It is a common misconception that only the main earner of a family should opt for a life insurance. However, it is beneficial for everybody. A Life Insurance in a nutshell is a contract between a policyholder as well as an insurer in which the insurer is supposed to pay the death benefit in monetary terms to the nominees of the insured beneficiaries. The policyholder pays a premium over time which gets collated as the amount his nominees receive after the fateful incident.
The other members of the family, even who have minimal salary can save up little by little so that people dependent on them have some financial support after their death. When you are looking for the most trusted options for getting a policy, Max Life Insurance is definitely your best choice. It has various plans suited to your needs and the premium amounts vary depending on the cover you are looking for. The minimum age to invest in a life insurance policy with Max Life Insurance is 18 and there are various different eligible plans for you to opt for. The main criterion for you to choose the best plan for you would be seeing your age, your cover as well as the health disorders you are already suffering from.
Top 7 Max Life Insurance Plans Across Categories
Basic Life Cover
The Basic Life Cover Plan is the most basic plan offered by Max Life Insurance which offers a one time pay out to the family of the policyholder after their death. The plan offers the nominees the exact amount equal to the payout chosen after an unfortunate death of the policy holder.
Whatever age you begin, you have an option of paying the premium till the age of 60 which ensures you get a cover till the age of 80. The sum assured for this starts with 25 Lakhs and goes upto 100 crores, depending upon the premium payment option you pick.
Additionally, this plan offers a completely tax free payout. It is perfect for people who do not have very high salaries. When you are looking for providing your family with financial support after your death, then this is the most basic plan you can choose. The premium in quite minimal but depends on your age as well.
You also get additional protection from a term coined as 3Ds by Max Life Insurance which denoted Death, Disease and Disability. There is additional protection provided against the 40 critical illnesses or the disability.
Super Term Plan
The Max Life Insurance Super Term Plan is designed keeping the ever increasing inflation in mind. When you are leading a certain lifestyle, it becomes extremely difficult to meet two ends after the main earning member of your family passes away. To ensure that you family does not have to suffer in the case of any unfortunate eventuality, the Super Term Plan has been tailored for your convenience.
The cover price increases by 5% every year without affecting the premium at all. It is quite popular with young policyholders due to its increasing life cover option as it helps your family deal with inflation after you. One of the best features of this card is the way your family can receive the money.
You have an option of choosing the entire lumpsum amount being given to your family in one go or you can also opt for the lumpsum amount to be given as per your needs. Basically, you can opt for the monthly interest and amount option for the payout as well.
Shiksha Plus Super
This particular plan is for policyholders who want to secure the future of their children and give them the best of educational opportunities without funds being a hindrance. With savings over time, the education of your child can be taken care of without any worries. The Shiksha Plus Super concentrates on giving you the best tool to give your child the future s/he has dreamt of.
With this particular plan, you have the option of insuring your money with whatever investment you choose. There are multiple funds you can add to your portfolio and invest in the equity market as per your own convenience. This plan does not only ensure that there is a coverage of financial help for your family but mainly provides for an extremely prosperous educational future in your absence.
You can choose to invest your money through 6 varied options. Starting from govt securities, corp bonds, cash instruments, money markets and equity related securities, there are various different funds to match your needs and give you the best possible investment options.
Guaranteed Lifetime Income Plan
For individuals who have lived on funds month to month, it becomes very difficult to manage a lump sum for a long duration post retirement after the salary stops. The Guaranteed Lifetime Income Plan is for individuals who want to get a good interest rate on their life savings through the medium of annuity. This annuity is further divided into an uniform payout of monthly returns which can help you keep your retirement life intact without any worries for further lifetime planning.
With the right planning, you can ensure that you have a guaranteed income without any need to work in your life with this plan. If you have a joint life annuity, then your partner can still take benefit of the plan after you. After both of you, your nominee can get the policy’s purchase price.
You can choose to get your payout not only in the monthly income form but also yearly, quarterly or half yearly as per your convenience. There are also multiple annuity options available for you to choose. You can opt for single annuity or joint annuity. The minimum purchase annuity has to be equal to the premium of Rs. 1,000 a month at least. This plan is perfect for couples who want to retire early and have a lump sum saved for themselves.
