Term Insurance Plans for your family

Term insurance is a pure life insurance product, which provides financial protection in case of death of the life insured during the term of the policy. A term insurance plan is the most affordable form of life insurance cover. It is designed to financially protect ones family in case of death of the bread-earner.

It will help your family meet their financial needs from household expenses to rentals in your absence. When you consider buying a term plan, you have to make an educated choice about the life cover you select. There are some important things you need to keep in mind when deciding the term plan and life cover you opt for. The cover should help your family maintain their lifestyle, inflation should be kept in account and lastly, it should take care of your existing liabilities preventing the worries of EMI repayments.

What is Term Insurance?

Term insurance is one of the simplest forms of life insurance. A term plan offers a sufficiently large amount to your family at the time of death of the policyholder. What's more, this comes at a very affordable price. The plan covers your family from the risk of death for the limited period called term.

For example, a 28-year-old healthy, non-smoking male can secure a cover of Rs. 1 crore for his dependents for the next 30 years. If he buys a term insurance plan, he will only pay approximately Rs. 563 per month (Premium for Max Life Online Term Plan Plus)

The benefit of term insurance is that you can ensure financial safety for your family even if you are not there, at affordable rates.

Like any other life insurance plan, you need to pay premiums on your term insurance plan for the selected premium paying term, which can be paid based on the frequency chosen.

Additionally, you should seek to create a comprehensive cover for your family by adding more benefits to your term plan. Additional benefits like accidental disability, critical illness cover etc provide financial assistance in cases of disability and treatment of dreaded diseases. Critical illness cover is available at an additional premium

Why should you buy Term Insurance?

Death, disability, disease, all are realities seldom talked about. However, all three are realities we cannot possibly overcome with certainty.

Term insurance is one tool, which can save you and your family from the financial hardships brought upon by these three and similar disastrous conditions.

Consider for example a family of four, where the father is the primary breadwinner. The family needs about Rs. 50,000 a month to fund regular expenses like rent, food, other groceries, electricity, water, education fee etc Debts, if any are over and above this.

In case of an unfortunate event, life continues and so do these quintessential expenses. The family will still need Rs. 30,000 to 40,000 a month to meet all their needs. Here, an adequate term insurance cover comes into the picture. It provides for the family with the following:

• A Lump Sum to meet their Immediate need
• A Regular income to meet their household income (if opted)

The loss of life cannot be compensated, however, a term plan can help to tide over the financial requirements of a family.

Key Features of Term Life Insurance Plan

• Save Tax U/S 80 - The premium you pay for your term insurance plan can save tax for you. Critical illness premium saves tax for you u/s 80D, while life insurance premium is counted u/s 80C of Income Tax, subject to conditions.
• Long Policy Term - You can opt for a longer policy term to stay protected. You can stay covered for up to 50 years with a term life cover.
• Low Entry Age - Most term Plans have a minimum entry age of 18 years; that is, you can buy term insurance cover as soon as you hit adult age.
• Death Benefit as Regular Income - Modern term insurance plans allow you to give your dependents a regular income along with the lump-sum benefit in the event of your unfortunate demise.
• Premiums Returned on Survival - You can now receive all your money back if you survive the policy term. T erm insurance plans with the return of premium benefit offer to return all the paid premiums on the policy as survival benefit.
• Add Disability Benefit to Your term plan - Any kind of disability due to accident or illness can affect your income earning capacity. You can add disability benefit with your term plan at affordable prices. The disability cover is available on payment of additional premium.
• Cover Against Life Threatening Diseases - Cancer, heart attack, renal failure are some curable diseases which can be life-threatening. Don’t let money concern you on the way to the cure from these diseases. Critical illness cover is available on payment of additional premium
• High Maturity Age - Of all life insurance plans, term insurance offers the life cover for the highest age bracket. You can continue the term-insurance cover up to the age of 85 with Max Life Insurance.

How to Choose the Best Term Plan?

While selecting a term plan,you need to look for the following and ensure that your family has the best financial protection with the term plan:

• Claim settlement record of the Insurer- Claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. Claim settlement record can be assessed through a per cent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.
  
  A consistently good claim settlement ratio indicates a robust and quick claim settlement process. Which means your dependents will have it easier to receive the death claim benefit from the insurer.
  
