Max Life Insurance Company Limited is formed as a joint venture between Max India Limited, a leading multi-business corporate and Mitsui Sumitomo Insurance Company Limited which is member of MS & AD Insurance Group, a leader in the general insurance sector across the world. The rich experience of both the companies has made Max Life one of the leaders in the Indian Insurance Industry. Ranked among the top 4 life insurance company in India, the Max Life Insurance company holds a market share of 10.30%. With a team of market experts, the company offers one stop solution for all the insurance needs of the individual.
Max Life Insurance Company offers different types of Max Term Insurance Plans in order to fulfill the requirements of the insurance seekers. Let us take a look at term Insurance Plans offered by Maxlife.
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 50 years 45 years | 75 years | 20,25,30 years | Equal to policy Term |
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The company has diverse types of term plans in its kitty and every Max Life term plan promises the customer attractive benefits at competitive rates. A detailed discussion of the available Max Life term plans is done below:
This is a Max Life term plan with an increasing Sum Assured feature and a dual death benefit option. The features of this Max Life term plan are as follows:
Minimum | Maximum | |
Entry Age | 18 years | 65 years |
Maturity Age | - | 75 years |
Policy Term | 10 years | 35 years |
Sum Assured | Rs.25 lakhs | No limit |
Premium Amount | Rs.5000 | Based on coverage |
Premium Payment Term | Equal to the policy term | |
Premium Payment Frequency | Yearly, half-yearly, quarterly or monthly. |
As the name suggests, this online Max Life term plan offered by the company has the following aspects:
Minimum | Maximum | |
Entry Age | 18 years | 60 years |
Maturity Age | - | 70 years |
Policy Term | 10 years | 35 years |
Sum Assured | Rs.25 lakhs | Rs.100 crores |
Premium Payment Term | Equal to the policy term | |
Premium Payment Frequency | Yearly |
This plan is an online Max Life term plan promising regular monthly incomes post death. The Max Life term plan’s features are:
Minimum | Maximum | |
Entry Age | 18 years | 60 years |
Maturity Age | - | 70 years |
Policy Term | 10 years | 35 years |
Sum Assured | Rs.25 lakhs | Rs.100 crores |
Premium Payment Term | Equal to the policy term | |
Premium Payment Frequency | Yearly |
An online Max Life term plan promising regular monthly incomes post the death of the insured. The features of this Max Life term plan are as follows:
Minimum | Maximum | |
Entry Age | 18 years | 60 years |
Maturity Age | - | 70 years |
Policy Term | 10 years | 35 years |
Sum Assured | Rs.25 lakhs | Rs.100 crores |
Premium Payment Term | Equal to the policy term | |
Premium Payment Frequency | Yearly |
This is a Max Life term plan which promises the return of premium if the plan matures. The features of the Max Life term plan are as follows:
Minimum | Maximum | |
Entry Age | 21 years | 55 years |
Maturity Age | - | 75 years |
Policy Term | 20 years | 30 years |
Sum Assured | Rs.5 lakhs | Rs.1 crore |
Premium Amount | Rs.8500 | Based on coverage |
Premium Payment Term | 11 years | |
Premium Payment Frequency | Yearly, half-yearly, quarterly or monthly. |
As there are numerous of benefits offered by Max term Insurance Plan, it has some exclusion too. In case of demise of the insurance holder due suicide within 12 months of the policy initiation the insurance company does not provide any death benefit to the beneficiary of the policy. However, the insurer will refund only the premium amount paid till date.
Max Life Term Insurance Plan offers very easy process of claim settlement. One just needs to follow the below mentioned steps to do so.
The important documents that should be kept handy while purchasing the term plan are:
The company offers the last Max Life term plan called e-Term Plan which is available online only. The customer only needs to log into the company’s website, choose the required Max Life term plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online for the Max Life term plan through credit card, debit card or net banking facilities and the policy will be issued.
Max Life term plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
Life insurance needs differ from person to person and so it won't be possible to make a generalized assumption about the amount of term insurance an individual needs. However if you are wondering as to exactly how much term coverage you would need, there are a few simple ways in analyzing this.
To do this, you have to keep a few things in mind. They are:
Once you know this, you will know exactly how much money your family will need if you were to die suddenly. Let us understand this with an example.
