Term Insurance Plans - Max life Insurance Term Life Insurance Age - Max Life Insurance

Give your family financially secure future

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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Give your family
financially secure future
With Max Life Term Insurance Plan
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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

Term Insurance

Term insurance is a pure life insurance product, which provides financial protection to the policyholder. In case of death of the insured during the policy period, the beneficiary receives a death benefit as defined under the chosen term insurance plan.

Example:EXAMPLE: A 24-year-old healthy, non-smoking male can secure a cover of Rs. 1 crore for his dependents for the next 25 years. If he buys a term insurance policy, he will only pay approximately Rs. 537 per month, exclusive of taxes (Premium for Max Life Online Term Plan Plus).

  

Why should you Buy Term Insurance? - Max Life Insurance

Why should you Buy Term Insurance?

People from all walks of life realize the importance of buying a term insurance plan best suited for their need. Amidst the fast pace of life and rising uncertainties in the form of COVID 19 disease, every family needs financial protection under a term plan to deal with the financial impact of losing a loved one, especially the breadwinner. It also helps the family in paying off the debts, such as car loan and home loan, if any.

Here are a few reasons why buying term insurance is worth it:

1. To Secure Your Family’s Future
 

Being an earning member of your family, you are responsible for the overall well-being of your spouse, parents, and children. Buying term insurance is essential to ensure that you meet the obligations for your loved ones even when you are not around.

2. To Protect Assets
 

You might have built assets like a home, office, or vehicles through loans. With a term insurance plan by your side, you can ensure that the load of these borrowings will not cause any hardship to your loved ones after you.

3. To Minimize Lifestyle Risks
 

The unfortunate demise of the breadwinner in a family can turn their life upside down, making it difficult to make ends meet. Term insurance benefits, on the other hand, can make the life of your loved ones easier in such a situation, though financially.

4. To Stay Prepared for Uncertainties
 

Uncertainties in life can make or mar our lives in unprecedented ways. This can be well understood while witnessing the current global Coronavirus pandemic. What a term plan does best is that it makes us stay prepared for such eventualities. You can opt for a significant life cover at an affordable premium under a term insurance plan.

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Who should Buy Term Insurance Plan?

Who should Buy Term Insurance Plan?

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.

Hence, all individuals who have financial dependents should buy a term insurance policy. They can be:

  • Parents:

     

  • Parents:

     

A term policy will act as a source of financial support for the children, ensuring that they do not miss life’s opportunities.

  • Young Individuals:
     

  • Young Individuals:
     

Young professionals who do have many financial liabilities can benefit from lower premiums of term insurance plans.

  • Newly-married Individuals:
     

  • Newly-married Individuals:
     

With a term insurance plan, you can secure the financial future of your spouse, giving her a truly long-lasting gift.

Consider, for example, a family of four, where the father is the primary breadwinnerand has bought a term insurance policy. 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,adequate term insurance cover comes into the picture. It provides for the family with the following:

  • A lumpsum to meet their immediate needs
  • A regular income to meet their household expenses (if opted)
     

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

Benefits of Buying
Max Life Term Insurance

Benefits of Buying Max Life Term Insurance

High Life Cover at Affordable Premiums

Term insurance plans offer significant life cover at a premium you can afford. Also, the earlier you buy a term plan, the lower premium you will need to pay for specific life cover.

Protection from Illnesses

Various term insurance plans also offer critical illness benefits to help you avail good treatment for life-threatening diseases without worrying about the costs. You can avail of critical illness cover for more than 40 diseases by opting for Critical illness rider with Max Life Term Insurance plans.

Long Term Coverage

You can choose long term insurance cover till the age of 85 (subject to maximum policy term of 50 years) to leave a legacy for your family at a price you can afford.

Disability Benefits

Accidents can happen unexpectedly and may lead to temporary or permanent disability. Disability benefit with a term plan will provide you financial support in case of accidental disability(available on payment of additional premium).

Income Options in case of Unfortunate Events

You can get a regular income stream along with a lump sum benefit under a term insurance policy to ensure day to day living expenses of dependents are met.

