maxlogo
  • Customer Login
    • Home>
    • Term Insurance Plans>
    • Term Insurance For Senior Citizens

    Term Insurance for Senior Citizens

    It is always suggested that one purchases a term plan at an early age to lock-in low premiums. However, it is possible to purchase term insurance even if you are a senior citizen i.e. more than 60 years old. A term insurance plan for senior citizen can help protect your loved ones and dependents financially in the case of your demise. In fact, the features and benefits of term insurance for senior citizens are similar to a term plan purchased at a younger age. Alternately, a term insurance policy for senior citizens can also be bought by an individual on behalf of elderly parents to ensure financial protection of family members and availing Section 80C tax benefits. ...Read More

    max-axis

    Term Insurance and Investment Plans

    tax-icon.svg Tax Savings upto Rs 46,800##
    guard-icon.svg99.51% Claims Paid Ratio^
    discount.svg5% Discount3
    zero-commission.svgZero Commission#~
    boman-mobile-pcp
    max-axis
    tax-icon.svg Tax Savings upto Rs 46,800##
    guard-icon.svg99.51% Claims Paid Ratio^
    discount.svg5% Discount3
    zero-commission.svgZero Commission#~

    With Special Exit Value~1

    term_life_ins_icon_12bc31e8d1

    Free of Cost Term Plan

    1_crore_icon_18a1d013a4

    ₹ 1 Crore Term Plan

    2_crore_icon_77ca5c7e6c

    ₹ 2 Crore Term Plan

    Upto 20% Lower Premiums~3
    women_ins_icon_aa9537e631

    Term Insurance (Women)

    3_lac_premium_back_1c5e5e9468

    ₹ 3 L Premium Back^

    money_back_821d401ae6

    7.5%6 Guaranteed

    Why delay? Term plan
    premiums increase
    with age

    Max Life Term Insurance Plan

    • benefits
      Tax Savings of up to Rs. 46,800/-*
    • benefits
      Life Cover
    boman-desktop

    Insure your future, start now.

    Please provide following information correctly as it will be used to calculate your eligibility.

    we_dont_spam

    avatar-image

    Written by

    Reviewed by

    avatar-image

    Rohit Ghosh

    Insurance Writer

    Rohit Ghosh has authored and reviewed several informative articles on Life and Term Insurance during his experience working with top Life Insurance brands. During his experience in the Life Insurance sector he has been responsible for formulation of several integrated marketing communication strategies. In his current role with Max Life Insurance he is responsible for website content and experience enhancement

    avatar-image

    Bhaskar Sinha

    Insurance Expert

    8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.

    Why Should Senior Citizens Buy Term Insurance?

    There are many reasons why senior citizens aged over 60 years can consider purchasing a life insurance policy for themselves:

    • To ensure dependents and loved ones receive an inheritance after their demise
    • To provide a greater degree of financial security for family members and dependents
    • Ensuring the financial security of your spouse even after you are no more
    • For paying any property taxes or other property-related dues that might be remain unpaid at the time of your passing
    • To cover costs that might be incurred by your family after your death like funeral expenses
    • To ensure surviving family members are not burdened by any unpaid loans or other financial obligations that might be outstanding at the time of your death
    • In case a senior citizen continues to contribute financially to the family, having senior citizen term insurance will ensure that family members are financially compensated for income loss resulting from the policyholder’s demise
    calculatorBannerImg
    Family's Financial Planning Starts Here
    calculatorBannerTickIcon

    Tax exemptionup to Rs. 54,600~#

    calculatorBannerTickIcon

    High life cover at affordable premiums

    calculatorBannerTickIcon

    Claim Paid Ratio^99.51%

    calculatorBannerTickIcon

    Coverage against 64 critical illnesses@

    Term Plan Calculator

    Secure your future in just 5 minutes

    35yrs
    18yrs
    25yrs
    35yrs
    45yrs
    55yrs
    60yrs

    Premium starting at
    Inclusive of GST
    ₹ /month

    Features of Senior Citizen Term Insurance Policy

    The following are some of the key features of a term insurance plan for senior citizens:

    Age Limit:While the age of entry for availing a term plan is 18 years, most life insurers in India allow senior citizens up to the age of 65 years to purchase a term insurance policy. Additionally, this insurance cover can be extended up to the age of 85 years. So in the case of the policyholder’s demise before the age of 85 years, the insurer will pay the sum assured to the nominee.

