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Max Term Plan For Women

Max Term Plan for Women offers term life insurance policy designed specifically for women's needs. Term insurance, in general, is gender-neutral and provides coverage for a specified period, and a Max Life Term Plan usually offers a high sum assured (coverage amount) at low premium rates and comprehensive benefits. But the term plans offered specifically for women cater to their needs, including coverage against critical illnesses, pregnancy-based complications etc. 

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What is the Max Term Plan For Women?

Max Life Term Plan for women is a type of plan that offers coverage for a specified duration and offers death benefit to nominees/beneficiaries of the policyholder/life assured after he/she passes away within the policy term. Although term insurance policies are generally not gender-specific, it is important to take into account the particular insurance needs that women may have when acquiring such a term plan, such as critical illnesses or pregnancy-related complications etc. With a claim settlement ratio of 99.35% in the financial year 2021-22, Max Smart Secure Plus is one of the best plans available for females in India.

For example, Ms. Preity is a 28 year old and non-smoking female with an annual salaried income of Rs. 7 Lakhs per annum, who bought the Max life term plan to financially secure her loved ones against the event of her untimely death. She chose a life cover of Rs. 1 Crore and will, therefore, continue to pay Rs. 519 per month until the age of 60. The premium will remain the same for Miss Preity till the end of the plan.

Note: Now that you know that what is Max Term Plan For Women, you should also get to know about what is term insurance to buy a term plan for your loved ones.

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Term Plans

₹1
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Life Cover

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₹75
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Life Cover

@ Starting from ₹ 12/day+

Why Should You Buy The Max Term Plan For Women?

Women require the Max Life Term Plan more so because they juggle family and professional responsibilities at the same time. Here are some advantages of term insurance for women:

  • Financial protection for the family: Like men, women bear numerous responsibilities towards their families. The Max term plan ensures the long-term financial security of their families in the event of their unfortunate death. The sum assured provided by the policy helps maintain her family's standard of living and makes sure they aren’t financially burdened.

  • Repayment of loans/debts: A woman has multiple financial commitments, including loans and debts, which provides financial aid in fulfilling her dreams and needs. However, in the unfortunate event of her death, her family may have to bear the responsibility of repaying those debts. Max Term Plan can help by providing the necessary amount to clear the existing loans/debts.

  • Lower premium rates: Term insurance premiums are priced differently for women in the country, resulting in lower premiums compared to men. While there are no differences in eligibility criteria for purchasing term insurance, gender plays a role in reducing the premium rates. This concession motivates more women to invest in Max Term Plan or in fact, any term insurance plan altogether.

  • Protection against critical illness: Women face various diseases that require intensive care and treatment, including cervical and breast cancer, which have seen a significant increase. Max Term Plan, along with an additional rider like Critical Illness benefit, can provide coverage for women against such critical illnesses. The term plan also caters to her needs in case of any pregnancy-related complications.

  • Retirement planning: Modern women aspire for a stress-free and peaceful life after retirement. However, the concern of leaving their families burdened with financial constraints can be mentally draining. Max Term Plan serves as a savior by relieving the financial stress through the death benefit provided to the nominees, ensuring their financial security.

  • Tax benefits: The Max Term plan offers annual tax benefits under Section 10(10D) and 80C of the Indian Income Tax Act, providing an added advantage for women.

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Best Max Term Insurance Plan for Women

Max Smart Secure Plus is an ideal plan for both working and non-working women. It is a plan that is designed to provide comprehensive financial protection to customers. With the dual benefits type and various multiple payout options, it gives security to the policyholder and the choice to customize the plan benefits.

Key Features and Benefits of Max Term Plan For Women

  • Death Benefit to the family members

  • Option to pay your premiums as per your preference

  • Free coverage against Terminal Illness diagnosis

  • Option to get all premium paid back at fixed point in the policy term with special exit value

  • Return of 100% total amount of premium paid

  • With a premium break, there is an option to skip paying your premium amount for 1 year. 2 premium breaks are allowed.

What is the Eligibility Criteria to Buy Max Term Insurance Plan for Women?

Parameters Minimum Maximum
Entry Age 18 years 65 years
Maturity Age 85 years
Policy Term 5 years 67 years
Sum Assured 20 Lakhs

How To Buy Max Term Plan For Women From Policybazaar?

Below are the ways to buy Max Life Term Plan for Women from Policybazaar:

  • Step 1: Visit the Term Insurance page of Policybazaar

  • Step 2: Submit the details that are required to proceed, such as – Name, Gender (select as Female), Phone Number and Date of Birth

  • Step 3: Submit other details, such as – Yearly Income, Educational Qualification, Type of Occupation, Tobacco Consumption Habits and Pincode

  • Step 4: Choose the Max Term plan from the list available

  • Step 5: Submit other details necessary to purchase the Max Term Plan for Women

  • Step 6: Proceed with the payment option and select your preferred payment mode to complete the payment process

Things To Consider Before Buying Max Term Plan For Women

Below mentioned are a few points to keep in mind before you buy Max Life Term Plan for a woman, or as a woman:

  • Calculate all your debts and loans carefully before you buy the Max Term Plan so that your loved ones do not have to worry about repaying it when you are no longer alive.

  • If you have any query or doubt regarding the Max term plan that you’re purchasing, or if you want to know more information, easily contact their customer care service.

  • Always remember to check the Claim Settlement Ratio of the Max Term Plan that you wish to buy for 5 consecutive years before buying.

Wrapping It Up!

Women have always played a vital role in the welfare of families, professional occupations, and the whole society in general. As a result, the Max Life Term Plan for Women serves as a means to release their financial constraints and secure their families, loved ones etc. By availing the perks of the Max term plans, women can concentrate on achieving their life goal, thus, eliminating financial stress off their shoulders. You can easily buy the plan from Policybazaar without any hassle and enjoy the benefits early in life.

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

FAQs

  • Is the Max Life term plan appropriate for women?

    Ans: Yes, Max Life Term Plan is good for women, looking at their current CSR, which is 99.34% (as per IRDAI FY'20-21), reported for the fiscal year 2021-22. Their high CSR reflects their dedication to the clients who rely on them for life insurance.
  • Should women get Max term life insurance?

    Ans: Yes, they certainly should. If the lady were to die, their family would be left without a large source of income, perhaps leading to financial difficulties. Women must obtain the Max life term plan to ensure that their families are always financially secure.
  • Why are women's life insurance premiums lower?

    Ans: That is because insurers believe and surveys have proven that women live for a longer period of time than men. This implies that they are not as big risks to insurance companies as men are.
  • How to calculate the term insurance premium online?

    Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
  • What are the benefits of term life insurance?

    Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage

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