Max Life Term Plan

3 / 5 based on 36 User Reviews

Max Life Insurance Company Limited is formed as a joint venture between Max India Limited, a leading multi-business corporate and Mitsui Suimoto Insurance Company Limited which is member of MS & AD Insurance Group, a leader in the general insurance sector across the world. The rich experience of both the companies has made Max Life one of the leaders in the Indian Insurance Industry. As in the year 2013 – 14, Max Life Insurance Company Limited has been ranked among the top 4 life insurers in India with a market share of 10.30%. The company is counted amongst the fastest growing life insurance businesses with the Gross Written Premium of Rs.7279 crores and declaring a shareholder’s profit of Rs.436 crores post taxation.

What are Term Insurance Plans?

All of us need a lump sum corpus to provide for the family if we face an untimely death. Term insurance plans become relevant in these situations where income protection is the need of the individual. Term plans promise to pay the nominee a fixed benefit as chosen on inception if the policyholder pre-deceases the policy term. The premium for the plan is kept low because of the provision of only death benefit.

Max Life Term Plans

The company has diverse types of term plans in its kitty and each of the plan promises the customer attractive benefits at competitive rates. A detailed discussion of the available plans is done below:

Max Life Online Term Plan Basic Life Cover

As the name suggests, it is an online term plan offered by the company which has the following aspects:

  • The plan can be purchased online
  • In case of death during the chosen tenure, the death benefit is paid which is equal to the Sum Assured
  • An additional Max Life Comprehensive Accident Benefit Rider can be added to make the plan more comprehensive. Under the Rider, an additional Sum Assured is paid in case the insured dies in an accident.
  • Discounts are allowed for choosing higher Sum Assured ranges
  • Premium discounts are given for non-smokers and female lives.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

-

70 years

Policy Term

10 years

35 years

Sum Assured

Rs.25 lakhs

Rs.100 crores

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly

 

Max Life Online Term Plan Life Cover + Monthly Income

The plan is an online term plan promising regular monthly incomes post death. The plan’s features are:

  • It is an online Term Plan which can be bought online lowering the premium and avoiding the hassles of unnecessary paperwork
  • In case of death of the life insured, Sum Assured is immediately paid to the nominee. Thereafter, a benefit of 0.4% of Sum Assured is paid to the nominee every month following the month of death of the insured. Thus the total Sum Assured paid to the nominee including the monthly payouts is 148% of the original Sum Assured chosen at the inception of the plan
  • An additional Max Life Comprehensive Accident Benefit Rider can be added to make the plan more comprehensive. Under the Rider, an additional Sum Assured is paid in case the insured dies in an accident.
  • Discounts are allowed for choosing higher Sum Assured ranges
  • Premium discounts are given for non-smokers and female lives.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

-

70 years

Policy Term

10 years

35 years

Sum Assured

Rs.25 lakhs

Rs.100 crores

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly

 

Max Life Online Term Plan Life Cover + Increasing Monthly Income

An online term plan promising regular monthly incomes post the death of the insured. The features of the plan are as follows:

  • It is an online Term Plan which can be bought online lowering the premium and avoiding the hassles of unnecessary paperwork
  • In case of death of the life insured during the term of the plan, the Sum Assured is immediately paid to the nominee. Thereafter, a benefit of 0.4% of the Sum Assured is paid to the nominee every month following the month of death of the insured. This benefit increases every year at a simple rate of 10% on the first monthly benefit, i.e. the increment is offered on the 0.4% of the Sum Assured which is paid in the first month. Thus the total Sum Assured paid to the nominee including the monthly payouts is 169.60% of the original Sum Assured chosen at the inception of the plan
  • An additional Max Life Comprehensive Accident Benefit Rider can be added to make the plan more comprehensive. Under the Rider, an additional Sum Assured is paid in case the insured dies in an accident.
  • Discounts are allowed for choosing higher Sum Assured ranges and for people with healthy lifestyles.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

-

70 years

Policy Term

10 years

35 years

Sum Assured

Rs.25 lakhs

Rs.100 crores

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly

 

Max Life Super Term Plan

Is a term plan with an increasing Sum Assured feature and a dual death benefit option. The features of the plan are as follows:

  • The Sum Assured under the plan increases every year at a simple rate of 5% till the end of the plan tenure
  • In case of death of the life insured during the course of the plan, the nominee has two options of availing the death benefit. For the first option, 100% of the chosen Sum Assured is paid to the nominee immediately post the death of the life insured. For the second option, 50% of the Sum Assured is paid immediately in lump sum to the nominee. The rest 50% is paid as regular income for the next 10 years. This income will also increase at a simple rate of 8.5% per annum.
  • Max Life Waiver of Premium Plus Rider is available which can be attached with the base plan to ensure a more comprehensive coverage. Under the rider, future premiums are waived off in case of death, disability or critical illness if it happens within the duration of the plan.

