Max Life Online Term Plan Plus

term insurance
Protect your loved ones against death, disability and Illness
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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: 

  1. 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 InsuredMr. Verma
Age34 Years
Term Of The Plan25 Years
Premium Payments Made 9 (annual)
Sum Assured50 Lakh
Premium Amount For A Non-Smoking MaleINR 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.
  1. 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 InsuredMr. Verma
Age34 Years
Term Of The Plan25 Years
Premium Payments Made 9(annual)
Sum Assured50 Lakh
Level Monthly IncomeINR 20000 (every month for 10 Years)
Premium Amount For A Non-Smoking MaleINR 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.
  1. 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 InsuredMr. Verma
Age34 Years
Term Of The Plan25 Years
Premium Payments Made 9(annual)
Sum Assured50 Lakh
Increasing Monthly IncomeINR as monthly income in the first year, increasing at 10% every year
Premium Amount For A Non-Smoking MaleINR 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 Age18 Years and 60 Years 
Maximum Age for Maturity85 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 




 

  • Base Plan: 

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 

  • Critical Illness Cover:

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- 

  • Regular Pay - The term for premium payment would be the same as the term for the policy.  
  • Pay till 60 - The premium payment period is equivalent to (60 less Entry Age (Last Birthday Age)), subject to a minimum of 10 years of premium payment term and less than or equal to 50 years of entry age. The premium rate term for this version will still be less than the regulation term. 
  • 10 Payment - The term of the subscription payment is set for 10 years and the age of admission is less than or equal to 49 years. 


 

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: 



 

Modal Factors

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


 

  • Spouse
  • Child
  • Sibling
  • Keyman insurance


 

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)
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