Max Life Insurance 1 Crore Term Insurance

The Max Life Insurance 1 Crore Plan is an all-in-one term plan formulated to suit the diverse requirements of the individuals by allowing them to customize the term plan as per their needs. This term plan is non-participating, a non-linked, life insurance cum savings plan. 

Eligibility Criteria for Max Life Insurance 1 Crore Plan

One must read all the below-mentioned eligibility conditions of Max Life Insurance 1 Crore Plan carefully before making any decision regarding policy purchase. To make it easy for everyone to understand, the eligibility criteria are compiled into a simplified list. It is crucial to know all necessary information related to the term plan one is thinking of buying.

Salient Features of the Plans 

This term plan is made while keeping the individual requirements in consideration. Individual needs can vary from one person to another. The flexible features of the Max Life Insurance 1 Crore Plan make the term plan suitable for a wide range of the population. Here is the list of beneficial features of the term plan: 

• Policyholders can choose from seven different death benefits offered by the insurer at the inception of the policy. 
• Pay premiums as per one’s budget by opting for any one of the following options, annual, semi-annual, quarterly, and monthly premium payment mode.
• The term plan provides life coverage up to the age of 85 years. 
• Policyholders can opt for accelerated critical illness benefits by paying some additional premium which will protect them from 40 critical illnesses mentioned in the policy documents. 
• The feature of life stage event benefit is provided to the policyholders to enhance their life cover at various important life stages. 
• The plan also offers the option of premium return. This option can be availed by paying an extra premium.
• Max life waiver premium plus rider available to provide protection against death, disability, and critical illness.
• Policyholders can also choose Max life accident cover to get benefit in case of accidental death.

Core Benefits of the Plan

There several benefits that a person will get if he/she chooses to go forward with the term plan. Here is the list of all the benefits one must be aware of: 

1. Death Benefit

   If policyholder died during the term plan, the nominee would receive Guaranteed Death Benefit in the form of the following ways (the higher one):

   • If the payment is made in single pay mode, then 1.25 of that payment plus extra premium, if any.
   • For other payment modes, the benefit will be ten times the annualized premium plus extra premium, if any.
   • The Guaranteed sum is assured on the maturity of the plan.
   • Any absolute amount that is mentioned in the policy paper to be paid on death. 

   Seven types of Death Benefit 

   The Max Life Insurance 1 Crore Plan comes with seven different types of death benefit for the policyholder: Life Cover, Income, Protector, Income plus Inflation Protector, Life Cover plus Income, Life Cover plus Increasing Income, Increasing Cover, Reducing Cover. 

2. Accelerated Critical Illness Benefit 

   If let's say, the policyholder is diagnosed with some critical illness (list mentioned in the policy document), then they become eligible for ACI benefits. There are two ACI benefit policyholders can choose from Level ACI benefits and Increasing ACI benefits. 

3. Accidental Death Cover 

   If policyholders met an accident and died during the term plan, they will receive the Accidental Cover Sum Assured in the form of a lump sum payment. This benefit is in addition to the death benefit sum assured in the plan. 

4. Return of Premium 

   This term plan allows policyholders to opt for a premium back variant at the starting of the policy. After opting for the variant, they will be eligible to get their entire premium paid in case the policyholder survives after the term plan. This benefit is available across all policy terms and premium payment methods. 

5. Add On

   Policyholders can select the add-on, "Life Stage Add on Sum Assured," at the starting of the term plan. The add-on is on a future basis and covers important life milestones like marriage, childbirth, and house loan. 

6. Surrender Benefit

   If due for some reason, the policyholders want to surrender their policy, they can do so with certain conditions. If the payment is made through a single payment method, the policy can be surrendered after the payment. In the case of the limited pay method, two full years of premium paid are required in less than ten years variant and three full years premium for more than ten years variant. But if the policyholder has opted for the regular payment method, they cannot surrender the policy. 

The Process to Purchase the Plans

The procedure to purchase a MaxLife Insurance 1 Crore Plan is very simple and convenient. One must have to follow the given steps in order to buy the term plan: 

1. Step 1: Estimate the Sum Assured 

   The very first step will be to visit the official website of the insurer to calculate the sum assured by using the premium calculator. It will ask some basic questions related to lifestyle, age, contact information, and annual income. In this case, the sum assured will be 1 Crore. 

2. Step 2: Select the Additional benefit

   Policyholders are required to add any additional benefits they want at the inception of the policy. This is a step where one must carefully analyze their needs and choose the additional benefits as mentioned above. 

3. Final Step

   The last step to fill in all the required information asked by the insurer and submits all the legit documents. Once done, pay the premium through the method one has chosen. The process of buying the term plan will be completed. 

Documents Required  

The insurer will ask for certain documents from the policyholder during the buying process. The documents required are:

1. For Identity proof

   • Voter’s Id
   • Aadhaar Card
   • Pan Card/ Form 60 in addition
   • Job card issued by NREGA 

2. For Income Proof

   • Bank statement (of last three months)
   • Latest two years of Income tax returns 
   • Form 16

3. Income Proof In case of Self-employment 

   • Form 26 AS
   • Last two years of income tax return with the income computation 
   • Last three years of income tax return if income computation is not available 
   • Balance sheet and profit/loss account certified by a CA

Additional Features 

Let's take a look at some additional features available in the term plan which makes the policy more attractive: 

1. Rider

   With Max life waiver of premium plus rider, the policyholders can make their plan even more comprehensive. This rider provides the facility of premium waiver in case of the following circumstances: Critical Illness, Dismemberment, Death (of the policyholder). 

2. Discounts 

   Policyholders will get discounts if they choose the high sum assured. 

3. Low Premium rates for Female

   Females are required to be fewer premiums compared to men. And the lower premium rate is also available for non-smokers, but ACI and Accident cover premium will not vary on the basis of smoking status. 

4. No Restrictions

   The policy does not prohibit the policyholders from travelling or choosing the occupation of their like. 

Terms and Conditions 

There are certain terms and conditions that are attached with Max Life Insurance 1 Crore Plan. Here is the list of term and conditions one must read thoroughly: 

1. Free Look Period

   If, after buying the term plan, policyholders are not satisfied and want to cancel the plan, they do it within 15 days of policy buying and 30 days in case the policy is bought through distance marketing mode. 

2. Nomination

   Nomination made under the plan is applicable according to provisions of Section 39 of the Insurance Act, 1938. 

3. Assignment 

   The assignment made under the plan is applicable in accordance with provisions of Section 38 of the Insurance Act, 1938. 

4. Grace Period

   If the policyholder failed to pay a premium on time, a grace of 15 days would be provided in the case of monthly payment mode and 30 days for all other payment modes. 

Key Exclusions

If Life Insured, whether sane or insane committed suicide within 12 months of the commencement of the policy or revival of the policy, the nominee will receive the total premium paid plus any other premium paid and modal premium paid.

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