People always have a desire to provide adequate financial protection to their families even after they are gone. The favourable way to secure the financial future of our loved ones is to have a term plan. In today's world where nothing is certain, Max life insurance has brought a comprehensive plan that will serve all the required needs of the individual with certainty.
+Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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.
One must read all the below-mentioned eligibility conditions of Max Life 1 Crore Term Insurance 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.
Parameters |
Conditions |
Coverage |
Subject to the board approved underwriting policy |
Minimum Entry Age |
18 years |
Maximum Entry Age |
Regular pay – 60 years Pay till 60 variant – 44 years |
Maximum Age at Maturity |
Base Death Benefit - 85 years Accelerated Critical Illness – 75 years Accident Cover Option – 85 years |
Minimum Annual Premium |
Subject to Minimum Sum Assured and premium rates |
Maximum Annual Premium |
No limit |
Policy term |
Death benefit – 10 to 50 years ACI benefit – 10 to 50 years Accident cover option – 5 to 50 years |
Minimum sum assured |
Death benefit – 10 lakhs to 25 lakhs ACI benefit – 5 lakhs Accident cover option – 50,000 |
Maximum sum assured |
Death benefit – No limit ACI benefit – 25% to 50 % of the Base Death Benefit Accident cover option – 25% of Base Death Benefit |
Premium payment term (must be decided at the starting of the term plan) |
Regular, Single, Limited (5, 10, 12, 15) pay and pay till 60 variant |
Policy loan |
No facility of the loan under this plan |
Premium payment modes |
Annual, semi-annual, quarterly, and monthly |
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:
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:
If policyholder died during the term plan, the nominee would receive Guaranteed Death Benefit in the form of the following ways (the higher one):
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.
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.
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.
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.
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.
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 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:
The very first step will be to visit the official website of the insurer to calculate the sum assured by using the term insurance 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.
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.
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.
The insurer will ask for certain documents from the policyholder during the buying process. The documents required are:
Let's take a look at some additional features available in the term plan which makes the policy more attractive:
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).
Policyholders will get discounts if they choose the high sum assured.
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.
The policy does not prohibit the policyholders from travelling or choosing the occupation of their like.
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:
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.
Nomination made under the plan is applicable according to provisions of Section 39 of the Insurance Act, 1938.
The assignment made under the plan is applicable in accordance with provisions of Section 38 of the Insurance Act, 1938.
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.
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.