Forever Young Pension Plan
If you and your partner have had goals of living life to the fullest after your retirement, then the Forever Young Pension Plan is definitely the one you should opt for. The minimum age to start investing in this plan is 30 and the maximum age to opt for this plan is 65 years.
You can choose to withdraw the premium from the age of 50 itself if you have your desired lump sum collected. Basically the vesting age for this plan begins at the age of 50 while it ends at the age of 75. You get to choose your own retirement age with the Forever Young Pension Plan and you have two options of investments under this scheme.
You can either choose the Pension Maximizer Option in which all of your premium will be invested in the Pension Maximizer Fund or you can opt for the Pension Preserver Option. The Pension Maximizer Option is medium risk while the Pension Preserver Option is low risk.
Fast Track Super Plan
The Fast Track Super Plan is perfect for policyholders who want to multiply their wealth while investing a good sum of their salaries towards their life insurance. It is an ULIP Plan which has given great returns to the investors in the past few years.
The minimum age for this plan is 18 years and the maximum age is 50 years. There are multiple options for payment of premiums that you can choose from. The Single Pay option comes with a minimized annualized premium of 1,00,000 for 10 years while the 5 pay option comes with an annualized premium of Rs. 50,000 for a duration of 10 years. The Regular Pay option requires you to pay an annualized premium of Rs. 25,000 for 20 years to reap benefits of this plan.
This plan also comes with 6 different funds which you can choose from for investment. One of the biggest advantages of this plan is that it allows you to make two partial withdrawals completely free of cost after the initial lock in period of 5 years is over. This fund can be used for both, death and retirement. The monthly Systematic Investment option ensures that it is not heavy on the pocket for you while you are working and you can take full benefit of the retirement corpus at the age of retirement while your partner can continue to live their life without any financial plans after you.
Monthly Income Advantage Plan
This plan is for investors who are looking at having a monthly income for a long time after the premium payment is over. It is not just for retirement but also one of the most dependable policies to provide your family with a trusted financial source after your death. Depending upon your accrued premium, you can opt for the monthly income for 10 years after all of your premiums have been paid.
The minimum entry age for this fund is 18 years while the maximum entry age depends on the pay variant your choose. If you go for the 12 pay variant, then the maximum entry age is 55 years whereas with the 15 pay variant option, the last age for you to start investing in this plan is 50 years. The maximum maturity age for this plan varies on the pay variant option as well but is either 77 or 75.
If the policyholder survives through the duration of the policy, then he can take advantage of the maturity benefit as well as the sum of income benefit. In case of any death, the nominee will receive the entire lumpsum without any hassle.
If the aforementioned options do not suit you and you are looking for different options completely, then you can choose any of the following categories:
- Term Plans
- Health Plans
- Child Plans
- Retirement Plans
- ULIP Plans
- Savings and Income Plans
- Group Plans
- NRI Plans
Depending upon the purpose you want to take a life insurance for, you can pick your category and then choose to invest in that particular plan which is best suited to your eligibility as well.
How to find the status of your policy
The Max Life Insurance offers you three different ways for checking the status of your policy. You can opt for any of the following options to check the status of your policy:
This particular way is the most preferred method for most policyholders to check the status of their policies. There is a dedicated page on their portal for you to check the status of your policy. Right from the time you register to keeping a track of your policies, the Max Life Insurance Portal has a lot of features which are helpful for the customers. You can even pay your premiums online, download the receipts, download the policy document as well as change personal details whenever you like. There is also a claims centre online as well as the option of opening an Electronic Insurance Account which helps you manage all of your policies. Additionally, the Max Life Insurance Online Portal can also help you verify whether they have a plan or it is discontinued. One of the biggest advantages of Max Life Insurance for keeping a track of the policy is that you can also use the ECS tracker.
There is also a dedicated customer care for Max Life Insurance policyholders for keeping a track of their policies as well as their claims. All you need is to have the details of the policy as well as the verification details of the policy holder to let the customer care executive help you.
Physically in the office
There are various outlets of Max Life Insurance in India. For any assistance, you can walk up to an executive and he will help you go through with the process. Just carry the policy details with you so that you save up on a lot of time.
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