Max Life Smart Term Plan is a flexible plan that caters to people from different walks of life and age groups. Therefore, you can customize your insurance coverage by choosing the desired benefits accordingly. If you are earning, you should buy a term insurance plan to support your family’s financial future.
What is a Smart Term Plan?
Max Life Smart Term Plan is a customizable term plan that offers comprehensive protection against critical illness, disability, and death. This term plan provides 360-degree financial protection to your family in your absence.
Example:A 24 year old Healthy, non-smoking male can secure a cover of Rs. ₹ 1 crore for his dependents for next 25 years, @ ₹563 per month
Every individual has different needs life. Whether it is about protecting their child’s future or making sure that they can repay their home loan, people have varied expectations with term life insurance. Max Life Smart Term Plan offers a plethora of life insurance benefits and policy variants to choose from. The plan helps each policyholder to create their personalized all-around protection through term insurance.
Here are a few reasons why you must buy Max Life Smart Term Plan
Every individual has different needs life. Whether it is about protecting their child’s future or making sure that they can repay their home loan, people have varied expectations with term life insurance. Max Life Smart Term Plan offers a plethora of life insurance benefits and policy variants to choose from. The plan helps each policyholder to create their personalized all-around protection through term insurance.
Here are a few reasons why you must buy Max Life Smart Term Plan
In general, term insurance plans do not have a maturity value; these plans protect your family’s financial future in case of an eventuality. However, Max Life Smart Term Plan has an option of return of premium.
In other words, if you survive throughout the policy term, you will be eligible to receive the 100% of the Total Premiums Paid* plus underwriting extra premiums, if any, under the base policy only. After that, the policy will terminate.
The Premium Back feature is available under all the death benefit payout options, so there is no need to panic. You can create a personalized term insurance plan and then, avail the maturity benefit after surviving the policy term.
Please note, any additional premium amounts charged for optional benefits such as accelerated critical Illness benefit, accident cover option or rider add-ons will not be a part of the benefit (return of premium) that you will receive upon maturity.
*"Total Premiums Paid " means total of all the premiums received, excluding any extra premium, any rider premium and taxes
Max Life Smart Term Plan offers you to pick a policy term that you desire, with life insurance term of up to 50 years and avail coverage ceasing age of 85 years.
The primary purpose of life insurance is to help you tackle emergencies. If it is an unexpected medical emergency, you need an insurance plan that is flexible enough to help you out in every situation.
Take critical illnesses, for example. If you are diagnosed with any one of the severe health concern such as heart conditions or cancer, Max Life Smart Term Plan can help you avail immediate financial help in the form of accelerated payouts under its Accelerated Critical Illness (ACI) Benefit.
The ACI benefit covers you against as many as 40 critical illnesses. Not only this, you have the freedom of increasing the plan coverage during your policy term. In other words, Max Life Smart Term Plan will provide coverage that stays relevant to your age and health. As explained above, you can avail the Accelerated Critical Illness (ACI) benefit with Max Life Smart Term Plan. If youare diagnosed with any of the specified Critical Illness (as described within the policy document), the benefit is payable.
There are two options available under Accelerated Critical Illness (ACI) cover to choose from:
a) Level ACI Benefit
In this variant, you will receive a fixed and level amount of insurance benefit (or ACI Sum Assured) throughout a specific policy term (also known as the ACI policy term.)
You can choose the ACI Sum Assured in multiples of 5 lakhs as per the boundary conditions mentioned below:
Minimum ACI Sum Assured |
Maximum ACI Sum Assured |
Rs. 5 lakhs |
50% of the base policy Sum Assured (chosen at the time of policy purchase) or Rs. 50 lakhs, whichever is lower |
b) Increasing ACI Benefit
In this variant, the benefit amount or ACI sum assured will increase annually at a simple rate of 5% of the total base policy coverage amount.