Sachin has a wife and twin girls, aged 10. His wife is working as well, but she plans to work for another 5 years only. Sachin has a car loan and needs to pay EMIs every month for another 15 years. He plans to send one of his daughters to Milan to study fashion the other one to Singapore for her MBA. He calculates that the combined cost of their education would be about Rs.30 lakhs. So he buys a term plan for Rs. 60 lakhs, which would be enough to pay for his kids’ education, run the household and pay off the loan. So he buys a term plan for that amount.
Apart from the amount, it is also important to understand that a term plan is purchased for a particular term and should not go on forever! In Sachin’s case, he bought the term plan for 20 years as he calculated that 20 years was enough time for his daughters to get financially independent and support themselves and their mother. By then, the loans would also be paid off. So like Sachin, keep the financial goals in mind and buy coverage for as long as you need, not more not less.
If you cannot calculate how much term life insurance coverage you need on your own, it is always a good idea to consult your insurance agent or your financial advisor. However, when consulting your agent, make sure you understand your needs and do not allow the agent to convince you to buy more insurance than you need.
A term plan is created in such a way that it helps protect one’s family, financially, when one is no longer around to personally take care of them. It pays one’s loved ones, adequate money as per the sum assured amount of the term plan, to take care of the basic financial needs of the family. A term plan prevents the immediate family from facing a full blown financial crisis right after the loss of a loved one.
With the wide spread use of the internet, term plans are also being offered online. It is quite easy to buy a plan online. All one has to do is go to the insurance company’s website, choose the online term plan, generate a quote as per one’s unique set of particulars and pay for the plan to close the purchase process. Buying a Max Life term plan is very simple and can be undertaken from the comfort of one’s home or office.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
Studies have shown that life insurance plans purchased online are up to 50% cheaper than their offline counterparts. This is because one is purchasing from the life insurance company directly. There are no intermediaries involved and channel sales costs are not passed down to the customer. The cost of overheads is also eliminated. Therefore just like shopping for one’s favourite mobile phone, one can buy a term insurance plan online.
The online method of buying an insurance policy is much more efficient and smooth as compared to the traditional offline way. There is no need to take print-outs, fill lengthy physical forms, and make photocopies to buy a life insurance policy over the internet. The online user interface is intuitive and the online form easy to fill. In fact, the process of filling personal information is quick and such that incorrect entries are automatically highlighted. Mandatory details left blank are also highlighted and one is prompted to fill those before proceeding forward.
Convenience is the hallmark of the online medium of purchase. One does not have to stand in a long queue in a crowded branch office of the insurance company. The purchase can be made sitting in the comfort of home or office. One can transact anytime of the day, any day of the week from any location. The purchase can be made from any internet-enabled device – mobile phone, personal computer, laptop, even a television with a keyboard / remote with computer keys. The process of online purchase is a breeze unlike the traditional offline way.
Online mode of purchase also facilitates quick comparison of life insurance plans. One can effortlessly browse insurance products and easily compare their features on different parameters – benefits, premium options, eligibility criteria, exclusions, riders, discounts etc. Comparison helps in better decision making.
Insurance companies provide complete details of every insurance product on their website. Prospective customers can browse through the finer details of any plan they are interested in. All information pertaining to a plan including its policy brochure is available on the website of the insurance company. This would include the key offerings, benefits, extent of cover, eligibility criteria, benefit illustration, application procedure, claim filing process, FAQ section and more. Online mode of purchase facilitates in greater transparency, helping one choose the most appropriate term plan as per individual requirements.
The online mode offers superior means to assist a customer. Besides being fast and efficient, websites usually have a knowledgebase of articles as well as an FAQ section that answer common queries in detail, thereby assisting in choosing the best life insurance plan. Dedicated customer support teams are always available to assist with doubts and queries – by online chat or through VoIP phone. Offline method of purchase does not offer the same level of support that the online mode offers.
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For the online payment mode, the policyholder can pay via;
Step 1: Enter your Client ID and Date of Birth to login into e-portal
Step 2: Enter the policy details of your Max Life term plan and select the payment method (Debit/Credit Card or Net Banking)
Step 3: Save/print premium deposit receipt on successful payment intimation
Alternatively, you can pay via cash/cheque at any of the nearest branch.
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