Protection Against Liabilities

The sum assured offered under a term plan will ensure safety for dependents from your financial liabilities like a loan and any other debt. They can easily pay off the debt from the insurance benefits received.

Riders for Additional Benefits

Term plans come with add-ons/riders that you can select to get additional insurance benefits. For instance, Max Life Waiver of Premium Plus Rider [UIN: 104B029V03] offers the benefit of waiver of all future premiums based on conditions specified in the term insurance policy document.

Multiple Premium Payment Options

With term insurance plans, you also get the flexibility to choose the premium payment tenure. You can either choose regular pay through the policy period or limited pay options with your term plan.

Tax Benefits

A term insurance policy offers tax savings up to Rs. 1.5 lakh on the premium paid under section 80C on Income Tax, as per prevailing tax laws. Also, the lumpsum benefit paid under a term plan is tax-exempted u/s 10(10D).
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How Does a Term Plan Work?

How Does a Term Plan Work?

  • A lumpsum amount is payable to your family in case of death of the policy holder under the chosen term insurance plan.

  • You can opt to receive the benefits under term insurance in the form of regular monthly income, along with lumpsum payment basis the variant opted.

  • Riders can be added to the base term insurance plan for improved benefits in case of accidental death, disability, or critical illnesses at an affordable price.
     

Why Buying Term Insurance is a Must During COVID-19 Pandemic?

Why Buying Term Insurance is a Must During COVID-19 Pandemic?

During COVID-19 times, many people have lost their lives. In such challenging times, it has become crucial to buy term insurance that provides option to add COVID-19 rider.

Term insurance plans from Max Life Insurance cover death claims caused due to Coronavirus..However, you can opt for Max Life COVID 19 One Year term Rider to get additional benefit of diagnosis and death benefits.

Features of a Term Insurance Policy

Features of a Term Insurance Policy

Term insurance is that form of life insurance that is most easy to understand. There are several advantageous features of a term plan that you should know before buying one.

Save Tax U/S 80C & 80D of income tax act 1961

The premium you pay for your term insurance plan can save tax for you. Critical illness premium paid under the term insurance policy saves tax for you u/s 80D, while term insurance premium is counted u/s 80C of Income Tax, subject to conditions. Tax benefit are as per prevailing tax laws which are subject to change

Long Policy Term

You can opt for a longer term for your term plan to stay protected. You can stay covered for up to 50 years with a term life insurance of Max life

Low Entry Age

Most term insurance 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 lumpsum benefit in the event of your unfortunate demise.

Premiums Returned on Survival

You can now receive all your money back if you survive the term insurance tenure. Term insurance plans with the return of premium benefit offer to return all the paid premiums on the policy as survival benefit.

Disability Benefit with Term Insurance Plan

Any kind of disability due to accident or illness can affect your income earning capacity. You can add disability benefit rider with your term insurance plan at affordable prices. The disability cover is available on payment of additional premium with the base term insurance premium.

Cover Against Life-Threatening Diseases

Cancer, heart attack, renal failure are some curable diseases that can be life-threatening. Don’t let money concern you on the way to the cure from these diseases. Critical illness cover is available with term insurance plans 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 term insurance cover up to the age of 85 with term insurance plans from Max Life Insurance.

Limited Premium Payment Options

With term insurance plans, you can avail flexibility to select limited premium payment options. You can either choose to pay the term plan premium till a specific age or for a specific number of years only.

Option to Increase Sum Assured at Crucial Milestones in Life

While purchasing a term insurance plan, you can select the option to increase life cover at several milestones in life, like after getting married, having a child, or buying a home.

COVID 19 Insurance Cover Under a Rider

You can also get COVID 19 insurance coverage under a term plan by selecting Max Life COVID19 One Year Term Rider - A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Rider (UIN: 104B048V01). The availability of such riders and their inclusions/exclusions under term insurance may vary from one insurer to the other.
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*Disclaimer. *^T&C| Max Life Smart Term Plan (UIN:104N113V03) A non-linked non-participating individual pure risk premium life insurance plan |^As per annual audited financials for the FY 19-20 | ARN: 220620/PDP/TROP.