You can choose the ACI Sum Assured in multiples of INR 5 lakhs as per the boundary conditions mentioned below:
Minimum ACI Sum Assured |
Maximum ACI Sum Assured |
Rs. 5 lakhs |
25% of base policy Sum Assured chosen at the inception of policy or Rs. 25 lakhs, whichever is lower |
To summarize, the maximum increase that you can avail under the Accelerated Critical Illness benefit allowed will be:
Furthermore, you must understand that the ACI benefit is accelerated and not an additional benefit. In other words, once you avail the benefit, your policy will continue the protection. However, the term coverage amount under the base policy will get reduced by the amount equal to the ACI Sum Assured paid.
Also, the maximum payout that you can avail under the ACI benefit is 100% of the ACI Sum Assured. Once you have exhausted the ACI Sum Assured, you cannot make further ACI claims.
At the time of purchase, you can also choose whether you want to pay the premium amount all at once, or you wish to pay the premium for a limited period only. In case you want to continue paying the premium amount throughout the policy tenure, you can do so too!
Max Life Smart Term Plan enables you to select a premium payment mode as per your budget so that you have enough bandwidth to take care of other expenses as well. You have the flexibility to choose to pay the premiums annually, half-yearly, quarterly, or every month.
Here is a summary of the different policy and premium payment options available under Max Life Smart Term Plan:
Variant |
Policy Tenure |
Minimum Premium Payment Tenure |
Single Pay |
10 to 50 years |
Only once |
Regular Pay |
10 to 50 years |
10 to 50 years |
Limited Pay (5 Pay) |
10 to 50 years |
Up to 5 years |
Limited Pay (10 Pay) |
15 to 50 years |
Up to 10 years |
Limited Pay (12 Pay) |
17 to 50 years |
Up to 12 years |
Limited Pay (15 Pay) |
20 to 50 years |
Up to 15 years |
Pay till 60 |
The policy term will be higher than the tenure for premium payment (a maximum of 50 years)
|
16 years
|
For each one us, our needs and aspirations evolve with time. In our 20s, we may only think about earning as much money as possible. As we grow up, we look to start a family and plan for retirement.
In short, we need our life insurance plan to evolve with the changing life stages and goals. Max Life Smart Term Plan offers you the option of choosing the ‘Life Stage Add on Sum Assured’ benefit.
As a policyholder, you will be able to increase the total coverage amount under the plan (also known as Sum Assured) on reaching specific ‘Life Stage’ events such as marriage, becoming a parent or buying a house (will be available with additional premium)
Like the Premium Back option, this benefit is only available when you purchase the policy; you cannot select the benefit later.
Here is a breakdown of the life stage events that are covered under Max Life Smart Term Plan:
Life Stage events |
Add on Sum Assured permissible |
Marriage (once during policy term, not available if married)
|
· You can add up to 50% of the death benefit Sum Assured selected at the time of policy purchase. · The Add on Sum Assured cannot exceed Rs. 50 lakhs |
Becoming a Parent (it is applicable for up to two children only) |
· You can add up to 50% of the death benefit Sum Assured selected at the time of policy purchase. · The Add on Sum Assured cannot exceed Rs. 25 lakh, for each childbirth. |
Taking up a House loan |
· You can add up to 50% of the death benefit Sum Assured selected at the time of policy purchase. · The Add on Sum Assured cannot exceed Rs. 50 lakhs |
**This option can't be exercised in case a Critical Illness claim has been made
If you believe that term insurance plans only offer lump-sum payouts, you need to think again. There are seven death benefit variants available under Max Life Smart Term Plan.
Each of these variants offers you complete freedom in deciding how your loved ones should receive the insurance money and use it.
For example, you have the option to choose whether your family should receive the insurance cover amount all at once or get it in the form of a monthly income.
You also have to option to choose whether you want to increase the monthly payouts at certain intervals to counter the rising inflation or increase the insurance coverage in your life as you achieve important milestones in life.
