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    Term Insurance for Women

    Term insurance is a type of life insurance policy that provides coverage for a specified period of time. The insurance company pays out a sum assured as the death benefit to the designated beneficiaries if the policyholder/life assured dies during the policy term. While term insurance policies are typically gender-neutral, women may have specific insurance needs that should be considered when purchasing this policy. For example, women may want to consider purchasing a policy that includes coverage for critical illnesses that are more common among women, such as breast cancer. Additionally, women who are pregnant or planning to have children may want to ensure that their policy includes coverage for pregnancy-related complications....Read More

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    Term Insurance and Investment Plans

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    Term Life Insurance

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    ₹ 1 Crore Term Plan

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    ₹ 2 Crore Term Plan

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    Term Insurance (Women)

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    ₹ 3 L Premium Back^

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    Get ₹1Cr. Life cover @ Rs.651~*per month

    With Max Life Term Insurance for Women

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      Tax Savings of up to Rs. 46,800/-*
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    Insure your future, start now.

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

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    Disclaimer : ~*

    Standard premium for 24-year old healthy female, non-smoker, 25 years policy term,25year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05).

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    Written by

    Reviewed by

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    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

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    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.

    What is Term Insurance for Women?

    Term insurance for women is a life insurance policy that provides life coverage for a specific period, typically chosen when purchasing the policy. Term insurance policies for women may be slightly inexpensive compared to those for men due to factors such as their longer life expectancy and lower risk of certain health conditions.

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    Tax exemptionup to Rs. 54,600~#

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    Coverage against 64 critical illnesses@

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    Why should Women Buy the Best Term Insurance?

    There are several reasons why women should consider buying term insurance:

    1. Financial protection

    Term insurance provides financial protection to your family in case of your unexpected death. The insurer pays a death benefit to your beneficiaries, which can help them cover expenses such as loan payments, living expenses, or your children's education.

    2. Lower premiums

    Women may be able to get lower term insurance premiums compared to men owing to their longer life expectancy and lower risk of certain health conditions. This, however, is subject to insurance companies and their policies.

    3. Coverage for specific needs

    Women may have specific insurance needs that should be considered when purchasing a policy, such as coverage for pregnancy-related complications, critical illnesses that are more common among women, and coverage for their children's education or care in case of their unexpected death.

    4. Peace of mind

    Knowing that you have adequate life insurance coverage in place can give you peace of mind and help you feel more secure about your family's financial future.

    5. Tax benefits

    Term insurance policies offer tax benefits under Section 80C of the Income Tax Act, 1961, which allows for a tax deduction on the premium paid up to a certain limit. Additionally, the death benefit paid to the beneficiaries is tax-free under Section 10(10D) of the Income Tax Act.

    Overall, term insurance is an important financial tool for women to ensure financial protection for themselves and their loved ones in case of an unexpected death.

    How to Choose the Best Term Insurance for Women?

    When choosing the best term insurance policy for women, there are several factors to consider. The following are five such factors:

    1. Choose the maximum coverage amount

    Consider the amount of coverage you need to ensure that your family's financial needs will be met in case of your unexpected death. Factors to consider include your current debts, living expenses, and your children's education or other future needs.

    2. Choose the right policy term

    Choose a policy term that aligns with your financial goals and future plans. For example, if you have young children, you may want a longer policy term to ensure they are financially protected until they are independent.

    3. Enhanced coverage through riders and add-ons

    Look for policies that offer riders and add-ons that suit your specific needs. For example, critical illness riders may be important for women who want additional coverage for illnesses such as breast cancer or ovarian cancer.

    4. Affordable annual premium

    The higher the coverage you choose the higher the premium you need to pay. Therefore, be sure to consider any discounts, such as discounts for non-smokers or those having healthy lifestyles, that may be available.

    5. Read the fine print

    Carefully read the policy documents and understand the terms and conditions of the policy. Make sure you understand the exclusions, limitations, and other important details of the policy.

