Basic Life Cover + Increasing Monthly Income

This term plan is a must if you want to ensure that the family left behind faces no financial burden and maintain their monthly expenses and lifestyle, even in your absence.

Max Life Online Term Plan Plus offers lumpum payout which will help your family take care of the important life milestones like children’s higher education, marriage or covering liabilities like home loan, car loan etc. The monthly payout for the next 10 years, which is in addition to the one-time payout, will meet your family’s daily expenses like groceries, school fees, etc and ensure they maintain the same lifestyle as today.

3 reasons you must buy this plan

  • Tax Free one-time payout to nominee + increasing monthly Income for 10 years, as per prevailing tax laws
  • Protection from rising inflation rate
  • Additional protection against specified 40 Critical Illness, Accidental Death and Disability and Waiver of Premium

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 85 years.

Additionally, Save on total premiums too.

Insert Image Death Benefit

In case of death of the life insured, the nominee will receive a lump sum (100% of Sum Assured) plus Increasing monthly income for 10 years wherein the first year monthly income shall be 0.4% of the policy sum assured.

1) The Death Benefit under Max Life Online Term Plan Plus is higher of:

        - 10 times the annualised premium*

        - 105% of all the premiums paid as on date of death

        - Minimum guaranteed sum assured on maturity

        - Absolute amount assured to be paid on death

*Annualised Premium includes extra premium (if any) but excludes any loadings for modal premiums and remains same irrespective of the premium payment mode.

Under this Plan, the ‘Minimum guaranteed sum assured on maturity’ is zero and no benefit is payable on maturity of the Policy. 


Further, absolute amount assured to be paid on death will depend on the Death Benefit option chosen by the Life Insured at inception of the policy.

Max Life Online Term Plan Plus is a pure term plan that provides only death benefit on death of Life Insured, provided the policy is in force. The plan provides option to choose from the following 3 death benefit options. You can choose the suitable death benefit at the time of purchase only.

Death Benefit options

Death Benefit details
(Provided policy is in force)

Effective Total Protection Value

1. Lump Sum

100% of the policy Sum Assured paid immediately on death of Life Insured.

100% of Sum Assured

2. Lump Sum plus Level Monthly Income

100% of the policy Sum Assured paid immediately on death of Life Insured. 

Plus


0.4% of the policy Sum Assured per month, for 10 years

148% of Sum Assured

3. Lump Sum plus Increasing Monthly Income

100% of the policy Sum Assured paid immediately on death of Life Insured. 

Plus


Increasing monthly income for 10 years wherein the first year monthly income shall be 0.4% of the policy sum assured and shall increase every year by 10% p.a. (simple interest) of the first year monthly income.

169.6% of Sum Assured

Please note:-

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

The monthly income will be payable each month on the anniversary date, starting from the first Policy Anniversary post the date of death of the Life Insured.

In case Accelerated Critical Illness (CI) Benefit claim has been paid, the Sum Assured shall be reduced to the extent of the claim paid out on account of Accelerated CI Benefit. However, the level/increasing monthly income shall remain unchanged.

Insert Image Maturity Benefit

There is no maturity benefit or surrender benefit under the plan

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

Insert Image Tax Benefit

You can get Tax Deductions for your premium payments as well as death benefits.

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 lump sum payout upon diagnosis of any of the 40 specified critical illnesses. Upto 50% of total term plan cover 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.

You may choose a Sum Assured under CI benefit starting with minimum of Rs. 5 Lakhs, in intervals of Rs. 5 Lakhs, up to 50% of Sum Assured or Rs. 50 Lakhs, whichever is lower.

The CI Sum Assured is payable on the first occurrence of any of the specified Critical Illnesses. The CI Sum Assured shall accelerate the Death Benefit to the extent of the CI Sum Assured with the remaining Death Benefit payable on death. 

Accelerated CI benefit is payable on diagnosis of any of the specified Critical Illness during the CI Benefit cover period, provided the policy is in-force and meets the terms and conditions (Please refer to the detailed sales brochure for further details).

Insert Image Option to increase cover at important life milestones

At the time of purchase you can opt for the option to increase your life cover when you get married, have a child or take a home loan.

This option has to be selected by you at time of inception of policy. The increase will only be applicable once you provide the intimation about the Life Stage change (along with the requisite proofs). 

The eligibility criteria for choosing this option are as follows:-

    - Sum Assured chosen by you at inception of the policy should be greater than or equal to Rs. 50 Lakhs.

    - Payment of three full annual premium equivalents from the time of policy issuance of reinstatement

    - Completion of three policy years from the time of policy issuance or reinstatement.

    - For 'Pay Till 60' premium payment variant, this option can only be exercised before the completion of the premium payment term.

The Life Stage Events covered along with the applicable Sum Assured limits are mentioned in the table below:-

Life Stage Events

Increase in Sum Assured Permissible

Marriage (only 1 instance during the lifetime of policy)

50% of Sum Assured not exceeding Rs. 50 Lakhs

Child Birth (applicable for 2 children only)

50% of Sum Assured not exceeding Rs. 25 Lakhs, for each child birth

House loan(only 1 instance during the lifetime of the policy)

50% of Sum Assured not exceeding Rs. 50 Lakhs

Please note that the total increase in the Sum assured over the policy lifetime shall not exceed Rs. 50 Lakhs. Further, the increase in Sum Assured shall not be lower than Rs. 25 Lakhs. The increase in Sum Assured shall not be subject to any medical examination. 

