Max Life Term Plans

Other Term Insurance Plans

Following is a list of other Max Life Term Insurance that will provide comprehensive protection to your family in case of your absence. Go through all the plan details carefully and choose the one that suits your financial requirements the best.

Benefits of Max Life Term Insurance Plans

Here is how you can benefit from the term plans offered by Max Life.

• 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.

• 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.

• Tax Benefit - The policyholder can save on taxes under section 80C of the Income Tax Act, 1961.

• 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.

• 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 -

• Individuals with dependent parents

• Individuals planning to start a family

• Working parents

• New married partner

• Professionals with unpaid debts/loans

How to Buy Max Life Term Insurance Plan?

The steps to buying a Max Term Insurance plan are mentioned below:

• On the home page, select the 'Term Insurance' option.

• Now, a form will be opened, provide the required details there and click ‘View Free Quotes’.

• After this, you need to answer a few questions related to your annual income, job, education, and smoking habits.

• As soon as you submit all these details, a list of available term insurance plans will appear.

• 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.

• Click 'Proceed' and you will be redirected to the payment gateway.

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

Five things to know before buying Term Plan Five things to know before buying Term Plan

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:

• 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.

• 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%.

• 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.

• 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.

• 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:

• 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.

Max Life Term Plan - FAQ