    Death Benefit: Term plans are pure protection plans so, in the event of the senior citizen policyholder’s demise during the policy term, the insurer will pay out the sum assured as death benefit. This pay-out will be made to the registered beneficiary or nominee specified in the life insurance policy contract

    Premium Payable:The benefit of any life insurance policy remains in effect till the policy matures as long as all due policy premiums are paid. While term plans are considered to be the most affordable life insurance policy variant, the premium amount increases the older a policyholder is at the time of purchasing the term plan. Prospective policyholders can know the premium payable for their senior citizen term plans by using the online term plan calculator.

    Medical Test: At the time of purchasing senior citizen term plans, the prospective policyholder has to undergo a medical test. This is done to ensure that any pre-existing conditions like diabetes or cardiovascular disorders are known to the insurer at the time of insurance purchase. The existence or absence of pre-existing conditions impact the premium payable for a senior citizen term plan in India.

    Add-on Covers Available:Term plans including those for senior citizens are offered with optional add-on covers that can enhance the coverage provided by the death benefit of a term policy. However, this enhanced coverage usually comes come at an additional cost. Examples of add-on covers available with a senior citizen term insurance policy include accidental death benefit, waiver of future premium, return of premium, terminal illness cover, etc. These add-on covers are not mandatory and can be availed as per the policyholder’s unique requirements.

    Key Benefits of Term Insurance Policy for Senior Citizens

    Some of the key benefits available with a term insurance policy for senior citizens include:

    Tax Benefits on Premium Paid:The premium paid for keeping a senior citizen term insurance policy in effect is eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The maximum tax deduction available u/s 80C on life insurance premium payments is Rs. 1.5 lakh in a financial year. One can also get Section 80D tax benefits if one opts for and pays the additional premium due for the critical illness and disability rider or accidental death cover.

    Tax Benefit on Payout: The death benefit payout received from a senior citizen term insurance policy is exempt from tax under Section 10(10d) of the Income Tax Act, 1961. This tax exemption on term insurance plans is available even after the recent amendment made to Section 10(10d) in Budget 2023.

    Enhanced benefits with Add-ons: Depending on the type of add-on cover chosen, senior citizens can get different types of benefits in addition to life cover. These can include lump sum payout on diagnosis of a critical illness with critical illness cover, return of premium benefit on survival of policy term, lump sum payout on accidental death with purchase of accident cover, up to Rs. 1 crore payout on terminal illness diagnosis with terminal illness cover and so on.

    How to Choose the Best Senior Citizen Term Insurance Policy?

    Now that we have a clearer understanding of the key features and benefits of a senior citizen term plan, let’s discuss how you can pick a suitable senior citizen term insurance policy:

    1. Choose Adequate Cover

    When choosing a suitable term plan, senior citizens need to consider the future financial requirements of their loved ones/dependents. To determine what an adequate life cover for your family is, one needs to consider various factors including but not limited to family’s monthly budget, impact of inflation, current debts as well as any loss of income that might occur as a result of the policyholder’s demise. Do keep in mind that having inadequate life cover can land your dependents and loved ones in financial distress at a later date.

    2. Consider Claim Settlement Ratio

    Claim settlement ratio is defined as the ratio between the number of insurance claims settled by an insurance company and the number of claims received during a financial year. A higher claim settlement ratio is preferable from the policyholder’s point of view as it shows that the insurer pays out a high number of claims. So, one needs to pick a life insurance company with a high claim settlement ratio when choosing a suitable life insurance policy for senior citizen. Max Life Insurance has a claim settlement ratio of 99.51% as Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023^.

