Max Life Online Term Plan Life Cover + Monthly Income

Max Life Online Term Plan Life Cover + 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 level monthly incomes post the policyholder’s death to support the family’s financial requirements.

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Get ₹1 Cr. Life Cover at just ₹449/month*
No medical
checkup required
Covers
COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers

*Tax benefit is subject to changes in tax laws.

**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Get ₹1 Cr. Life Cover at just ₹449/month*
No medical checkup required
Covers COVID-19
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Key Features

Some key features of the plan are mentioned below:

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

Benefits

Listed below are some benefits of the plan:

  • Nominee gets a 100% Sum Assured on death of the policyholder
  • Level Monthly Incomes @ 0.4% of the Sum Assured 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 illustration* is shown in the table below:

Age (in years)

Premium (in Rs.)

Non- Smoker

Smoker

30

5350

8050

35

7050

11,150

40

10,150

16,600

45

15,300

26,650

*Annual premiums can change depending upon your requirements.

Policy Details

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

  • 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 cancelling the policy within 30 days of receipt of the policy documents, provided there has been no claim.

Additional Features or Riders

Let us look at additional features or riders:

  • Max Life Comprehensive Accident Benefit Rider is available for comprehensive coverage
  • Premium discounts are given to 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

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

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