Here is a breakdown of the various payout options available:
Variant |
Description |
Features |
Life Cover |
Your family receives the insurance coverage all at once |
Your family will get the insurance benefit in the form of a Lump Sum Payment |
Income Protector |
Your family receives the coverage amount in the form of monthly incomes |
· You can decide a certain amount of monthly income (in multiples of Rs. 5,000) · The amount will be paid to your family for a period of 10 years, 15 years or 20 years (as chosen by you at policy inception) will be paid to the beneficary post the death of life insured |
Income + Inflation Protector |
In this variant, your family will receive an increasing monthly income |
· The monthly income is in multiples of Rs. 5,000. · The income payout period can either be 10 years, 15 years or 20 years as chosen by you the at policy inception and will be paid to the beinficary post the date of death of life insured · Income will increase every year by 10% (simple interest) of the first monthly income payable |
Life Cover + Income |
Your family will receive a lump sum amount along with a fixed monthly income |
· Your family will receive the lump sum payment immediately after your demise · The monthly income component will be equal to 0.4% of the Lump sum cover amount · The income will be payable for ten years
|
Life Cover + Increasing Income |
In this variant, your family will receive a fixed lump sum benefit amount along with an increasing monthly income |
· Your family will receive the lump sum payment immediately after your demise · The monthly income component will be equal to 0.4% of the Lump sum cover amount · The monthly income will increase every year by 10% (simple interest) of the first monthly income payable. · The income will be payable for ten years |
Increasing Cover |
You can increase the insurance benefit amount payable under the plan |
· The insurance coverage amount under the term plan will increase by 5% annually (simple interest) · The increment will continue up to the 21st policy year · Your family will receive the insurance benefit as a lump sum payment |
Reducing Cover |
In this variant, the benefit amount payable decreases |
· The insurance death benefit payable decreases by 5% p.a. (simple interest) · The decrease happens every 5th policy year · Your family will receive the insurance benefit as a lump sum payment · This variant is available if lump sum amount chosen at inception is greater than or equal to Rs. 1 Cr · Maximum accident cover sum assured available under the variant is lower of 25% of lump sum life cover amount chosen at inception or Rs. 50 Lacs Please note: Accelerated Critical Illness and Life Stage add-on benefit options are not available with this death benefit variant. |
The following table summarises the availability of the Accident Cover Option, Accelerated Critical Illness, life-stage add-on sum assured and premium back benefits for the different death variants:
Variant |
ACI and Life-Stage add on sum assured Benefits |
Accident Cover Option |
Premium Back |
Life Cover |
Yes |
Yes |
Yes |
Income Protector |
Yes |
Yes |
Yes |
Income + Inflation Protector |
Yes |
Yes |
Yes |
Life Cover + Income |
Yes |
Yes |
Yes |
Life Cover + Increasing Income |
Yes |
Yes |
Yes |
Increasing Cover |
No |
Yes |
Yes |
Reducing Cover |
No |
Yes |
Yes |
* Total premium paid inclusive of any underwriting extra premium but exclusive of all applicable taxes, cesses or levies and modal extra
Let us understand the working of each death benefit variant in detail.
Let us understand the working of each death benefit variant in detail.
Under this variant, your nominated family member (or nominee) will receive 100% of the insurance benefit (or Sum Assured) that you chose at the time of purchasing the policy.
The amount will be paid out as a lump sum, immediately after your demise.
Example– Anant is a 30-year old marketing analyst. He purchases the Max Life Smart Term Plan Life Cover Variant. The policy details are as follows:
Death Benefit variant |
Life Cover |
Sum Assured |
Rs. 1 crore |
Policy Term |
40 years |
Premium Payment Term |
40 years |
Annualized Premium## (Exclusive of GST) |
Rs.10,500 |
Thus, after paying 7 premiums, he passes away. Subsequently, his nominee receives a lump sum benefit of Rs. 1 crore and the policy terminates.
In this variant, your nominee will receive a fixed level monthly income for up to 10 years, 15 years or 20 years (you will have to choose the payout period at the time of purchasing the policy) after your demise.
Example: Keshav is a 35-years old project manager. He purchases Max Life Smart Term Plan with Income Protector variant from Max Life. The policy details are below:
Death Benefit variant |
Income Protector |
Sum Assured |
NA |
Payout period was chosen |
Ten years |
Policy Term |
40 years |
Premium Payment Term |
40 years |
Annualized Premium## (Exclusive of GST) |
Rs.15,874 |
After paying the premium for 5 years, he passes away. After his death, a monthly income of Rs. 1 lakh is paid out to his nominee for 120 months, starting from the next monthly policy anniversary.
