Max Life Online Term Plan Plus Basic Life Cover

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.

(UIN: 104N092V03)

Eligibility - Who is the Max Life Online Term Plan Plus Basic Life Cover for?

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 and Premium Range – What you Get and What it Costs?

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.

Plan Coverage – What the Max Life Online Term Plan Plus Basic Life Cover Policy Covers?

Max Life Online Term Plan Plus Basic Life Cover policy provides only Death Benefit to the policyholders, which is the highest of the following:

• 10 times the Annualised Premium (It includes extra premium, if any, and it does not include loadings for modal premiums)
• 105% of the total premiums paid until the date of death.
• Minimum guaranteed Sum Assured on the date of maturity.
• Absolute amount assured (depends on the Death Benefit selected by the policyholder at the start of the policy) that is to be paid on the date of death.

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

Add-On Plans – Additional Coverage Under the Max Life Online Term Plan Plus Basic Life Cover:

Owners of Max Life Online Term Plan Plus Basic Life Cover have the option of adding the following riders to their policy.

Rider	Details
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.

Exclusions - What the Max Life Online Term Plan Plus Basic Life Cover Doesn’t Cover?

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.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

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.

Particulars	Details
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.

Tax Benefits – How you can Save with the Max Life Online Term Plan Plus Basic Life Cover?

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.
• Exemptions.

Deductions – Policyholders can claim the following deductions on their Life Insurance policy:

• Deductions under Section 80C or 80CCC – Under this Section, benefits can be availed by an individual assessee (Insured, his/her wife or children) and Hindu Undivided Family assessee (any member of the family). The maximum amount that people can claim under these sections is Rs.1,50,000. As per Section 80C or 80CCC:
  • If a person pays 20% more premium (in a year) than the actual capital Sum Assured, then he/she can claim deductions only for premiums up to 20% of the sum assured.
  • If his/her policy has been issued on or after 1st April, 2012, then he/she can claim deduction for only so much of the premiums payable as does not exceed 10% of the actual capital Sum Assured (15% if the person has severe disability or specified ailment).

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.

• Deductions under Section 80D – Under this Section, benefits can be availed by an individual assessee (Insured, his/her wife or children) and Hindu Undivided Family assessee (any member of the family). The qualifying amount for deduction is up to Rs.25,000 for an individual, his/her spouse and children and an additional deduction of up to Rs.25,000 is allowed for parents. If parents are senior citizens, then up to Rs.30,000 can be claimed. Assessees are permitted to pay up to Rs.5,000 for preventive health check-ups within the prescribed overall limit.
• Deductions under Section 80DD – Under this Section, up to Rs.75,000 worth premiums that policyholders pay for their disabled dependent can be claimed for deduction every year. A high deduction of Rs.1,25,000 will be permitted in case the dependent suffers from severe disability.

Exemptions – Policyholders can avail the following exemptions on their Life Insurance policy:

• Exemptions under Section 10 (10D) – Any sum that is received from a life insurance policy, including bonus is exempted from tax. This rule is not applicable on the following:
  • Sum received under Section 80DD (3)
  • Sum received under a Keyman Insurance Policy
  • Sum received other than as death benefit from a policy that was issued on or after 1st April, 2003 and if the premium payable during the term is not more than 20% of the sum assured. If the policy was issued on or after 1st April, 2012, exemption will be available only if the premium payable does not exceed 10% of the actual capital sum assured.

*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.

Other Benefits – How you can Save with the Max Life Online Term Plan Plus Basic Life Cover?

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.

Why you Should Buy the Online Term Plan Plus Basic Life Cover from Max Life Insurance?

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.

Frequently Asked Questions (FAQs):

1. Under what circumstances will my Max Life Online Term Plan Plus Basic Life Cover policy lapse?

   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.

2. How can I revive my Max Life Online Term Plan Plus Basic Life Cover policy?

   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.

3. Does Max Life Online Term Plan Plus Basic Life Cover offer Policy Loan Facility?

   A. No, Max Life Online Term Plan Plus Basic Life Cover does not offer Policy Loan Facility.

4. Can the total rider premium be more than the base plan premium?

   A. No, the total rider premium cannot be more than 100% of the base plan premium.

5. What is the premium payment term for Max Life Online Term Plan Plus Basic Life Cover?

   A. The premium payment term for Max Life Online Term Plan Plus Basic Life Cover is the same as the Policy Term.

6. What documents do I have to submit while placing a claim request?

   A. While placing a claim request, you have to submit the following documents:

   • A statement as prescribed.
   • Original document of the policy.
   • Copy of F.I.R or police complaint, if any.
   • Copy of certified post mortem report, if applicable.
   • Death certificate issued by municipal or local authority.
   • Your identity proof. It should have your signature and photo.
   • Any other documents required by Max Life Insurance.

7. What is the age requirement for Max Life Comprehensive Accidental Death Benefit Rider?

   A. The age requirement for Max Life Comprehensive Accidental Death Benefit Rider is mentioned below:

   • Minimum entry age - 18 years
   • Maximum entry age - 60 years.

8. What is the age requirement for Max Life Waiver of Premium Plus Rider?

   A. The age requirement for Max Life Waiver of Premium Plus Rider is mentioned below:

   • Minimum entry age - 18 years
   • Maximum entry age - 65 years.

9. Who can add the riders to the policy?

   A. Any male or female, smoker or non-smoker can add the riders to the policy.

10. How to apply for Max Life Online Term Plan Plus Basic Life Cover?

    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.

    • Step 1 – Select the sum assured, policy term and calculate the premium.
    • Step 2 – Complete the proposal form online.
    • Step 3 – Pay online for the policy using credit card, debit card or net banking.
    • Step 4 – Upload the required documents and schedule medical inspection.