Max Life Term Insurance

Max Life Term Insurance Plans assure financial protection for your dependents. If the life assured dies during the policy tenure, the insurer will pay an assured death benefit to the policy's nominees. The sum assured is chosen at the time of policy inception. Keep reading to find out more about Max Life Term Plans!

Key Features of Max Life Term Insurance Plans

Key highlights for Max Life Term Insurance Plans are as follows:

• The policyholders can customize their Max Life Term Insurance Plan with additional riders.
• Enjoy increased sum-assured benefits with a voluntary sum-assured top-up feature.
• Max Life provides a free look-up period of 15 days. During this period, policyholders can review the terms and conditions of the plan.
• You can compare different Max Life Term Insurance Plans to buy the one that suits your needs.
• Provide financial protection for your loved ones at an affordable premium.

Benefits of Max Life Term Insurance Plans

The following are the benefits of purchasing Max Life Term Insurance Plans:

• High Claim Settlement Ratio: Max Life has a claim settlement ratio of 99.65%, which indicates the company’s efficiency in settling claims. With a high claim settlement ratio, it becomes easier for policyholders to get their term insurance plan's claim settled. It is important to note that you should buy term insurance plans from a company that has a higher claim settlement ratio.
• Tax Benefits: Max Life term insurance plans also offer tax benefits. As per Section 80C of the Income Tax Act, the Max Life term insurance plan provides tax benefits of up to Rs. 46,800. So, reduce your tax liabilities with Max Life term insurance plans.
• Coverage for Critical Illnesses: Max Life Term Insurance plan provides coverage for up to 64 critical illnesses. You can get coverage for 64 listed critical illnesses at a very affordable premium. Max Life term insurance plan also provides coverage for both permanent and temporary disabilities.
• Variety of Term Insurance Plans: Max Life offers a bunch of term insurance plans, such as a 1 crore term insurance plan, a 2 crore term insurance plan, and more, depending on the coverage you need. Moreover, some of the popular types of term insurance plans that Max Life offers are Max Life Super Term Plan, Max Life Online Term Plan Plus, etc. With so many term insurance plans available, you can easily pick a desired term insurance plan.
• Rider Benefits: You can also add a number of riders to the Max Life term insurance plan to further enhance its benefits. With riders like Accidental Death Benefit and others, the benefits of Max life term insurance plans get enhanced even more.
• Flexible Policy Term: Depending on your requirements, you can choose a desired policy term when buying a Max Life term insurance plan.

A List of Max Term Insurance Plans

While buying a term insurance plan with Max Life, you might be confused about which plan to choose. So, here are some of the top term insurance plans that Max Life offers:

• Max Life Smart Secure Plus: The Max Life Smart Secure Plus is one of the top-selling term insurance plans of Max Life. This plan offers death benefits as well as exit benefits. Moreover, the Max Life Smart Secure Plus also offers benefits like joint life cover, payout on accidents, flexible premium payment, and more. You can also save tax of up to Rs. 46,800 with the Max Life Smart Secure Plus.
• Max Smart Secure Plus Increasing: This is an increasing type of term insurance plan in which the sum insured increases at a defined rate each year. However, you should check the increase rate and only buy a plan like this.
• Max Smart Secure Plus - Life Cover TROP: The Max Smart Secure Plus - Life Cover TROP provides the benefit of the return of premium upon the completion of the policy term. This means that if the policyholder outlives the policy term, then with a TROP plan, the total premium will be paid back.
• Max Smart Flexi Protect Solution - TROP: The Max Smart Flexi Protect Solution - TROP is a comprehensive term insurance plan that provides the benefit of both wealth creation and insurance. This type of term insurance plan can also be enhanced by adding different riders like critical illness riders. The Max Smart Flexi Protect Solution - TROP also offers tax benefits under sections 80C and 80D of the Income Tax Act of 1961.

