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Max Life Insurance Calculator

Max Life Insurance Company Limited ranks among the top life insurance companies in India. It is a joint venture between Max India Limited and Mitsui Sumitomo Insurance Company Limited. Max Life Insurance offers several Insurance Plans to fulfil the financial and protection needs of insurance seekers. These Term Insurance Plans are offered at premium rates that make it affordable for the buyers to avail of insurance easily.

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The Policybazaar Advantage
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Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
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In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

The Company offers plans in several categories. For calculating premiums, one can use a specially designed online tool - Max Life Insurance Calculator. It helps buyers avail of the most beneficial plan at affordable premium rates. 

Why Should You Use Max Life Insurance Premium Calculator?

This calculator can be used for the following:

  • Term Insurance
  • Calculating savings
  • Calculate Insurance cover
  • Child’s Future cost of education
  • Child’s Marriage Expense planning
  • Human Life Value
  • Retirement Planning
  • Mortality Risk

Some benefits of using this calculator are: 

  • It offers a hassle-free and easily accessible method to choose the perfect life insurance plan that matches the insurance seeker's requirement.
  • It helps the customer understand and determine the approximate premium amount they would need to pay each month towards the policy.
  • Understanding the premium amount allows the user to evaluate the term and coverage amount required to secure their family's future.
  • It facilitates easy comparison between multiple plans and helps the customer understand the difference between them before investing.
  • It can be used to check if a given term plan lies within one’s budget.

Term Insurance Calculator

Using the Max Life Insurance Calculator for getting the premium quotes for the desired insurance coverage and policy benefits can be done in just a few minutes. The policy seeker can visit Max Life Insurance’s official website and locate the “Calculate Premium” option to use the Life Insurance Calculator. Once the online Life Insurance Calculator tool opens, one needs to follow these simple steps:

  1. Input their Personal Information 

    They need to enter details, including their name, gender, date of birth, mobile number, annual income, occupation type, and tobacco/smoking habits.

  2. Customize their Term Plan 

    They can personalize their plan by selecting the life coverage needed, the age until they need the cover, and whether or not they want their premium back after the policy term.

  3. Enhance their Plan with an Add-On Rider (Optional)

    They can buy anyone rider as per their requirement from these available options to get some extra benefit from their plan:

    • Critical Illness and Disability Rider
    • Waiver of Premium Plus Rider
    • Accidental Cover Option 
  4. Check the Premium Amount and Proceed to Buy the Policy

    After selecting the required preferences, they will get a premium estimate on the left-bottom corner of the screen. One should check whether this estimate fits their budget before preceding further to make their payment. If not, they have an option to go back and alter their plan by making changes to the coverage amount or the term. Once they are satisfied, they can buy the policy and safeguard their family’s financial future.

Advantages of Max Life Insurance Calculator

With so many Term Insurance plans, choosing the perfect plan matching their requirements is a tedious task for policy seekers. The Max Life Insurance Calculator will not only help them with this but would also provide advantages like:

  1. Time-Saving

    Policy seekers do not have to spend their precious time making manual calculations or standing in queues for submitting documents to allow them to determine the premium amount. They just need to enter the required details, and Max Life Insurance Calculator would give them the premium quotes in no time.

  2. Helps Budget Planning

    Max Life Insurance Calculator determines the premium an individual has to pay to get the coverage they need. This helps them plan and save their budget accordingly.

  3. Help Determine the Coverage Amount required

    Using the Max Life Insurance Calculator, one can check the amount of life cover they could get according to their budget. They can then check whether that cover would be able to provide sufficient financial protection to their family.

  4. Pocket-friendly

    Policy seekers can use the Max Life insurance Premium Calculator tool free of cost. Also, it would facilitate them to buy their term policy online. This saves extra money as online purchases provide lower premium rates.

Information required while using Max Life Insurance Calculator.