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

-

75 years

Policy Term

10 years

35 years

Sum Assured

Rs.25 lakhs

No limit

Premium Amount

Rs.5000

Based on coverage

Premium Payment Term

Equal to the policy term

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly.

 

Max Life Premium Return Protection Plan

A term plan which promises the return of premium if the plan matures. The features are as follows:

  • In case of death of the life insured during the term of the plan, the Sum Assured chosen at the inception of the plan is paid to the nominee.
  • The plan has an inbuilt Accidental Death Benefit Rider which states that if the insured dies due to accident during the term of the plan, an additional death benefit will be paid to the nominee. The additional benefit will be 50% of the chosen Sum Assured under the plan. Thus, on accidental death, the nominee will receive 150% of the Sum Assured under the plan.
  • The term of premium payment is limited to 11 years while a longer tenure of coverage can be chosen by the policyholder
  • In case the insured survives till the maturity of the plan, he or she will get 100% of the total premiums paid under the plan.
  • Max Life Waiver of Premium Plus Rider is available which can be attached with the base plan to ensure a more comprehensive coverage. Under the rider, future premiums are waived off in case of death, disability or critical illness if it happens within the duration of the plan.
  • Discount is allowed in premium for choosing high Sum Assured levels of Rs.30 lakhs and above.

Eligibility Details

 

Minimum

Maximum

Entry Age

21 years

55 years

Maturity Age

-

75 years

Policy Term

20 years

30 years

Sum Assured

Rs.5 lakhs

Rs.1 crore

Premium Amount

Rs.8500

Based on coverage

Premium Payment Term

11 years

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly.

 

Applying for a Term Insurance Plan from the company:

Online

The company offers the last plan called e-Term Plan which is available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

How much Term Life Insurance coverage do you need?

Life insurance needs differ from person to person and so it won't be possible to make a generalized assumption about the amount of term insurance an individual needs. However if you are wondering as to exactly how much term coverage you would need, there are a few simply ways in analyzing this.

How to calculate the amount of term life insurance coverage I need?

To do this, you have to keep a few things in mind. They are:

  1. How many people are dependent on you? 
  2. What is the other source of income, if any, of your family?
  3. For how long will this source be available to the family?
  4. How much money to you owe to lenders?
  5. What are the future financial goals for your children?

Once you know this, you will know exactly how much money your family will need if you were to die suddenly. Let us understand this with an example.

Sachin has a wife and twin girls, aged 10. His wife is working as well, but she plans to work for another 5 years only. Sachin has a car loan and needs to pay EMIs every month for another 15 years. He plans to send one of his daughters to Milan to study fashion the other one to Singapore for her MBA. He calculates that the combined cost of their education would be about Rs.30 lacs. So he buys a term plan for Rs. 60 lacs, which would be enough to pay for his kids’ education, run the household and pay off the loan. So he buys a term plan for that amount.

How to calculate the term for which the plan needs to be bought?

Apart from the amount, it is also important to understand that a term plan is purchased for a particular term and should not go on forever! In Sachin’s case, he bought the term plan for 20 years as he calculated that 20 years was enough time for his daughters to get financially independent and support themselves and their mother. By then, the loans would also be paid off. So like Sachin, keep the financial goals in mind and buy coverage for as long as you need, not more not less.

Should I consult my agent about the amount of term coverage needed?

If you cannot calculate how much term life insurance coverage you need on your own, it is always a good idea to consult your insurance agent or your financial advisor. However, when consulting your agent, make sure you understand your needs and do not allow the agent to convince you to buy more insurance than you need.