Riders Available Under Max Life Term Insurance Plan

Riders are additional benefits offered by term life insurance companies. Policyholders can buy these riders with their base term plan by paying an extra premium. Following are the riders that you can purchase with your Max Life Term Insurance Plan:

• Accident Benefit Rider: This rider benefit provides additional protection against death or disability that happens to the policyholder during the policy tenure.
• Premium of Waiver Benefit Rider: A premium of waiver benefit rider protects your loved ones from paying future premiums. This means that if the policyholder dies during the policy tenure, all future premiums will be waived off and the death benefit will be paid to the nominees.
• Terminal Illness Rider: On being diagnosed with any kind of term illness rider, a terminal illness rider provides the relevant coverage.
• Return of Premium Rider: In case you survive the term insurance policy term, then with the return of premium rider, all the premiums will be paid back to you.
• Critical Illness Rider: On being diagnosed with any kind of critical illness listed in the term insurance plan, a critical illness rider will provide the relevant coverage.

Factors to Consider While Buying Max Life Term Insurance

Some of the factors to consider when choosing a Max Life term insurance plan are as follows:

• Age: The premium of the Max Life term insurance plan varies depending on your age. The older you are, the higher the term insurance premium. This is because the risks of health issues increase with age, as do the insurance premiums.
• Income: While buying a Max Life term insurance plan, you should also keep your income in mind. Depending on your income, buy a preferred term insurance plan that best fits your budget.
• Financial Dependants: When you are buying a term insurance plan with Max Life, it is crucial to keep your financial dependents in mind. If you have more financial dependents, you should buy a term insurance plan with higher coverage. Moreover, you should also keep in mind the time until you have financial dependents, as depending on that, you will be able to choose the right policy term

Coverage of Max Term Insurance Plan

With the help of a term insurance calculator, you will be able to analyze the coverage you will need for your term insurance plan. You should ideally buy a term insurance plan that is 10x your current salary. For example, with a salary of Rs. 10 lakhs per annum, you should buy a term insurance plan that provides coverage of Rs. 2 crores.

Critical Illness Coverage in Max Term Insurance Plans

The different types of term insurance plans that Max life Term offers also provide the benefit of getting coverage for critical illnesses. The Max term insurance plans provide coverage for over 64 critical illnesses such as heart attack, open chest CABG, paralysis, organ transplant, and more. Thus, if you are at a high risk of critical illnesses, then it is recommended to get critical illness coverage with your Max term insurance plan.

Process To Buy Max Life Term Insurance Plan

Individuals who want to purchase Max Life Term Insurance Plans can buy them online at InsuranceDekho. Find a comprehensive guide in the section below:

Documents Required

• Identity proof
• Income proof
• Address proof
• Medical proof

Steps You Need To Follow

• Go to the term insurance page on InsuranceDekho.
• Enter details such as name, income, age, and other details.
• You will then be taken to the term insurance quotes page, from which you will be able to select Max Life Insurance.
• Select the desired Max Life term insurance plan and proceed with the payment.
• Finally, you will receive details of your term insurance plan.

Process To Renew Max Life Term Insurance Plan

Here is a comprehensive guide on how to renew the Max Life Term Insurance Plan:

• Visit the official website of Max Life Insurance.
• On the left side of the home page, click on the “Renew Policy” tab.
• Enter your date of birth and phone number.
• Click on the “Pay Premium” button.
• Pay a premium through a secure payment gateway to renew your life insurance plan.
• Process To Claim Max Life Term Insurance Plan
• If the policyholder dies during the policy tenure, nominees or beneficiaries of the policy can claim

Documents Required

• Death certificate issued by the local municipal authority
• Canceled cheque or passbook copy of the nominee
• Duly filled death claim form
• Identity proof of the nominee
• Statement of attending physician
• Medical reports
• FIR in case of accidental death
• Post-mortem report copy

Steps You Need To Follow

• Go to the official website of Max Life Insurance.
• Hit the “Claim Center” button available on the home page.
• Download the claim form online and duly fill it out.
• Upload all the necessary documents.
• The insurer will assess the information you provide. If satisfied, the company will process your claim request.