Online Term Plan Plus - Basic Life Cover

This Term plan is the simplest form of life insurance, which gives you a high life cover at affordable and low premiums. In case of an unfortunate death, your nominee will get a one-time lumpsum payout equal to 100% Sum Assured chosen by you at the time of purchase of the policy.


Get 360 degree protection with Max Life Online Term Plan Plus with additional coverage through Comprehensive Accidental Death Benefit Rider, Waiver of Premium Plus rider and Critical Illness cover.

 

3 reasons you must buy this plan

  • Tax Free one-time payout to nominee, as per prevailing tax laws
  • No financial burden on your nominee, in your absence
  • Additional protection from 3Ds - Death, Disease and Disability

What do I get with this plan?

What do I get with this plan?

^Optional feature to be chosen at time of purchase. Additional premium payable for increased cover

Here’s all you need to know about this plan

Here’s all you need to know about this plan

Insert Image 'Pay Till 60' Option

You can choose to pay your premiums only till your working years (age 60) till your retirement, while you will be covered till 75 years.

Additionally, Save on total premiums too.

Insert Image Death Benefit

In case of death of the life insured, the nominee will receive a lumpsum payout that was chosen by the policyholder, which is 100% of Sum Assured. 

Insert Image Maturity Benefit

Max Life Online Term Plan Plus is a pure term plan that provides only death benefit in case of unfortunate death of the life insured, provided the policy is in force.

There is no maturity benefit or surrender benefit under the plan.

Insert Image Tax Benefit

As per the prevailing tax laws, the premium paid is eligible for tax exemption under section 80 C as per the Income Tax Act 1961. Death benefits received by the policyholder’s nominee are also tax free.

Insert Image Accelerated Critical Illness Option

If you choose this option, you can get a one-time lumpsum payout upon diagnosis of any of the 40 specified critical illnesses. Upto 50% of total term plan cover or Rs. 50 lacs, whichever is lower, can be paid under the critical illness (CI) benefit and the balance life cover will be carried forward (with reduced future Premiums payable) and payable on death. This feature is available on payment of additional premium.

Insert Image Option to increase cover at important life milestones

At the time of purchasing the policy, you can choose to opt for the benefit of increasing your life cover when you get married, have a child or take a home loan. Thus, this benefit will help you increase your life cover at no additional cost. This feature is available on payment of additional premium.

Mr. Rajeev, aged 35 years, purchased this plan to protect his wife, Rita, and daughter, Riya for a life cover of Rs 1 crore. Unfortunately Mr. Rajeev passes away at the age of 38 years.

Rita contacts Max Life and a dedicated Claims relationship officer is assigned to her to assist in the claims process.

The payout is quick, and without any hassles. Rita receives a lump sum of Rs 1 crore, which is tax exempt as well.

 

Age: Any Indian citizen, between 18-60 years of age can buy the plan, with cover extending till 75 years of age

City of residence: The plan is available in 353 cities in India (download of City List)

Nationality: Available for NRIs in select countries

 

NRIs can contact us by emailing at nri.helpdesk@maxlifeinsurance.com

Premium Payment Term

There are two premium payment variants available -

1. Regular Pay - The premium payment term will be the same as the policy term

2. Pay till 60 - The premium payment term will be equal to (60 less Entry Age (Age last birthday)), subject to minimum premium payment term of 10 years and entry age being less than or equal to 50 years. For this variant, the premium payment term will always be less than policy term.

You will have the option to select the premium payment term only at policy inception and once selected, the option cannot be changed.

Policy Term

Base Plan:- Pick a Term from 10 to 40 years (in interval of 1 year), subject to Maximum Maturity Age

Critical Illness:- Pick a Term from 10 to 40 years. However if you have selected “Pay till 60 option” the policy term for CI benefit will be restricted till the Premium payment term only.

Sum Assured

Base Plan:-
Minimum: Rs. 25 lakhs, 
Maximum: Rs. 100 crores
The sum assured is available in multiples of Rs. 1 lakh only and shall remain same for the entire policy term, unless you exercise “Life Stage Event Benefit”. This will be subject to board approved underwriting policy. 


Critical Illness:-
Minimum: Rs. 5 lakhs, 
Maximum: Rs. 50 lakhs
The sum assured is available in multiples of Rs. 5 lakhs only and shall remain same for the entire policy term.

Premium Payment Modes

The product allows Annual, Semi-Annual, Quarterly and Monthly premium paying modes.

The premium payment mode can be changed during the premium payment term.

Minimum / Maximum Annual Premium

Minimum premium

Rs. 2,200 (For Regular Pay variant, Age 18 years, Policy Term 10 years, Female, Sum Assured Variant, Non Smoker) excluding extra premium, modal extra, taxes and cesses as as imposed by the Government from time to time; annual mode). Please note that taxes and cesses are collected over and above the policy premium.

Maximum premium

Rs 1,26,24,600 (For Pay till 60 variant, Age 50 years, Policy Term 25 years, Male, Sum Assured + Increasing Monthly Iincome Variant, Smoker, Critical Illness cover of Rs. 50 Lakhs, excluding extra premium, modal extra, taxes and cesses as imposed by the Government from time to time; annual mode). 
Please note that taxes and cesses are collected over and above the policy premium

Downloads  Actions  
Prospectus
 
Policy Contract

 
Leaflet

 
Premium Rates Table

 

Additional Benefits through Riders

Additional Benefits through Riders

Wondering how term plans can protect your family’s financial future?

