Starting ₹10/day* for ₹50 Lakh cover
Max Term Insurance
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- Shield your family from unforeseen events
- Tax benefit** u/s 80C on premium paid
People from all walks of life understand and realise the importance of term insurance plans best suited for their insurance needs. Amidst the fast-moving life and rising uncertainties in the form of the covid-19 disease, each individual and their family needs financial protection under a term insurance plan in order to deal with the financial impact of losing their family members, especially the breadwinner. Term insurance plans help the family in paying off the debts and provide security from financial drainage. Max Life term insurance helps you to maintain your family's lifestyle by funding the necessary day to day expenses and help them to achieve their financial goal when you are not around.
Most popular Max Life Term Insurance Plans
Term insurance is a pure life insurance product providing financial protection to the life assured and his/her family. In case of unfortunate death of the life assured during the policy term, the beneficiary under the plan receives death benefit under the chosen term plan.
Max Life Smart Term Plan
Max Life Smart Plan is a flexible term insurance policy that caters to different insurance needs of people in different life stages and age groups. Max Life Smart Term plan not only provides life cover but also includes coverage against 40 listed critical illnesses. Smart Term plan provides an option to increase your insurance cover at different stages of life such as when you are getting married, having a child or buying a house.
Highlighting Features of Max Life Smart Term Plan
- The plan provides a return of premium benefit on surviving the expiry of the policy term
- The plan provides comprehensive protection to the life assured which includes protection against 40 cover critical illnesses such as heart attack, kidney failure, cancer, etc.
- You can choose from multiple premium paying options such as regular pay, limited pay or pay till you are 60 years of age
- Max Life Smart Term plan provides multiple payout options to receive the death benefit. You can opt to receive the death benefit in a lump sum pay-out or in the form of increasing monthly income
- Offers different rates of premiums for smokers and non-smokers
Eligibility Conditions of Max Life Smart Term Plan
|Age at Entry|
Minimum- 18 years
Maximum- 60 years (Under Regular Pay) / 44 years (under pay till 60 variant)
|Age at Maturity||Maximum- 85 years|
Minimum- 10 years
Maximum- 50 years
Minimum- 10 Lacs
Maximum- No Limit
Max Life Online Term Plus Plan
Max Life Online Term Plan Plus is an online term policy that offers customized pay-out options to choose from ensuring the security of your family’s financial future. It offers high life cover at affordable premiums. You also have an option to top up your term plan with a variety of riders which includes accident, critical illness or disability rider. The plan has three variants:
- Basic Life Cover- Basic life cover variant pays a fixed amount as a sum assured under the plan to the family on the death of the life assured.
- Basic Life Cover + Monthly Income- This pure term plan pays a fixed amount to the family along with a fixed amount every month. The monthly income benefit is payable over and above the basic sum assured.
- Basic Term Life Cover + Increasing Monthly Income- It is a pure term plan which pays the sum assured to the family on the death of the life assured plus a fixed amount every month for 10 years which keep increasing by 10% each year for the rest of the pay-out period of the plan in order to account for increasing living cost.
Highlighting Features of Max Life Online Term Plus Plan
- The plan offers two death benefit options which include lump sum or income payout variant
- The plan offers limited payment options for premium payment. You can pay the premium only till 60 years of age and enjoy coverage till age of 85 years.
- The plan can be brought online easily with minimal documentation
- Provides an option to enhance your plan coverage for all the life risks with additional riders and benefits
- Option to pay the premiums monthly, quarterly, semi-annually and annually
Eligibility Conditions of Max Life Online Term Plus Plan
|Age at Entry|
Minimum- 18 years
Maximum- 60 years
|Age at Maturity||Maximum- 85 years|
Minimum- 10 years/15 years (Depending on pay option)
Maximum- 50 years
Minimum- 25 Lakh/50 lakh (Depending on pay option)
Maximum- 100 crores
Max Life Premium Return Protection Plan
A Term Plan with a Return of Premium is similar to a standard term plan. The key element in term plan with return of premium is that the maturity benefit is applicable on it. You can choose a required sum assured and policy period, accordingly, when the policy will mature, the premium paid for the policy will be returned.
