Max Life Online Savings Plan

Max Life Online Savings Plan Details:

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

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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

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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. 

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