Max Life Term Plan - FAQ

1. How to pay a premium? What are the modes of payment available?

The Max Life Insurance company Ltd. offers 6 modes of premium payment namely:

  • Cash payment at the branch
  • Online Payment
  • ECS
  • NEFT/RTGS
  • IVR
  • Credit card Instructions
  • Direct Debit
  • EBPP
  • Payment at Axis Bank Branch
  • Payment at Axis Bank ATM
  • Your bank branch
  • Sky pack Drop boxes
  • Get the premium cheque collected from home within 7 days. You can call for this service on the toll free number 1800-180-5577 (BSNL/MTNL) or 1800-200-5577 (GSM/CDMA/Others)

For the online payment mode, the policyholder can pay via;

  • Credit Card,
  • Debit Card
  • Net banking

2. How can I check policy status for Max Life term plan?

Registered users can check policy status online. Login with your username and password on the LOGIN tab give on the company’s home page

Alternatively, you can inquire from toll free: 1800-180-5577 (BSNL/MTNL) or 1800-200-5577 (GSM/CDMA/Others)


3.
What is the policy renewal process for Max Life term plan?

For policy renewal online follow these 3 easy steps

Step1: Enter your Client ID and Date of Birth to login into e-portal

Step2: Enter the policy details and payment method (Debit/Credit Card or Net Banking)

Step3: Save/print premium deposit receipt on successful payment intimation

Alterantively, you can pay via cash/cheque at any of the nearest branch.

For further inquiries, you can inquire from toll free: 1800-180-5577 (BSNL/MTNL) or 1800-200-5577 (GSM/CDMA/Others)


4.
What is the company’s process to settle claim for Max Life term plan?

For claim settlement the nominee can visit the nearest branch with all the policy documents and the revlant claims form. The claims are settled within 10 working days from collection of all necessary documents for claim settlement.


5.
What is the policy cancellation process for Max Life term plan?

For cancellation you need to visit the nearest branch in person with policy documents and surrender form. Upon successful proceedings, the refund will be directly apid in your bank account.

Reviews for Max Life Term Plan

TOTAL REVIEWS (36)
A
Chennai
February 05, 2016

"Good Policy"

Recently bought insurance from Max life. The service is good with low premiums. Policy coverage is 80% and claims are easy to get approx. Rs.21 lakh. I'm happy with the services you provide.
Plan Name: Online Term plan
Agent Code: BPW01312

Manoj
Chennai
February 05, 2016

"Average"

I bought policy by max insurance. Claims are 60% and premium is low. The coverage is less and no free ambulance provided. The service is slow and few hospitals are available at a time. An average policy i say.
Plan Name: Term plan-Monthly Income
Agent Code: BBE06765

Rohit
Pune
February 05, 2016

"Fine Policy"

Max life gave me very fine policy with good benefits. Policy coverage is attractive with ambulance facilities. Claims are about Rs.19 lakh and premium is low. Fine deal with good service.
Plan Name: Online Term plan
Agent Code: BBE06765

NILOTPAL
Durgapur
February 05, 2016

"Fine"

The policy i buy has all benefits. Policy coverage is high, even the ambulance is provided and cover the whole treatment. The claims are about 80% with low premiums. Really good prolicy.
Plan Name: Online Term plan
Agent Code: BBE06765

Ramanand
Kolkata
February 05, 2016

"Good"

I have insurance like every one with max life. Policy provide's great coverage and claims with low premiums. Having great experience yet, the service is good which done on time. Huge number of hospitals are there to provide cure in this policy.
Plan Name: Online Term plan
Agent Code: BPW01312

ASHWINI
Nasik
February 05, 2016

"Good Returns"

I have insurance with max life. The premiums are low and the returns are high. The policy coverage is 60% and the claims are 80%. The service is fast enough to done things on time with safety. Good policy.
Plan Name: Online Term plan
Agent Code: BPW01312

ROHIT
Bhopal
February 05, 2016

"Good Benefits"

Max is having great policies in all. I have one, with great benefits. The service is really very fast and on needed time. Policy coverage is good. Claims are high around 90%. Premiums are even low. The good one in all.
Plan Name: Term plan-Monthly Income
Agent Code: BBE06002

Rajeev
Patna
February 05, 2016

"Best for Life"

I have life insurance like every one else. My policy have great terms and conditions. The service you provided is the best and so quick on time. The daily update is send on cellphone. Claims and policy coverage is high with low premiums.
Plan Name: Online Term plan
Agent Code: BPW01312

Paramjeet
Raipur
February 05, 2016

"Average"

I purchase policy with max life. The policy coverage is around 80-89%. Claims are also high approx. Rs. 17 lakhs. The services are really fast with good response. Cashless garages are 90% of the city. Nice insurance with low premiums.
Plan Name: Online Term plan
Agent Code: BPW01312

Harsimar
Delhi
February 05, 2016

"Fine"

Max insurance offer me the finest policy which is so catchy I can't refuse. The customer services is so quick with great resopnse. Claims, policy coverage cashless garages all are highly simple with marvelous services.
Plan Name: Online Term plan
Agent Code: BBE06765

