Max Life Online Term Plan Plus Basic Life Cover is an insurance plan offered by Max Life Insurance. It is a non-linked non participating regular pay term insurance policy. It is an individual policy, which provides comprehensive protection at affordable rates. It targets people who live in urban areas, earn Rs.3 Lakhs or more annually and have access to the internet. Max Life Online Term Plan Plus Basic Life Cover offers the full sum assured as death benefit to the customers. It also provides High Sum Assured discounts and rewards to non-smokers on premium rates. It offers protection against dismemberment, death and critical illness through Riders. Apart from this, policyholders can avail tax benefits by applying for this policy.
To get a Max Life Online Term Plan Plus Basic Life Cover policy, customers have to fulfil the eligibility requirements of the company. One of the main criteria is ‘Age’. Max Life Insurance has set a minimum and maximum age limit for people who can apply for this insurance policy. If applicants fall within the age group that is eligible to apply for this plan, their applications will be approved easily.
|Type||Individual, non-linked non participating regular pay term insurance policy|
|Minimum Age at Entry||18 years|
|Maximum Age at Entry (age as on last birthday)||Regular Pay - 60 years; Pay till age 60 – 50 years|
|Maximum Age at Maturity (age as on last birthday)||85 years; 75 years for Critical Illness Benefit|
Sum Assured is the amount of money that you receive on maturity or it is the amount that your family receives in case of your death. This amount is fixed at the time of application and is considered as the total coverage amount. Sum Assured for this policy is available in multiples of Rs.1 Lakh.in case of critical illness, the sum assured will be provided in multiples of Rs.5 lakh. The minimum and maximum Sum Assured for Max Life Online Term Plan Plus Basic Life Cover policy is:
|Base Plan||Critical Illness|
|Minimum Sum Assured||Rs.25 Lakhs||Rs.5 Lakhs|
|Maximum Sum Assured||Rs.1 Crores||Rs.50 Lakhs|
The Policy Term of Max Life Online Term Plan Plus Basic Life Cover policy ranges from 10 years to 40 years (in interval of 1 year), provided the maximum age at maturity is met. Premium for this policy can be paid using Annual, Semi-Annual, Quarterly and Monthly payment modes. Policyholders can choose to change the payment mode during the policy term. The minimum and maximum premium for Max Life Online Term Plan Plus Basic Life Cover is:
|Minimum Premium||Rs.2,200 (For Regular Pay option)|
|Maximum Annual Premium||Rs.2,18,44,600 (For Pay till 60 option)|
*Premiums vary based on age, location, plan term and other factors.
**The above mentioned amount does not include extra premium, modal extra, service tax and cess.Policy Term
The Policy Term of Max Life Online Term Plan Plus Basic Life Cover policy ranges from 10 years to 40 years (in interval of 1 year), provided the maximum age at maturity is met. In case of Critical Illness, the policyholder can choose a term from 10 to 40 years.
Max Life Online Term Plan Plus Basic Life Cover policy provides only Death Benefit to the policyholders, which is the highest of the following:
|Death Benefit options||Details||Effective Total Protection Value|
|Sum Assured||Also known as Lump sum. This option provides the family members of the insured with the Sum Assured.||100% of the Sum Assured|
Owners of Max Life Online Term Plan Plus Basic Life Cover have the option of adding the following riders to their policy.
|Max Life Comprehensive Accidental Death Benefit Rider||This Rider offers extra payout to the family of the Insured, in case his/her death is caused due to an accident. It also provides payout to the lnsured, if he/she suffers from dismemberment due to an accident.|
|Max Life Waiver of Premium Plus Rider||This Rider waives off the future premiums in case the Insured suffers from dismemberment, a critical illness or death.|
Apart from this, policyholders can avail High Sum Assured discounts and rewards for living a healthy lifestyle. The plan also offers low rates for female lives.
Max Life Online Term Plan Plus Basic Life Cover policy does not provide any maturity benefits to the policyholders.
