This benefit helps you increase your life insurance cover on important milestones like marriage, birth of a child and on availing home loan

Step 4: Compare the Premium

Use online term plan calculators provided by various life insurance companies to estimate the premium amount for your cover. Most of the added benefits cost extra. Overall, the following factors will affect your premiums:

> Your age

> If you are a smoker premium can be slightly higher

> Tenure of the plan (longer tenure increases the premium)

> Tenure of premium payment (shorter tenure attracts higher premium)

> Sum assured under added benefits

> Mode of premium payment (there can be a discount on lumpsum premium payment)

Step 5: Buy the Plan

If the plan is available online, you can proceed to buy the cover once you have selected your benefits and estimated the premium cost. You can complete the formalities online including submission of documents.

In case you have chosen to buy a plan, which is not available online, you can set an appointment for the advisor to visit you and complete the formalities.

Who Should Buy Term Insurance?

Anyone who is earning should buy a term insurance plan to support the family’s financial future.

If you are single – Your parents may be currently or in future be dependent on you. It is essential to secure their lifestyle during retirement

If you are married with no kids – Your spouse may be completely or partially be dependent on you financially. It is important to secure their lifestyle in your absence.

If you are married and have kids – Your kids’ education and marriage expenses are two important goals that you need to secure. Aside, you also need to maintain current lifestyle for your partner, even in your absence. From eligibility perspective a person aged 18 years can buy a term plan. Maximum entry age may vary from one insurer to the other. With Max Life the maximum age to buy the term plan is 60 years.

Disclaimers

*The scenario is for a 28 year old healthy, non-smoking male for a policy term of 30 years
^^As per prevailing tax laws

Key features of Max Life Online Term Plan Plus

  • Choice of death benefit options
  • Option to pay your premiums till age 60 (you retire) and enjoy the benefit till coverage term.
  • Additional Protection with Additional Liabilities.
  • Comprehensive protection against Death, Dismemberment & Critical Illness
  • Hassle free online application process

 

Term Insurance Plan - Infographic

Explore three variants of Max Life Online Term Plan Plus

Explore three variants of Max Life Online Term Plan Plus

Basic Life Cover

Provide Financial security for your family with one-time lumpsum payout

How this variant works?

  • Premium that you pay - 8968
  • Lumpsum one time payment that your family gets - Rs. 1 crore
  • Effective cost - Rs. 90 / lac of cover

Cover amount is optional.Above example is for representation purpose. Please get a personalised quote by clicking link below

Know More

 

Calculate Premium

Basic Life Cover + Monthly Income

Financial Security for your family with monthly income for 10 years in addition to lumpum

How this variant works ?

  • Premium that you pay - Rs. 11,918 
  • Lumpsum Payout of Rs. 1 Cr + Monthly Income of Rs. 40,000 for 10 years
  • Effective Cost - Rs. 81/lac of cover

Cover amount is optional.Above example is for representation purpose. Please get a personalised quote by clicking link below

Know More

 

Calculate Premium

Basic Life Cover + Increasing Monthly Income

Enhance the financial security with increasing monthly income, in addition to lumpsum

How this variant works ?

  • Premium that you pay - 13,216
  • Lumpsum Payout of Rs. 1 cr + monthly income of Rs. 40,000 that increases by 10% every year
  • Effective Cost - Rs. 78/lac of cover

Cover amount is optional.Above example is for representation purpose. Please get a personalised quote by clicking link below

Know More

 

Calculate Premium

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments
Claims Paid Percentage

98.26%

98.26%

Individual death claims paid (Src: Max Life Public Disclosure FY 2017-18)

Max Life Presence

210 Offices

210 Offices

Src: Director's Report FY 2016-17

Sum Assured

₹511,541 Cr.

₹511,541 Cr.

In force (individual) Src: Public Disclosure, FY 2017-18

Assets Under Management

₹52,237 Cr.

₹52,237 Cr.

Src: Public Disclosure, FY 2017-18

More reasons why our customers choose us

Term Insurance FAQs

Term Insurance FAQs

1. How do term insurance plans work?

Term Insurance Plans is the simplest Life Insurance product and a must have for everyone. This is a pure protection plan where payout is made only in case of death, there are no maturity benefits on survival. In case of death of life insured, the nominee receives the death benefit payout.

Term Plans offers 3 unique advantages –

  • High life insurance cover at affordable premiums – Term insurance plans are the cheapest, for instance, you can get a Rs. 1 Cr life insurance cover with Max Life's Online Term Plan Plus at just Rs. 563/month*
  • Tax Saving Benefit to the Policyholder – The premium paid is eligible for tax exemption under section 80C.
  • Life Insurance claims proceeds are tax free in hands of the nominee - Death benefits are tax free under section 10(10D) of Income Tax Act, 1961.