Highlighting Features of Max Life Premium Return Protection Plan
- The plan allows you to choose a suitable sum assured and the premium payment option from one-time payment, regular payment, limited payment or payment till you are 60 years of age.
- The plan offers a surrender value on discontinuing premium payments on surrendering the plan.
- The plan offers convenient and seamless pricing process which can be done online or by visiting the nearest branch office
- It has flexible premium paying modes which includes monthly, half-yearly, quarterly and yearly.
- Pay for a limited period of 11 years and enjoy lifetime benefits
Eligibility Conditions of Max Life Premium Return Protection Plan
|Age at Entry|
Minimum- 20 years
Maximum- 55 years/ 50 years/ 45 years (Depending on the policy term)
|Age of Maturity||Maximum- 75 years|
|Policy Term||20 years/ 25 years/ 30 years|
|Premium Paying Term||11 years|
Benefits of Buying Max Term Insurance Plans
Max Life term insurance plans not only provide life cover but also ensure that your family is financially stable. It also pays back the premiums and provides additional benefits to you and your family. Let us have a look at the benefits you can avail by buying a Max Life term insurance plan
- Securing Your Family's Future- Term plans essentially guarantee your family's future. Being an earning member of the only breadwinner of the family, you are responsible for their well-being. Term insurance plan is essential to make sure that you are able to meet your financial obligations towards your family even when you are not around.
- High Life Cover at a Nominal Premium- Term insurance plans offers life cover at a premium you can afford. Max Life term insurance provides high life cover at affordable premium rates.
- Financial Support in Case of Critical Illness- Max Life term insurance provides coverage against 40 critical illnesses, thereby providing 360 degree protection to you and your family not only against death but also against disability and critical illnesses.
- Protection Against Liabilities- Term insurance plan pays the sum assured which ensure the safety of your dependents form financial liabilities such as EMIs, house loan or any other debt. The benefit received from the plan can be used by your family to pay off the immediate liabilities without creating a burden on them.
- Variants- Max Life Smart Term plan offers seven different death variants to choose from as per your requirement.
- Quick and Secure Buying Process- Max Life provides a very quick and a secure buying process along with an option to choose different options for payment such as credit card/debit card, net banking, etc. The payments are instantly processed and an online receipt is issued enabling you to furnish the documents quickly for claiming tax exemptions.
- Long Term Coverage- Max Life term insurance provides you with the benefit to choose long term insurance cover until 85 years of age so that you can leave a legacy for your loved ones.
- Regular Monthly Income- Max Life term insurance plan provides various death options. You can get a fixed regular income or lump sum benefit under a term plan to help your family with day-to-day living expenses. You can also opt to partly benefit in lump sum and remaining as monthly income.
- Tax Savings- Max term insurance plan provides significant tax benefit from the benefits received under the plan and the premiums paid for the plan under section 80C, 80D and 10 (10D) of the Income Tax Act, 1961.
What is covered in Max Life Term Insurance?
Term insurance plans essentially provide life cover. Max Life term insurance policies are customised with additional coverage by extending its features. The coverage of Max life term insurance plans are discussed as follows:
- Natural Death- Term insurance pays your family a lump sum amount in the event of death. Term insurance plans provide a certain sum of amount irrespective of the reason of death.
- Accidental Death- Max Life term insurance plan also provides coverage against accidental death.
- Survival Benefit- Max Life term insurance returns all the premiums if the life assured survives the term of the plan. With Max Life smart Term plan, you can avail survival benefit in which all the premiums are returned to you on the expiry of the policy.
- Return of Premium Benefit- Max Life term plans provides a return of premium benefit in which all the premiums are returned to the policyholder on the maturity of the plan.
- Additional Death Benefit- Max Life term insurance provides an additional death benefit in case of death of the life assured due to an accident. The additional death benefit is available on payment of extra premium.
What Max Life Term Insurance Policy does not Cover?
