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Max Life Online Term Plan Plus
The Max Life Online Term Plan Plus is an online term insurance plan through which you can secure your family's financial future, in the event of your early death. This plan could be particularly useful, if you are the chief earning member of your household. It provides your family with additional protection from death, disease, and disability.
The plan has a 30-day free-look period from the receiving date of the policy document. The free-look period gives you an opportunity to see how you are doing well with the policy. If you wish to change your mind, you can do so during this free-look period, stating the reasons for policy return.
Best Features of Max Life Online Term Plan Plus
Below-mentioned are some of the noteworthy features of Max Life Online Term Plan Plus that make it an unparalleled life term policy in comparison to its counterparts:
- Max Life Online Term Plan Plus provides 3 death care plans to select from at the time of order. This plan enables you to tailor the insurance according to your needs at reasonable rates.
- The plan offers you a choice to pay your premiums up to 60 years of age (you retire) or for 10 years to receive the benefit till the duration of coverage.
- The policy accelerates payout for you in case you suffer from any of the 40 listed critical illnesses.
- This plan allows you to enhance the cover during important life milestones via its Life Stage Event Benefit available against an additional nominal premium.
- The plan provides you comprehensive coverage against Death, Dismemberment, and Critical Illness if you consider to upgrade to Premium Plus Rider, Max Life Comprehensive Injury Benefit Rider or Max Life Waiver respectively.
- It comes with a convenient and fast online application process.
- The policy rewards healthier lifestyle decisions by offering lower premiums to non-smokers.
- You can restore a lapsed policy within 5 years of the due date of the first overdue premium installment and until the expiry of the policy term.
Benefits of Max Life Online Term Plan Plus
The Max Life Online Term Plan Plus comes with the following benefits:
- Death Benefit
The nominee will receive the death benefits as a lump sum, lump sum plus monthly income amount, or lump sum plus monthly income rise, based on the variant of the term insurance plan.
- Coverage Option
You have an opportunity to expand the coverage in the life phase event. In the future, you have the option of increasing the coverage (Sum Assured) on various life-stage activities such as marriage, a child born, or a house loan. However, this choice must be chosen at the time of policy initiation. Only when you are intimate about the life stage with the necessary facts would the increase be applicable.
- Long Cover Benefit
You may select a cover length of between 10 and 50 years, as well as an annual, semi-annual, quarterly, or monthly premium payment mode for the same period.
- Accelerated Critical Illness Benefit
You will get 50% of the Amount Assured (max 50 Lakh) upon being diagnosed with a list of 40 critical illnesses and the balance cover will continue. You don't have to pay any of the premiums for the future.
What is Covered?
Max Life Online Term Plan Plus is available in various variants of the plan that cover the various contingencies mentioned above. The variants are discussed in-depth below:
There are 3 variants to choose from in the plan:
Max Life Online Term Plan Plus
Under the Max Life Online Term Plan Plus variant you get the following advantages:
- Life Coverage: The policy gives you coverage till 85 years of age. You only need to pay the premium till 60 years.
- Critical Illness Coverage: The CI Sum Guaranteed is payable on the first appearance of any of the Vital Illnesses mentioned. The CI Sum Assured shall, to the degree of the CI Sum Assured, accelerate the Death Benefit with the residual Death Benefit due upon death. Max Life Online Term Plan Plus protects you against 40 critical illnesses. (Cancer of Specified Severity, Angioplasty, Cardiomyopathy, Primary Pulmonary Hypertension, and many more.)
- Death Dismemberment: In order to obtain extra safety coverage in the event of an injury leading to dismemberment or death, you can apply Max Life Accidental Death and Dismemberment Rider to the life insurance policy (at any time, assuming that the remaining term of the base policy is at least 5 years).
| Name of the Insured | Mr. Verma |
| Age | 34 Years |
| Term Of The Plan | 25 Years |
| Premium Payments Made | 9 (annual) |
| Sum Assured | 50 Lakh |
| Premium Amount For A Non-Smoking Male | INR 4850 per annum (excluding taxes) |
Benefits Payable
- If Mr. Verma died during the tenure of 25 years, INR 50 Lakh would be paid and the plan would be terminated.
- If he suffers from a terminal illness during the term of the policy, INR 50 Lakh would be paid and the plan would be terminated.
