Max Life Insurance Benefits

Investing in a life insurance policy is a crucial decision. Different policies offer multiple benefits and only when a person is aware of all the benefits, they should finalise one. Besides, the insurance has many companies wherein Max Life Insurance is amongst the leading. This article aims to resolve confusions that customers may have regarding Max Life Insurance Benefits.

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Types of Life Insurance Plans Offered by Max Life 

There are different types of life insurance offered in India. Each policy falls under the following major categories:

  • Term Insurance
  • TROP or Term Insurance with Return of Premium Plans
  • Unit Linked Insurance Plans
  • Money Back policy
  • Endowment Plans
  • Whole Life Insurance
  • Group Life Insurance
  • Child Insurance Plans
  • Retirement Plans
  1. Term Insurance Plans

    Term insurance plans can be purchased for a specific term like 20 years or 30 years.  There are no maturity benefits with this type of plan, making the premiums cheaper.

    Following are the Max Life Insurance Benefits of term insurance plans:

    • These plans are relatively simple to understand.  
    • They are flexible and can be converted into a different type of plan if the policyholder so wishes.  
    • No medical examinations are needed to invest in this kind of plan.
    • The plans have a high premium rate, allowing the policyholder to generate a huge corpus with minimal investment.
    • They offer attractive tax benefits to the investors under Section 80C.
  2. Term Insurance with Return of Premium (TROP)

    This is a subtype of a term insurance plan.  If a customer invests in this type of plan, he can avail of a maturity benefit at the time of maturity of his policy. This helps customers invest in life insurance to reap higher benefits of their premiums.

    Max Life Insurance Benefits for term insurance with return of premium are:

    • The plan offers maturity benefits along with death benefits to the policyholder.
    • The plan offers tax benefits to the policyholder under Section 80C.
  3. Unit Linked Insurance Plans (ULIP)

    ULIP plans offer the following benefits:

    • Flexibility is one of the significant benefits of ULIP plans. The policyholder has the option to choose between low, medium or high-risk investments. They may also choose the Sum Assured or make changes in the premium amount they are willing to pay. The option to top up the plan is open to policyholders wherein they can increase their investment amount.
    • The plan offers total transparency to the customer.
    • Partial withdrawals are also available to the customer once the policy completes 5 years.
    • Tax benefits are available under this plan as well as per Section 80 C.
    • The customer may enjoy the benefits of the growth in the stock market without directly participating in it.
  4. Endowment Policy

    An endowment policy allows a policyholder to enjoy insurance benefits and help build corpus through investments. The policyholder will have the benefit of being covered for the term of the policy. Further, the plan incurs savings over a period that add up to a considerable lump sum by the time the policy matures.  

    Following are the Max Life Insurance Benefits on Endowment Plans are:

    • The policyholder can accumulate a large corpus that goes hand in hand with the insurance coverage offered by the plan.
    • Financial protection of beneficiaries is another attractive aspect of investing in endowment plans.
    • The policyholder also has the option to apply for a loan against their purchased policy.
    • This plan helps the policyholder to save for long-term goals.
  5. Money Back Policy

    When investing in this kind of policy, the policyholder can receive continuous returns until the policy remains active. A specific portion of the Sum Assured is paid back to the policyholders during the tenure of the policy.

    Max Life Investment Benefits with Money Back Policy are:

    • The customer gets money back on his policy all through the term of the plan.
    • The customer can claim tax benefits as per Section 80C.
    • The plan provides risk protection from the stock market while still enjoying its benefits.
  6. Whole Life Insurance and Group Life Insurance

    Whole life insurance will insure a person up to 100 years of age.

    Group life insurance provides insurance to a group of individuals. For instance, the insurance offered by an employer to its employees would be termed group insurance. The benefits of these plans are similar to regular life insurance plans.

  7. Child Insurance Plans

    These plans provide mainly to invest in the future of the children of the policyholder. They may be purchased at any time from the birth of the child.

    Max Life Insurance Benefits with Child Insurance Plans are:

    • Inculcates the habit of financial discipline on the part of the parents for the child's future.
    • Provides tax benefits under section 80C.
  8. Retirement Plans

    These plans are mainly for building the corpus for policyholder’s retirement. Such plans tend to become the source of stable income for times after the policyholder retires from routine jobs. They provide death benefits and vesting benefits.  

    Max Life Insurance Benefits with Retirement Plans are:

    • They ensure a guaranteed flow of cash at a time when the policyholder might not have any other source of income.
    • They can be liquidized if the need is after completing a specific time.
    • A long term plan helps build a large corpus which the policyholder can later use for various purposes.
    • Tax benefits can also be claimed by the policyholder on purchasing a retirement plan.

In Conclusion

It is safe to assume that Max Life Insurance Benefits are numerous on purchasing any of their policies.  The customer thus needs only to decide what kind of policy he wishes to invest in and for the duration of the same.  They have plans to suit every requirement.

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