Term Insurance Plan Variants

Benefits in Brief

Basic Term Plan

Death benefit in a lump sum amount for an affordable premium

Term Insurance with Monthly Income

Regular stable income for family along with death benefit

Term Insurance with Growing Monthly Income

Growing income for family along with death benefit

Term Plan with Return of Premium

Return of all premiums paid on maturity, along with death benefit during the policy period

Group Term Insurance

Life cover for a group of people under one policy

What is Rider?

What is Rider?

A rider is an amendment or attachment with a life insurance plan that adds additional coverage above its basic insurance benefits. In other words, it aims to strengthen a life insurance  with multiple benefits, apart from its base  offering.

The following table includes various riders offered by Max Life Insurance:

Rider Name

Key Benefits

Comprehensive Accident Benefit Rider (UIN: 104B025V02)

Additional protection benefits in case of an accident, leading to death or dismemberment

Waiver of Premium Plus Rider (UIN: 104B029V02)

Waiver of all future premiums in case of an eventuality, including dismemberment, death, and diagnosis of specific critical illnesses

Critical Illness Benefit Rider

Periodic or lumpsum benefit when diagnosed with a critical illness defined in the policy

Max Life COVID19 One Year Term Rider

Diagnosis benefit due to COVID 19 disease along with death benefit 

How to buy Term Insurance?

Quick and Easy ways to purchase
Max Life Term Insurance Plan

How to Buy Term Insurance - Max Life Insurance
1

Estimate Your Sum Assured

Analysis of financial need and visit the website and click on Calculate Premium to start the process of term insurance purchase. The first form of our term insurance calculator only asks a few basic questions related to age, contact information, smoking habits, and annual income.
2

Choose Your Benefits & Get a Quote

You can select multiple benefits of term insurance plan like, such as the regular monthly income payout option, return of premium option, critical illness benefit.
3

Fill the Details & Pay the Premium

Once you are satisfied with your choices of benefits under our term insurance plan, , you can pay the premium and fill the additional details. After filling the details, submit the documents required to complete your application of buying a term life insurance policy.

How will a Term Insurance Plan secure your family’s financial future?

How will a Term Insurance Plan secure your family’s financial future?

Term insurance plans provide death benefits to the life insured’s family after his/her unfortunate demise. They safeguard your dependents, including your spouse, parents, and children, from facing financial problems in maintaining their lifestyle.

Depending on the specific term plan chosen, the policy nominee will receive a sum assured to meet with the family’s expenses and pay off debts if any.

How to Choose the Best Term Insurance Plan?

How to Choose the Best Term Insurance Plan?

While selecting a term insurance plan, you need to look for the following factors and ensure that your family has the best financial protection under the term life insurance policy:

Check Claim settlement/paid record of the Insurer i.e. claims paid ratio

Check Claim settlement/paid record of the Insurer i.e. claims paid ratio

The claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. It can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.

A consistently good claim settlement ratio or claims paid ratio indicates a robust and quick settlement process for claims filed under life insurance plans. It means your dependents will easily receive the death claim benefit from the insurer under the chosen life insurance plan.

Max Life’s claim paid ratio for the year 2019-20 is 99.22%.^

^Source –Max life annual audited financials 2018-19

Know the Existing Customer Experience

Know the Existing Customer Experience

Buying a term insurance plan is usually only the start of the story. You need to manage your term insurance policy to maximisethebenefits. Engaging with an insurer, which not only offers the best suitable term insurance plan but also helps you stay updated on the terms of the policy.

The customer service from life insurers can help the policyholders stick with them longer. Persistency Ratio declared by IRDAI annually can help you judge the insurer’s service quotient.

Max Life’s persistency ratio has been 87%, which isa testament of the customer’s satisfaction and loyalty towards the company*

Source: *Public Disclosure FY 2019-20

Check Solvency Ratio

Check Solvency Ratio

Solvency ratio, as per its basic definition, The solvency ratio of an insurance company is the size of its capital relative to all risks it has taken. In other words, it represents the financial situation of the insurer as per solvency norms.