  Max Life’s claim settlement ratio for the year 2017-18 was 98.26%.^ ^Source – IRDAI Annual report 2017-18
• Know the Existing Customer Experience- Buying a term plan is usually only the start of the story. You need to manage your plan to maximise your benefits. Engaging with an insurer which not only offers a better plan but also helps you stay updated on the terms helps a lot.
  
  The customer service from the life insurers can help the policyholders stick with the insurer longer. Persistency Ratio declared by IRDAI annually can help you judge the insurer’s service quotient.
  
  Max Life’s persistency ratio has been 80.5% for the year 2017-18, that's a testament of the customer’s satisfaction and loyalty towards the company* Source: *Public Disclosure FY 2017-18
• Choose Your Benefits Carefully- Death is not the only risk you need to cover against. Apparently, disability, life-threatening diseases, etc. can also damage your financial health. Adding these benefits along with few additional value-added features like ‘premium waiver’ can ensure better financial backup.
  
  Also, since term insurance premiums are not as high compared to other types of insurance plans, adding these benefits to the plan does not burden your pocket much.
• Look for Regular Income Payout- Traditionally life insurance policies have been paying a large sum of money to the dependents of insured. Often the dependents are not equipped to handle such a large sum of money to meet all their needs and goals.
  
  Modern term plans offer regular income option along with the lump-sum so that they can look after their immediate needs while investing the lump sum for future goals.
  
  Thus, selecting a regular income payout option while buying your term plan may save a lot of hassle for your dependents later.

How long should be the term of your term plan?

The ideal term for your term insurance cover should be as long as you expect your financial liabilities to last.

For example, if you feel that your home loan may stretch a couple of years after your retirement, your term insurance should last at least as long as the loan after your retirement.

However, in the term insurance, it may not always be possible to increase the term later. Therefore, you need to ensure a long cover period at the time of buying the cover.

To avoid all guesses and stay secured for life you can opt for the longest tenure. You can easily manage the term cover after your retirement with ‘Pay Till 60’ feature of Max Life term plan.

Pay Till 60 ensures that your premium payments stop at 60, but the life cover continues till the maturity age you had selected.

Type of Term insurance plans

Max Life Insurance offers five different types of term insurance plans:

• Basic Term Plan- Basic term plan is the term plan with life cover and pays a death benefit in a lump sum only. This plan does not have any maturity benefit.
• Term Plan with Monthly Income- Term plan with monthly income gives you the option to ensure a regular stable income to your family apart from a lump sum death benefit.
• Term Plan with Growing Monthly Income- Inflation is a major factor when it comes to regular household expenses. Term plan with growing monthly income gives the death benefit as growing regular income to your family along with a lump sum amount.
• Term Plan with Return of Premium- Term plan with return of premium is a specific kind of term plan where all the paid premiums are returned back to you at the end of the maturity.
• Group Term Life Insurance Plan- Financial security is one of the essential needs of your employees. Group term life insurance plan is the most affordable way to ensure financial security for your employees’ families.

How the Term Insurance Plan from Max Life helps You?

Max Life Insurance offers term insurance plans with great features like:

• Monthly income payout
• Premium waiver benefit on accidental disability
• Critical and Cancer cover
• Limited pay till retirement options

Buying term insurance early from Max Life can help you keep up with your growing financial status and family. Max Life offers increment of Sum Assured of term plan at major life stages in your life, such as Marriage, childbirth, etc. This is available on payment of additional premium.
Buy Term Insurance Online with Just Three Simple Steps

• Step 1: Estimate Your Sum Assured
  
  Visit the website and click on Calculate Premium to start the process. The first form only asks a few basic questions related to age, contact information, smoking habits and annual income.
  
  Once you submit the form you will receive the quote for the maximum sum assured you are eligible for. Maximum sum assured is based on your annual income.
  
  Maximum sum assured you could buy in term insurance is capped at 15 to 20 times of your annual income, subject to underwriting
  
  While buying term insurance, you can increase or decrease your sum assured as per your need. Your premium amount will adjust accordingly.
• Step 2: Choose Your Benefits & Get a Quote for Possible Premium
  
  In the first step, you have calculated the base premium of the term insurance plan. However, term insurance plan only carries a death benefit, which does not offer protection from other risks.
  
