Max Life Online Term Plan Life Cover + Increasing Monthly Income is a must if you want to make sure that the loved ones left behind face no financial stress and maintain their monthly expenditures and lifestyle, even in case of your absence.
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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.
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.
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.
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:
|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
No maturity benefit or surrender value is available under the plan
You can receive a tax deduction for your premium amount payments and death payouts.
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.
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.
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 email@example.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
|50 percent of SA not more than 50 Lakhs
|Minimum Age at Entry
|Maximum Age at Entry
|Regular Pay: 60 years
Pay till 60: 50 years
|Maximum maturity Age
|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
|10 to 50 years
|For base plan:
Minimum: 25 Lakhs
Maximum: 100 Crores
For Critical Illness:
Minimum: 5 Lakhs
Maximum: 50 Lakhs
|Minimum Annual Premium
|Maximum Annual Premium
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:
Max Life Comprehensive Accident Benefit Rider: Receive additional coverage as rider SA in case of dismemberment or death because of an accident
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