An insurance seeker requires to provide these specific details while using a Max Life Insurance Calculator:

  • Personal Information like name, age, gender, date of birth, annual income, occupation
  • Health information like smoking or tobacco habits, history of any surgery, and any chronic illness
  • Desired plan information like tenure, coverage amount, premium frequency, rider
  • A rough estimate of their budget and financial goals to check if a specific term insurance plan fits into their profile

Benefits of buying Max Life Insurance Plan

A term insurance plan is a life insurance policy that is effective only for a limited period or term. According to this contract, the insurer offers to pay the lump-sum amount to the nominee in case the insured dies during the term of the contract.

Max Life Insurance Plan provides numerous benefits to the insured and their family like:

  1. Family Security 

    Some unfortunate happenings like the death of the sole breadwinner can lead to a state of financial emergency in the family and put their future at risk. Having a term insurance policy ensures that the policyholder’s family continues to receive financial support to sustain their lifestyle.

  2. Mind Peace 

    As the future is unpredictable, it is common to be stressed and fearful about the future of one's family. Getting term insurance protects the policyholder's family from unforeseen events like death, disability, or disease. This ensures that their family's future would be secure, even in their absence.

  3. Tax Benefits 

    Under the prevailing tax laws, term insurance helps policyholders save taxes on the premium paid towards the plan.

  4. Flexible Payout Options

    The family has the option to select whether they want the lump sum as a one-time payout, along with a monthly income or with increasing monthly income.

  5. Flexible Policy Coverage

    The policyholder can decide the coverage and term of the policy offered according to their financial requirements.

  6. Affordable Premium Rate

    Max Life Insurance offers term insurance plans with higher life coverage at affordable premium rates.

  7. Regular Income

    Some life insurance plans, like ULIPs and retirement solutions, serve as a source of regular income for the policyholder's family. They can use it to take care of their basic financial requirements like food, bills, EMIs, rent, or to fund their future educational goals.

Max Life Insurance Premium Rates

Life Insurance Premium Rates is the amount an individual has to pay while buying an insurance policy. Max Life offers various insurance plans at easily affordable premium rates. The policy premium rates vary from person to person depending on factors like:

  • Age – Starting a term insurance plan at a young age allows the customer to maintain the insurance cover for the long term at lower premium rates. Younger people are considered healthier and tend to pose a lesser risk to the insurance company.
  • Gender – Women tend to live a longer life as compared to men. Therefore, lesser premium rates are offered to women as compared to men of the same age.
  • Occupation – Office-going individuals are given lower premium rates than individuals working in the industry, fishermen, miners, or shipping. This is because working in an office is considered safe than those occupations.
  • Selected Insurance Plan – Policy buyers can select their insurance plan as per their financial needs while keeping in mind the inflation rate. 
  • Selected Coverage Amount – Individuals who select a higher coverage amount get lower premium rates.
  • Selected Policy Term – The longer the term insurance policy, the lesser is the premium amount that needs to be paid by the plan holder.
  • Mode of Purchase – Buying a term insurance plan online does not involve any intermediaries. Therefore, it is offered at a lower premium rate than offline mode.

Along with this, the net premium amount for a term insurance plan depends on the mortality rate, investment earnings, and the lapse rate calculated by the insurance company.

FAQ's

  • Q1. What is a Term Insurance Plan?

    A1. A Term Insurance Plan is a simple form of financial protection. In case of the absence of the plan holder, this plan would help their family meet their financial needs.
  • Q2. Can an individual have two Term Insurance Plans?

    A2. Yes, a single policyholder can have multiple term life insurance policies. They can either buy all their policies from a single insurer or multiple insurers. An individual’s income and liabilities increase with age, and thereby, it is sensible to have an extra term life cover.
  • Q3. How can one get additional protection?

    A3. Individuals can buy a rider from the various rider options offered by Max Life. It adds an extra benefit to the insurance term plan by covering them from accidents, disability and critical illnesses. 
  • Q4. When is the life insurance payout given?

    A4. The insurer pays the life insurance payout after the beneficiary has filed a death claim.
  • Q5. How can one calculate the assured sum?

    A5. Max Life Term Insurance Premium Calculator is a user-friendly tool that helps customers determines the coverage amount they would require. It also considers other customer details like age, gender, occupation, lifestyle habits, etc.

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