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Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income

Life Insurance
  • Premiums as low as Rs.18/day for sum assured of Rs.1 crore
  • Paperless process available
  • Choose between lump sum and monthly payout options

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 Comprehensive Accidental Death Benefit Rider.
  • Max Life Waiver of Premium Plus Rider.

Eligibility - Who is the Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income for?

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

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

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.

Plan Coverage – What the Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income Covers?

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:

  • 10 times the Annualised premium.
  • Minimum guaranteed Sum Assured on maturity.
  • 105% of total premiums paid until date of death.
  • Absolute amount assured is paid on date of death.

(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

Add-On Plans – Additional Coverage Under the Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income:

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:

Rider Details
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.

Exclusions - What the Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income Doesn’t Cover?

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).

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

Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy has many other important features to offer. Some of them are:

Particulars Details
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.

Tax Benefits – How you can Save with the Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income?

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.

  • Deductions under Section 80C or 80CCC – Individuals and Hindu Undivided Families can avail benefits under this Section. The maximum amount that can be claimed is Rs.1,50,000.

Section 80C or 80CCC says that:

  • If you pay 20% more premium than the actual capital Sum Assured in a year, then you can claim deductions only for premiums up to 20% of the sum assured.
  • If your policy was issued on or after 1st April, 2012, then you can claim deduction for only so much of the premiums payable as does not exceed 10% of the actual capital Sum Assured (15% if you have severe disability or specified ailment).

If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.

  • Deductions under Section 80D – Individuals and Hindu Undivided Families can avail benefits under this Section. The eligible amount for deduction is a maximum of Rs.25,000 for an individual, his/her spouse and children. An additional deduction of up to Rs.25,000 is allowed for parents. If parents are senior citizens, then deduction of up to Rs.30,000 can be claimed. Assessees are allowed to pay a maximum of Rs.5,000 for preventive health check-ups within the prescribed overall limit.
  • Deductions under Section 80DD – Under this Section, every year policyholders can claim up to Rs.75,000 worth premiums that they pay for their disabled dependent. A high deduction of Rs.1,25,000 will be permitted in case the dependent suffers from severe disability.
  • Exemptions under Section 10 (10D) – The amount policyholders receive from a life insurance policy (includes 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 Life Cover + Increasing Monthly Income?

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.

Why you Should Buy the Online Term Plan Plus Life Cover + Increasing Monthly Income from Max Life Insurance?

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.

Frequently Asked Questions (FAQs):

  1. What is the minimum and maximum entry age for Max Life Comprehensive Accidental Death Benefit Rider?

    A. The minimum entry age for Max Life Comprehensive Accidental Death Benefit Rider is 18 years and the maximum entry age is 60 years.

  2. What is the minimum and maximum entry age for Max Life Waiver of Premium Plus Rider?

    A. The minimum entry age for Max Life Waiver of Premium Plus Rider is 18 years and the maximum entry age is 65 years.

  3. What is the expiry age for Max Life Comprehensive Accidental Death Benefit Rider?

    A. The expiry age for Max Life Comprehensive Accidental Death Benefit Rider is 75 years.

  4. Who can add Max Life Comprehensive Accidental Death Benefit Rider to their Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy?

    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.

  5. Does Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy provide loan facility?

    A. No, Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy does not provide loan facility.

  6. My Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy has lapsed. How to I revive it?

    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:

    • Insurability proof of the insured and bear the cost of it.
    • The outstanding premiums.
    • The late payment fee/interest.
  7. Can total rider premium be more than the 100% of the premium of base plan?

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

  8. What is the minimum and maximum Sum Assured offered by Max Life Comprehensive Accidental Death Benefit Rider?

    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:

    • Base Plan Sum Assured.
    • Rs.1 crore per life.
  9. What is the term of Max Life Comprehensive Accidental Death Benefit Rider?

    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.

  10. I want to buy a Max Life Online Term Plan Plus Life Cover + Increasing Monthly Income policy. How do I apply for it?

    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.