In spite of wide inclusions, there are certain sets of events that are excluded under the term insurance plan. The permanent exclusions under Max Life term plans are stated as follows:
- Death of life assured due to driving under the influence of drugs or alcohol
- Death due to accident intoxication or drug abuse
- Death due to opportunistic activities which are associated with being infected with AIDS or HIV
- Death in the event of a war, contamination, nuclear reaction or radiation
- If the life assured participates in a illegal, adventurous, criminal or any hazardous activity
- Death due to a pre- existing medical condition
If the death of the life assured occurs due to committing suicide within 12 months from the date the commencement of the plan or within a period of 12 months from the revival date of the plan, the insurance company will pay higher of:
- 80% of the total premium paid till the date of death
- The surrender value under the plan on the date of death
The above-mentioned exclusions are common exclusions under a term plan. For specific exclusions under Max Life term insurance policy, you can refer to the terms and conditions of the plan on the official website of the insurance company. It is advised to go through the detailed exclusions under the term plan so that your claim is not rejected at a later stage.
How to Apply for Max Life Term Insurance Plans?
Max Life provides a quick and easy way to purchase a term insurance policy. You can purchase a Max Life term insurance plan by following a few simple steps discussed as follows:
- Estimate Your Sum Assured
The first step towards buying Max Life term insurance is estimating the sum assured of the plan. Analyse your financial needs and visit the website of the insurance company to calculate the premium of the term insurance policy that you are planning to buy.
- Premium Calculator
The premium calculator helps you to calculate the amount of premium depending on the sum assured. It asks a few questions such as your contact information, your income, age and smoking habits to calculate the amount of premium.
- Check Your Benefits
You can select multiple benefits under a term plan such as return of premium option, regular monthly income option, critical illness benefit and also add riders that you want to buy with your term plan to enhance coverage.
- Get a Quote
The insurance company will offer you a quote based on the parameters selected by you.
- Fill in the Details
If you are satisfied with the choices and benefits under the term plan, you can fill the required details such as your education details income and protection and submit the relevant documents. Minimal documents are required to be submitted for buying a max life Term plan. These include:
- ID proof
- Income proof
- Address proof
- Age proof
- Pay the Premium
You can pay the premium for your term plan through any of the payment gateways provided by the insurance company. You can make the payment either through UIP, wallet, or debit/ credit card which is not only safe and secure but also fast and easy. After paying the premium, the insurance company will issue the plan and mail the policy document.
- Complete the Proposal Form
The proposal form contains information related to your life that can affect your claim in future. It includes your health history, professional details, drinking and smoking habits.
- Medical Test
Medical test is the last step of buying a term plan. Medical tests are required only in selected cases on the basis of the age of the individual. Medical tests are conducted after successful completion of the proposal form and on submission of necessary documents.
You can also buy a Max Life term insurance policy by visiting the nearest branch office of the insurance company and following the same buying process.
Max Life Term Insurance Riders
Riders are effective and affordable options to increase the coverage and improve the comprehensiveness of your term insurance cover. Riders can be brought only at the time of purchasing a term policy on payment of additional premium. Max Life offers following riders to be brought with the term insurance policy:
- Max Life Waiver of Premium Plus Rider- Under this rider, all the future premiums of the base plan are waived off in the event of diagnosis of critical illness or disability suffered by life assured during the term of the rider. If the life assured is unable to pay the premiums, the insurance company will take care of it and the policy will continue with all the benefits intact.
- Accelerated Critical Illness Benefit Rider- Critical illness benefit rider provides coverage against 40 specific critical illnesses such as heart attack, cancer, kidney failure, etc. A lump sum benefit amount is paid upon diagnosis of 40 listed critical illnesses during the term of the rider.
- Max Life Comprehensive Accident Benefit Rider- This rider pays an additional benefit in case of accidental death or dismemberment suffered by the life assured in an accident. The benefit under the rider will be in addition to the benefit received under the base insurance plan.
- Max Life Covid-19 One- year Term Rider- This rider pays a lump sum amount on covid-19 diagnosis or on death of life assured after covid-19 diagnosis. It covers both diagnosis and death of life assured due to covid-19.