    3. Consider the Add-On Cover Options

    When choosing a suitable senior citizen life insurance policy, the policyholder should also take into account any and all add-on covers that might be offered with the plan. While these might incur an additional cost, the benefits of enhanced cover and financial security like lump sum payout on diagnosis of terminal illness, return of premium in case of survival beyond policy term, additional payout in case of accidental death, etc. cannot be overstated.

    Riders Available with Senior Citizens Term Insurance Policies

    Term insurance riders enhance the coverage offered by the policy in lieu of an additional amount payable as premium. Some of the commonly available riders with term insurance plans for senior citizens are:

    Critical Illness and Disability Rider

    The critical illness and disability rider offered with a term plan for senior citizens provides a specified lump sum payout if the policyholder is diagnosed with a critical illness or becomes disabled due to an accident. The amount payable can be selected from available options at the time of purchasing the insurance policy.

    Accidental Death Benefit Rider

    On purchase of this rider, the policyholder is eligible for an additional payout if he/she dies due to an accident. The amount payable in such cases is typically a percentage of the term plan’s sum assured and can vary from one insurer to another.

    Why You should not Wait to purchase term insurance?

    Even though you can purchase term insurance as a senior citizen, it is not advisable primarily due to the high premium charges that are applicable to such policies. Moreover, the older you are, the higher is the risk of being diagnosed with pre-existing conditions that can push up insurance premiums even further. Also add to this the fact that your earnings might decline or stop altogether after retirement and the term insurance premium amount paid will not generate returns. So, purchasing term insurance for senior citizens might not be the best fit for achieving your financial goals or ensuring financial security for your loved ones. In such a situation, there are a couple of alternatives that you should consider instead of a senior citizen term plan, such as:

    Other Investment options from Max Life Insurance

    Max Life Smart Wealth Plan

    Max Life Smart Wealth Plan (a non-linked, non-participating, Individual, life insurance savings plan, UIN: 104N116V08), is designed to grow your wealth by providing guaranteed returns and life insurance death benefits in a single package. So, not only will your dependents receive the benefit of financial protection on your demise, but, your investments made through premiums paid will also grow with time.

    Max Life Guaranteed Lifetime Income Plan

    If you are close to retirement or recently retired and worried about the financial security of your family post retirement, Max Life Guaranteed Lifetime Income Plan might be the right option for you. This will give you the flexibility to choose how long you wish to keep paying your premium and when you want to start receiving guaranteed income from the scheme. The Guaranteed Lifetime Income Plan also allows you to choose the joint life annuity option that guarantees lifelong income for you and your spouse while either of you is alive.

    Frequently Asked Questions (FAQs)

    search

    Yes, senior citizens above the age of 60 years and up to the age of 65 years can purchase a term insurance policy from most life insurers in India.

    A key factor determining the term insurance premiums payable is the age of the policy holder at the time of purchasing the policy. As a rule of thumb, older applicants need to pay a higher premium to keep the policy in effect. As a result, senior citizen term plans are usually more expensive than term plans bought by younger individuals

    Most life insurance companies in India allow purchase of term plans up to the age of 65 years. However, some insurers might offer a lower or higher maximum age limit for term plan purchase by senior citizens.

    Some of the key factors that can impact the term insurance premium payable by senior citizens are:

    • Pre-existing conditions like diabetes, cardiovascular disease, etc.
    • Lifestyle habits like tobacco use
    • Medical history of family
    • Sum assured of term plan
    • Premium payment term

    Some life insurance companies in India offer the option of regular income payout to senior citizens who purchase term insurance plans. This option ensures that upon the policyholder’s demise, the death benefit offered by the term plan will be in the form of a regular income over a pre-determined period of time instead of a lump sum death benefit payout.