Under this variant, your nominee will receive an increasing amount of monthly income for up to ten years, 15 years or 20 years (you will have to choose the payout tenure at the time of purchasing the policy) as a death benefit.
Also, the monthly income component will increase every year by 10% (simple interest) of the first monthly income payable.
Example: Mr. Kapadia is a 40-year old accountant working with a textile firm. He buys Max Life Smart Term Plan Income +Inflation Protector variant. His policy details are as follows:
Death Benefit variant |
Income + Inflation Protector |
Monthly Income chosen |
Rs. 1,00,000 |
Yearly Increase |
Rs. 10,000 (10% of first-month income) |
Payout period was chosen |
10 years |
Policy Term |
40 years |
Premium Payment Term |
40 years |
Annualized Premium## (Exclusive of GST) |
Rs.28,301 |
Mr. Kapadia, unfortunately, passed away after paying ten premium payments. Post his demise, his nominee received a monthly income of Rs. 1 lakh, starting from the next monthly policy anniversary of Mr. Kapadia. After that, the monthly income increases by Rs. 10,000 every year and is paid out to his nominee for the payout period of 10 years.
Herein, your nominee will receive 100% of the Sum Assured as a lump sum, along with a fixed monthly income.
The monthly income component will be 0.4% of the Sum Assured and will be paid to your nominee for up to ten years after your demise.
Example: Sudesh is a 30-year old chef. He buys Max Life Smart Term Plan Life Cover + Income variant. The policy details are below:
Death Benefit variant |
Life Cover + Income |
Sum Assured chosen |
Rs. 1 crore |
Monthly Income payable |
Rs. 40,000 |
Payout period was chosen |
10 years |
Policy Term |
40 years |
Premium Payment Term |
40 years |
Annualized Premium## (Exclusive of GST) |
Rs.14,616 |
After paying premiums for ten years, Sudesh passes away. Post his demise; his nominee received a lump sum benefit of Rs. 1 crore. Moreover, the nominee also received a monthly income of Rs. 40,000 for the next 120 months.
As per guidelines of the variant, your nominee will receive 100% of the Sum Assured immediately after your demise.
Also, they will also receive an increasing monthly income, equal to 0.4% of Sum Assured that will increase every year by 10% p.a. (simple interest) of the first monthly income payable. Furthermore, the income payout would continue for the next ten years
Example: Sanchit is a 40-year businessman. He purchases Max Life Smart Term Plan Life Cover + Increasing Income variant. His policy details are as follows:
Death Benefit variant |
Life Cover + Increasing Income |
Sum Assured chosen |
Rs. 1 crore |
Monthly Income payable |
Rs. 40,000 |
Yearly Increase |
Rs. 4,000 (10% of first-month income) |
Payout period was chosen |
10 years |
Policy Term |
50 years |
Premium Payment Term |
50 years |
Annualized Premium## (Exclusive of GST) |
Rs.31,720 |
After paying four premiums, Sanchit passes away. His nominee will receive a lump sum payout of Rs. 1 crore. Along with it, the nominee will also receive a monthly income of Rs. Forty thousand for the first year, after which the income will increase by Rs. 4,000 every year and paid out to the nominee for the next 120 months.
Under this variant, the Sum Assured under the base policy will increase by 5% p.a. (simple interest) on each policy anniversary for up to the 21st policy anniversary. In case of your demise within this period, your nominee will immediately receive the Sum Assured amount as a lump sum (which will be effective as on the last policy anniversary).
Example: Rajat is a 30-year old physician. He purchases the Max Life Smart Term Plan Increasing Cover Variant. The details of the policy purchased by him are as follows:
Death Benefit variant |
Increasing Cover |
Sum Assured chosen |
Rs. 1 crore |
Yearly Increase in Sum Assured till completion of the 21st policy anniversary |
Rs. 5 lakhs |
Policy Term |
40 years |
Premium Payment Term |
40 years |
Annualized Premium## (Exclusive of GST) |
Rs.17,000 |
After paying a premium for 5 years, Rajat passes away due to illness. The Sum Assured effective as on the last policy anniversary will be Rs. 1.2 crores (as shown in below table) is paid out as lump sum to his nominee, after which the policy terminates.
