Term insurance plans offered by Max Life Insurance include a comprehensive range of policies that can be availed offline as well as online. While the online term plans do not require any paperwork or documentation, the offline term plans can be easily checked with the financial agent or advisor. All 3 plans can be availed easily and hassle-free. Tax benefits are also available on the premiums paid and the last amount is given as the death benefit or payout. The policyholder also has the option to avail loan against the term insurance.Read more
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Let us help you understand the Max Term Insurance Policy Benefits in India:
Max Life insurance, one of the leading insurance companies in India, offers a wide variety of investment and insurance solutions. It is a collaboration between Max Financial Services Ltd., an Indian multi-business corporation, and Axis Bank Ltd.
Max term insurance plans can be considered an important aspect of financial planning. These term insurance plans keep the policyholder’s family financially secured in case of an unfortunate event of his/her death. One of the main benefits of Max Term insurance plans is that they provide high coverage to the policyholder at low premium rates. You can also enhance the coverage of these term insurance plans with various rider benefits offered by the insurance company to enjoy additional cover by paying an extra amount of premium at the time of purchasing the policy.
Various individuals think of purchasing term insurance as a difficult process, but it is not. Understanding different conditions, exclusions, inclusions, and definitions of a term insurance plan becomes easier when you have the right insurance company by your side. Max Term insurance plans cater to the needs of the policyholder and can be considered a good choice to protect your family. Here are the reasons:
Purchasing a life cover means securing the financial interests and objectives of your loved ones regardless of where they live in. It sometimes happens that individuals choose to move to different cities after the policyholder’s death in their family for a number of reasons. One of the main reasons to buy the Max Term plan is its presence across India. Presently, there are 269 offices and an efficient online customer portal to buy term insurance plans or register claims.
CSR i.e., Claim Settlement Ratio is a quantitative parametric that indicates the % of claims settled by an insurance company during a fiscal year. For example, if the CSR of an insurer is 96%, it means that it has paid 96 claims out of every 100 claims received.
So, now the question is- Is Max Life Term Insurance Reliable? As per FY 2020-21, the current CSR is 99.35%, indicating the quick settlement of claims. It directly signifies that your nominee is most likely to receive the death claims settled on time.
What do you think, Is Max Life Insurance is good for your insurance requirements? The following points are the answers to your question:
Offline and online channels to make sure easy and quick plan purchasing experience for the policy buyers.
Quick and smooth issuance procedure of policy
No complex documentation is required to buy a term insurance plan or while paying the amounts of premium
Committed claim settlement office for a smooth claim process
Multiple modes of premium payment include credit cards, digital wallets, debit cards, and net banking.
Max Life Term insurance plans provide a number of benefits to its dear customers. Following are the reasons to buy a term plan from Max Life:
Max Life Term Plans offer high life cover at the best possible premium rates. The earlier you purchase the Max Term Insurance Plans, the lower amount of premium you will have to pay.
You can choose long tenure policy coverage till 85 years of age
Max Term Insurance plans come with rider benefits that you can attach or add to receive additional benefits or protection in your Max Life Term Plan. For Example, Max Term Life Insurance plans offer Waiver of Premium Rider that waives all the future premium amounts based on conditions specified in the term plan.
You can enjoy the flexible options of premium payment such as Limited pay and regular pay options
You can get tax benefits on the premium amount paid u/s 80C of the Income Tax Act, 1961. The lump-sum amount received by the nominee/beneficiary as the death benefit/sum assured is also exempted from taxes u/s 10(10D) of the ITA, 1961.
You may suffer from a critical ailment during any milestone of life and getting the required treatment can create difficulty in savings. Although the main benefits of a term plan is to provide life cover, you can select to get critical illness cover by buying riders/add-ons.
Max Life Insurance offers critical illness rider benefits with 2 of its variant of term plans:
Max Life Smart Term Plan and Max Life Online Term Plan Plus. Under the critical illness coverage, you will receive a lump sum amount in case you are diagnosed with critical ailments covered by the plan. With this coverage, you can pay for the required treatment without consuming up all your savings.
Accidents can occur anytime and may lead to dismemberment or death. So, you have the option to add an extra cover using Max Life Accidental Death and Dismemberment Rider Benefit. This rider offered by Max Life Insurance protects the family’s financial future in case of dismemberment or accidental death. The life cover (sum assured) is paid to the beneficiary as a lump sum amount. You can add this rider anytime, provided the remaining policy tenure of the base plan is at least 5 years.
A pure term plan only gives a sum assured to the nominee in case of the policyholder’s unforeseen death. It does not offer any maturity benefit. However, you can receive maturity benefits under the Term plan if you choose the return of premium. This option will need you to pay a higher amount of premiums but will return the total premium amount paid if you outlive the policy term. The full premium to be returned will be excluded from any rider premium, taxes, the modal premium amount paid, and taxes.
Nowadays, you can easily use a term insurance plan calculator online to calculate the term insurance premium with or without the maturity benefits.
Max life Term Insurance plans can also be purchased by housewives if the husband’s minimum income is 5 Lakhs and the housewife should be graduated. This plan is the safest option for a housewife if you want to purchase a term plan. It offers you good returns at low premium rates.
When it comes to term plans, the Max Life Smart secure plus plan allows you to buy a joint life cover to protect the life of your partner and your own.
A premium break is an important feature offered by Max Life SSP. If the policy has been active for 10 years, you can avail a premium holiday or break from paying the premium. This option can be selected two times during the premium payment term and is only applicable for plans with policy tenure greater than 30 years and premium payment term (PPT) greater than 21 years.
You have the option to increase the sum assured anytime during the policy tenure with the Max Life SSP voluntary SA top-up benefit. You can increase the coverage to 100 percent of the life cover.
In this, you may choose to exit at a fixed point to receive all the premium amounts paid for the base protection benefit. Only a one-time option is provided.
Max Term Insurance Plans should be bought by a person who is looking out for financial stability and security. So, if you are thinking of buying a term plan, then always ensure to compare different plans offered by different insurers. You should always be aware of the benefits, features, and T&Cs of the policy as discussed above in the article.
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