  You can add multiple benefits to your base term plan such as: 1. The regular monthly income payout option
  
  2. Premium Waiver Benefit
  
  3. Cancer or Critical Insurance
  
  4. Accidental death and disability benefit
  
  Adding these benefits may increase your premium cost. However, these benefits are useful additions to the basic plan and will be quite helpful in keeping your finances in order in case of emergencies.
• Step 3: Complete Your Application Form& Pay the Premium
  
  Insurance is a promise based on trust between the insured and insurer. Thus, to cover your risks, life insurer will ask multiple questions related to health and occupation.
  
  Once you are satisfied with your choices of benefits, you need to complete the detailed application form. Make sure to answer the following as correctly as possible:
  
  1. Health history (Family & self)
  
  2. Occupation
  
  3. Lifestyle habits
  
  4. Hobbies etc.
  
  After completing your application form, you can pay the premium and submit the documents required to complete your application.

Term Plan Frequently Asked Questions

What Is Term Life Insurance?

Term life insurance is an affordable type of life insurance that provides your family with financial support in case of an unfortunate event. You need to pay a small amount of premium each year for a given period of time to secure the financial future for your family. This policy will help your family maintain their lifestyle and achieve their goals in your absence.

For example- When you buy the Max Life Term Insurance Plan you will choose a Sum Assured of (example 1 Crore) for a desired policy term. Subsequently, in case of your untimely demise, your family will receive the entire sum assured as death benefit, subject to fulfillment of conditions.

Term insurance plans, offer you flexibility to choose mode of premium payment (Monthly, quarterly, half yearly or annually) and the death benefit payout option (Lumpsum payout/Monthly income/Increasing monthly income).

With such term insurance benefits, you can ensure that your family is able to manage their financial expenses even after your demise. Whether it is the lifestyle expenses, debt repayments or expense such as higher education or marriage of your children, the sum assured can helpmeet them all.

At a nominal annual premium, life insurance term plan is one of the most inexpensive ways to ensure that your family continues to live a decent life even in your absence. Moreover, by taking rider benefits, you can safeguard your family not just in the case of your death, but also against physical disability or critical illnesses. Riders are available on payment of additional premium.

What Is the Difference Between Term Insurance & Life Insurance?

Life insurance is an umbrella term that includes all kind of insurance plans – term insurance, savings and income plans, ULIPs and so forth. In general, if you buy life insurance, then you’ve to pay annual premiums that get added up and the payouts can later be provided as maturity benefit or death benefit. However, term insurance policy is a category of life insurance plans that offers aspecified sum of money as a death benefit to your family. You only need to pay small premiums regularly in order to safeguard your family in case you meet with an untimely death during the term period.

Depending on whether you are solely seeking protection for your family or also investment benefit, you can choose between the two. However, having a good term insurance coverage is a good way to secure your family financiallyin your absence.

Is Buying Term Insurance a Good Idea?

Term life insurance is one of the best ways to secure your family financially in case of your untimely demise. Term insurance coverage provides a fixed amount of sum as a deathbenefit if you meet with life’s eventuality during the policy period.

It is a good idea to invest in a term life insurance policy as you only need to pay small annual premiums against a considerable sum. Moreover, this premium amount is subject to tax deductions, which adds the cherry on the cake.

For example- When you buy an online term insurance coverage worth Rs. 1 Crore, for a 30-yearpolicy term, in the event of your untimely demise (within the policy term), your family will receive the entire 1 crore Sum Assured as a death benefit, subject to terms and conditions

The term insurance coverage amount, thus, enables the insured’s loved ones to lead a decent life and achieve all their goals even in the absence of the breadwinner.

Moreover, buying additional riders like “Accidental Death Benefit Rider” or “Critical Illness Rider” helps to make the term plan more comprehensive. Such benefits are available on payment of additional premium

Therefore, having the best term insurance coverage is a good way to secure your family, even after you are no longer present to support them financially.

What happens to term life insurance at the end of the term?

When you purchase a term life insurance policy, you purchase it for an agreed term or duration, say 30 or 40 years. You pay premiums during your premium payment term, and in case of an unfortunate event of death during the policy term, your family gets the death benefit Some plans offer various other death payout options like monthly income or increasing monthly income over and above the lumpsum payout.