By checking solvency ratio of an insurer, you can identify whether the company has enough funds to settle claims in both long and short term.

Max Life Insurance has a solvency ratio of 207%, which is way above the IRDAI mandate of 150%.

Know About the Benefits of a Term Plan Before Buying It

Know About the Benefits of a Term Plan Before Buying It

Lack of awareness about the term insurance policy benefits often creates confusion in the minds of policyholders. It may also cause hassles at the time of filing a claim under the policy.

As a policy buyer, you should first look into the benefits offered by an insurer under a term plan and then match them with your financial needs. A careful analysis of benefits and needs helps a lot in selecting the most suitable term insurance policy.

Choose Term Insurance Riders Carefully

Choose Term Insurance Riders Carefully

Death is not the only risk you need to cover against. Apparently, disability and life-threatening diseases can also damage your financial health. Adding rider which covers these benefits into your term insurance plan along with few additional value-added riderslike ‘critical illness cover’ can ensure better financial backup.

Max Life Insurance offers the benefit of Critical Illness coverage against 40 life-threatening health conditions as an additional benefit with Max Life Smart Term Plan (UIN: 104N113V03) and Max Life Online Term Plan Plus (UIN: 104N092V04).

Also, term insurance premiums are not as high compared to other types of life  insurance plans. Hence, adding these rider as added benefits to your term insuranceplan does not burden your pocket much.

Look for Regular Income Payout of term insurance plan

Look for Regular Income Payout of term insurance plan

Traditionally life insurance policies have been paying a large sum of money to the dependents of insured in case of any unforeseen circumstances. Often the dependents are not equipped to handle such a large sum of money to meet all their needs and goals.

Term insurance plans also offer option to choose variant which offer as  regular income options along with the lumpsum so that they can look after their immediate needs while investing the lumpsum for future goals.

Thus, selecting a regular income payout option while buying a term insurance plan may save a lot of hassle for your dependents later.

Consider Service Quality and Online Availability

Consider Service Quality and Online Availability

Service quality is yet another parameter that you must consider while choosing an insurer to buy term insurance. You must know and ask about this quality from your peers or check online reviews to ensure that you are dealing with a renowned insurance company.

Also, you should check the online availability of the customer support team of an insurer for faster resolution of queries. 

Why Buy Term Insurance Online?

Why Buy Term Insurance Online?

Unlike buying term insurance offline through a local agent, you can buy it yourself online. variety of reasons which makes sense to buy term plan online

  • Easy to compare and buy term insurance
  • Comparatively lower term plan premium than buying offline
  • Facility to pay the premium via multiple secure payment options
     

How a Term Plan will secure your family’s future?

How a Term Plan will secure your family’s future?

Max Life Term Insurance Plans

Max Life Term Insurance Plans

Term Insurance FAQs

Term Insurance FAQs

✅  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 death benefit if you meet with life’s eventuality during the policy period.

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

For example- You bought 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 riders like "Accidental Death Benefit Rider" helps to make the term plan more comprehensive. These additional benefits are available on payment of additional premium.

Therefore, buying the term insurance plan is a good way to offer financial security toyour family, after you are no longer with them.

✅ How Much Does Term Insurance Cost?

The cost of a term insurance plan varies depending on various factors such as age, annual income, the amount and tenure of insurance coverage, health condition, and whether you are a smoker/non-smoker.

For example, buying Max Life Smart Term Plan (A Non-linked Non-Participating Individual Pure Risk Premium Life Insurance Plan -UIN: 104N113V03)for a sum assured of Rs. 50,00,000 and a policy period of 30 years, will cost up to Rs. 5,487 annually for a 30-year old, non-smoker male. The same term insurance plan will cost up to Rs. 10,207 annually for a 40-year old, non-smoker male. (Standard Premium for Max Life Smart Term Plan, lumpsum payout option, inclusive of GST)

✅  What Is the Maximum Age For Term Life Insurance?