Number of premiums paid |
Sum Assured effective during the last policy year |
Increase in Sum Assured |
Effective Sum Assured |
1 |
Rs. 1 crore (base sum assured chosen by Rajat) |
0 |
Rs. 1 crore |
2 |
Rs. 1 crore |
Rs. 5 lakhs |
Rs. 1.05 crore |
3 |
Rs. 1.05 crore |
Rs. 5 lakhs |
Rs. 1.1 crore |
4 |
Rs. 1.1 crore |
Rs. 5 lakhs |
Rs. 1.15 crore |
5 |
Rs. 1.15 crore |
Rs. 5 lakhs |
Rs. 1.2 crore
|
Under the variant, the Sum Assured decreases by 5% p.a. (simple interest) on completion of every 5th policy year. In case of your demise within this period, your nominee will immediately receive the Sum Assured amount as a lump sum (which will be effective as on the last policy anniversary).
Example: Mr. Sharma is a 45-year old real estate developer. He buys Max Life Smart Term Plan Reducing Cover Variant. The policy details are as follows:
Death Benefit variant |
Reducing Cover |
Sum Assured |
Rs. 10 crore |
Reduction in Sum Assured on completion of every five policy years |
Rs. 50 lakhs |
Policy Term |
40 years |
Premium Payment Term |
40 years |
Annualized Premium## (Exclusive of GST) |
Rs.2,34,000 |
The effective Sum Assured for a given policy year for Mr. Sharma is shown below:
Policy Year |
Sum Assured effective during the last five policy years |
Reduction in Sum Assured |
Effective Sum Assured |
1 to 5 |
Rs. 10 crore (base sum assured chosen by Mr. Sharma) |
0 |
INR 10 crore |
6 to 10 |
Rs. 10 crore |
Rs. 50 lakhs |
Rs. 9.5 crore |
11 to 15 |
Rs. 9.5 crore |
Rs. 50 lakhs |
Rs. 9 crore |
16 to 20 |
Rs. 9 crore |
Rs. 50 lakhs |
Rs. 8.5 crore |
21 to 25 |
Rs. 8.5 crore |
Rs. 50 lakhs |
Rs. 8 crore |
26 to 30 |
Rs. 8 crore |
Rs. 50 lakhs |
Rs. 7.5 crore |
31 to 35 |
Rs. 7.5 crore |
Rs. 50 lakhs |
Rs. 7 crore |
36 to 40 |
Rs. 7 crore |
Rs. 50 lakhs |
Rs. 6.5 crore |
After paying 27 premiums, Mr. Sharma passes away due to illness. After that, the Sum Assured effective in the 27th policy year, which comes out to Rs. 7.5 crores (as shown in the table above) is paid out as lump sum to his nominee.
Notes:
ARN NO: PCP/STP10
** A 24 year old Healthy, non-smoking male can secure a cover of Rs. ₹ 1 crore for his dependents for next 25 years, @ ₹563 per month, exclusive of taxes
## Annualized Premium shall be the premium amount payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any
Term Insurance FAQs
Term Insurance FAQs
Term Insurance Plans is the simplest Life Insurance product and a must have for everyone. This is a pure protection plan where payout is made only in case of death, there are no maturity benefits on survival. In case of death of life insured, the nominee receives the death benefit payout.
Term Plans offers 3 unique advantages –
A Term plan is a pure protection plan which helps replace the income earned by the breadwinner in case of his death. It is a fact that the younger you are, cheaper the premiums. For a Rs 1 Cr term insurance cover, the monthly premium will be ~Rs 600 for a 25 year, non smoker male vs ~Rs 1,200 for the same person at age 35. Thus, it makes sense to buy this plan as early in life as possible.
If you are in your 30's or 40's, your liabilities and dependents would have increased (parents & children). You must buy a cover now to make sure all the financial needs are met, even when you are not around.
Even if you have crossed 50 and nearing retirement, you should invest in a term plan. In case of your demise, the pensions will stop and then your spouse and dependent children will be financially vulnerable.
Thus, if protecting your family’s financial future in your absence is your prime concern, you should buy a term plan immediately, regardless of your current age.