Term life insurance is the simplest form of life protection and provides sum assured on the demise of the life assured. However, at the end of the term,in case of survival of thelifeassured, term insurancecoverage ceases, and nothing is payable.

Nonetheless, there are term insurance policies called “return of premium term life insurance” which pay back the premiums you have paid. Meaning, if the life assured outlives the policy term, all the paid premiums are returned. However, the return of premium term lifeinsurancepolicies cost much more than your typical term life insurance policy

What documents are needed to buy term plan online?

As you purchase a Life insurance policy, the insurance companyis liable to pay a certain lump sum amount to your family, incase of an unfortunate event. As the company covers your life risk they need to assess your financial and medical health. Hence they require specific documents as a testimony from you when you buy term life insurance. At Max Life Insurance, the list of documents required to buy term plan online are divided into 4 categories – Photo, Age proof/identity proof, Address proofand income proof:

Recent Passport Size Photograph

Age/ID Proof:

Aadhar Card, Voter’s Id, PAN Card, Birth Certificate, Passport, Driving License, School/College Leaving Certificate

Address Proof:

Aadhar Card, Passport, Voter’s ID, Electricity / Telephone bill, Bank Statements

Income Proof:

Last 3 months Salary Slips, Latest 2 year Form 16, Latest 2 years Income Tax Returns along Computation of Income for Self-employed, Latest 2 years 26 AS for self-employed.Latest 3 months bank statement for Salaried

While purchasing a term life insurancepolicy online, you can upload the copies of these documents onto the insurer’s website or email it to their customer service id or courier them to the nearest branch.

For how long should I buy term insurance plan?

This needs to be calculatedextremelycarefully, aspicking term life insurance with the right tenure is crucial. Generally, term life insurance policies are available with tenure between 10 to 50 years. Choosing the policy with longer duration is wise. This way, you will be covered for a longertimeframe, as long as you need it.

If not the longestterm, you must at least buy term insurance that provides coverage up to your retirement age. For example, if your present age is 25 and you plan to retire at 60, it is smart to buy term insurance with 35years of policy tenure.

While deciding to buy term insurance, also consider the number of years until your children are dependent on you and the length of your mortgage (if any).

How much term insurance you need?

Experts usually propose a term life insurance cover which is at least 10 times of your annual income, 15 to 20 times is always a better option. Include additional cover for your liabilities in ithome loan, vehicle loan, personal loanand you are secured.

For instance, if your annual income is Rs. 10 Lakhs, it is ideal to buy term life insurance cover of at least Rs. 1 Crore, assuming that you do not have other liabilities. In case you have a house mortgage of Rs. 25 Lakhs cover, include this additional Rs. 25 Lakhs as additional cover in your term life insurance coverage.

Deciding on how much term cover you will need or calculating the term insurance premium that you might need to pay can be a tedious process. Max life Term insurance calculator or Human Life Value Calculator can make the calculations easy for you. Moreover, keep the following factors in mind while arriving on the sum assured amount:

• Your current and future financial liabilities
• Your financial goals: Children's education and marriage
• Your current annual income
• Your age while purchasing the term life insurance policy

For how long should I buy term insurance plan?

This needs to be calculatedextremelycarefully, aspicking term life insurance with the right tenure is crucial. Generally, term life insurance policies are available with tenure between 10 to 50 years. Choosing the policy with longer duration is wise. This way, you will be covered for a longertimeframe, as long as you need it.

If not the longestterm, you must at least buy term insurance that provides coverage up to your retirement age. For example, if your present age is 25 and you plan to retire at 60, it is smart to buy term insurance with 35years of policy tenure.

While deciding to buy term insurance, also consider the number of years until your children are dependent on you and the length of your mortgage (if any).

What are the income tax benefits with term insurance policy?

A policyholder of term life insurance plan is eligible for income tax benefits. Both, the premiums paid, and the death benefits offer tax benefits under income tax regulations in India.

Benefits Under Section 80C

Under Sec 80C, premiums paid up to Rs. 1.5 lakh p.a are exempted from income tax. Moreover, it could also include the premiums paid for your spouse and children.

Term life insurance policies issued on or after 1stApril 2012 are available for tax deduction,and the deduction is limited to 10% of the total sum assured.

