Max Life Insurance Online Term Plan Calculator aids the insurance seekers to select the best-suited term insurance plan as per their preference. The term plan calculator by Max Life Insurance Company Limited is a free online tool that helps in calculating the premium.
Max Life Insurance Online Term Plan Calculator is a free online tool to assist policy buyers in computing the payable premium amount for a particular premium term, and sum assured. This online tool considers the variables such as age, annual income, debts, health history, marital status, and the number of dependents to suggest the best term insurance plan at an affordable premium rate.
Online Term Plan
A term life insurance plan that can be purchased on an online platform is referred to as an online term plan. Unlike purchasing offline, the online term plans foster easy comparison, analysis, and decision-making to the expectant policy buyers from the comfort of their homes. Purchasing an online term plan enables the policy buyer to:
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
The policy buyer can follow the steps mentioned below to use Max Life Insurance online term plan calculator:
Step 1: Visit Max Life Insurance's official website. Locate the Max Life Insurance Online Term Plan Calculator and click on it.
Step 2: You will be redirected to a page with different slots to enter your details and information policy requirements.
Step 3: Enter your correct name, date of birth, gender, annual income, and tobacco consumption details. Choose the required life cover sum and policy tenure.
Step 4: Check all the details for accuracy before you make the submission. Submit the details to get a suitable premium quote.
Step 5: Once you find an appropriate premium quote, proceed with the further steps of online payment and submission of proposal forms to complete the policy purchase norms.
Here is a rundown of the key advantages offered by Max Life Insurance online term plan calculator:
In case of offline purchases, the policy buyer must manually visit or call the insurance companies to find out the premium rates and other policy benefits. Manual comparison and analysis of plans offered by multiple insurers is not only a tedious task but also prone to an enhanced risk of calculation errors. With the use of Max Life Insurance Online Term Plan Calculator, the comparison of plans and benefits offered by the insurer is easier and more effective. Though this online calculation tool provides a rough figure of the premium values, the calculations are precise and error-free.
By reducing the risk manual calculation, the Max Life Insurance Online Term Plan Calculator facilitates the policy aspirant to evaluate the plans, choose an affordable plan that satisfies his/her financial requirements, and make the purchase instantly by making payments through online modes such as net banking, debit and credit cards, UPI apps and e-wallets. The buyers are also catered with an instant online purchase receipt that can be furnished as proof for tax exemption.
The following details are to be entered accurately while using the Max Life Insurance Online Term Plan Calculator in order to obtain accurate estimations of premium rates.
The following are the key benefits of buying Max Life Online Term Insurance Plans:
The concept of term insurance plans is social. So, it secures the financial instabilities of the families of the policyholders and hence makes the society financially sound.
The policyholder can stay assured of financial stability at times of unfavourable emergency circumstances such as accidental death or permanent disability, and critical illness.
Under the prevailing tax laws, the policyholders are exempt from tax for the premiums paid and the sum assured.
The Max Life online term plans provide you with the flexibility to choose the tenure and assured sum. Also, it enables you to easily compare various insurance products by using Max Life Insurance Online Term Plan Calculator.
With the online term plans of Max Life Insurance, you can also choose to avail monthly returns to assist the basic financial requirements of your family, such as rent, food, utility bills, and EMIs.
Financial protection offered to the insured person's family in the form of lump-sum pay-out through Max Life Insurance Online term plans can secure the future education goals of the family members.
Purchasing an online term plan from Max Life Insurance is made easier and faster by following these steps.
Step 1: Choose an appropriate life cover and policy term - Use the Max Life Insurance Online Term Plan Calculator to compare the products. Estimate the premium values for various combinations of policy terms and assured sums. Make a wise choice of the life cover offered and the period for which it is offered, considering your affordability and financial goals.
Step 2: Include apt riders - You can choose to provide additional financial support to your family in cases of your permanent disability or life-threatening diseases by adding suitable riders to your term plan. The addition of the rider will incur an addition to the premium sum.