Max Life gives you the choice to customize the term plan to suit your needs and choose how the insurance cover amount is paid to the family in the event of your death:
1. Basic Life Cover - Your family gets the money as a one-time lumpsum payout that can help cover immediate liabilities
2. Basic Life Cover + Monthly Income - In addition to the lump sum payout, your family will get a regular, tax-free monthly income for the next ten years. This plan helps the family manage day-to-day household expenses like school fees, groceries etc
3. Basic Life Cover + Increasing Monthly Income - In this option, the monthly income increases by 10% each year which will keep it 'inflation proof'.
If you feel confident that your family is financially savvy and will be able to manage future cash flows, you can opt for basic life cover. Otherwise, it is recommended to go for the income option. If you take into account the 10 year income in addition to the life cover, the effective cost per lac of payout actually comes to be cheaper than the basic life cover
Riders are an afforable and effective option to improve the comprehensiveness of your cover. They can be purchased only at the time of buying the term policy. Therefore it is advisable to carefully choose the riders that meet your requirements.
Max Life offers the following rider options you can choose :
1. Critical illness benefit option - Upon diagnosis of any of the 40 specified critical illnesses, the benefit amount is paid as a one-time lump sum. Cost Rs 308 p.m.* for coverage of Rs 10 Lacs
2. Max Life Waiver of Premium Plus Rider (UIN:104B029V02) - All future premiums waived in case of critical illness/disability. Cost Rs 23 p.m.*
3. Max Life Comprehensive Accident Benefit Rider (UIN -104B025V02) - Get additional protection for accident leading to dismemberment or death. Cost Rs 67 p.m.* for additional coverage of Rs 10 Lacs
* All premiums have been quoted for a healthy male, age 28 years, non-Smoker for a policy term of 30 years, premium payment term of 30 years and are exclusive of GST
Yes, you can have multiple term life insurance policies. You can take all policies from either one insurer or multiple insurers. With age, your income and liabilities increase, hence buying an extra term life cover to sustain this lifestyle makes sense.
The maximum coverage is calculated basis your income, age, assets and financial liabilities, regardless of whether you buy single or multiple policies.
While buying multiple policies, you keep in mind these 2 important points
A term insurance plan is the simplest forms of financial protection that can help your family meet its financial needs in your absence. Get a term insurance cover from Max Life Term plans.
Yes, you can have multiple term life insurance policies. You can take all policies from either one insurer or multiple insurers. With age, your income and liabilities increase, hence buying an extra term life cover to sustain this lifestyle makes sense.
The maximum coverage is calculated basis your income, age, assets and financial liabilities, regardless of whether you buy single or multiple policies.
While buying multiple policies, you keep in mind these 2 important points
It is important first to understand what the difference between Health insurance and Term Insurance is. Technically speaking, while Health Insurance covers the expenses incurred towards treatment, Term Insurance can help your family reduce their financial burden in case of your untimely demise, disease or disability.
While Online Term Plan Plus, a term insurance plan from Max Life doesn’t provide health coverage, however, the critical illness rider of the plan (an optional benefit available on payment of additional premium) provides a lumpsum amount to the family incase of diagnosis of any of the 40 critical illnesses covered. If you wish to avail insurance coverage against various ailments and related hospitalisation expenses, it is advisable to purchase either a health insurance plan or a critical insurance plan (to meet the costs related to the treatment of severe health conditions).
Here are some critical differences between the two insurance types:
|
Critical Illness Rider |
Health Insurance |
Reason to Buy |
Provides a lump sum, following the diagnosis of a critical illness. |
Provide either cashless treatment or reimbursement of hospital expenses. |
What Do They Cover? |
Common critical health conditions, as mentioned in the policy document. |
Coversactual medical and surgical expenses incurred by the policyholder. |
Who is it for? |
Peopleat a higher risk of developing critical illness. |
For everyone. |
Insurance Term | Usually long-term,i.e.20 years or longer |
Usually short-term and needs renewal after every 1 or 2 years |
Let’s first understand how the term plan works. In most term insurance plans, the nominee would receive a lump sum payout, incase of an unfortunate death of the policyholder. This is equal to the Sum Assured/insurance cover you would have opted while buying term insurance.To enhance this coverage and to provide for the family’s living expenses, Max Life Online Term Plan Plus offers you an option to receive monthly payout. This payout helps family meet thier expenses including the utility bills, groceries, school fees etc. This amount is paid out over a payout period of 10-15 years.
