Online Term Plan Life Cover + Increasing Monthly Income

Max Life Online Term Plan Plus provides lump-sum payments which will help your family members to take care of all the important age milestones such as higher education for children, marriage, and cover liabilities such as car loans, home loans, etc. The monthly payment for the coming 10 years, in addition to the 1-time payout, will meet the daily expenses of your family such as school fees, groceries, etc., and make sure that they maintain the same lifestyle as they are enjoying today.

Why Buy Online Term Plan Life Cover + Increasing Monthly Income?

• 100% Sum Assured + Increasing Monthly Income: The entire sum assured amount is paid as a lump sum along with an increasing monthly income in the unforeseen event of death.

• Cost-effective Riders: The riders enhance the base plan coverage and provide additional protection at low premium rates

• Lower premium for maintaining good lifestyle habits: The plan offers low premium rates for non-smokers and tobacco users

• Pay till 60 option: You can select to pay your premium amounts only till your working time i.e., 60 years of age, the retirement age, while you get cover till 85 years

• Tax Benefits: Get tax benefits u/s 80C, 80D, 80DD, and 10(10D) as per the prevailing income tax act law, 1961.

How does this Plan work?

Raghav, 28 years old, bought this Max plan for his wife and child for a sum assured amount of Rs. 1 Crore. However, unfortunately, Raghav dies at 37 years of age. His wife contacts Max Life and the assigned claim relationship personnel ensures the claim is processed timely and the lumpsum amount of Rs. 1 Crore, as promised, is paid to his wife within 10 days. In addition to this, the family also started to receive monthly payouts, increasing 10 percent every year for the next 10 years without any difficulties.

Max life insurance plan protects your family in their difficult times.

Benefits of Online Term Plan Life Cover + Increasing Monthly Income

1. Death Benefit

   A lump sum amount or lump-sum payment + monthly income/ increasing monthly income is provided to protect the financial future of your family in your absence.

   • The death payout under Max Life Online Term Plan Plus is the greatest of:

     • 10X the annualized premium

     • 105% of the total amount of premium paid + underwriting additional premium + loadings for the modal premium amount on the death date

     • Minimum SA on maturity

     • Absolute assured amount paid at the time of death

   The plan provides 3 options of death benefits variants:

   Sum Assured	100 percent of the policy SA paid on the policyholder’s death
   Sum assured + level monthly income	100 percent of the sum assured paid on policyholder’s death plus 0.4% of the sum assured amount per month for 10 years
   Sum Assured + Increasing Monthly Income	100 percent of the sum assured paid on policyholder’s death + increasing monthly income for 10 years in which the monthly income of 1st year shall be 0.4% of the SA and shall increase each year by 10% per annum of the 1st year monthly income

   

2. Maturity Benefit

   No maturity benefit or surrender value is available under the plan

3. Tax Savings Benefit

   You can receive a tax deduction for your premium amount payments and death payouts.

4. Accelerated Critical Illness Option

   If you select this option, you can receive a 1-time lump-sum payment upon diagnosis of any of the 40 mentioned critical ailments. In critical illness benefit, up to 50 percent of the total cover will be paid and the balance sum assured will be carried and paid at the time of death.

5. Option to increase life cover at important milestones of life

   At the time of buying the plan, you can avail of the option to increase the life cover when you get married, then have a child or opt for a home loan.

6. Available for NRIs

   This plan is present in 660 cities and is also available for NRIs in selected countries. NRIs can contact the company by emailing the query at nri.helpdesk@maxlifeinsurance.com or calling on 911243812932.

   Milestones of life	Increase in SA
   In the case of marriage	50 percent of SA not more than 50 Lakhs
   In case of child Birth (only for 2 children)	50 percent of SA not more than 25 Lakhs for the birth of each child
   Home Loan	50 percent of SA not more than 50 Lakhs

Eligibility Criteria

Riders

Max life Term Riders offer an additional benefit to cover a number of possible life-changing incidents from illnesses, and dismemberments to death. Make the term plan cover more comprehensive by adding the following riders:

Max Life Waiver of Premium Plus Rider: Receive waiver of all the future premiums under the plan and all other riders attached on happening of earlier of the below incidents provided the base plan and attaching riders are active:

• Critical Illness

• Dismemberment

• Death

Max Life Comprehensive Accident Benefit Rider: Receive additional coverage as rider SA in case of dismemberment or death because of an accident