    ARN NO: PCP/TISC/260623



    Sources:

    www.businessworld.in/article/Should-Senior-Citizens-Get-A-Term-Insurance-Policy-/25-01-2023-463296/

    m.economictimes.com/wealth/insure/do-you-need-life-insurance-after-60-years/articleshow/9075662.cms

    Customer Reviews

    Max Life Term Plan

    “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

    Max Life Term Plan

    “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

    “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

    Max Life Term Plan

    “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

    Max Life Term Plan

    “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

    Max Life Term Plan

    “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

    Max Life Term Plan

    “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

    Max Life Term Plan

    “I bought the best Max Life Smart Secure Term Plan! from your team. Thanks for the assistance. ”

    Kiran K

    Share your Valuable Feedback
    Rating Icon

    4.2

    Rated by 5491 customers

    Was the Information Helpful?

    Very Good

    Related Articles

    related-articles1

    Term Insurance Comparison

    Term insurance provides your loved ones with the required financial security…

    Read More
    related-articles2

    Is term insurance an investment or an expense ?

    Term insurance covers natural, accidental death, or death due to some illness…

    Read More
    related-articles3

    Difference between Term Insurance Plan and Whole Life Plan

    If you are no longer around… how will your family cope with the bills?

    Read More
    More Resourceful Articles
    StickyImage

    Get ₹2 crore Life Cover @ just ₹1046**/month

    img
    99.51% Claim paid ratio^
    img
    Terminal Illness Coverage at zero additional cost
    Online Sales Helpline
    • 0124 648 8900(09:00 AM to 09:00 PM Monday to Saturday)
    • service.helpdesk@maxlifeinsurance.comEmail
    • SMS ‘LIFE’ to 5616188Message
    • Let us call you back
    Customer Service
    • 1860 120 5577(9:00 AM to 6:00 PM Monday to Saturday)
    • Chat with us
    • Write to usPlease write to us incase of any escalation/feedback/queries.
    NRI Helpdesk
    • 011-71025900, 011-61329950(9:00 AM to 6:00 PM Monday to Saturday)
    • nri.helpdesk@maxlifeinsurance.comPlease write to us incase of any escalation/feedback/queries.