Advantages of Monthly Payouts
Things to Keep in Mind for Choosing A Monthly Payout Plan
Situations in which you may opt for a monthly payout option under Max Life Online Term Plan Plus include:
As a parent, buying term insurance plans can help create a safety net for your family and help ensure that they have a financially secure future. The plan would also help them sustain the lifestyle that you’ve provided for them, even when you are no longer there.
You can select from the following payout options under the term plan:
Choosing the Life Cover
You must opt for a life cover at least 10 to 15 times your annual income to meet both current and future liabilities and financial goals of your family. You need to assess your present liabilities and future goals, along with the rate of inflation while calculating your life cover.
Riders
Riders are optional insurance add-ons that you can purchase with your term insurance on payment of additional premium. The Accidental Death Cover rider offers you an additional cover, in case of death or disability because of an accident. The Waiver of Premium Rider offers to waive off the premium, in case you are rendered unable to continue working and earn, such as in case of disability or critical illness.
Policy Tenure
Ideally, you should purchasea policy for the maximum available tenure possible, preferably throughout your working life. Choosing a long-term tenure is useful if you are purchasing the policyas a means to square off a home loan or similar liability in your absence.
Online Term Plan Plus from Max Life Insurance offers three payout options for its three product variants during the payout period.
“Payout Period” is defined as a 10-year period, during which your nominee will receive monthly income on every monthiversary, starting from the Policy Anniversary, after the date of death of the Insured.
Option 1– Sum Assured
Under this option, Max Life shall pay 100percentof the amount agreed as the Sum Assured.
Option 2 – Sum Assured Plus Level Monthly Income
Under this option, your nominee will receive 100 percent of the Sum Assured amount, along with a level monthly income, equal to 0.4 percent of the Sum Assured. The number of monthly incomes is limited to a total of 120 regular monthly incomes, distributed throughout the Payout Period.
Option 3 – Sum Assured Plus Increasing Monthly Income
Your nominee would receive 100 percent of the Sum Assured amount and a monthly income throughout the Payout Period. The incomeshall be payable as follows:
Throughout the first year of the Payout Period, Max Life would pay a level monthly income of 0.4 percentof the Sum Assured. Thereafter, the monthly incomewould increase by 10percent each year for the rest of the payout period
Death Benefit payable under the Term Plan will be reduced to the extent of the amount already paid out under the Accelerated Critical Illness Benefit. The level monthly income under Option 2 or increasing monthly income under Option 3 would; however, remain unchanged.
What Our Clients Say
What Our Clients Say
Most Popular Articles !
Most Popular Articles !
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 about Life Insurance!
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.
Additional Benefits through Riders
Additional Benefits through Riders
Get financial protection from the uncertainty of COVID 19, with a lump sum pay out on COVID-19 diagnosis or death after COVID Diagnosis (For further details, please refer to the Max Life COVID19 One Year Term Rider Prospectus, UIN –104B048V01) Both Diagnosis and Death Cover is available only for the Life Insured
Max Life Waiver of Premium Plus Rider (UIN: 104B029V03) provides waiver of all future premiums in case of Critical Illness or dismemberment or Death (only when Life Insured and Policyholder are different individuals). This product doesn’t have an in-built Waiver of Premium benefit and thus rider benefit is an additional benefit. For more details on the Rider and various terms and conditions, please refer to the Max Life Waiver of Premium Plus Rider Prospectus/Brochure, Rider Contract, Rider Rates & Rider Leaflet
Max Life brings a comprehensive insurance plan that covers up to 64 critical illnesses along with total and permanent disability coverage. You can choose the best variant for you from the five available variants. You will be also be eligible for a discounted renewal premium based on the number of steps monitored on Max fit app. You can even choose to get a cover up to age 85 years. (For further details, please refer to Max Life Critical Illness and Disability Rider, UIN – 104B033V01, prospectus/brochure
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Copyright @2016 Max Life insurance Co. Ltd. All Rights Reserved. An ISO 9001:2008 Certified Company.
