What are the Benefits of Axis Max Life Term Insurance Plans?

Here is how buying the best Axis Max term insurance plan can benefit you:

• Death Benefit - This is the amount paid to the policyholder's family after his/her unfortunate demise. The policyholder can choose to receive the entire death benefit payout as a lump sum or monthly income.

• Financial Benefit for Family - Your family can use the benefit amount to take care of their financial needs like paying for the child’s fees, taking care of their outstanding loans, and other monthly expenses.

• Return of Premium - If you opt for the term insurance with return of premium option, your premiums will be returned on the maturity of the policy (excluding GST and other charges). The Axis Max term plan with return of premium can be availed by paying an extra premium amount.

• Rider Benefits - Term insurance riders provide additional protection against unforeseen events like accidental death, terminal illness, critical illness, and waiver of premium on job loss, that you can add to your term life cover. These can be added to your base Axis Max term plans at nominal premiums.

• Long-term Coverage - Axis Max term insurance provides long term coverage that can be customised to fit your family’s financial needs. You can get covered with a whole life insurance till you turn 99/100 years of age.

• Tax Benefit - You can claim term insurance tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act, 1961.

Note: Know what is term life insurance first and then buy a term plan for your loved ones.

Who Should Buy Axis Max Life Term Insurance Plans?

Buying a term insurance plan depends on the unique needs of each individual. Here is a list of individuals who should buy Axis Max life term insurance plans:

How to Buy Axis Max Life Term Plan From Policybazaar?

The steps to buying Axis Term Insurance plan are mentioned below:

• Step 1: On the Visit Policybazaar and go to the 'Term Insurance' page.

• Step 2: Fill in the required details like name, gender, and other information

• Step 3: Answer questions about your annual income, occupation type, education, and smoking habits

• Step 4: Choose the best Axis Max term insurance from the available list and proceed to pay

• Step 5: Pay the premium and the policy will be issued and sent to your registered email address and phone number.

How to Choose the Right Axis Max Life Term Insurance Plan?

To choose the most suitable Axis Max life term plan, you must keep the following

• Check the Claim Settlement Ratio of the Insurer: The Axis term insurance claim settlement ratio specifies the number of claims settled by a company against the number of claims it received. So, the higher the claim settlement ratio of an insurer, the more reliable it is. For the years 2023-24, the claim settlement ratio of Axis Max Life Insurance Company is 99.7%, which means that out of 100 claims, the company settled 99.7 claims in the year 2023-24.

• Check the Solvency Ratio of the Insurance Company: consider before buying an Axis term insurance plan is solvency ratio. The solvency ratio of an insurance company shows its financial situation according to the solvency norms. By checking it, you get to know whether the company has sufficient funds for claim settlement in both the short and long term. Axis Max Life Insurance Company has disclosed in the year 2020-21 that its solvency ratio is 202%, which is far more than the IRDAI mandate of 150%.

• Check Customer Stories and Their Experiences with the Insurer: You can learn a lot about the insurer by learning about the existing customers' experiences and satisfaction levels. The Insurance Regulatory Agency declares the insurers' persistency ratio every year. As per this report for the financial year 2020-21, Axis Max Life Insurance Company has a persistency ratio of 84%. 84% of its customers feel safe and fully satisfied with the Axis Max Life Term Insurance customer care services.

• Know the Term Plan and Riders Carefully Before Buying: There are different Axis Max Term Insurance plans, and they are designed to meet the varied needs of customers. So, it is recommended that you buy a term plan that has features and inclusions that meet your requirements and needs. If you want to add a rider to your term plan, add it carefully. Choose Sum Assured Wisely: It is recommended that you choose it very wisely by analyzing your financial needs and expenses. Some websites offer a Term Insurance Calculator; you can use that to estimate the sum assured you may need to fulfill your future needs as per your current conditions.

• Choose Sum Assured Wisely: A large sum assured looks fascinating to all. However, it is recommended that you choose it very wisely by analyzing your financial needs and expenses. Some websites offer a Term Insurance Premium Calculator; you can use that to estimate the sum assured you may need to fulfill your future needs as per your current conditions.

Documents Required to Buy Axis Max Life Term Insurance Plan

Here is the list of documents that are required to buy an Axis Max Term Insurance plan:

• Voter ID Card

• Passport (if you have)

• Job card that is issued by NREGA. This card should duly be signed by the State Government Officer

• Aadhaar Card

• PAN Card and/or Form 60 in addition

• National Population Register that has details of your address, name, and Aadhaar card

• Or some other documents that are issued by the Central Government

If the aforementioned documents do not have your updated address, you have to provide the following documents:

• Receipt of property or municipal tax

• Utility bill of any service provider but it should not be older than two months

• In the case of a retired person, family pension or pension orders

• For government employees, the employee card issued by Government Department or Public Sector Unit, if they have an address

• Accommodation allotment letters issued by the Central or State Government departments, regulatory or statutory bodies, financial institutions, PSUs, commercial banks, and listed companies

The salaried individuals must provide the following Income proofs:

• Bank statement for the last three months that has records of salary credited to this account

• Income Tax Returns of latest two years

• Form 16 of the latest year

• Income Tax Returns of the latest two years but not filed in the same year with Computation of Income

• In case of unavailability of computation of income, income tax returns of the latest three years but not filed in the same year

• Audited balance sheet certified by CA and profit loss account for latest two years

• Form 26 AS

In case, you are buying a term insurance policy online, you have to upload the attested copy of all the aforementioned documents.

Note: Check out the best term life insurance in India and choose one that suits your requirements.

Axis Max Life Term Plan - FAQs