Benefits Under Section 10 (10D)

Apart from providing tax benefits on premiums, online term insurance plans also offer tax exemption on the death benefits under Sec 10 (10D) of the IT Act. The death benefit received in the form of sum assured by the beneficiary of the life assuredis fully exempted from tax under this section and comes without an upper limit.

*As per prevailing tax laws. Tax laws are subject to changes

How to prevent term insurance claim rejection?

Rejection of term life insurance claim can come as a huge financial blow to your family after your demise. Therefore, it’s important to take steps to avoid claim rejection. Some of these steps are:

Never Conceal Important Information

Providing wrong information or concealing information for an insurer is the most common reason for claim rejection. If there is a discrepancy in the information provided, the term insurance company has the complete authority to reject a claim raised under the policy.

Pay Your Premiums on Time

Term insurance companies only pay claims for the policies that are active. If you do not pay your term insurance premiums on time, it can lead to a lapsed policy under which the insurer is not liable to pay any amount to the insured.

Holding Back Information About the Existing Policy

Many times, policyholders do not provide the insurer information about any existing term life insurance policy when they apply for a new plan. However, it is against the rules. Thus, if something like this happens, the insurer has a valid reason to reject your claim.

Choose your life insurance partner wisely

While purchasing term insurance plans, it is advisable to check the Claims Paid Percentage of life insurance company. It is a testament of the company’s performance on claims paid. As per IRDA annual report for the year 2017-18, Max Life Insurance paid 98.26% claims.

Why term insurance premium rates are higher for a smoker?

Term insurance premium payable for smokers is higher than that for non-smokers because of the increased risk of health issues. Regular smoking increases the risk of life-threating diseases such as cancer, stroke, diabetes, high blood pressure and even cardiac arrest.

In addition to that, life expectancy for smokers is at least 10 years shorter than for non-smokers*. Life expectancy is a term used to determine how long a person lives.

Source: https://www.indiatoday.in/lifestyle/health/story/smoking-cuts-life-expectancy-by-10-years-120712-2012-11-06

Therefore, when you apply for a term life insurance plan, the insurer asks information on your smoking habits. If you are a regular smoker, the chances of your premium costs increases. This is because life insurance is a business of covering risks. Higher is the risk of your death, the insurer charges a higher premium to cover that risk.

For instance, the term insurance premium for a policy that offers coverage worth Rs. 1 crore for 30 years will be*

Max life. Standard Premium for a 28-year-old, healthy male for a policy term of 30 years, a premium payment term of 30 years, exclusive of GST

Max Life Online Term Plan Plus. A non-participating, Non-Linked, Term Insurance Plan (UIN - 104N092V03)

Who should buy a term insurance plan in India?

Buying term life insurance is possibly a necessity for anyone who is earning an income and has dependents. Therefore, all salaried individuals and self-employed individuals should buy term insurance.

Also, term insurance plans are crucial if:

• You are single – Your parents may be currently or likely to be dependent on you in future. With term life insurance, you can secure their lifestyle during retirement. 

• You are married with no kids – Your spouse may be partially or wholly dependent on you financially. Therefore, it is essential to secure their lifestyle, in case anything happens to you. 

• You are married and have kids – Your child’s education and marriage expenses are two of the most crucial life goals that you must secure. Moreover, you would also need to secure the current lifestyle for your partner, especially in case of an eventuality.

Max Life Online Term Plan Plus. A non-participating, Non-Linked, Term Insurance Plan (UIN - 104N092V03).

What are term insurance riders?

A rider is an add-on to a term life insurance plan that helps provide increased coverage under the policy. Consider it as a topping on a pizza. While you select a base pizza and add toppings to it at additional cost. Similarly, in the case of term insurance, you select a base policy and enhance your coverage by adding riders at a nominal cost. These riders assist in strengthening the term insurance policy by offering additional benefits, over and above the pre-determined sum assured. Key term life insurance riders are:

Waiver of Premium^

In case of waiver of premium rider, the insurer waives off all future premium payments, if the insured suffers a loss of income due to physical disability or critical illness. The rider helps ensure that the term life insurance policy continues to provide coverage, even if the insured is unable to pay all pre-decided instalments of premium.

If you are purchasing a term insurance plan with a cover of 1 crore, at a premium of Rs.563/month, you can add at just Rs. 16/month.*

Accidental Death and Dismemberment Rider^

The accidental death and dismemberment rider offer an additional amount of money, over and above the sum assured of the term policy in case the insured suffers death or permanent disability due to an accident.

