Max Life Term Insurance
Max Life offers a range of flexible term insurance plans with affordable premiums, high coverage, and online/offline accessibility. Enjoy tax benefits, optional riders, and return of premium options tailored to your protection needs.
Term Insurance Plans from Max Life Insurance include a trifecta of policies that are available online as well as offline. While the online plans are completely bereft of messy paperwork, the offline plans can be easily consulted with advisors and all three plans can be availed easily.
Tax benefits might be available on the premium amounts paid and the final amount that is achieved as a pay-out as per death benefit. As a trustworthy term insurance policy, this plan can allow the policyholder to avail loans in its lieu. Plans under this category from Max life collectively form the Protection Plans group.
Types of Max Life Term Plans:
There are three types of term plans offered by Max Life Insurance and they are -
Plans | Policy Term | Entry Age | Maturity Age | Premium Paying Term |
Max life super term plan | 10 years to 35 years | 18 years to 65 years | 75 years | Equal to policy term |
20, 25, and 30 years | 21 years to 55 years | 75 years | Equal to policy term | |
Max life online term plan plus | 10 years to 50 years | 18 years to 60 years | 85 years | Equal to policy term |
Max life flexi wealth plus | With regular pay – Cover till age 65, 70, 75, 80, 85 yearsWith limited pay - Cover till age 65, 70, 75, 80, 85 years | 18 years to 50 years | 85 years | 5, 10, 15 years for regular pay |
5 years to 67 years | 18 years to 44 years | 65 years | Varies according to the pay |
Max Life Smart Secure Plus Plan:
This is pure protection plan offered by Max Life Insurance and offers benefits such as additional payout on accidental death, terminal illness cover, premium breaks and joint life cover. Its basic features are as follows-
Features | Description |
Entry Age | Minimum – 18 years Maximum – 60 years |
Maturity Age | Maximum of 75 years |
Premium | Minimum – Based on factors chosen by insurer Maximum – No limit |
Sum Assured | Minimum - INR 25 lakhs Maximum – INR 100 crores |
Premium Payment Term | Regular Pay – Premium paid throughout policy term |
Policy Term | Minimum – 5 years Maximum – 67 years |
Premium Payment Mode | Annual |
Tax Benefit | Premiums paid – Deduction up to INR 100000 per year as per Section 80C Sum Assured on Death – Tax free as per Section 10(10D) |
Death Benefit |
|
Max Life Premium Return Protection Plan
A term insurance plan from Max Life that offers to return the premiums paid during the policy period along with providing a comprehensive cover. Mentioned below are the features of this plan –
Features | Description |
Entry Age | Minimum – 21 years Maximum - 55 years for 20 year policy term 50 years for 25 year policy term 45 years for 30 year policy term |
Maturity Age | Maximum of 75 years |
Premium | Minimum – INR 8500 Maximum – Based on Sum Assured |
Premium Payment Term | Regular Pay – Premium paid throughout policy term Limited Pay – Premium paid for either 5 years or 10 years Single Pay – One time lump sum payment of premium |
Policy Term | 20 years, 25 years, 30 years |
Premium Payment Mode | Annual, semi-annual, quarterly or monthly |
Sum Assured | Minimum – INR 5 lakhs Maximum – INR 1 crore |
Death Benefit | Higher of 10 times of annualised premium or 105% of total premiums paid |
Maturity Benefit | Total premiums paid |
Max Life Super Term Plan
An offline plan that offers pure protection and financial security at very reasonable costs. The plan details are as follows-
Feature | Description |
Entry Age | Minimum – 18 years Maximum – 65 years |
Maturity Age | Maximum of 75 years |
Premium | Minimum – INR 5000 Maximum – No limit subject to the Sum Assured amount chosen |
Premium Payment Term | Regular Pay – Premium paid throughout policy term |
Sum Assured | Minimum – INR 2500000 Maximum – No limit |
Policy Term | Minimum – 10 years Maximum – 35 years |
Premium Payment Mode | Annual, semi-annually, quarterly or monthly |
Death Benefit | Higher of 10 times of annualised premium or 105% of total premiums paid |
Sum Assured Choices | Either Fixed or Increasing by 5% every policy year without increase in premium |
Basic Features & Benefits of Max Life Term Plans:
- Low cost of insurance
- Flexible options in insurance pertaining to term, cover amount and premium payment
- Special rates for non-smokers and female lives
- Customers can buy select plans online in the comfort of their homes
- Customers can avail of certain tax benefits under relevant sections of the IT Act, 1961
- Some plans can be converted to other plans offered by Max Life
Documents required for Max Term Insurance plan:
The following documents are required for Max Term Insurance plan:
- Valid identity proof: Aadhar card, PAN card, etc.
- Valid address proof: Electricity bill, bank passbook, etc.
- Salary slips (not more than three months old).
- Income tax return papers.
- KYC details.
Read More On Term Insurance
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- Term Insurance Policy for 10 Year
- Term Insurance Policy for 20 Year
- Term Insurance Return of Premium
- Term Insurance Survival Benefits
- Term Insurance Maturity Benefits
- Term Insurance Without Medical Checkup
- Term Insurance With Riders
- Term Insurance vs Endowment Policy
- Top Term Insurance Plans India
- Term Insurance Premium Calculators
- Term Insurance Plan for Couples
- Term Insurance Plan for Family
- Term Insurance for Groups
- Term Insurance for Senior Citizens
- 1 Crore Term Insurance Plan
- Term Life Insurance for Smokers
- Term Life Insurance for Tax Benefits
- Term Life Insurance for Cancer Patients
- Term Insurance Life Cover Calculation
- Term Insurance Plans Comparison Parameters
FAQs on Max Life Term Plans
- What are the various types of Max Life Term Plans?
The three types of term plans are Online Term Plan, Premium Return Protection Plan and Super Term Plan.
- What are the various benefits available under the plans from Max Life?
Each term plan from Max Life has differing death benefits and add-on benefits as per the riders chosen, but the basic benefits allow a pay-out of sum assured either in a lump sum amount or a staggered manner. Additionally, one can also change the cover amount.
- What is the minimum sum assured for Max Life Term Plans?
The minimum sum assured under the various term plans from Max Life is INR 500000 and that is available under the Premium Return Protection plan.
- What is the maximum and minimum policy term available under these plans?
Max Life term plans have a minimum policy term of 10 years and a maximum term of 35 years, subject to the entry age and the maturity age of the life insured.
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