Max Life Online Term Plan Life Cover + Monthly Income

Let us take a look at the key features and benefits of this monthly insurance plan:

Key Features of Max Life Online Term Plan Plus Life Cover + Monthly Income

Some key features of the plan are mentioned below:

• It is a pure term insurance plan with regular pay, pay till 60 years, and 10 year premium paying options

• This term insurance monthly insurance plan offers 3 death benefit options, of which you can select the life cover + monthly income to have your nominee receive the lump sum death benefit and monthly income for the next 10 years

• The accelerated critical illness benefit will pay the benefit amount on the diagnosis of a critical illness listed under the plan

• With the life stage benefits, you can increase the sum assured at different milestones like marriage and kids

• You can increase the plan’s base coverage by adding the waiver of premium riders at additional premiums

• Easy and hassle-free application process

Benefits of Max Life Online Term Plan Plus Life Cover + Monthly Income

Listed below are some benefits of the plan:

• Death Benefits

  The Max Life Online Term Plan Plus offers the option of choosing the most suitable death benefit option, but the plan’s Life Cover + Monthly Income variant the following benefit on the death of the policyholder

  In case of the policyholder’s death during the policy term, the insurer will pay the nominee the sum assured amount in a lump sum and pay an additional 0.4% of the base sum assured every month for 10 years.

• Maturity Benefits

  There is no maturity or surrender benefit available under this Max life insurance plan.

• Accelerated Critical Illness

  With the accelerated critical illness rider, you can receive the rider sum assured on the diagnosis of any of the 40 critical illnesses listed under the plan during the policy term. This benefit comes with a waiting period of 90 days, during which no amount will be payable.

• Life Stage Event

  The plan allows you to increase the sum assured as your needs change at different life stages like marriage, childbirth, and home loan.

• Tax Benefits

  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.

Eligibility Conditions for Max Life Online Term Plan Plus Life Cover + Monthly Income

You need to satisfy the following eligibility conditions to purchase this monthly insurance plan by Max Life Insurance:

Additional Riders of Max Life Online Term Plan Plus

Let us look at additional riders offered by the Max life online term plan plus life cover + monthly income:

• Max Life Comprehensive Accident Benefit Rider

  This rider pays the additional rider sum assured on the death or disability of the policyholder during the policy term as per the policy’s T&Cs.

• Max Life Waiver of Premium Plus Rider

  The policy will waive off all the remaining premiums on the disability or diagnosis of a critical illness listed under the rider, and the policy will continue its coverage as normal.

Policy Details of Max Life Online Term Plan Plus Life Cover + Monthly Income

Listed below are the things you must know about Max Life Online Term Plan Plus Life Cover + Monthly Income:

• Grace Period: You can pay the premiums within 30 days for quarterly, semi-annual, and annual modes or within 15 days for monthly modes.

• Policy Lapse: If the policyholder fails to pay the premiums within the grace period, the policy will lapse and will no longer provide coverage and benefits to the policyholder. If the policyholder meets an eventuality while the policy has lapsed, the insurer will provide no benefit amount. 

• Policy Revival: In case your term insurance is in lapse, you can revive your plan within 5 years from the date of the first unpaid premium. You will need to submit a written application, evidence of insurability, overdue premiums, late payment fees, and interests.

• Free Look Period: If you are not pleased with the coverage and terms and conditions of the policy, you have the option of canceling the policy within 30 days (for online policies) of receipt of the policy documents, provided there has been no claim.

Exclusions

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