    Consider all of the above factors and consult with a financial advisor or insurance agent if you need help making a decision.

    Top 7 Features of the Best Term Insurance for Women

    Here are some top features to consider when choosing a term insurance policy for women:

    1. Critical illness coverage

    Many insurers offer riders that provide coverage for critical illnesses that are more common among women, such as breast cancer, ovarian cancer, or cervical cancer. This coverage can provide additional financial protection in case of a serious illness.

    2. Pregnancy-related complications coverage

    Some policies offer coverage for pregnancy-related complications, such as pre-eclampsia, gestational diabetes, or complications during childbirth. This coverage can provide financial protection for medical expenses or time off work.

    3. Childcare or education coverage

    Some policies offer riders that provide coverage for your child's education or childcare expenses in case of your unexpected death. This can provide additional financial protection for your children's future needs.

    4. Lower annual premiums

    Women may be eligible for lower premiums than men owing to their longer life expectancy and lower risk of certain health conditions.

    5. Waiver of premium feature

    Some policies offer a waiver of premium rider, which allows you to skip premium payments if you become disabled or are unable to work due to an injury or illness.

    6. Guaranteed renewal feature

    Choose a policy that offers guaranteed renewal, which allows you to renew your policy at the end of the term without undergoing a medical exam or answering health-related questions.

    7. Flexible payout options

    Choose a policy that offers flexible payout options to your beneficiaries, such as a lump-sum payment or regular income payments.

    Types of Term Insurance Plans for Women

    There are several types of term insurance plans available for women. Here are some of the most common types:

    1. Level term insurance:

    This is the most basic type of term insurance plan. It provides coverage for a specific term or period of time, typically ranging from 5 to 30 years. The premium and coverage amount remain the same throughout the policy term.

    2. Decreasing term insurance:

    This type of policy provides a decreasing death benefit over time, which can be useful for those who want coverage to pay off a loan. As the amount of the loan decreases over time, the coverage amount decreases as well.

    3. Increasing term insurance:

    This type of policy provides an increasing death benefit over time, which can be useful for those who want coverage that keeps pace with inflation. The premium for such a policy increases over time as well.

    4. Renewable term insurance:

    This policy allows you to renew your coverage at the end of the term without undergoing a medical test or answering health-related questions. The premium for such a policy may increase upon renewal.

    5. Convertible term insurance:

    This policy allows you to convert your term insurance policy into a permanent life insurance policy without undergoing a medical test or answering health-related questions.

    6. Term insurance with return of premium:

    This policy provides a refund of the premium paid if you outlive the policy term. However, the premium for this type of policy is generally higher than those for other types of term insurance.

    Overall, consider your specific needs and financial goals when choosing a type of term insurance policy for women. Consult with a financial advisor or insurance agent if you need help making a decision.

    Frequently Asked Questions (FAQs)

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    Term insurance can provide financial protection to your family in case of your unexpected death. It can also offer coverage for critical illnesses or pregnancy-related complications and may offer lower premiums than other types of life insurance.

    Women may be eligible for lower premiums than men due to their longer life expectancy and lower risk of certain health conditions. However, the actual cost of term insurance will depend on factors such as age, health, and the amount of coverage needed.

    Most term insurance policies do not allow you to change the coverage amount during the term of the policy. However, you can generally renew or convert the policy at the end of the term to adjust the coverage amount or type of policy.

    The amount of term insurance coverage required depends on your specific financial goals and needs. Consider factors such as your current debts, living expenses, and your children's education or other future needs when determining the amount of coverage to purchase.

    While anyone can buy term insurance between the ages of 18 and 65, you can buy a good term insurance plan in your 20s and plan for your family's future.

    ARN NO: PCP/TIW/090523

    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.”

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    Max Life Term Plan

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

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    *#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)

     

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    ^^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)

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    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. 20,000/- 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. 20,000/- 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:104N123V03). 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: 15 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 30/06/2022| 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).