Max Life Online Term Plan Life Cover + Increasing Monthly Income

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Introduction/Overview

Max Life Online Term Plan Life Cover + Increasing Monthly income is a pure term plan available through the company’s website which takes care of the protection needs by providing high coverages at minimal costs. The plan also provides for increasing monthly incomes post the policyholder’s death to support the family’s financial requirements.

Key Features

  • It is a pure term insurance plan with regular pay premium paying options
  • Easy and hassle-free application process

Benefits

  • The nominee gets the Sum Assured on death of the policyholder
  • Increasing Monthly Incomes @ 0.4% of the Sum Assured in the first year which increases by 10% p.a. at a simple rate on the first year’s monthly income is paid for 10 years post the policyholder’s death
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

60 years

Maturity Age (Last Birthday)

-

70 years

Policy Term (PT) in years

10

35

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual

Yearly Premium

Depends on Sum Assured and policy term

Sum Assured

25,00,000

100 crores

 Details About Premium

Annual premium in Rupees for a SA of 50 lakhs and 20 year term

Age (in years)

Premium (in Rs.)

Non- Smoker

Smoker

30

5800

8750

35

7700

12,250

40

11,100

18,300

45

16,800

28,300

Policy Details

Grace Period: 30 days grace period is allowed for payment of premium

Policy Termination or Surrender Benefit: there is no surrender value under the plan

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 30 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

  • Max Life Comprehensive Accident Benefit Rider is available for comprehensive coverage
  • Premium discounts are given for non-smokers
  • Rebates for choosing high Sum Assured levels
  • Female lives are offered lower premium rates

Exclusions

  • In case of suicide committed within 12 months of policy inception or revival only total premiums paid are returned to the nominee.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online and provide self-attested copies of KYC/AML Documents.