In case the policyholder (whether sane or insane) commits suicide within a period of 12 months from the starting date of the policy or the policy revival date, then the policy will end immediately and the total premiums (includes extra premium and excludes service tax) will be refunded to his/her nominee.
Max Life Online Term Plan Plus Basic Life Cover policy has other features that can help the policy holders in certain situations. For example – Generally, if you fail to pay your premium on time because of some reason, then your policy will lapse, but Max Life Online Term Plan Plus Basic Life Cover policy offers a 30 day grace period, which you can use to make the payment and save your policy from lapsing.
|Freelook Period||30 days, starting from the date of receiving the policy document.|
|Grace Period||30 days, starting from the payment due date for all payment modes except for the monthly mode. For Monthly payment mode, the grace period is 15 days.|
|Surrender Value||The policy does not take any Surrender Value during the Policy Term. So, no amount is payable.|
|Nomination||Policyholders are allowed to have a nominee.|
|Policy Revival||Lapsed policy can be revived within a period of 2 years, starting from the due date of the 1st unpaid premium instalment and before the policy term expires.|
Policyholders can enjoy tax benefits under Income Tax Act of 1961, if they apply for Max Life Online Term Plan Plus Basic Life Cover policy. Life Insurance is one of the best tax planning instrument. There are two types of tax benefits that people can enjoy by investing in Life Insurance policies:
Deductions – Policyholders can claim the following deductions on their Life Insurance policy:
The benefits under this Section will be reversed if the policy is terminated within a period of 2 years from the start of the policy.
Exemptions – Policyholders can avail the following exemptions on their Life Insurance policy:
*Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.
Apart from the ones mentioned above, Max Life Online Term Plan Plus Basic Life Cover has other benefits in store for its customers such as:
|Online Applications||Applying for Max Life Online Term Plan Plus Basic Life Cover is very easy as it can be done online. The online application process is quick and customers can apply for the policy anytime from any part of the world.|
|Customer Care||Max Life Insurance Company has a very good customer care service that takes care of every need of the customers. From answering queries to solving problems, the customer care team handles it all very efficiently. People can get in touch with the team through the helpline number, email, SMS, email, letter or at any office of the Company. There is a separate helpline number for Online Term Plan customers.|
|Calculator||Before purchasing an Online Term Plan Plus Basic Life Cover policy from Max Life Insurance, customers can determine the amount of cover they need using the online Calculator.|
Max Life Insurance is an award-winning and leading life insurance company with over 2,000 branches spread across the country. It is known for offering comprehensive long term protection, savings and retirement solutions. Max Life Insurance has a friendly and dedicated customer care service that helps customers in making an informed decision. Their 15 insurance products cater to the needs of different segments of society.
A. Your Max Life Online Term Plan Plus Basic Life Cover policy will lapse only if you fail to pay your premium by the end of the grace period. Once it lapses, you will not get any benefits.
A. To revive your Max Life Online Term Plan Plus Basic Life Cover policy you have to apply for the same within a period of 2 years, starting from the due date of the 1st unpaid premium instalment and before the policy term expires. The revival request has to be approved by Max Life Insurance. The approval is dependent on the terms and conditions of the company’s Underwriting Policy and will be given to you in writing only if you place the revival request in writing, provide insurability proof of the Insured that is accepted by Max Life Insurance and bear the cost of it and if you pay all the pending premiums along with the late payment fee or interest.
A. No, Max Life Online Term Plan Plus Basic Life Cover does not offer Policy Loan Facility.
A. No, the total rider premium cannot be more than 100% of the base plan premium.
A. The premium payment term for Max Life Online Term Plan Plus Basic Life Cover is the same as the Policy Term.
A. While placing a claim request, you have to submit the following documents:
A. The age requirement for Max Life Comprehensive Accidental Death Benefit Rider is mentioned below:
A. The age requirement for Max Life Waiver of Premium Plus Rider is mentioned below:
A. Any male or female, smoker or non-smoker can add the riders to the policy.
A. Applying for Max Life Online Term Plan Plus Basic Life Cover is very easy. To apply, you have to simply follow the steps mentioned below.