Max Life Term Insurance Plan
Max Life Insurance Company offers a range of term insurance plans to its customers. These plans offer financial support to families if the policyholder dies within the policy period. Some important features of its term plans include the monthly income for families, cover for housewives, extra protection in case of accidents, etc.
Max Life Term Insurance Plan
+Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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Why Buy Max Life Term Insurance Plan?
Reasons why Max Life term plans may be suitable for you are -
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Last year, the company paid off 99.35% of the death claims filed by families of deceased policyholders.
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The plans can help replace the loss of income as a result of the policyholder’s death, disability, or illness.
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Policyholders have the flexibility to pick the policy term and the premium payment conditions based on their needs.
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Customers can buy a high cover at affordable premiums with special discounts for women and non-smokers.
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Policyholders can pay premiums through net banking, credit cards, debit cards, digital wallets, etc. as per their convenience.
Benefits of Max Life Term Insurance Plans
Here is how you can benefit from the term plans offered by Max Life.
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Death Benefit - This is the amount that is paid to the family of the policyholder after his/her unfortunate demise. One can choose to receive the entire amount as a lump sum or as monthly income.
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Return of Premium - Your premiums will be returned to you if you opt for this option. The Max Life term plan with a return of premium can be availed on paying an extra premium amount.
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Tax Benefit - The policyholder can save on taxes under section 80C of the Income Tax Act, 1961.
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Cover for Housewives - Max Life offers life cover for housewives under its Max Life Smart Secure Plus Plan. The maximum sum assured can range up to Rs.50 Lakhs.
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Rider Benefits - Riders are extra protection against accidental deaths/disabilities that you can add to your term life cover. These are available at nominal premiums with Max Life term plans.
Who Should Buy Max Life Term Insurance Plans?
Buying a term insurance plan depends on the unique needs of each individual. Every buyer, however, has loved ones that depend on him for survival. Term plans are most suitable for the following individuals -
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Individuals with dependent parents
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Individuals planning to start a family
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Working parents
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New married partner
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Professionals with unpaid debts/loans
Types of Max Life Term Insurance Plans
Max Life Insurance Company offers different types of Max Term Insurance Plans to fulfill the requirements of the insurance seekers. Let us take a look at term insurance plans offered by Max Life Insurance Company:
| Plans | Entry Age | Maturity Age | Policy Term | Premium Paying Term |
| Max Life Super Term Plan | Minimum- 18 years Maximum- 65 years | 75 years | 10-35 years | Equal to Policy Term |
| Max Life Online Term Plan Plus | Minimum- 18 years Maximum- 60 years | 85 years | 10-50 years | Equal to policy Term |
| Max Life Premium Return Protection Plan | Minimum- 21 years Maximum- 55 years | 75 years | 20,25,30 years | Equal to policy Term |
| Max Life Smart Secure Plus Plan | Minimum- 18 years Maximum- 44 years | 65 years | 5-67 years | Single Pay: 10 to 67 years Regular Pay: 10 to 67 years 5 Pay: 10 to 67 years 10 Pay: 15 to 67 years 12 Pay: 17 to 67 years 15 Pay: 10 to 67 years |
| Max Life Flexi Wealth Plus | Minimum: 18 years Maximum: 50 years |
85 years | For Regular pay: Cover till age 65, 70,75,80,85 years For limited pay: Cover till age 65,70,75,80,85 years |
5, 10, 15 years for Regular Pay |
++Disclaimer: “Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
Different types of Plans
Riders/Add-Ons
Riders or add-ons are additional benefits that you can add to your base term insurance plan to enhance its coverage. A point to note here is, that when you add a rider benefit to your base plan, you need to pay an additional premium. Here is the list of riders that Max Life Insurance Company provides for its term insurance plans:
| Name of the Rider | Rider Benefit |
| Waiver of Premium Plus Rider | This rider waives off all the future premiums in case of any unfortunate event including death, disablement, and diagnosis of some specified critical illnesses. |
| Comprehensive Accidental Benefit Rider | This rider offers an additional benefit in case of death or disablement caused due to an accident. |
| Critical Illness Benefit Rider | Purchasing this rider gives you benefits when you are diagnosed with some critical illness that is defined in the rider documents. |
How to Buy Max Life Term Insurance Plan?
The steps to buying a Max Term Insurance plan are mentioned below:
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Visit the official website of Policybazaar.com, i.e. https://www.policybazaar.com/
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On the home page, select the 'Term Life Insurance' option.
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Now, a form will be opened, provide the required details there and click ‘View Free Quotes’.
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After this, you need to answer a few questions related to your annual income, job, education, and smoking habits.
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As soon as you submit all these details, a list of available term insurance plans will appear.