    Popular Searches

    Term Plan CalculatorOnline Term PlanSmart Term PlanCritical IllnessBest Term Plan With Return Of PremiumClaim Settlement RatioULIP Saving PlanWhat is term InsuranceTax Benefits of Term InsuranceWhy medical Test is Important in Term InsuranceBest Term Insurance for All Age GroupThings to know before Buying Term Life InsuranceBest Life Insurance Policy | Benefits Of best Term InsuranceInsurance CalculatorsOnline InsuranceChild InsuranceRetirement PlanBest Saving PlansGroup InsuranceHealth Insurance PlansBest Investment PlanULIP PlanTax Saving InvestmentTax CalculatorULIP CalculatorCancer InsuranceBecome an agentInsurance CalculatorsSmart Secure Plus PlanBest Term Insurance PolicyCustomize Your Term Life Insurance PolicyLife Insurance term Plan Claim Disability InsuranceHow to Change Nominee in Term Insurance1 Crore Term Insurance2 Crore Term Insurance5 Crore Term InsuranceFD Interest CalculatorCredit Score CheckFixed Deposit OnlineRecurring Deposit OnlineSIPMutual Fund SIP CalculatorEndowment PlanAccident InsuranceCompound Interest Calculator OnlineGold Investment In IndiaGold RateHow To Calculate Return on Investment50 lakh term insurance75 lakh term insuranceTerm Insurance for HousewifeBest Mutual Funds to investTerm Insurance Plan for Self EmployedTerm Insurance for Senior CitizenLife Insurance for NRITerm Insurance Plan for Women
    • Online Term Plan
    • Critical Illness
    • Smart Term Plan
    • Term Plan with Return of Premium
    • Claim Settlement Ratio
    • Smart Secure Plus Plan
    • Continue with existing eQuote
    • Term Insurance for Housewife
    • Online Insurance Plans
    • Child Insurance Plans
    • Retirement Plans
    • Group Insurance Plans
    • Health Insurance Plans
    • Cancer Insurance Plan
    • NRI Plans
    • ULIP Plans
    • Tax Saving Investment
    • Smart Wealth Plan
    • Assured Wealth Plan
    • Smart Wealth Income Plan
    • Flexi Wealth Advantage Plan
    • Savings & Income Plans
    • Smart Fixed-return Digital Plan
    • Money Back Policy
    • Pay Premium Online
    • Premium Payment Options
    • Download Premium Receipts
    • Track Applications
    • Claims Centers
    • Download Policy Pack
    • View Policy Details
    • Electronics Insurance Account
    • Frequently Asked Questions(FAQs)
    • Existing Customer Journey
    • Contact Us
    • Update Personal Details
    • Change Nominee
    • Download Forms
    • Update PAN Card
    • Service TATs
    • Certificate of Insurance
    • Why Max Life
    • Know Our Story
    • Awards & Achievement
    • CSR
    • Our Leadership
    • Media Center
    • Careers
    • Public Disclosures
    • ISNP Details
    • All About Claims
    • Become An Agent
    • NAV Performance
    • Monthly Factsheets
    • Fund Portfolio
    • NAV Performance & Benchmark
    • Monthly Fund Snapshot
    • Annual Investment Report
    • Investors
    • Key Company Policies
    • Download our Maxfit App on Playstore
    • Download our Maxfit App on Appstore
    AppstoreImgGooglePlayStoreImg
    footer_logo_39d37d9484
    AppstoreImgGooglePlayStoreImg
    • IRDAI Consumer Education Website
    • Agent Suspended & T.
    • Do Not Disturb
    • Insurance Ombudsman
    • Privacy Policy
    • Disclaimers
    • Service TATs
    • Grievance Redressal
    • Bima Bharosa
    • Unclaimed Amount
    • Withdrawn Plans
    • Sitemap
    • UW Approach & Philosophy

    Group Sites

    • MAX INDIA
    • MAX SPECIALITY
    • MAX FINANCIAL SERVICES
    • ANTARA SENIOR LIVING
    • Max Life Pension Fund Management

    BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

    IRDAI clarifies to public that:

    • • IRDAI is not involved in activities like selling insurance policies, announcing
      bonus or investment of premiums.
    • • Public receiving such phone calls are requested to lodge a police complaint.

    IRDAI - Registration No. 104. ARN/Web/01/21042021 Category: Life. Validity: Valid.
    Corporate Identity Number (CIN):U74899PB2000PLC045626.
    Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd .respectively and with their consents, are used by Max Life Insurance Co. Ltd

    All Rights Reserved. An ISO 9001:2008 Certified Company.

    Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.

    Corporate Office :

     Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.

    Operation Center :

     Max Life Insurance Co. Ltd, Plot No. 90-C UdyogVihar, Sector 18, Gurugram (Haryana) - 122015.

    Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.

    Online Helpline - 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday).

    Fax Number:0124-4159397.

    Email ids: service.helpdesk@maxlifeinsurance.com

    Website: www.maxlifeinsurance.com

    Max Life Insurance is integrated with licensed NBFC FinVu(Cookiejar Technologies Pvt. Ltd. for sharing policy details with regulated Financial Information Users within the Account Aggregator ecosystem after obtaining the Policy holder's consent. Read more about Account Aggregator framework here.

    *Life insurance coverage is available in this product. For more details on risk factors, Terms and Conditions please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co.

    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.

    Disclaimers for Market Linked Plans & Saving plans:

     

    THE UNIT 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: 104L098V05) 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.

    Max Life Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN104L098V05)

    *#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 are paid.The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

    ^*Disclaimer: Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy female of 18 years old paying Rs.3,60,000/- annually (exclusive of all applicable taxes)

     

    Privacy Policy

    ^^On completion of policy term

    The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.