The maximum age to purchase term life insurance can be up to 60 years. If you choose to purchase Max Life Smart Plan with Return of Premium optional benefit, the maximum duration that you can buy this plan is 50 years. This means, incase you are buying the term insurance plan at the age of 25 years, then you can get coverage for upto 75 years.If you purchase it at the age of 35, you can get coverage upto 85 years. However, as the maximum age for coverage is 85 years, if you buy term insurance at the age of 40, you can get coverage only for 45 years, that is, till you turn 85

✅ Is natural death covered in term insurance?

Term insurance does pay your family in the event of death, both natural and accidental. Term insurance provide your family with a certain amount of money, irrespective of the reason of death. However,you should know about some exclusions like Suicide , non-disclosure of rightful facts, that can lead to the decline of a term insurance claim. To know more about such exclusions, please refer to the term insurance policy document and term Conditions.

✅ How much term insurance you need?

Experts usually propose a term life insurance cover, which is at least 10times 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 a term life insurance policy 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 insurance cover you will need or calculating 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.

✅ Can I have two Term Insurance Policies?

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

The maximum coverage, be it single or all plans combined, that one can avail is calculated basis his income, age, assets, and financial liabilities.

While buying multiple term insurance policies, you keep in mind these two important points:

1. Disclose all the existing policies that you currently own to the new insurer from whom you are buying the additional policy. This will help them assess your eligibility life cover.

2. Read the policy documents very carefully to understand all the features, inclusions, and exclusions. For example, in case of death due to accident or suicide, your nominee may receive the entire lumpsum from one insurer while receiving no money at all from the other insurer. This will be the case when the latter does not cover death due to accidents or suicide.

✅ Which Is the Best suitable Term Insurance Plan in India?

When buying a term insurance plan, you must check for the following pointers to make sure you have bought the policy that best suits your needs –

1. Claim Settlement Ratio or claims paid ratio– This is the number of claims settled against total claims received by the insurer. You must choose the insurer with a higher claims ratio. The regulatory body, IRDAI, publishes this for each life insurer in its Annual Report.

The claim settlement ratio for Max Life Insurance is 99.22% for individual business policies.

2. Solvency Ratio– This ratio shows the financial ability of an insurer to pay it’s short-term as well as long term debts. Choose the insurer with a higher solvency ratio as it shows the strong financial strength of a company. It can be found in IRDAI’s annual report.

For Max Life Insurance, solvency ratio is 207% for FY 2019-20.

3. Quality of Customer Service– This is most critical as it shows how much the insurer cares about a valued customer. Look at the Customer Grievance rate (it is the number of customer queries resolved against total reported) in the IRDAI Annual report.

The grievance incidence rate for Max Life Insurance was 47 per 10000 policies for the year 2019-20.

4. Product Features–After shortlisting the top insurers, you must read the product features in detail and pick the one that meets your personal needs and financial goals.

✅ How Does A Term Insurance Plan Work?

Term plan offers a sufficiently large amount i.e. sum assured to the family at the time of death of policy holder. The plan covers your family from the risk of death for alimited period called a policy term.

Term insurance takes care of the family in such unfortunate times.

✅ What documents should I have to buy term insurance plan online?

List of documents which are required while buying a term insurance plan are:

OfficiallyValid Documents:

  • Passport
  • Voter’s ID
  • Job card issued by NREGA duly signed by an officer of the State Government
  • Aadhaar Card
  • National Population Register containing details of name, address and Aadhaar number
  • Or any other document as notified by the Central Government
  • PAN Card/Form 60 in addition
     

If the officially valid documents do not contain an updated address, you also need the following documents:

  • Utility Bill (Not more than two months old) of any service provider (electricity, telephone, postpaid mobile connection, piped gas, water)
  • Property or Municipal Tax Receipt
  • Pension or family pension payment orders (PPOs) issued to retired
  • Employees by Government Department or PSUs, if they contain the address
  • Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, PSUs, scheduled commercial banks, financial institutions, and listed companies
     

Income Proof for Salaried Individuals

  • Bank statement showing salary credit for the latest three months
  • Latest 2 years Income Tax Returns
  • Latest year Form 16
     

Income Proof for Self Employed

  • Latest 2 years Income tax returns not filed in the same year along with Computation of income
  • If Computation of income not available: Latest 3 years Income tax returns not filed in the same year
  • CA certified Audited balance sheet and profit loss account for the latest 2 years
  • Form 26 AS

While purchasing a term insurance policy online, you just need to upload the attested copy of the above documents.