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Choose a Max Life term insurance plan as per your suitability and then provide your basic details like name, email address, occupation, and annual income.
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Click 'Proceed' and you will be redirected to the payment gateway.
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Pay the premium and the policy will be sent to your registered email address and phone number.
Points to Consider While Buying Max Life Term Insurance Plan
To choose the most suitable term insurance plan, you must keep the following points in mind:
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Check the Claim Settlement Ratio of the Insurer: The 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 2020-21, the claim settlement ratio of Max Life Insurance Company is 99.35%, which means out of 100 claims, the company settled 99.35 claims in the year 2020-21.
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Check the Solvency Ratio of the Insurance Company: Another thing to consider before buying a term insurance plan is its solvency ratio. Going to the basics, 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. 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%.
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Check Customer Stories and Their Experiences with the Insurer: By knowing the experiences and satisfaction levels of the existing customers, you can get to know a lot about the insurer. The Insurance Regulatory every year declares the persistency ratio of all the insurers. As per this report for the financial year 2020-21, Max Life Insurance Company has a persistency ratio of 84%. This means, that 84% of its customers feel safe and fully satisfied with the services offered by the company.
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Know the Term Plan and Riders Carefully Before Buying: There are different Max Term Insurance plans and they are as per the varied needs of the customers. So, it is recommended to buy a term plan that has features and inclusions as per your requirements and needs. If you want to add a rider to your term plan, then add it very carefully.
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Choose Sum Assured Wisely: A sum assured of a large amount looks fascinating to all. However, it is recommended to choose it very wisely by analyzing your financial needs and expenses. Some websites offer 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.
Documents Required to Buy a Max Life Term Insurance Plan
Here is the list of documents that are required to buy a Max Life Term Insurance plan:
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Voter ID Card
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Passport (if you have)
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Job card that is issued by NREGA. This card should duly be signed by the State Government Officer
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Aadhaar Card
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PAN Card and/or Form 60 in addition
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National Population Register that has details of your address, name, and Aadhaar card
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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:
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Receipt of property or municipal tax
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Utility bill of any service provider but it should not be older than two months
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In the case of a retired person, family pension or pension orders
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For government employees, the employee card issued by Government Department or Public Sector Unit, if they have an address
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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:
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Bank statement for the last three months that has records of salary credited to this account
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Income Tax Returns of latest two years
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Form 16 of the latest year
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Income Tax Returns of the latest two years but not filed in the same year with Computation of Income
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In case of unavailability of computation of income, income tax returns of the latest three years but not filed in the same year
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Audited balance sheet certified by CA and profit loss account for latest two years
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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.
Max Life Term Plan - FAQ
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Ans. The cost of a term insurance policy depends on various factors, which are:
- The age of the applicant
- His/her annual income
- Tenure of coverage
- The coverage amount that one wants
- His/her health conditions
- Whether the applicant is a smoker or non-smoker
Since these factors vary from person to person, so the coverage amount also varies.
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Ans: The maximum age to buy a term life insurance policy can range up to 60 years. However, it also varies with the type of Max Life Term Insurance plan you choose. For example, if you select Max Life Smart Plan with Return of Premium add-on benefit, the maximum duration for which you can buy this plan is 50 years. This means that if you purchase this plan at the age of 30 years, you get coverage for up to 80 years. If you buy it at the age of 25 years, you get coverage for up to 75 years. Since the maximum coverage age for this plan is 85 years, if you purchase this plan at the age of 40 years, you get the coverage for 45 years only, which is till you attain 85 years of age.
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Ans: A term insurance policy provides tax benefits to lower the tax burdens of a policyholder. According to the IT Act 1961, the premiums that one pays towards a term insurance policy attract tax deductions of up to Rs.1.5 lakh. In the same manner, for critical illnesses, you get tax benefits under section 80D of the IT Act. Moreover, the death benefit received by your nominee/ family members also attracts tax exemption. In this way, for any taxpayer, these tax benefits with a term insurance plan are like the cherry on the cake.
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Ans: Yes, it is possible to have more than one term insurance policy. You can either have multiple term insurance plans from the same insurer or different insurers. However, at the time of buying more than one term insurance plan, you should keep the following points in mind:
- You must disclose the information of all the term insurance policies that you own to the new insurance provider at the time of buying a new policy. This helps the new insurer to access your eligibility life cover.
- Read all the documents of the policy carefully for understanding its features, exclusions, and inclusions.
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Ans: Yes, a term insurance policy does pay the death benefits to your family members in case of natural death as well as death due to an accident. It provides the nominee of the policy a certain amount irrespective of the reason for death. However, there are some instances that a term insurance policy does not cover, you should check those conditions before buying any term plan.
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