Step 3: Pay the Premium Value - Furnish all the required details correctly to the best of your knowledge. Add a nominee to your plan and make the payments through online payment options that are easy and secure.
Step 4: Fill in the proposal forms - This form evaluates your life's data that relates to your claims in the future, such as professional details, lifestyle habits such as tobacco and alcohol consumption, and the health history of the insured person and his/her family.
Step 5: Medical test - After the successful submission of the proposal forms, the policyholders are expected to submit the required documents. Medical test is done for specific policyholders based on selected cases of individual life-risk.
The premium rates evaluated by the Max Life Insurance Online Term Plan Calculator for online term plans are lower compared to an offline term plan purchase. The reduction in premium rates is mainly due to the non-involvement of an insurance advisor. The savings of the agent's commission is distributed by the insurer among the policy buyers and hence reducing their premium rates. Savings of overheads such as stationery, logistics, and documents also account for the reduced premium rates for an online term plan.
Max Life Insurance offers its customers numerous other highly efficient and useful calculation tools in addition to the Max Life Insurance Online Term Plan Calculator. Few remarkable ones are:
Term insurance plans essential for the financial security of the families and hence the society. Max Life Term Insurance Plans offer several additional benefits along with the basic life cover for a specified term. The policy buyers are offered a flexible provision to choose their assured sum and pay-out options. The insured person can also choose the premium payment term.
These online term plans offered by Max Life Insurance expect the policyholders to pay the premiums only till the age of their retirement, i.e., up to 60 years. However, the term period may be extended up to 85 years as per the requirements of the insured person. The plans offer comprehensive financial protection against permanent disability or death due to accidents, critical illness, and loss of the insurer's life. It would be best if you make use of the Max Life Insurance Online Term Plan Calculator to compare the plans and proceed with the hassle-free online purchase of the suitable term plan.
A1. A term insurance plan is an important investment for all salaried individuals.
A2. Online or offline term insurance plans do not offer any benefits on the maturation of the plan and if the policyholder is alive till the end of the policy tenure. However, the nominee, as mentioned by the policyholder at the time of purchasing the policy, will get a lump sum amount in case of death or permanent disability, or critical illness of the person insured.
A3. The policy buyers are permitted to purchase multiple life insurance term plans. You are also free to choose plans either from a single insurance company or multiple companies. Irrespective of the number of policies you own, the maximum life cover offered to you depends on your income, assets, age, and financial liabilities.
A4. The profession of the expectant policyholder is an important factor that decides the premium sum. Every profession involves a specific percentage of risk towards the employee's life. The higher the risk of the person's profession, the higher the value of the premium.
A5. In general, the term plans offer the flexibility of choosing the assured sum. You must consider your financial liabilities and annual income while choosing your life cover sum. Experts usually suggest that the policyholders must choose their basic life cover 10 to 15 times more than their annual income. The policy buyers are also free to use the online Max Life Insurance Term Plan Human Life Calculator if they are ambiguous about choosing an appropriate life cover sum.
A6. Term insurance plans do not offer any maturity benefits at the end of the policy term. However, it offers life cover to the nominee specified by the insured person if in case the policyholder incurs a loss of life within the policy tenure.
A7. The premium rates calculated by online Max Life Premium calculators are highly reliable. As there are no manual calculations and intervention of middlemen, the Max Life Insurance Online Term Plan Calculator provides accurate results of premium estimations as long as the input information furnished by the customer is true and precise.
A8. Max Life Insurance Term plan can be purchased any time after 18 years. However, it is better to purchase the plan earlier to incur minimum premium rates.
A9. It is 100% safe to purchase a term insurance plan online. However, the policy buyer must make sure that the purchase is made from the authentic online site of the insurance company. Online purchase of term plans provides lower premium rates, minimum documentation, high transparency, and easier premium payment and life cover settlement modes.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.