Max Life Term Insurance Claim Process
A claim can be made on the death of the life assured or on the maturity of the plan. Max Life Insurance ensures that the claim process is handled in an easy and smooth manner for the ease of family members of the life assured. The step-by-step process to make a claim under Max Life Term plans are as follows:
- Claim Intimation Requirement
Firstly, you will have to intimate the company for the claim by providing written information online or through your agent advisor. You can also visit the nearest branch office or email at email@example.com
- Fill the Claim Form Diligently
Register your claim online by filling in the details such as your email ID, mobile number, address, etc. Then download the claim form from the website’s ‘claim section’ and submit it with relevant documents as required by the company.
- Documents Required to Process a Claim
Documents required to be submitted with the claim form are as follows-
For Natural Death Claim
- Original policy document
- Duly filled death claim application form (Form A)
- Death certificate issued by the local municipal authority
- NEFT mandate form by bank authorities along with a cancelled cheque of claimant’s bank account and photo ID proof
- Death/ discharge summary of the life assured attested by hospital authorities
- Attending physician statement in Form C
- Medical records of the life assured such as test results, admission notes, etc
Additional Documents in Case of an Unnatural or Accidental Death
- Copy of panchnama or FIR report
- Copy of viscera report or post-mortem report of the life assured
- Copy of final police investigation report and the charge sheet
- Claim Evaluation
After the submission of the documents, the insurance company will issue an acknowledgement to you regarding the confirmation of receipt of the claim. You can use your policy number in order to check your claim status until it is settled.
- Claim Discussion and Settlement
Upon final verification, the insurance company will settle your claim depending on the authenticity of the documents. Max Life provides a 24 hours claim settlement process for certain claims up to INR 1 crore. The payment will be made through the NEFT mandate provided by the claimant.
For any assistance regarding your claim you can call the insurance company on the toll-free number at 18601205577 or visit the nearest branch office.
Max Life Term Insurance Customer Care Details
|Toll-free number||0124 648 8900|
|Customer service helpline||18601205577|
|NRI helpline||0124 509 8126/ 0124 490 5150|
|SMS||SMS LIFE to 56 16188|
419, Mohan Singh Nagar, Rail Majra, Tehsil b
Balachaur, District Nawanshahr, Punjab- 144533
|Corporate number||018 814 62000|
Max Life Term Insurance Review
Max Life offers long term and comprehensive protection through its multi-channel distribution partners. The insurance company has built business over almost two decades through a customer centric approach and incredible services. Max Life Insurance has a solvency ratio of 207 % which i2s above IRDAI’S mandate of 50%. Max Life has been awarded as ‘The best Term Plan’ Company of the year 2019-20. Max Life provides InstaClaim in one-day claim settlement under its InstaClaim benefit subject to certain conditions. Its website offers all the necessary information and provides a transparent process to buy, renew and claim your plan. Max Life has been awarded as a company with the highest claim settlement by The Economic Times 'BFSI Awards 2018.’
Max Term Insurance FAQs
Can I surrender the Max Life Term plan?
Yes, if you want to surrender your policy, you can do so once all the conditions for surrender are fulfilled. Max Life term plan with return of premium offers a surrender value on surrendering your term plan provided certain terms and conditions are fulfilled. You will have to pay the premiums for the first three years regularly in order to get a surrender value.
What is the claim settlement ratio of Max Life Term Insurance?
Max Life term insurance has an individual claims ratio of 9 9.22 per cent in the financial year 19-20 which is the highest claims paid ratio of Max insurance to date.
Does Max Life term insurance cover critical illness?
Yes, Max Life term insurance plans cover critical illness. Max Life smart Term plan covers 40 critical illnesses.
Can I renew my plan if my policy has lapsed due to non-payment of premium?
The insurance company offers a grace period to pay the premium in case of non-payment of premium within the due date. However, if your policy has lapsed due to non-payment of premium, you can make a request for renewing the plan within a period of 5 years from the due date of the first unpaid premium. For renewing your policy, you will have to pay all the outstanding premiums and produce satisfactory evidence regarding the medical condition of the life assured.
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