The premium payable corresponding to the increased Sum Assured will be determined basis the remaining policy term and attained age, subject to maximum entry age and minimum policy term conditions. The premium rates for increase in Sum Assured as a result of Life Stage Event will be determined basis the Sum Assured band of the policy applicable to the total sum assured inclusive of the Life Stage Benefit.

Mr. Jignesh, aged 28 years, purchased this plan for his wife, Kokila, and child, Jigisha for a sum assured of Rs. 1 crore. However, sadly, Mr. Jignesh passes away at the age of 38.

Kokila contacts Max Life and a personalized claim relationship officer ensures the claim is processed, and the promised lumpsum of Rs. 1 crore is paid to Kokila within 10 days. Not only this, the family continued to receive the promised monthly payout, increasing 10% each year, for the next ten years without any hitches.

Max Life stands by families in their moment of crisis, making sure they never let go.

 

Entry Ages (Age as on Last Birthday)

Minimum entry age: 18 years
Maximum entry age: Regular Pay:- 60 years / Pay till 60 - 50 years

Maximum Maturity Age (Age as on Last Birthday)

85 years

City of residence

In 353 cities in India

Nationality

For NRIs in selected 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 50 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 2,18,44,600 (For Pay till 60 variant, Age 50 years, Policy Term 35 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

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
See what our customers have to say about this plan
See what our customers have to say about this plan

Received an email about this policy and decided to check out. Callers supported well during policy purchase.

Venktesh Gavandi

Frequently Asked Questions

Frequently Asked Questions

1. How much life cover should I buy in a Term plan?

The most common thumb-rule for selecting the cover amount (sum assured) is:

Sum assured = 10 X Annual income + outstanding loan amount (if any)

This is however a very broad rule and you should decide the cover amount after taking into account the number of your dependents, your income and liabilities and estimating the cost of sustaining the lifestyle for your family in your absence.  

Max Life can provide you a cover upto 22 X of your annual income depending upon your age and income. It is advisable to go for the maximum cover, since in a term plan you get high cover by paying a nominal premium.

2. Can the duration / tenure of the policy be increased after the policy is issued to me?

Once the policy has been issued the duration / tenure cannot be modified. It is therefore advisable to go for the maximum term when buying the policy. Max Life Online Term Plan Plus offers a maximum term of 50 years, upto the maximum age of 85 years.

3. Will my premium amount increase with age?

No. The base premium amount remains constant during the entire duration of the policy and only the tax component can change and will be as per the prevalent Tax laws. 

Hence it is advised to purchase term insurance at an early age. A Rs 1 cr cover at age 25 years will cost Rs 7,670/year for a policy term of 40 years. At age 30, the same cover will cost Rs 10,148/year which is 32% higher. 

4. Are add on benefits important? Which one should I opt for?

Add on benefits such as riders provide an afforable and effective option to improve the comrehensiveness of your cover. You should opt for add-on benefits as per your need, like if you travel a lot you should buy an accidental cover. Since these are add-on benefits they come at a comperatively cheaper price. Max Life provides 3 Add-on benefits with Max Life Online Term Plan Plus:- 

a) Critical Illness Benefit covering upto 40 critical illnesses

b) Max Life Comprehensive Accident Benefit Rider

c) Max Life Waiver of Premium Plus rider

5. What are the exclusions of term insurance plans?

Max Life Online Term Plan covers all kind of deaths except suicide in first year. In case the life insured commits suicide in first year the premium paid is returned and no claim is payable. 

Most Popular Articles !

Most Popular Articles !

Term plan and Tax Saving go hand in hand !

Term plan is undoubtedly an efficient tax saving document. All the premiums paid are tax exempted under section 80C of the Indian Income Tax Act. Also, under section 10 (10D) the death benefit received by the family of the policy holder is also fully exempted from tax. However, it is wise enough to consult a tax specialist as the benefits might vary in your specific case. Read on to find out the details !

Never too late or too early to be insured

Life is full of surprises & unexpected events. Unfortunately, the sad ones do not come with a warning and severely impact life. Incase of a sudden death of the bread winner of the family, the family is distressed financially. At such times, an appropriate term insurance can meet the basis financial requirements. Generally, life insurance premium goes up with age and hence it is best to buy a term plan as early as possible in your life.

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.

Why a medical test for the term cover?

As a part of the Term Plans buying process, you have to undergo a medical test. This is an important aspect as it is very important for your insurance company to know your exact medical condition while providing you a term cover to avoid any chance of claim rejection later. Hence, it should be ensured by the policy holder that the information provided to the insurance company is complete & accurate. Often, people go for a cover which is lower than their requirement - becase the risk due to health conditions isn't assesed correctly.

Which Term Plan Will Suit You Best

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.

Let’s Connect

Let’s Connect

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1860 120 5577
1800 200 3383 (Online Term Plan)

online@maxlifeinsurance.com
SMS 'LIFE' to 5616188

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Customer Service
1860 120 5577

service.helpdesk@maxlifeinsurance.com

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NRI Helpdesk
0124 - 2385240; 2542001; 3812932

nri.helpdesk@maxlifeinsurance.com