Max Life Online Savings Plan

Max Life Online Savings Plan is a unit-linked Non-Participating individual life insurance policy that provides financial coverage to the family of the life insured along with market-linked returns. Max Life Online savings policy has two variants to choose from, one providing more comprehensive death coverage, while the other guaranteeing more returns.

Max Life Online Savings Plan Details:

Parameters Details
Policy Tenure Variant 1: 
  • 5-52 years for maturity age of 70 years
  • 10-67 years for maturity age of 71-85 years
Variant 2:  5-30 years
Premium Paying Term Variant 1:
  • 5 years up to selected policy term for maturity age of 70 years
  • 10 years up to selected policy term for maturity age of 71-85 years
Variant 2:  5 up to selected policy term
Premium Paying Mode Yearly, Half-Yearly, Quarterly, Monthly
Entry Age Variant 1: 18-60 years Variant 2: 18-54 years
Maturity Age Variant1: 
  • 85 years (for 10 pay variant) 
  • 70 years (for 5 pay variant) 
Variant 2: 64 years
Grace Period 30 days (15 days for monthly premium payment) 
Sum Assured Minimum: Rs. 1,20,000/-  Maximum: No upper limit
Liquidity  Partial withdrawal allowed after 5 policy years, up to 50% of fund value. Loan facility not available under the plan

Benefits of Max Life Online Savings Policy

Max Life Online Savings Plan comes packed with a wide range of benefits to offer to its buyers. The main benefits offered under this plan are as follows:

  • Maturity Benefits: Under both the variants, the life insured will receive an amount equal to the fund value as on the date of maturity as maturity benefit provided that the settlement option has not been exercised. Fund value shall be equal to total units held by the policy multiplied by Net Asset Value (NAV) of each unit. 
  • Death Benefits: The death benefits under the variants shall be as follows:

Variant 1: The death benefit shall be the highest of-

  • Sum Assured, which shall be the higher of cover multiplied by the annual premium or 0.5 times the product. 
  • 105% of total premiums paid till the date of death
  • Total fund value

Variant 2: The death benefit shall be-

  • The highest of sum assured (higher of 10 times the annualised premium or 0.5 times the product) or 105% of total premiums paid by the life insured. 
  • Family monthly income benefit will be paid equal to 1% of the sum assured for a minimum of 36 months up to a maximum of 120 months from the policy anniversary date. 
  • Max Life Insurance shall fund all the remaining premiums following the next due installment date since the date of death.
  • Fund value till the date of death
  • Surrender Value: The life insured may at any time choose to surrender the plan during the policy term. The surrender value shall be equal to fund value minus the discontinuance charge.
  • Tax Benefits: The policyholder will enjoy tax benefits against premiums paid and the receipt of maturity benefits as per The Income Tax Act, 1961.

*Subject to the prevailing tax laws

The Premiums for Max Life Online Savings Insurance

The Max Life Online Savings premium depends on the following factors:

  • Plan variant chosen
  • Age of the entry of the life insured
  • Sum assured
  • Premium payment frequency 

There are other factors at play as well, like lifestyle habits of the life insured, gender, etc.

One can use the Max Life Online Savings calculator available online to determine premiums rates tailored to one's requirement.

Additional Riders for Max Life Online Savings Insurance

Max Life COVID 19 One Year Term Plus rider is offered by the company for additional benefits to the insured.

Eligibility for Max Life Online Savings Policy

The eligibility criteria for the plan are:

  • Entry Age: 18 to 60 years for Variant 1 

                      18-54 years for Variant 2

  • Maturity Age: 85 years for Variant 1 (10 pay option) 

                            70 years for Variant 1 (5 pay options) 

                            65 years for Variant 2

What are the Documents Required to Buy this Policy? 

The Max Life Online Savings plan can be bought by furnishing the following documents:

  • Proof of age
  • Residence proof
  • Passport-size photograph
  • Income proof
  • Any other documents required by the insurer

How to Buy this Plan Online? 

Max Life Online Savings plan can only be bought online:

Step 1: Visit the official website of Policybazaar and fill in the lead form with necessary details.

Step 2: Once the user fills in the details, they will be redirected to the quotes page where they can choose the plan variant, the sum assured, premium payment frequency, etc. 

Step 3: Submission of all required documents online 

Step 4: Subsequently, one can pay using their debit/credit card or net banking, and the policy will commence. 

Exclusions of Max Life Online Savings Plan

Suppose the life insured commits suicide within 12 months from the commencement or revival of the policy. In that case, their nominees will receive a sum equal to the policy's fund value as on the date of communication of death. 

FAQ's

  • Q: Is there a charge levied for switching funds?