In case of the insured’s demise, the nominee receives the sum assured along with the accidental death benefit. On the other hand, in case of permanent disability, the insurance company pays a fixed amount (a certain percentage of sum assured)to the policyholder for the next 5-10 years after the accident.

If you are purchasing a term insurance plan with a cover of 1 crore, at a premium of Rs.563/month, you can add Accidental Death and Dismemberment rider of 25 Lakhs at just Rs. 167/month*

*Max Life Online Term Plan Plus. Standard Premium for a 28-year-old healthy, non-smoking male for a policy term of 30 years, a premium payment term of 30 years, exclusive of GST

^For details on the riders- Max Life Waiver of Premium Plus Rider (UIN104B029V02) & Max Life Comprehensive Accident Benefit Rider (UIN104B025V02) please refer to the Rider prospectus on www.maxlifeinsurance.com

Why Should You Buy a Term Life Plan?

Term life insurance guarantees a pre-decided amount of money to your nominees in case of your untimely demise within the policy period. Therefore, Term insurance plans are necessary if you have family members who are financially dependent on you and you are the only earning member of the family.

When you buy term insurance, you can also create a financial foundation for your family to tackle any unpaid liabilities such as, in your absence.

Term life insurance is a viable financial decision because of the following factors:

• Low premiums
• Longer coverage
• Lower premiums for women and non-smokers
• Increasing life coverage
• Riders for customisation

^As per existing tax laws

What are the types of term plan in India?

A term life insurance plan is a crucial part of your financial portfolio. However, before signing the papers and writing a cheque to buy term insurance, you must compare and research between different types of plans. With due diligence, you can buy a term insurance plan that aligns with your life goals.

Max Life Insurance offers three variants of its Max life Online Term Plan Plus A non-participating, Non-Linked, Term Insurance Plan (UIN - 104N092V03).

Basic Life Cover
It is a pure term life insurance plan that provides your family with a fixed amount in the form of sum assured after your demise. Advantages of this variant include:
• Lumpsum payout of sum assured as a death benefit
• Option to enhance life cover on reaching important life milestones
• Additional cover for 40 critical illnesses and disabilities (On extra premium payment)

Basic Life Cover + Monthly Income
This plan provides a fixed sum assured to your nominee. In addition, when you buy this term insurance, your family also receives additional monthly income over and above the lump sum payout.

• Monthly income benefit is paid over the base sum assured
• 0.4 per cent of the sum assured is paid as monthly income for ten years
• Additional cover for 40 critical illnesses and disabilities (On extra premium payment)

Basic Life Cover + Increasing Monthly Income

This term insurance plan variant offers a lump sum payout along with an increasing monthly income. The monthly income component increases by 10 per cent every year. It helps strengthen the financial cover over your family against the rising inflation.

• 0.4 per cent of the sum assured is paid for the first year as monthly income
• After the first year, the monthly income increases annually by 10 per cent
• The monthly income benefit is above the base sum assured

Why choose Max Life Online Term Plan Plus?
 

Key benefits of Online Term Insurance Plan:

1. Affordable premiums (1cr cover at just Rs 563/month*)

2. Tax savings under Section 80C (As per prevailing tax laws)

3. Flexibility to choose the amount that family receives

*Standard Premium for 28-year old male, non-smoker, base plan policy term of 30 years, premium payment term of 30 years

Benefits of Term Insurance

• Financial protection in the most unfortunate circumstances
• Safety for dependents from your financial liabilities like a loan, and any other debts
• Disability benefit with the term insurance will provide you financial support in case of accidental disability, (available on payment of the additional premium)
• Critical illness benefit to your term insurance to avail good treatment for life-threatening diseases without worrying about the costs (available on payment of the additional premium)
• Tax savings up to Rs. 1.5 lakh on the premium paid under section 80C on Income Tax, as per prevailing tax laws
• Tax benefit on the lump sum benefit paid to your dependents under section 10(10D)on Income Tax, as per prevailing tax laws
• A regular income stream along with a lump sum benefit, to ensure day to day living expenses are met
• Long term insurance cover till age 85 that can be useful if you wish to leave a legacy for your family, subject to maximum policy term of 50 years