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.
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 premiums of term 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 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:
The loss of life cannot be compensated. However, a term insurance plan can help to tide over the financial requirements of a family.
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.
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:
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
Quick and Easy ways to purchase
Max Life Term Insurance Plan
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.
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
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.
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)
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
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.
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.
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.
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.
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.
List of documents which are required while buying a term insurance plan are:
If the officially valid documents do not contain an updated address, you also need the following documents:
Income Proof for Salaried Individuals
Income Proof for Self Employed
While purchasing a term insurance policy online, you just need to upload the attested copy of the above documents.
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.
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.
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.
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.
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).
If you outlive the policy term, you will receive the total amount of annualized premium paid towards the term plan, as maturity benefit.
When you look at the term insurance plans being offered, you will find that options are abundant, which may confuse you. Therefore, term plan comparison is a must to choose the most suitable plan for you and your family.
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
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.
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.
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.
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:
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
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
Subodh Mishra helped me a lot in getting the money. He personally collected the documents and helped me at every step. I am extremely thankful to him and I would like to buy another Max lIfe policy in future
I already have a policy and buying this was a nice experience.
This is according to my requirement. Completely satisfied with details shared by customer care executive before purchasing the policy.
Gaurang Kumar Pawar
I visited Amritsar branch after the demise of my son. My family was not left with a single penny and it was getting impossible to make the ends meet. Vinay Sharma gave me the right direction and helped me at every step to receive the claim amount and gave a source of income to my family. I thank him and bless him from the bottom of my heart.
ARN NO: PCP/TIP26
The amount of protection that the policyholder will receive based on the terms of the policy
Insurability means all conditions that affect the health, susceptibility to injury and life expectancy of an insured.
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.
The amount given to the insured at the end of the maturity period is called the maturity claim.
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.
The amount paid by the insured, either in a lump sum or in periodic amounts, to the insurance company under the life insurance policy.
The surrender value it the amount paid to an insured who wishes to terminate the policy before its maturity date.
Please write to us incase of any escalation/feedback/queries.
Disclaimer: Savings mentioned are indicative of the maximum premium difference when the same plan/variant is bought offline