    Ans: No. The policyholder can switch between available funds any number of times in a given year without any extra charge levied. The minimum switch amount has to be Rs. 5,000/-. Upon intimation, the insurer shall redeem the unites held in a fund and invest than in the fund of the policy owner's choice.
  • Q: What is the settlement option under the policy?

    Ans: The life insured can opt for a settlement option at least 15 days prior to the date of maturity. The case policy shall continue for a period not exceeding 5 years with a risk cover of 105% of the total premiums paid. The policyholder shall receive periodic payments of unit fund values cancelled at their present NAV.
  • Q: How does the premium reduction option work under this plan?

    Ans: Following at least 5 years from the commencement of risk, the life insured has the option to reduce their premium rate by up to 50% of the original amount by intimating the insurer at least 15 days prior to the due date. Exercising this option would reduce the sum assured proportionately. Once accepted by the insurer, the reduced premium cannot be increased anytime during the policy term.
  • Q: What are the extra charges levied under the policy?

    Ans: The following additional charges are levied under the Max Life Online Savings policy:
    • Fund Management Charge
    • Mortality Charge
    • Surrender/Discontinuance charge
    • Government taxes, cesses and levies.
  • Q: Is there a free look period under the policy?

    Ans: The policyholder has the option to cancel the policy, and the premium amount shall be returned to them after deductions made by the insurer for certain fees. However, the policy owner has to notify the insurance company within 15 days of commencement of risk and return all policy documents and reasons for such cancellation.
  • Q: How can one redirect their premiums between funds?

    Ans: The policyholder can redirect their future premiums between available funds, subject to a maximum of 6 redirections in a policy year and notifying the insurer in written before the premium due date.
  • Q: What is the minimum annualised premium for the Child investment plan?

    Ans: Minimum annualised premiums for the child investment plan are:
    • Annual: Rs. 36,000
    • Semi Annual: Rs.18,000
    • Quarterly: Rs.9,000
    • Monthly: Rs. 3,000
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 0 Reviews)
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Max Life Online Savings Plan Reviews & Ratings

0 / 5 (Based on 31 Reviews)
(Showing Newest 25 reviews)
Omkar
Chennai , October 26, 2021
Great features
I have got day care hospitalization feature under the mediclaim policy which i have purchased from the policybazaar. It offered me lifelong renewability Cover. It includes tax exemption benefits, cashless hospitalization and many other facilities. overall i like my plan.
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Kolkata , October 26, 2021
Trustworthy website
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Kush
Surat, October 26, 2021
Helpful staff
I rarely trust the online purchasing because of the possibility of fraud but Policybazaar has built my trust up. I went through the online process when I was taking care health insurance from here and i found this website trustworthy.
Ranveer
Pune, October 26, 2021
Low cost plan
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Jaipur, October 26, 2021
Good Coverage
I have bought Bajaj Allianz Health Insurance for my family and by taking a health plan, I have secured my entire family. I have got coverage against medical expenses and buying my policy online has saved my money as I did not have to pay agent fees.
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Lucknow, October 26, 2021
Affordable plan
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Kanpur, October 26, 2021
Easy to compare
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Nagpur, October 26, 2021
Good plan
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Allahabad, October 26, 2021
Hassle free experience
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Ranchi, October 26, 2021
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Haora, October 26, 2021
Supportive team
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Coimbatore, October 26, 2021
Smooth service
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Jabalpur, October 26, 2021
Good service
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Aniruddh
Gwalior, October 26, 2021
Cashless treatment
I have got cashless treatment facility in my health insurance. This will help me to save my savings as I will not have to bear the financial burden of medical expenses. Anyone who is looking for the best and an affordable health plan I would love to recommend Policybazaar to them.
Onkar
Vijayawada, October 26, 2021
Easy Reimbursement
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Paramjit
Jodhpur, October 26, 2021
No claim bonus
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Kartik
Madurai, October 26, 2021
Add on cover
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Karun
Raipur, October 26, 2021
Low premium
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Swapan
Kota, October 26, 2021
Easy Reimbursement
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Tarun
Guwahati, October 26, 2021
Pocket friendly plan
I was looking for senior citizen health insurance for a long time which I wanted to take for my father. A relative of mine suggested me the Policybazaar website. I landed to their website and checked the health plans. In the end I finally found one that came within my budget.
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Chandigarh, October 26, 2021
Affordable plan
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Ayesha
Solapur, October 26, 2021
High coverage
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Bahaar
Hubli And Dharwad, October 26, 2021
Good in customer handling
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Bhagyashree
Bareilly, October 26, 2021
Minimal paperwork
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Devika
Moradabad, October 26, 2021
Faster claim settlement
Thankfully I had taken family health insurance from Policybazaar. a while ago, i had to admitted my father to the hospital due to sudden medical emergency. i had claimed and got the claim very easily and quickly. I got faster claim settlement. I am happy with the service.
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