- The premium of INR 4850 will be waived off for the remaining period if he suffers from unintended complete permanent disability, but the coverage will continue. If he dies afterward or suffers during the term from a terminal illness, INR 50 Lakh would be compensated and the plan would be terminated. However, if he survives the tenure of the scheme, no profit will be compensated upon maturity.
Max Life Online Term Plan Plus – Sum Assured plus Level Monthly Income
The Max Life Online Term Plan Plus variant, offers the following coverage benefits–
- Cover for Basic Life: On the death of the policyholder, the candidate will get the Sum Guaranteed.
- Cover Of Basic Life + Monthly Income: On the death of the policyholder, the nominee will receive the Amount Guaranteed with a monthly salary of 0.4 % of the Sum Assured for the next 10 years.
- Cover For Basic Life + Increasing Monthly Income: On the death of the policyholder, the nominee will receive the Amount Assured for the next 10 years with a monthly income of 0.4 % of the Sum Assured. Per year the monthly salary rises by 10 % basic interest.
| Name of the Insured | Mr. Verma |
| Age | 34 Years |
| Term Of The Plan | 25 Years |
| Premium Payments Made | 9(annual) |
| Sum Assured | 50 Lakh |
| Level Monthly Income | INR 20000 (every month for 10 Years) |
| Premium Amount For A Non-Smoking Male | INR 6350 per annum (excluding taxes) |
Benefits Payable
- If Mr. Verma died during the tenure of 25 years, INR 50 Lakh would be paid and the plan would be terminated.
- If he suffers from a terminal illness during the term of the policy, INR 50 Lakh would be paid and the plan would be terminated.
- The premium of INR 6350 will be waived off for the remaining period if he suffers from unintended complete permanent disability, but the coverage will continue. If he dies afterward or suffers during the term from a terminal illness, INR 50 Lakh would be compensated and the plan would be terminated. However, if he survives the tenure of the scheme, no profit will be compensated upon maturity.
Max Life Online Term Plan Plus – Sum Assured plus Increasing Monthly Income
The following types of coverage benefits are offered by this option:
- Accidental Coverage: In case of death or permanent disability caused by an accident, you can add the Max Life Comprehensive Accident Death Benefit rider and be covered. The rider is eligible for additional payment following request.
- Life Coverage: The coverage is open to persons aged 18 and 60 years of age, with the protection extended to 85 years of age.
- Cover For Basic Life + Increasing Monthly Income: On the death of the policyholder, the nominee will receive the Amount Assured for the next 10 years with a monthly income of 0.4 % of the Sum Assured. Per year the monthly salary rises by 10 % basic interest.
| Name of the Insured | Mr. Verma |
| Age | 34 Years |
| Term Of The Plan | 25 Years |
| Premium Payments Made | 9(annual) |
| Sum Assured | 50 Lakh |
| Increasing Monthly Income | INR as monthly income in the first year, increasing at 10% every year |
| Premium Amount For A Non-Smoking Male | INR 7000 per annum (excluding taxes) |
Benefits Payable
- If Mr. Verma died during the tenure of 25 years, INR 50 Lakh would be paid and the plan would be terminated.
- If he suffers from a terminal illness during the term of the policy, INR 50 Lakh would be paid and the plan would be terminated.
- The premium of INR 7000 will be waived off for the remaining period if he suffers from unintended complete permanent disability, but the coverage will continue. If he dies afterward or suffers during the term from a terminal illness, INR 50 Lakh would be compensated and the plan would be terminated. However, if he survives the tenure of the scheme, no profit will be compensated upon maturity.
What is not Covered?
The exclusions under the Max Life Online Term Plan Plus are listed below:
- Pre-existing illnesses, and AIDS
- Involvement in risky sports
- Involvement in crises, nuclear battles, radiation or reactions
- Any self-inflicted harm, be it sane or crazy, attempted suicide
- Involvement of attacks, conflicts, strikes, criminal acts, industrial disturbances, hostilities.
- There is no profit if the assured is under the influence of drugs, drink, medicines, etc.
Suicide Exclusion: If the life assured, whether sane or insane, dies as a result of suicide within a span of 12 months from the date of policy inception (the effective date of risk inception) or the date of policy revival, the policy shall terminate automatically.