✅ Are Term Insurance plans available online?

Yes, Term plans can be purchased directly from the website from most of the insurers, in a matter of minutes. Buying online  gives you convenience and speed to buy term insurance plans.

Research shows that in some cases, term insurance plans available online can cost up to 8% lesser than offline plans with the same features and benefits. Key factors that influence the cost of buying term insurance online is the absence of an insurance advisor (distribution costs and commissions is saved) and savings from overheads (documentation, logistics, stationery, etc.).

To pay term insurance premiums online, you can choose from a whole host of fast and secure payment options like net banking, debit cards, credit cards, and more. Because all payments are instantly processed through a secure gateway, you are ensured peace of mind. The payment process is quick, hassle-free, and provides an instant online receipt. This is especially ideal for times when you need to furnish documents for claiming tax exemptions quickly.

✅ How much risk cover should I opt for my term insurance plan?

It entirely depends on your annual income, your age and other factors. Ideally, the risk cover should be 10-20 times of your annual income.

✅ Do Term Insurance Plans Offer Tax Benefit?

A term insurance policy also offers tax deductions to lower your tax outgo. As per Section 80C of the Income Tax Act 1961, the premium paid towards term insurance policy gets a tax deduction for up to Rs 1.5 lakh. Similarly, for critical illness benefits, you can get tax benefits under Section 80D. Moreover, the benefits received by your family will also be tax-free. For any tax-payer, these tax benefits are like icing on the cake.

✅ Can term plan be used for repayment of financial liabilities?

Yes. A term plan can be used to repay liabilities like home loan and personal loan. The nominee who receives the benefits of a term insurance policy is free to use the amount to maintain family’s lifestyle while also reducing financial burden of any kind.

Is It Necessary to Buy A Rider with Term Insurance?
Sahil Rawal Delhi, India

Although it is not necessary to buy a rider with term insurance, it is wise to include the additional coverage. Term insurance policies from Max Life Insurance offer the core benefit of insurance coverage against the contingency of untimely demise along with several rider options.

These riders, available at a nominal additional premium, help increase the coverage of your term insurance cover. Under these, you get additional benefits against loss of income, accidental  disability and dismemberment, and life-threatening ailments such as cancer, critical illness cover.

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Whom Should I Name My Nominee in The Policy?
Dhananjay Gurgaon, India

Life insurance plans offer protection to your family members against financial insecurity if something happens to you. In case of your untimely demise, your family member (nominee) will receive the insurance benefit (Sum Assured) in the form of a lump sum or monthly payments. Ideally, you can select someone who will be impacted financially, if anything were to happen to you.

Your parents, spouse or children are mostly considered as rightful nominees under your life insurance policy. You can also choose multiple nominees under a policy.

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Is the Premium for Term Insurance Different When Bought Directly from Company or a Broker?
Neha Himachal, India
In some cases, buying a term insurance from an agent may be expensive than buying the same directly from the life insurance company online.
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How Is Term Insurance Different from Life Insurance?
Robin Noida, India

Term plans are pure risk life insurance plans. In other words, these insurance plans only provide payouts in case of untimely demise of the policyholder within the policy period. If you survive the coverage period, policyholder do not get any survival benefits.

Also, traditional term insurance plans offer higher insurance coverage at a lower rate of premium payable compared to life insurance.

Life insurance policies may comprise of both insurance and savings/investment part. Life insurance plans from Max Life Insurance offer both death and maturity benefits to the policyholders.