2. What is the right age to buy a term insurance plan?

A Term plan is a pure protection plan which helps replace the income earned by the breadwinner in case of his death. It is a fact that the younger you are, cheaper the premiums. For a Rs 1 Cr term insurance cover, the monthly premium will be ~Rs 600 for a 25 year, non smoker male  vs ~Rs 1,200 for the same person at age 35. Thus, it makes sense to buy this plan as early in life as possible.

If you are in your 30's or 40's, your liabilities and dependents would have increased (parents & children). You must buy a cover now to make sure all the financial needs are met, even when you are not around.

Even if you have crossed 50 and nearing retirement, you should invest in a term plan. In case of your demise, the pensions will stop and then your spouse and dependent children will be financially vulnerable.

Thus, if protecting your family’s financial future in your absence is your prime concern, you should buy a term plan immediately, regardless of your current age. 

3. How do I decide which plan variant is best suitable for me?

Max Life gives you the choice to customize the term plan to suit your needs and choose how the insurance cover amount is paid to the family in the event of your death: 

1. Basic Life Cover - Your family gets the money as a one-time lumpsum payout that can help cover immediate liabilities

2. Basic Life Cover + Monthly Income - In addition to the lump sum payout, your family will get a regular, tax-free monthly income for the next ten years. This plan helps the family manage day-to-day household expenses like school fees, groceries etc

3. Basic Life Cover + Increasing Monthly Income - In this option, the monthly income increases by 10% each year which will keep it 'inflation proof'.  

If you feel confident that your family is financially savvy and will be able to manage future cash flows, you can opt for basic life cover. Otherwise, it is recommended to go for the income option. If you take into account the 10 year income in addition to the life cover, the effective cost per lac of payout actually comes to be cheaper than the basic life cover

4. Are riders important? Which one should I opt for?

Riders are an afforable and effective option to improve the comprehensiveness of your cover. They can be purchased only at the time of buying the term policy. Therefore it is advisable to carefully choose the riders that meet your requirements. 

Max Life offers the following rider options you can choose : 

1. Critical illness benefit option - Upon diagnosis of any of the 40 specified critical illnesses, the benefit amount is paid as a one-time lump sum. Cost Rs 308 p.m.* for coverage of Rs 10 Lacs

2. Max Life Waiver of Premium Plus Rider (UIN:104B029V02) - All future premiums waived in case of critical illness/disability.  Cost Rs 23 p.m.*

3. Max Life Comprehensive Accident Benefit Rider (UIN -104B025V02) - Get additional protection for accident leading to dismemberment or death. Cost Rs 67 p.m.* for additional coverage of Rs 10 Lacs

* All premiums have been quoted for a healthy male, age 28 years, non-Smoker for a policy term of 30 years, premium payment term of 30 years and are exclusive of GST

5. Can I have two Term Plans?

Yes, you can have multiple term life insurance policies. You can take all policies from either one insurer or multiple insurers. With age, your income and liabilities increase, hence buying an extra term life cover to sustain this lifestyle makes sense.

The maximum coverage is calculated basis your income, age, assets and financial liabilities, regardless of whether you buy single or multiple policies.

While buying multiple policies, you keep in mind these 2 important points

  • Disclose all the existing policies that you currently own to the new insurer from whom you are buying the new policy. This will help them assess your eligibility.
  • Read the policy documents very carefully to understand all the features, inclusions and exclusions.

6. What is Term Insurance Plan?

A term insurance plan is the simplest forms of financial protection that can help your family meet its financial needs in your absence. Get a term insurance cover from Max Life Term Insurance plans.

7. How to buy Online Term Plan?

Yes, you can have multiple term life insurance policies. You can take all policies from either one insurer or multiple insurers. With age, your income and liabilities increase, hence buying an extra term life cover to sustain this lifestyle makes sense.

The maximum coverage is calculated basis your income, age, assets and financial liabilities, regardless of whether you buy single or multiple policies.

While buying multiple policies, you keep in mind these 2 important points

  • Disclose all the existing policies that you currently own to the new insurer from whom you are buying the new policy. This will help them assess your eligibility.
  • Read the policy documents very carefully to understand all the features, inclusions and exclusions.

What Our Clients Say

What Our Clients Say

Most Popular Articles !

Most Popular Articles !

Top term insurance myths - Know the truth !

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 about Life Insurance!

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 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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