Max Life Online Term Plan Plus Eligibility
| Feature | Specifications |
| Coverage | Every individual (male, female, and transgender) must agree to the Company's membership policies in accordance with the Board. |
| Minimum And Maximum Entry Age | 18 Years and 60 Years |
| Maximum Age for Maturity | 85 Years |
| Base Annual Premium | INR 2,200 (For Standard Pay variant, Age 18 years, Policy Term 10 years, Female, Sum Assured Variant, Non-Smoker) excluding additional premium, modal extra, taxes and cesses underwritten from time to time by the Government; annual mode). Please note that taxes and withdrawals are collected over and above the plan premium.
|
Highest Annual Premium
| INR 2,18,44,600 (For Pay till 60 variants, Age 50 years, Policy Term 35 years, Male, Sum Assured + Monthly Income Variant Increasing, Smoker, Critical Illness cover of INR 50 Lakh, excluding additional premium, modal extra, taxes, and cesses as occasionally imposed by the Government; annual mode). |
Policy Term
|
For regular pay and pay up to 60 options, choose a term from 10 to 50 years (in the one-year interval), according to the full age of maturity Select a term from 15 to 50 years (in intervals of 1 year) for 10 payment options, according to Full Maturity Age
Available with a 10 to 40 year term. However, if you choose the “Pay until 60 or 10 Pay option," the CI reward policy term will be limited only until the premium payment term is selected. |
Term For Premium Payment
| Three variants of premium payment are available-
You will only have the option to choose the premium payment term at the start of the policy and the option cannot be changed. |
| Modes for Premium Payment | Annual, semi-annual, quarterly, and monthly payment modes. As follows, the modal variables are: Premium Mode Factor Annual 1.000 Semi-annual 0.513 Quarterly 0.261 Monthly 0.088 During the premium payment term, the premium payment mode may be changed. |
| Relationships under which Life Insured and Policyholder can be different |
|
Claim Process for Max Life Online Term Plan Plus
The claim process is very quick and easy for Max Life term insurance policies. If the policyholder dies during the policy duration, certain clear actions need to be taken by the designated nominee or the applicant to claim the policy benefits.
- The claim form for Max Life contract policies can be accessed from the www.maxlifeinsurance.com website or the claim form can also be collected from any Max Life Insurance Provider branch office.
- In the form, fill in all the details. Submit the necessary documentation as specified by the Max Life Insurance Provider along with the claim form correctly completed and signed.
- The application will be assessed after reviewing the records, and compensation will be paid if the claim is accepted.
Necessary Documents Required For Max Life Term Insurance Claims
The documentation needed to be given to initiate Max Life term insurance claims are as follows:
- The claim form was duly filled in and signed.
- Document of the initial policy
- Certificate of Death
- Report from post mortem, if necessary
- First Details Record of the Police (FIR), where applicable
- Nominee or applicant photo identity verification
- Any other documentation that Max Life Insurance Agency might request.
Max Life Online Term Plan Plus Riders
By including the riders listed below, you can now make your term cover more comprehensive:
Max Life Extensive Accident Benefit Rider: You can get extra protection for accident-related death or dismemberment by way of rider Sum Guaranteed (impairments are specified under the Rider contract). You have the option to add or delete this rider within the regulation period at any time, according to the rider's terms and conditions.
Premium Plus Total Life Waiver Rider: This rider offers a waiver of all potential premiums under a scheme and all other attached riders on the earlier occurrence of one of the following occurrences if the basic policy and adding riders are in effect:
- Critical disease
- Dismemberment
- Death (only if Life Insured and Policyholder are separate people, the value of a rider on death would be compensated to the holder of the policy)
Max Life Online Term Plan Plus Review
Max life term plans seek to have a range of desirable features and advantages and robust life protection. Basically, over a fixed amount of time, term plans are provided. During this time frame, the guaranteed benefit or lump sum payment will be provided to the appointed nominee in the policy if the policyholder dies. The policy comes with a grace period of 30 days for normal mode and in the monthly mode, the grace period is 15 days. During the grace period, the Company will accept the premium without late fee. Max Life Online Term Plan Plus exhibits a Claim Settlement Ratio of 99.22% for the FY 2019-20. The term insurance plan can be opted to individuals who are looking for a term plan to support their family’s financial future with premium features.
Max Life Online Term Plan Plus Frequently Asked Questions (FAQs)
1. What is the proper age for a term insurance plan to be acquired?
A Term Plan is a pure insurance plan that helps compensate the breadwinner's earned income in the event of his passing. It's a fact that the younger you are, the cheaper the benefits will be. For a term insurance policy of INR 1 Crore, the monthly premium for a 25-year, non-smoker male vs INR 1,200 for the same person at age 35 would be INR 600. Therefore, purchasing this package as early as possible in life makes sense. Your liabilities and dependents would have risen if you were in your 30s or 40s (parents and children). To guarantee that all financial needs are covered, particularly though you are not home, you must buy a cover now.