    ^*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 (4.65 % p.a. for FY’20) 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.

    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 nominees photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

    7CMO Asia BFSI Excellence Award 2019

     

    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

    4InstaClaim TM is available for all versions of (UIN:104N118V06). 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 nominees photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

    ##

    Tax conditions :

    ##

    Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

    3The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

    CI Rider disclaimers:

    MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.

    >Extended cover of up to 85 years is available with gold and platinum variant only

    @ 64 critical illnesses covered in platinum and platinum plus variant on payment

    22 critical illnesses covered in gold and gold plus variant

    6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider

    *^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.

     ~ Conditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

    ~1 Conditions for Special exit value:

    Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

    ~2 Voluntary Top-up Sum assured:

    Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

    ^^*^^Free look period conditions:

    The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

    ^Individual Death Claim Paid Ratio as per audited financials for FY 2022-2023

    8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

    2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

    3The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

    4Tax benefits as per prevailing tax laws, subject to change

    Terms and conditions for availing 5% employee discount:

    <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

    1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount


    9

    The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V06)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

    ~*Standard 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)

    **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

    ARN - ARN/Web/01/21042021

    Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

    The premium shall be adjusted on the due date even if it has been received in advance.

    For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

    For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

    For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

    For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

    *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

    6

    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 30,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

    ##

    Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

    #

    With “Save the date”, you can choose to take your annual income to any special date in a year.

    ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

    ~

    Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

    #~

    Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

    ~1

    Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

    6

    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 30,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

    **

    Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

    *

    Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

    7

    Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

    8

    Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V04). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

    **Disclaimer: Standard 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) with a life cover of Rs. 50 lakh.

    **Disclaimer: Standard 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) with a life cover of Rs. 75 lakh.

    **Disclaimer: Standard 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) with a life cover of Rs. 1.5 Cr.

    **Disclaimer: Standard 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) with a life cover of Rs. 2 Cr.

    **Disclaimer: Standard 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) with a life cover of Rs. 5 Cr.

    **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.

     

    Disclaimer~*Standard premium for 24-year old healthy female,non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~^Disclaimer: 5 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 31/05/2023| 2Nifty Midcap Free Float 100% (5-year return) | For more details on risk factors, terms and conditions and products offered.

    ^~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. The value of your policy depends on a number of factors including future investment performance. The amount shown is for a 30-year-old healthy male, with 10 years premium payment term, and 35 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product).

    **Disclaimer | Max Life Smart Secure Plus Plan. A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan. | **Standard Premium for 24 Year Old Healthy Female, Non-smoker, 25 Years Policy Term, 25 Year Premium Payment Term (exclusive of GST) for Max Life Smart Secure Plus Plan. | For Male, the Total premium to be paid in 25 years is Rs.2.09 lakhs (exclusive of GST). ~As compared to the similar modal points of Male, Female has to pay Rs.13,800 lesser premium than male for the entire policy term (exclusive of GST).

    ~3Disclaimer: A 35 year old female opting for a life cover of Rs. 1 Cr till the age of 75 years pays Rs. 3,319 monthly for 10 years while a 35 year old male will pay Rs. 4,168 monthly for 10 years

    7Disclaimer : Rs. 1,00,29,587 after 14 years at policy maturity on monthly investment of Rs. 16,600 for 12 years for 30 year old male with Max Life Smart Wealth Plan – Long Term Variant. A non-linked non-participating individual life insurance savings plan. The guaranteed benefits are applicable only if all due premiums are paid. Total premiums paid is exclusive of GST. Life Insurance is available in this product. ARN: WP/SWP/250723.

    Disclaimer: ~10 year CAGR of Nifty SmallCap 250 Quality50 index as on 24/07/2023. Max Life Nifty Smallcap Quality Index Fund is passively managed Index fund that tracks the Nifty SmallCap 250 Quality50 index (subject to tracking error).