Max Life Online Term Insurance 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?
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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
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Tax Benefits: Get tax benefits u/s 80C, 80D, 80DD, and 10(10D) as per the prevailing income tax act law, 1961.
Note: Know what is term plan first and then buy a term plan for your loved ones.
Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.
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
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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 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 |
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Maturity Benefit
No maturity benefit or surrender value is available under the plan
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Tax Savings Benefit
You can receive a tax deduction for your premium amount payments and death payouts.
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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.
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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.
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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
Minimum Age at Entry |
18 years |
Maximum Age at Entry |
Regular Pay: 60 years Pay till 60: 50 years |
Maximum maturity Age |
85 years |
Premium Payment Term (PPT) |
Regular Pay: Same as policy term Pay till 60: Equal to 60 less entry age 10 Pay: PPT is fixed for 10 years and age at entry is < or = to 49 years |
Policy Term |
10 to 50 years |
Sum Assured |
For base plan: Minimum: 25 Lakhs Maximum: 100 Crores For Critical Illness: Minimum: 5 Lakhs Maximum: 50 Lakhs |
Minimum Annual Premium |
Rs. 2200 |
Maximum Annual Premium |
Rs. 21844600 |
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:
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Critical Illness
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Dismemberment
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Death
Max Life Comprehensive Accident Benefit Rider: Receive additional coverage as rider SA in case of dismemberment or death because of an accident
Note: Check out the best term life insurance in India and choose one that suits your requirements.
Note: You should also check the term life insurance benefits if you are planning to purchase the term insurance plan.