2. What is the best plan for parents for the term?
Buying term insurance policies as a parent will help build a safety net for the family and help make sure they have a future that is financially stable. The strategy will also help them preserve the lifestyle, even though you are no longer around, that you have built for them. Under the term plan, you can choose from the following payout options:
- Payout of Lump Sum as life cover.
- A lump-sum payment, along with a set monthly salary for a particular time, as life cover.
- A lump-sum payment, along with a growing monthly income for a particular duration, as life cover.
3. Is healthcare covered in term insurance?
First of all, knowing what the distinction is between health insurance and term insurance is important. Technically speaking, while life insurance protects the costs paid for care, in the event of your untimely death, sickness, or injury, term insurance will help the family alleviate the financial burden. Although Online Term Plan Plus does not offer health benefits with a Max Life term insurance plan, the critical disease rider of the plan (an extra benefit provided on extra premium payment) offers a lump sum amount to the family in case of diagnosis of any of the 40 critical diseases covered. It is best to buy either a life insurance plan or an essential insurance plan if you choose to use insurance benefits with multiple illnesses and subsequent hospitalization expenses.
4. Is the Critical Illness benefit over and above my cover amount?
You can select the Critical Illness benefit alternative when buying a term package. The sum guaranteed starts at INR 5 Lakh and goes up to INR 50 Lakh. It will, however, be a limit of 50% of the life cover. For eg, if you purchase a term plan cover of INR 2 Crore, for a maximum amount guaranteed of INR 50 Lakh, you can purchase essential disease profit. The benefit amount is paid as a one-time lump sum upon diagnosis of each of the 40 specified essential diseases. This sum shall be reduced from the term cover and the balance life cover shall be carried forward (with all potential premiums lowered accordingly) and shall be owed on the death of the life covered by the nominee.
5. Am I eligible for the cover of 75 Lakh? I want to buy a cover for 1 Crore. What am I supposed to do?
Your insurance cover should be purchased as per your Human Life Worth. However, your overall coverage would be greater than INR. 1 Crore for an Amount Guaranteed of INR. 75 Lakh when you buy Max Life Online Term Plan Plus “Monthly Income Variant” or "Increasing Monthly Income Variant". Your coverage will be INR. 75 Lakh paid as lump sum + INR 36 Lakh payable as monthly income payable for 10 years, which amounts to INR. 1.11 Crore for "Monthly Income Variant" Your coverage will be INR. 75 Lakh charged as lump sum + INR. 52.2 Lakh payable as monthly salary payable for 10 years, which amounts to INR. 1.27 Crore. for "Increasing Monthly Income Variant".
6. How to purchase the Max Life Online Term Plan Plus plan?
To purchase Max Life Online Term Plan Plus, follow these steps:
- To determine the rate you will be liable for, pick your insurance term and assured sum for the premium calculator.
- If it meets your specific insurance goals, choose from the available add-on passengers.
- Enter the personal information needed, and then pay your premium
- Complete the Proposal Form with facts about your occupation, medical records, current health, etc.
- At your existing address, undergo the required medical check-up
7. How do you understand how much term insurance to purchase?
You ought to get a life cover of at least 10 times your annual salary, a basic thumb rule suggests. The truth, though, is that to account for your present and future obligations and your financial ambitions, your cover needs to be big enough. So, preferably, if you have taken out a home loan of INR 50 Lakh, you can make sure that your life cover is big enough to cover the debt at least. Don't hesitate to take inflation into account when assessing future targets as well.
8. What are riders?
Riders are extra enhanced incentives that can be added to the Injury Cover term policy and the Waiver of Premium are the most common riders, upon further premium payment. In the event of death/impairment due to an accident, the accidental death cover rider offers extra cover, while the waiver of premium rider waives off the premium in the event of a legitimate failure to work and earn in the event of disability or serious disease.
9. What if, during the term period, you do not die?
The insurance plan will expire at the conclusion of the contract term. The rewards of survival, if any, are made available. You will also renew the policy to continue life protection depending on the provisions provided by the insurance provider. But, when considering a term plan, study well and consider these questions and choose the right one for you.