Max Life Insurance Co. Ltd. is a Joint Venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Registered Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab -144 533. Corporate Office: Max Life Insurance Co. Ltd., 3rd, 11th and 12th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002. Operation Center: Max Life Insurance Co. Ltd, Plot No. 90-A Udyog Vihar, Sector 18, Gurugram (Haryana) - 122015.
Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply. Online Term Plan Helpline: 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday). Fax Number:0124-4159397.
Email ids: service.helpdesk@maxlifeinsurance.com; online@maxlifeinsurance.com
Life Insurance Coverage is available in this Product
THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.
Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Max Life Online Savings Plan (UIN: 104L098V03) is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.
*#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums .The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.
** Standard Premium For 24-Year Old Male, Non-Smoker, 25 Years Policy Term, 25 Year Premium Payment Term (exclusive of GST).
Max Life Smart Term Plan (UIN: 104N113V04), Max Life Smart Term Plan is a non-linked non-participating individual pure risk premium life insurance plan; upon policyholder's selection of Premium Back variant, this product shall be non-linked non-participating individual life insurance savings plan
Max Life Online Term Plan Plus (UIN 104N092V01 / UIN 104N092V02 / UIN 104N092V03/ UIN 104N092V04)
A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan
Max Life Smart Wealth Plan is a Non-Linked Non-Participating Individual Life Insurance Savings Plan (UIN 104N116V03)
Max Life Assured Wealth Plan is a Non-Linked Non-Participating Individual Life Insurance Savings Plan (UIN 104N096V04)
^On payment of additional premium
*^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.
~The percentage saving computed is purely in terms of premium paid over the term (Difference between Limited and Regular pay) of the policy and does not account for time & other factors that may happen during this period. It is one of the many variants that the product offers and you can opt for it based on your individual needs. The percentage savings is for Online Term Plan Plus- Life Option for 1 Crore life cover for a 28 year old healthy male for a policy term of 40 years with regular income pay out option. The total premium will be 3,20,640 (in case of regular pay) and 1,79,520 (in case of 10 pay) excluding taxes.
**^ As per Annual Audited Financials, FY' 19-20
*^* BEST TERM PLAN COMPANY
^*Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.
Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.
Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee's photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)
^** All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (6.25 % for p.a. FY’19) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.
5Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition.
4 InstaClaimTM is available for all versions of Max Life Online Term Plan (UIN 104N078V01); Max Life Online Term Plan Plus (UIN 104N092V01 / UIN 104N092V02 / UIN 104N092V03/ UIN 104N092V04) and Max Life Smart Term Plan (UIN: 104N113V01 / 104N113V02/ 104N113V03/104N113V04). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee's photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)
*Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).
THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.
Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Tax benefits are eligible for tax exemption on fulfilling conditions mentioned under Section 10(10D) of income tax act 1961. Tax exemptions are as per our understanding of law and as per prevailing provisions of income tax at 1961 . Policy holders are advised to consult tax expert for better clarification /interpretation. Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Tax benefits are subject to changes in tax laws. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.
*(a) "Protect a smile" initiative is applicable for all term plans i.e. Max Life Five Year Renewal & Convertible Term Insurance (Non Participating)- 104N001V01; Max Life Easy Term Policy- 104N002V01; Max Life Level Term Policy (Non-Participating/Non-Convertible)- 104N009V01; Max Life Platinum Protect-104N060V01; Max Life Platinum Protect II-104N060V02; Max Life Premium Return Term Plan- 104N069V01; Max Life Online Term Plan-104N078V01; Max Life Premium Return Protection Plan- 104N083V01; Max Life Super Term Plan- 104N086V01; Max Life Super Term Plan- 104N086V02; Max Life Super Term Plan- 104N086V03; Max Life Online Term Plan Plus -104N092V01; Max Life Online Term Plan Plus- 104N092V02; Max Life Online Term Plan Plus-104N092V03; Max Life Smart Term Plan-104N113V01.
(b) 1 year education of an under privileged child will be funded as part of Max Life CSR initiatives.