Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income is a term life insurance plan offered by Max Life Insurance. It is a non-linked non participating regular pay term insurance policy. The policy targets people who live in urban areas, have internet access and who earn Rs.3 Lakhs or more in a year. The plan provides 100% of the Sum Assured plus increasing monthly income as death benefit to the policyholders. Apart from this, policyholders can avail tax benefits and the ones who do not smoke can enjoy High Sum Assured discounts and low premium rates.
Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policyholders have the option of adding the following 2 riders to their plan:
Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy can be availed only by people who fulfil the eligibility requirements. The eligibility criteria for this policy is mentioned below:
|Type||Individual, non-linked non participating regular pay term insurance policy|
|Minimum Age at Entry||18 years|
|Maximum Age at Maturity (age as on last birthday)||75 years|
|Maximum Age at Entry (age as on last birthday)||60 years|
|Maximum Expiry Age (age as on last birthday)||75 years|
When you take a life insurance policy, you are guaranteed an amount that you will receive on maturity or your family members will receive in case of your death. This guaranteed amount is called Sum Assured or coverage amount. The Sum Assured for Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income is:
|Minimum Sum Assured||Rs.25 Lakhs|
|Maximum Sum Assured||Rs.100 Crores|
*Max Life Insurance will pay the Sum Assured of this policy in multiples of Rs.1 Lakh.
The premium for Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income is calculated on the basis of the minimum sum assured that has been chosen by the policyholders. People can pay the premium annually for this policy. The premium payment term is the same as the Policy term. It ranges from 10 years to 40 years (in 1 year interval) and cannot be more than the maximum age at maturity.
*Premiums vary based on age, location, plan term and other factors.
Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy only offers Death Benefit to the policyholders. The highest of the following is given as Death Benefit:
(Note - The Annualised premium includes extra premium (if any) and excludes loadings for modal premiums.)
|Death Benefit options||Details||Effective Total Protection Value|
|Sum Assured plus Increasing Monthly Income||Also known as Lump sum + Increasing Monthly Income. This option provides the family members of the insured with 100% of the Sum Assured in case of his/her death. His/her family will also receive increasing monthly income for 10 years. Here, monthly income for first 10 years will be 0.4% of the Sum Assured, which will rise every year by 10% (simple interest) of the 1st year monthly income.||169.6% of the Sum Assured|
Customers of Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy have the option of adding the following riders to their policy for extra protection:
|Max Life Waiver of Premium Plus Rider||It is a non-linked rider. It helps policyholders by waiving off their future premiums in case they die or suffer from any disease or dismemberment.|
|Max Life Comprehensive Accidental Death Benefit Rider||This rider helps policyholders by providing them with extra payout in case they meet with an accident and suffer from dismemberment or death.|
*The benefits of the riders are paid over and above the benefits of the base plan.
Other benefits include high Sum Assured discount and low premium rates for non-smokers and low rates in case the insured is a female.
Maturity benefit is not offered by Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy.
Suicide Exclusion – If any of this Max Life term plan policyholder commits suicide within 12 months from the start or revival of the policy, then his/her policy will end immediately and his/her nominee will receive only the total premium (excludes service tax and includes extra premium).
Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy has many other important features to offer. Some of them are:
|Grace Period||30 days. Grace Period initiates from the due date of payment.|
|Nomination||Policyholders can choose a nominee.|
|Freelook Period||30 days.|
|Policy Revival||Lapsed policies can be revived within 2 years. The 2 years start from the due date of 1st unpaid instalment. Policyholders are not allowed to revive their policy after the expiry of policy term.|
|Surrender Value||No surrender value is paid as the policy does not get any surrender value throughout the policy term.|
Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policyholders can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, 80D and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) of the IT Act.
Section 80C or 80CCC says that:
If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.
*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.
Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income have many other benefits to offer other than the ones mentioned above. Some of these benefits are mentioned in the table below:
|Online Applications||Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy is available online and people can easily apply for it from anywhere and at any time.|
|Customer Care||If people have any queries, they can easily get in touch with Max Life Insurance’s customer care service. They can contact the customer service department via SMS, call, email, letter, etc.|
|Calculator||Before purchasing the Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy, customers can calculate the amount of protection they require by using the online calculator tool present on the company’s website.|
Max Life Insurance is a well-known private life insurance company that is present all over India. This company uses latest technology to make the application and claim process simple and quick. Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income is one of the most popular life insurance products of the company because it makes one feel secure about his/her family’s future. The company also offers a superior customer care service, which customers can reach out to at any time for any queries.
A. The minimum entry age for Max Life Comprehensive Accidental Death Benefit Rider is 18 years and the maximum entry age is 60 years.
A. The minimum entry age for Max Life Waiver of Premium Plus Rider is 18 years and the maximum entry age is 65 years.
A. The expiry age for Max Life Comprehensive Accidental Death Benefit Rider is 75 years.
A. Any male or female, smoker or non-smoker can add Max Life Comprehensive Accidental Death Benefit Rider to their Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy.
A. No, Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy does not provide loan facility.
A. You can revive your Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy placing a revival request with the company within a period of 2 years from the due date of the 1st unpaid instalment and before the expiry of your policy term. For your policy to be revived, the company has to approve your request. Max Life Insurance will provide you with a written approval only if you submit a written request and provide the following:
A. No, the total rider premium cannot be more than 100% of the premium of base plan.
A. The minimum Sum Assured offered by Max Life Comprehensive Accidental Death Benefit Rider is Rs.50,000 and the maximum Sum Assured is lower of the following:
A. The term of Max Life Comprehensive Accidental Death Benefit Rider ranges from 10 years to 35 years. It is equal to or less than the term of the base plan.
A. You can apply for the policy online. To apply, you have to first select the policy term and sum assured. Then, you have to calculate the premium and fill up the proposal form. Once you have filled up the form, you can make the payment using your credit card, debit card or net banking account. After the payment is made, you will have to upload the required documents and schedule a medical inspection.