Bhautik
Hyderabad
February 05, 2016

"Better Then Others"

I Got better policy as compared to others. The benefits are more with best services. The work and any query is done without any dealy. The coverage and claims are done in few days with great interest. Good policy...
Plan Name: Online Term plan
Agent Code: BBE06765

Shriram
Bengaluru
February 05, 2016

"Average"

Purchase policy by max insurance. The claims are 80% and the policy coverage all the claims. The services is USP of the policy. All work done by time with great speed. Really lucky to have you guys.
Plan Name: Online Term plan
Agent Code: BBE06002

Ankush
Ludhiana
February 05, 2016

"Worth It"

Got policy from life insurance. Policy have all the things which i needed. Coverage is about 70-80%, claims are approx. ₹ 21 lakh at the end of policy. And the services are the best, with very fast response.
Plan Name: Online Term plan
Agent Code: BBE06765

Vikram
Pune
February 05, 2016

"Fantastic"

Buy policy from life insurance. I really am happy with the terms and conditions. The policy coverage is high about 80% and the claims are about 70-79%. The service you provided is really fast and good. Thank you for this.
Plan Name: Online Term plan
Agent Code: BBE06002

Jaswant
Jodhpur
February 05, 2016

"Satisfactory"

Purchase policy by Max. Really good one for me, Having great experience with services and the policy covers almost 80% of the case. The claims are even better which provide 90% of paybacks. Enjoying it :)
Plan Name: Term plan-Increasing Income
Agent Code: BPW01312

Durga
Hyderabad
February 04, 2016

"Fair"

Max have very fine policies. I have one which has good benefits. The policy coverage is 70%. The service is really nice and fast. Claims are 89% and done in few days. Four star out of five. Good one guys.
Plan Name: Online Term plan
Agent Code: BPW01312

Methuku
Hyderabad
February 04, 2016

"Fine"

I have insurance with Max. The policy coverage is good enough. The service is really very slow. The claims are good but the time it will take wasn't. Cashless garages are 50% but not in any use. Kaam chalau policy...
Plan Name: Term plan-Increasing Income
Agent Code: BPW01312

SREEHARI
Thrissur
February 04, 2016

"Excellent"

Recently got insurance from max life. I must say, the policy is great and the services is awesome. The policy coverage is high about 80-85%. The claims is high with low premiums. Good plan.
Plan Name: Online Term plan
Agent Code: BPW01312

Girish
Nasik
February 04, 2016

"Good"

Recently got term plans with life insurance. The Claiming process is very easy, although i haven't claim yet. The service is very genuine and on time. Policy coverage is 70-85%.
Plan Name: Online Term plan
Agent Code: BBE06765

Lunic
Ahmedabad
February 04, 2016

"Excellent"

I got great term insurance plans by Max life. I gave full stars to this policy and it really deserve's it. Policy coverage is high with affordable premiums. Service is A1 quality. Claims is 80-86%.
Plan Name: Online Term plan
Agent Code: BBE06895

Jitendra
Ahmedabad
February 04, 2016

"Nice"

I have term insurance plan. The policy gave great coverage with great benefits. The premium is low and the claim is 70-80%. Cashless garages is high. Max insurance is one of the best in all. Great full to having such a nice plan.
Plan Name: Online Term plan
Agent Code: BBE06765

Vidhu
Delhi
February 04, 2016

"Must See"

Max term plan is very catchy and with low premiums. Service provided is great. The policy coverage is less approx. 70% but the claims are good which covers all. Nice policy with many benefits...
Plan Name: Online Term plan
Agent Code: BBE06895

ADITYA
Nasik
February 04, 2016

"Fantastic"

Max term plan is the best one get. The service provide is great and the policy coverage is 80%. The claims are pretty much high with 80-90% of amount. The cashless garages are around 90% of the city and 70% of the country.
Plan Name: Online Term plan
Agent Code: BBE06895

Shubham
Darbhanga
February 04, 2016

"Nice"

Found nice policy with max term insruance. Service is good, really happy with it. Claims are high at low premiums. Policy coverage is 80% of the claim on the spot with no paper work. Happy with policy...
Plan Name: Online Term plan
Agent Code: BBE06765

Sunil
Bhilai
February 04, 2016

"Never Take This Policy"

Took life insurance term plan from Max Life Insurance. Having very bad experience with this policy. No coverage, no claims and don't expect the service. Really bad policy.
Plan Name: Online Term plan
Agent Code: BBE03914