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    Max Life Term Insurance

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    For individuals who have others who are dependent on their income, a term plan can give them peace of mind knowing that in the event of their departure from this world, their loved ones will be taken care of. A term plan is a type of life insurance product that insurance companies offer which provides financial cover to the policyholder for the policy term. In the event of the death of the life insured during the policy term, the beneficiary will receive the death benefit.

    Benefits of Max Life Term Plans:

    Max Life term plans provide the following benefits:

    • Affordable premiums
    • High coverage
    • Simple to understand
    • Flexible options to renew and convert policies
    • Tax Benefits under Section 80C of the Income Tax Act, 1961
    • Low premiums are offered to non-smokers
    • 30-day free look period
    • Options of cost-effective riders

    Max Life offers an online term plan that is easy to purchase. Upon the unfortunate demise of the life insured, the term policy will payout a lump sum benefit as the sum assured. But Max Life understands that this option is not sufficient to protect the family financially. Its term plan is specially designed to give customers three options to choose how their nominees will receive the benefit:

    • Lump sum benefit
    • Lump sum benefit plus monthly income
    • Lump sum benefit plus increasing monthly income

    With the option of monthly income, policyholders can ensure their family receives an income to take care of liabilities and everyday costs. To help negate rising costs and future inflation, Max Life Insurance offers the option of increasing monthly income with the death benefit.

    Max Life also offers three offline protection plans that provide cover in case of the diagnosis of cancer, accidental death and against rising costs. Max Life offers a special term plan that has a provision for the return of premiums paid upon the survival of the policyholder on the date of maturity.

    List of Term Insurance Plans from Max Life:

    Online Term Insurance Plans:

    Max Life Term Insurance Plan:

    This plan provides comprehensive financial protection to help your family meet rental and household needs after your demise. This plan is available for purchase online and gives the policyholder three options of the death benefit payout:

    Plan Option Basic Life Cover Life Cover + Monthly Income Life Cover + Increasing Monthly Income
    Total Payout 100% 148% 169%
    Benefits Sum assured Sum assured + level monthly income Sum assured + increasing monthly income at 10% p.a.

    With this plan, you can benefit from the following:

    • 30-day free look period - You can return and cancel the policy within 30 days of its inception if you are not satisfied.
    • Riders - Riders are available to enhance your protection at affordable prices.
      • Max Life Comprehensive Accidental Death Benefit Rider(CAB)
      • Max Life Waiver of Premium Plus Rider(WOP)
    • Non-smokers - If you do not smoke, you are entitled to lower premium rates as a reward for a healthier lifestyle choice.
    • Policy term - This policy is available for a maximum term of 40 years.
    • NRIs - Non-resident Indians can also avail this plan in select countries.
    • Death benefit - The higher of the following will be paid:
      • Absolute amount assured to be paid on death
      • 10 times the annualised premium
      • Minimum guaranteed sum assured on maturity
      • 105% of all the premiums paid as on date of death
    Plan Name Entry Age Maturity Age Premium
    Max Life Term Insurance Plan 18 years to 60 years 75 years Rs.2,200 to Rs.1,12,30,000 (excluding extra premiums, modal extra, service tax and cesses)

    Offline Term Insurance Plans:

    Max Life Cancer Insurance Plan:

    This plan is a non-linked, non-participating plan that provides comprehensive cover against all stages of cancer. The person insured will receive a lump sum payout to meet medical expenses related to the diagnosis of cancer. Upon diagnosis, all future premiums towards the policy will be waived. If diagnosed with a major stage of cancer, the insured will receive an income benefit for 5 years. For every claim-free year, the sum insured will be increased by 10% to a maximum of 150% of the base sum assured. Listed below are the benefits payable under this policy:

    Carcinoma in Situ (Pre Cancer):

    • Up to 5 “Carcinoma in Situ” claims payable for cancer of different organs
    • Waiver of all future premiums
    • Lump sum Benefit which is 20% of Indexed Sum Insured

    Early Stage Cancer:

    • Up to 5 “Early Stage” claims payable for cancer of different organs.
    • Waiver of all future premiums
    • Lump sum Benefit which is 20% of Indexed Sum Insured

    Major Stage Cancer:

    • Lump sum Benefit payable at 100% of indexed Sum Insured minus CiS/Early Stage claim paid
    • Income Payment irrespective of death or policy term
    • Income Benefit which is payable at 10% of Sum Insured Payable as income for 5 years
    • Policy will terminate
    Plan Name Entry Age Maturity Age Premium
    Max Life Cancer Insurance Plan 25 years to 65 years 75 years Rs.1,960 p.a. to Rs.1,49,750 p.a.

    Max Life Super Term Plan:

    This insurance plan provides coverage to meet the needs of your family in the event of your demise. It also takes into consideration the rising costs of living and inflation and makes provisions for an increasing sum assured. The plan provides the following benefits:

    • Options on benefit payouts either as lump sum, or 50% as a lump sum and the remainder as monthly income for the next 10 years at an increasing rate of 8.50% p.a.
    • Flexible policy terms of 10 years up to 35 years.
    • Affordable premiums for comprehensive cover
    • Increase the sum assured every year by 5% till the end of the policy term while paying the same premium.
    Plan Name Entry Age Maturity Age Premium
    Max Life Super Term Plan 18 years to 65 years 75 years Rs.5,000 p.a. minimum (excluding extra premiums, modal extra, service tax and cesses)

    Max Life Premium Return Protection Plan:

    This plan offers comprehensive life cover along with the facility of return of premiums upon survival of life insured at the end of the policy term. If the policyholder dies by accident, then an additional 50% of the base sum assured will be paid to the nominee. Premiums have to be paid only for a limited period of 11 years. Policy terms available are 20 years, 25 years and 30 years. By taking this plan, you will receive the following benefits:

    Death Benefit:

    Upon the death of the insured during the policy term, a lump sum Death Benefit will be paid to the nominee of the life insured.

    The death benefit is equal to the death Sum Assured, which is defined as the higher of:

    • 105% of Total Premiums paid
    • 10 times the Annualised Premium
    • Guaranteed Death Sum Assured (GDSA)
    • Guaranteed Maturity Sum Assured (GMSA)
      • Annualised Premium will be the annual premium inclusive of all extra premiums and exclusive of service tax or any other taxes, cesses or levies, if any.
      • Total Premium will be all premiums paid inclusive of extra premiums and loaded for modal factors and exclusive of service tax or any other taxes, cesses or levies, if any till date.
      • Guaranteed Death Sum Assured (GDSA) is defined as 150% of Sum Assured for accidental claims and 100% of Sum Assured for non-accidental claims.
      • Guaranteed Maturity Sum Assured (GMSA) is the total premium payable over the premium payment term.

    Maturity Benefit:

    At the end of Policy Term, if the Policyholder survives, they will be entitled to get a Guaranteed Maturity Sum Assured. This is equal to the Total Premium paid over the Premium Payment Term.

    Plan Name Entry Age Maturity Age Premium
    Max Life Premium Return Protection Plan 21 years to 65 years 75 years Rs.8,500 p.a. minimum (excluding extra premiums, modal extra, service tax and cesses)

    Why you need a Max Life Term Plan?

    Max Life is one of the largest private non-banking life insurers of the country. With its presence being established in India in 2000, the insurer caters to over 3 million customers through multi-channel distribution system. Whether you should invest in a term plan depends on if you want to leave an inheritance behind for your family. Term plans usually do not have any maturity benefit but Max Life offers one with the option of Return of Premium. Max Life Insurance also offers an online term insurance plan with three death benefit options. These plans are designed to provide financial protection to the family of the policyholder at affordable premiums.