Max Life Insurance Online Term Plan Brochure

Eligibility Criteria of Max Life Insurance Online Term Plan 

People from various occupations have innumerable stresses to worry about. No matter what their age, an eventuality can devastate their family. Max Life Insurance, therefore, offers term insurance for people as young as 18 years old. Sidelining the specifics of the policy, Max Life Insurance Online Term Plan Brochure briefly states that the policy can be purchased by people between the age of 18 years to 60 years, and the term of the policy could last until the person is 85 years old. 

The term insurance has three variants, Basic Life Cover, Basic Life Cover + Monthly Income, and Basic Life Cover + Increasing Monthly Income. The eligibility and maturity of the policy remain the same for all three variants. A person can opt for additional benefits by purchasing rider protection such as Max Life Comprehensive Accident Benefit Rider. The term of any rider is 10 to 40 years. The rider matures as and when the policyholder turns 75.

 The following table provides insight into the key facts of the policy.

*Cess and taxes are excluded and paid along with the premium.

Salient Features of Max Life Insurance Online Term Policy

The purpose of a brochure is to highlight the features of any product on display. Max Life Insurance Online Term Plan Brochure does the same with great sophistication. The features of all three variants remain the same, and so do the rider benefits. Below mentioned are some notable features as described in the Max Life Insurance Online Term Plan Brochure:

• Flexibility to pay premiums for 10 years or till the time a person retires (60 years)
• A person diagnosed with any of the 40 critical illnesses as specified can avail instant payout by purchasing “Accelerated Critical Illness Benefit” rider
• The policy application can be seamlessly processed online
• Claim Settlement Ratio (CSR) of 99.22%, providing an excellent payout ratio
• The lower premium rate for non-smokers
• Discounts for the customers who choose higher Sum Assured plans
• No restrictions for change in occupation or travel of the customer
• For Basic Life Cover + Monthly Income variant, 148% assured sum is paid to the beneficiary
• For Basic Life Cover + Increasing Monthly Income variant, 169.6% assured sum is paid to the beneficiary
• Life Stage Event plan selected before the policy inception will increase the Sum Assured when the policyholder marries; upon childbirth, etc. with prior intimidation to the insurer about these events

Benefits of Max Life Insurance Online Term Plan

A crucial aspect of the sales of a policy offered by any insurer is to provide benefits at par with their competitors. Max Life Insurance Online Term Plan Brochure lists out all such benefits with simplicity and significant details.

Listed below are the benefits as listed in the brochure:

• Three variants of death benefits on offer with varying degrees of Sum Assured
• Easy premium payment options until the age of retirement (60 years) or for a period of 10 years
• If diagnosed with any of the 40 critical illnesses as laid down by the policy, the CI (Critical Illness) Sum Assured will be paid, and the death benefit will remain in force until the policy maturity (Accelerated Critical Illness Benefit needs to be purchased separately)
• An additional benefit of increased Sum Assured in the events of Child Birth, marriage, etc. can be availed by purchasing the rider "Life Stage Event Benefit."
• Cover against dismemberment, death, and critical illness can all be availed together with the comprehensive protection rider, namely "Max life Comprehensive Accident Benefit Rider" and "Max Life Waiver of Premium Plus Rider."
• For the Basic Life Cover variant, 100% Sum Assured is paid to the beneficiary in the occurrence of any eventuality
• For the Basic Life Cover + Monthly Income variant, a total of 148% of Sum Assured is paid, where 100% SA is paid immediately after the death of the policyholder and 0.4% SA of the insurance policy being paid each month for the next 10 years
• For the Basic Life Cover + Increasing Monthly Income Variant, a total of 169.6% SA is paid where 100% SA is paid immediately after the death of the policyholder, and 0.4% of the SA will be paid each month for the next 10 years with an increment of SA by 10% annually
• Critical Illness Benefit matures when the policyholder turns 75 years old
• If Life Stage Event rider is opted for, the increase in Sum Assured will be 50% of the base SA, but it will not exceed Rs 50 lakhs in case of policyholder’s marriage
• In case of childbirth, the Sum Assured will increase by 50% of the base SA, but it will not exceed Rs 25 Lakh (Applicable only for 2 children)
• For a House Loan, the Sum Assured will increase by 50% of the base SA, but it will not exceed Rs 50 Lakh
• For a person exercising a tobacco-free lifestyle, discounted premium rates are applicable
• Discounts provided to the individuals who choose plans with higher SA plans
• Amidst the ongoing global pandemic, one can opt for Max Life COVID19 One Year Term Rider. The policyholder can add this rider until the age of 66 years. One-Time Payment of the premium is required for this particular rider.

