Max Life Insurance 5 Year Plan

Max Life Insurance in Brief

Max Life Insurance provides various coverage options, features, and benefits under each one of its plans. There are various savings plans under Max Life Insurance like – child protection, retirement, and child savings. Max Life Insurance 5 Years Plan caters to different needs of the policyholder and offers significant benefits with add-ons.

List of Plans with 5 Years Plans

Different types of Max Life Insurance 5 Years Plans are:

• Max Life Online Savings Plan

• Max Life Smart Term Plan with Accident Cover Option

The plans mentioned above come under Max Life Insurance 5 Years Plans.

Max Life Online Savings Plan

Max Life Online Savings Plan is a plan that acts as an investment for people looking for great returns on investing small amounts for a short period. Since this plan is for five years, the policyholder can only enjoy the benefits of this plan under its tenure. 

1. Eligibility

   Individuals must fall under a particular eligibility criterion if they wish to take this policy. The eligibility criterion for Max Life Online Savings Plan is provided below:

   • The minimum entry age for buying this policy is 18 years and the maximum entry age is 60 years. 

   • The maturity age for this policy is 70 years up to 80 years.

2. Documents Required 

   Some documents are needed for getting a Max Life Online Savings Plan. They are:

   • Proof of Age (ID Proof)

   • Residence Proof (Address Proof)

   • Passport size photographs

   • Income Proof (Salary slip or Bank statements)

   • Any other documents requested by the Insurance Provider (If necessary)

3. Sum Assured

   Sum Assured amount varies depending on the policy tenure, premium payment term, maturity date, and coverage. The sum assured starts from 1.2 lakhs with no upper limit. Thus, the policyholder can choose their sum assured as high as they need.

4. Features

   Some features of the Max Life Online Savings Plan are discussed below:

   • Flexible Fund Investment Options are provided under this plan. Thus, the policyholder can choose either a low-risk investment for their financial benefits.

   • The policyholder's family is covered with this online savings plan; thus, the individual can live a stress-free life about their future or any financial crisis in their life.

   • Since this is an online plan, there is no need to pay for policy admin or premium allocation charges.

   • Flexibility is provided for the policyholder to switch their money as many times as possible throughout the policy term.

   • A grace period of 15 days is provided for monthly premium payment dues, and 30 days is provided for all other premium payments.

5. Benefits

   There are several significant benefits in taking a Max Life Online Savings Plan. Some of these benefits are:

   • Maturity benefits are provided for the policyholder wherein upon the policy maturity. The policyholder gets (NAV) of each unit.

   • Death Benefits are provided if the policyholder dies due to certain conditions mentioned in a policy. The nominee of the policy can enjoy death benefits.

   • Tax Benefits are provided as per the Income Tax Act, 1961.

   *Tax benefits are subject to change as per tax laws. Standard T&C Apply.

Max Life Smart Term Plan with Accident Cover Option 

Max Life Smart Term Plan provides multiple coverage options. The accidental cover provided by the Smart Term Plan is a key benefit. Various features and benefits of the Max Life Smart Term Plan are provided below.

1. Eligibility

   Individuals must fall under a particular eligibility criterion for getting Max Life Smart Term Plan with an Accidental Coverage Option. The eligibility criterion is listed below:

   • The minimum entry age for this policy is 18 years. 

   • Single individuals, married with kids, and married with no kids are eligible for this plan.

2. Documents Required 

   Some documents are needed for getting a Max Life Online Savings Plan. They are:

   • Proof of Age (ID Proof)

   • Residence Proof (Address Proof)

   • Passport size photographs

   • Income Proof (Salary slip or Bank statements)

   • Any other documents requested by the Insurance Provider (If necessary)

3. Sum Assured

   Sum Assured for an accidental death benefit can be as high as 1 crore. Sum assured varies depending upon the policy tenure and respective terms and conditions included in the policy.

4. Features

   There are certain features provided by Max Life Insurance 5 Year Plan. Some of these provided features are:

   • Premium amount is returned to the policyholder’s nominee upon maturity or accidental death.

   • This policy is for a longer duration, and thus, the policyholder can customize their plans as per their convenience.

   • In case of any critical illness diagnosis or accidental death, the policyholder’s nominee will get the sum assured amount along with the accelerated payout amount.

   • Multiple Premium Payment options are provided by the policy for the policyholders to pay their premium. Customers can choose any payment option that is comfortable for them and pay at their convenience. 

5. Benefits 

   Benefits offered by Max Life Smart Term Plan include several important benefits such as comprehensive death benefits and Life Stage Benefits. These benefits are given in brief below:

   • The policyholder can use life stage benefits for increasing or decreasing their sum assured amount or policy tenure or premium rate during essential stages of their life like – marriage, the birth of the child or adopting a child, etc. 

   Comprehensive Death benefit variants offer seven options for the nominee of the policyholder to choose from upon the policyholder's death. The nominee can either get the sum assured amount as a lump sum or as monthly payouts or any other option provided by the insurer.