It is crucial to first compare different life insurance policies before selecting a plan that aligns with your financial needs and requirements.

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What happens if I don’t die? Will I get anything in term insurance?
Surbhi Delhi, India

Traditional term insurance plans only offer a death benefit, i.e. your family would receive the insurance benefit only in case of your untimely death within the coverage period. If you survive the policy tenure, you will not receive any survival benefits from the plan.

On the other hand, if you opt for Term Plan with Premium back option from Max Life Insurance, you can avail both death and survival benefits. In case of your untimely demise, your family will receive the death benefit (or Sum Assured).

If you outlive the policy term, you will receive the total amount of annualized premium paid towards the term plan, as maturity benefit.

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Term Insurance Articles

Term Insurance 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.

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

1) While estimating your Sum Assured

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.

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.

2) While Choosing Your Benefits:

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.

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. Make sure to answer the following as correctly as possible:

  • Health history (Family & self)
  • Occupation
  • Lifestyle habits
  • Hobbies etc.

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. This benefit is available on payment of additional premium.

Below is a summary of top variants of Max Life Online Term Plan Plus, an affordable term insurance plan that provides a choice of 3 death benefit options to secure your family

 

Basic Term Plan

Term Plan with Monthly Income

Term Plan with Increasing Monthly Income

Maximum Maturity Age

85 Years

85 Years

85 Years

Minimum Sum Assured/Premium

S.A. limited by the minimum payable annual premium of Rs. 2200@

S.A. limited by the minimum payable annual premium of Rs. 2200@

S.A. limited by the minimum payable annual premium of Rs. 2200@

Claim Settlement Options

Lump Sum payout only

1. S.A. in Lump Sum

2. Level  Monthly Income

1. S.A. in Lump Sum

2. Increasing Monthly income

Standard Premium 28 year old, non-smoking, healthy male for Rs. 1 Crore* cover for 28-year-old male

Rs. 563 p.m.

Rs. 748 p.m.

 

Rs. 819 p.m.

* Conditions: The premium is for the basic term plan with only lump sum death benefit, and for a non-smoker, healthy life.
Monthly Income grows at a rate of 10% (simple rate of return) every year @ Only on regular pay policies, excluding modal, taxes and other levies

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

Benefits like accident cover, critical illness cover and limited pay are available on payment of additional premium

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

Additionally, with Max Life Insurance you can be assured that your family will receive the due benefit within a short period, and without having to run from pillar to post for it.

Max Life assigns a Claims Settlement Officer immediately to your claim, to assist you with the process for faster claim settlement.

Max Life’s Insta Claim Settlement feature ensures that death claims upto Rs. 1 crore are paid within 1 working day. InstaClaim is available for the following

- Claims for policies completed 3 years

- All mandatory documents# should be submitted before 3:00 PM on a working day

- Claim Amount on all eligible policies^ is upto 1 crore

- Claim does not warrant field verification

To know more about InstClaim, click here https://www.maxlifeinsurance.com/content/dam/corporate/mailers/InstaClaim.jpg

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Customer Reviews

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Calculators For You

Calculators For You

Common Term Insurance Terminology

Common Term Insurance Terminology

Coverage

The amount of protection that the policyholder will receive based on the terms of the policy

Insurability

Insurability means all conditions that affect the health, susceptibility to injury and life expectancy of an insured.

Insured

The insured is the person who is covered in the insurance policy.

Maturity Date

The maturity date is the date when the amount paid towards the life insurance policy is given to the policyholder once the term of the policy ends.

Maturity Claim

The amount given to the insured at the end of the maturity period is called the maturity claim.

Nomination

This is when the policyholder or insured officially authorizes another person to receive any monetary benefits of the policy. The authorized person is the Nominee.

Premium

The amount paid by the insured, either in a lump sum or in periodic amounts, to the insurance company under the life insurance policy.

Surrender Value

The surrender value it the amount paid to an insured who wishes to terminate the policy before its maturity date.

Vesting Age

The age at which the insured starts receiving a pension from the insurance company in an insurance-cum-pension policy.

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