The Process to Purchase the Plan

With the help of the Max Life Insurance Online Term Plan Brochure, one can easily navigate its way to the portal to buy the policy. As the name suggests, the policy can be easily purchased online with a few simple steps.

Step 1: Go to the insurer’s website, and select the Max Life Insurance Online Term Plan from the plans available.

Step 2: Calculate the premium for the desired assured Sum and the plan term.

Step 3: For added protection, one can add additional suitable riders if desired

Step 4: Complete the form by filling in details like one’s income, educational qualifications, professions, etc.

Step 5: Securely make payment through the e-commerce portal on the insurer’s website

Step 6: Upon completion of the payment, fill in the proposal form that may include your smoking status, lifestyle, drinking habits, and the health history

Step 7: For some individuals, medical tests will be required upon completion of the previously mentioned proposal form

Documents Required

Here are the documents to be submitted to the insurer prior to the policy purchase as stated in the Max Life Insurance Online Term Plan Brochure.

• Residence proof
• Proof of Identity 
• Proposal Form
• Photograph
• Bank details

Additional Features of Max Life Insurance Online Term Plan

Max Life Insurance Online Term Plan Brochure outlines the following features:

➢        A setback of 5-year age for the female policyholder when compared to the male policyholder only for the Regular pay variant. The lowest premium rate for the male counterpart will be assumed in the absence of any corresponding premium rates.

➢        For the Regular Pay variant and Pay till 60 variant, the policy term will be 10 years to 50 years

➢        For 10 Year option, one needs to pick the policy term between 15 to 50 years

➢        Sum Assured for Base Plan with options selected as Regular Pay or Pay till 60, the minimum SA is Rs 25 lakh, and for 10 Pay, minimum SA is Rs 50 lakh

➢        The maximum SA for any of the selected options is Rs 100 crore

➢        SA for Critical Illness rider is Rs 5 lakh to Rs. 50 lakh.

Terms and Conditions

As per the Max Life Insurance Online Term Plan Brochure, a customer is mandated to agree to specific terms & conditions before the policy inception:

Free Look Period: A customer is given a 30-days’ free look period from the date the customer receives the policy document to review its terms and conditions. Under any obligations, the customer can choose to cancel the policy stating the reason and receive the premium refund. The amount received by the customer will exclude any risk cover for that period. Expenses incurred during any medical examination and for stamp duty will also be excluded.

Nomination: Nomination will be as applicable regarding the provisions made under Section 39 of the Insurance Act 1938.

Policy Lapse: The policy shall lapse if the insurer does not receive the premium within the Grace Period, and benefits shall not be paid thereafter.

Revival: A customer can revive the policy within 5 years from the default date of the first premium that is unpaid and before the policy term ends. The policy shall be revived only after the approval of the Board of the company. The policy will only be reinstated under the following conditions:

• A written request for the policy revival is submitted to the company
• Evidence is produced proving the insurability of the policyholder, acceptable to the company
• The customer pays all the outstanding premiums along with the late fees at rates determined as per the company

Key Exclusions

Suicide Exclusion: In any circumstances, if the policyholder commits suicide within a year or 12 months of policy commencement or from the date of policy revival, the policy will be immediately terminated. The premiums paid to the insurer, any extra premiums paid, and loadings paid for modal premiums will be refunded to the nominee.

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