“Term insurance is the simplest and purest form of life insurance, offering financial coverage to the policyholder against fixed premiums for a specified duration – hence the name ‘term’ insurance policy. Choosing and investing in the best term insurance plan is of utmost importance to anyone who has dependents and the best term insurance plan in India provides security as well as value for money. The premium for the best term insurance plan depends on various crucial factors including age, gender, premium payment term, policy term, sum assured, etc. chosen by you and policy term.”...Read More
With Max Life Term Insurance Plan
Written by
Reviewed by
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: 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. 697 per month, exclusive of taxes (Premium for Max Life Smart Secure Plus Plan).
Tax exemptionup to Rs. 54,600~#
High life cover at affordable premiums
Claim Paid Ratio^99.34%
Coverage against 64 critical illnesses@
People from all walks of life realize the importance of life insurance and this leads them to seek out the best term insurance plan based on their requirement. 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:
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:
A term policy will act as a source of financial support for the children, ensuring that they do not miss life’s opportunities.
Young professionals who do have many financial liabilities can benefit from lower of term premiums insurance plans.
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 breadwinner & 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. In such an eventuality, opting for the best term insurance plan can provide your loved ones with adequate financial support in the following ways:
• 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.
Term insurance for housewife can ensure extra financial security by covering education costs, marriage costs, loans, and health expenses at present and in the future. It offers payouts against insurance premiums paid by the policyholder.
Term Insurance for women can ensure extra financial security by covering education costs, marriage costs, loans, and health expenses at present and in the future. It offers payouts against insurance premiums paid by the policyholder.
Term Insurance for Self-employed can ensure extra financial security by covering education costs, marriage costs, loans, and health expenses at present and in the future. It offers payouts against insurance premiums paid by the policyholder.
● 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.
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.
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.
When it comes to finding the best term insurance plan, there is no one-size-fit-all policy. You must align your needs with the available options to find what suits your requirements the best. The following is a list of term insurance plans offered by Max Life Insurance along with their key benefits:
| Plan | Benefits |
|---|---|
| Term Insurance |
|
| Term Insurance with Critical Illness |
|
| Term insurance with Return of Premium |
|
| Term insurance with Waiver of Premium |
|
| Term insurance with Accidental Disability & Death Cover |
|
| Group Term Life Insurance Plan |
|
| Term Insurance Plan with Monthly Income |
|
| 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 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 |
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 lump sum benefit when diagnosed with a critical illness defined in the policy |
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.
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.
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.
Whether it is buying a new car, clothes or a house, we tend to compare all available options before selecting the best one that we can afford. So it is only logical that we find ways to compare available options to seek out the best term insurance plan that we can afford. 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:
Max Life’s persistency ratio has been 85%, which is a testament of the customer’s satisfaction and loyalty towards the company*
(Source:Public Disclosure FY 2021-22)One of the important factor of choosing the best term insurance plan for your family’s financial protection is deciding on the right sum assured. Know more on how to decide the best term life insurance sum assured option for you. You can also click on the below tabs to understand in details about following sum assured amounts:
Disclaimer: Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06).
ARN: C/SA/050623
● 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
It can be of the following documents to validate the identity of an individual:
a. Salaried Individual
b. Self-employed
You can opt to receive the benefits in the form of regular monthly income, along with lumpsum payment
Riders can be added to the base Term plan for improved benefits in case of accidental death, disability, or critical illnesses.
A lumpsum amount is payable to your family in case of death of the policyholder
Term insurance is the most affordable form of life insurance providing coverage amount similar to that of traditional life insurance and minimal premium amount.
Critical illnesses during any phase of life can drain all your savings, with term plan you can make a choice to get critical illness coverage by adding riders.
The death benefit proceeds of term insurance plans is fully exempted as per the provision of the section 10(10 D)* of Income Tax Act 1961.
The claim settlement ratio for Max Life Insurance is 99.34^% for individual business policies.(Source: As per IRDAI Annual Report 2021-22^)
For Max Life Insurance, solvency ratio is 201% for FY 2021-22.(Source: Public Disclosure FY 2021-22)
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..
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.
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.
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).
“Max Life has helped me to identify the best term plan with adequate Life Cover for protecting my family’s future financial and giving me the peace to enjoy my present existence in this earth. Max Life has helped me to save through Endowment plans, thereby giving me a Guaranteed money at different stages of my life”
P. Kesavan
“Over all online policy purchase process was easy and purpose form filling process was easy and online premium payment process was easy”
Zaid Anwar
“Max Life Term Plan is first proper Term Plan to take care of me and my Family. With Max, I am at Peace of Mind with Max Life. I trust you and your Processes. I am Happy to have this Relationship. Manoj”
Manoj Chandwani
“Life Insurance Products provide arrangements for future events and there are various requirements at different life stages. For events that are to occur beyond 10 yrs, Life Insurance products are the only option. Keeping above in mind, I have Term Insurance, Endowment products taken almost 19 yrs ago and they will give Tax Free Lump sum amounts; I have Guaranteed Income Products and also Annuity Plan. For little better return on my investment I have ULIP plans. I have products, that will provide 25 - 50 thousand every year on my Grand Children’s birthdate - Annual Gift from grandparents when we will not be around”
Ashok Shah
“I had one endowment plan and one term plan with maxlife and I believe in making the difference with the help of MAXLIFE”
Satish Kumar
“Thanks for the opportunity to secure life with Max Life, the best term plan comparatively in the market which i opted today and seen that, this plan assisting many with the good claim settlement ratio by Max Life a trusted term insurance company.”
Naresh Vattela
“My experience has been great with Max Life Term Plan. I truly believe that it is the best term insurance that I have chosen for financial security.”
Roshni Mudliyar
“I bought the best Max Life Smart Secure Term Plan! from your team. Thanks for the assistance. ”
Kiran K
4.3
Was the Information Helpful?
Very Good
Term insurance provides your loved ones with the required financial security…
Read More
Term insurance covers natural, accidental death, or death due to some illness…
Read More
If you are no longer around… how will your family cope with the bills?
Read More
ARN NO: PCP/TIP/050623
We would like to hear from you
Let us know about your experience or any feedback that might help us serve you better in future.
Do you have any thoughts you’d like to share?