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

97.81%

97.81%

Individual death claims paid in FY'17 (Src: IRDAI Annual Report FY 2016-17)

Max Life Presence

143 Cities

143 Cities

With 210 offices

Sum Assured

₹3,77,572 Cr.

₹3,77,572 Cr.

In force (individual) till FY'17 (Src: Public Disclosure, FY2016-17)

Assets Under Management

₹44,370 Cr.

₹44,370 Cr.

Till FY'17 (Src: Public Disclosure, FY2016-17)

More reasons why our customers choose us
See what our customers have to say about this plan
See what our customers have to say about this plan

I already have a policy and buying this was a nice experience. 
This is according to my requirement. Completely satisfied with details shared by customer care executive before purchasing the policy. 

Gaurang Kumar Pawar

Frequently Asked Questions

Frequently Asked Questions

1. What is the maturity benefit in a term plan?

Term insurance plans provide only death benefit.There is no maturity benefit or surrender benefit under this plan. So if you survive the complete policy period, you will get no benefit. 

However, in the the event of your death, the sum assured is paid to your loved ones (nominee). You can choose that the benefit is paid as a one-time lump sum or in the form of lump sum plus monthly income for upto 10 years. You can choose to protect the monthly income from inflation with the 'increasing monthly income' option. 

 

If you opt for Max Life Comprehensive Accident Benefit Rider (CAB), the CAB rider cover amount will be paid in the event of an accident leading to dismemberment or death. 

2. What is the tax benefit in a term plan?

Premiums paid for all life insurance policies, including that for a term insurance plan are exempt from taxation under Sec 80 C of the Income Tax Act, 1961 upto a maximum of Rs 1.5 Lacs. 

The claim amount paid to the nominee is exempted under Sec 10 (10D) of the Act.

The premium paid for the purchase of Critical illness benefit option is exempt under Sec 80D of Income Tax Act.

3. Is the Critical Illness benefit over and above my cover amount?

While purchasing a term plan, you can choose the Critical Illness benefit option. The sum assured starts from Rs 5 Lakhs and goes upto to Rs 50 Lakhs. However it can be a maximum of 50% of the life cover. For instance if you are buying a term plan cover of Rs 2 crs, you can buy critical illness benefit for a maximum sum assured of Rs 50 Lacs. 

 

Upon diagnosis of any of the 40 specified critical illnesses, the benefit amount is paid as a one-time lump sum. This amount is reduced from the term cover and the balance life cover is carried forward (with all the future premiums reduced accordingly) and will be payable to the nominee on death of the life insured.

4. I am eligible for 75 Lac cover. Buy I want to purchase 1 cr cover. What I can do?

You should buy your insurance cover as per your Human Life Value. However when you purchase Max Life Online Term Plan Plus "Monthly Income Variant" or "Increasing Monthly Income Variant" your total coverage will be more than Rs. 1 Cr for a Sum Assured of Rs. 75 lacs.

 

For "Monthly Income Variant" your coverage will be Rs. 75 lacs paid as lumpsum + Rs. 36 lacs payable as Monthly income payable over 10 years which sums upto Rs. 1.11Cr. For "Increasing Monthly Income Variant" your coverage will be Rs. 75 lacs paid as lumpsum + Rs. 52.2 lacs payable as Monthly income payable over 10 years which sums upto Rs. 1.27Cr. 

5. Once a claim has been registered how long does it take to be settled?

Max Life's processes are designed to provide you a hassle-free claims experience and we are committed to providing the best in class service experience. Max Life Claims promise - 

 

1. Fast settlement - We will pay all death claims within 10 working days of receipt of all claim documents/ information. 

 

2. Claim assurance - No claim denial for policies having completed three (3) continuous years from the effective date of coverage except in cases of fraud

 

3. Personalized assistance - A dedicated Claims Relationship Officer is appointed for every Death claim

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Life insurance companies offer several types of insurance plans. One of the most popular and cost-effective type of life insurance is term insurance. -Term plans are life insurance policies that can be availed for a fixed term, generally ranging from 10-40 years. The key feature that differentiates term insurance from other types of life insurance policies is that you can get high amount of life cover at a comparatively smaller premium.

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Throughout our life, we play different roles for our family. Throughout these different stages in life, you need a support system to ensure that your family's financial needs are taken care of; when you are around, as well as in your absence. Your need for life insurance will change as your life stage changes. It's important to understand that what seems perfect at 25 may not be the best solution at 35. Here's how you can choose a Term insurance variant basis your life-stage need fitment.

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.

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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!

It’s Never Too Early or Never Too Late to Buy a Term Insurance Plan

There are certain events that can cause a severe impact on your life causing permanent damage or even death. In such a situation, your family could be left without its bread winner and in a state of financial distress. Anybody between the age of 18 to 60 years can buy a term insurance plan, yet factors such as income, number of dependents, future needs, and existing liabilities help in deciding the right term of policy.

Let’s Connect

Let’s Connect

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1800 200 5577
1800 200 3383 (Online Term Plan)

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SMS 'LIFE' to 542524

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1800 200 5577

service.helpdesk@maxlifeinsurance.com
SMS 'QUERY' to 542524

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nri.helpdesk@maxlifeinsurance.com