Max Life Online Term Plan Plus Basic Life Cover + Monthly Income is a non-linked non participating regular pay term insurance policy offered by Max Life Insurance. It is a single life policy that targets the middle to higher income earners (People earning at least Rs.3 Lakhs annually) who have internet access. This plan offers the following two benefits:
Non-Smokers can receive rewards and discounts for living a healthy lifestyle from this policy. Max Life Online Term Plan Plus Basic Life Cover + Monthly Income policy also offers High Sum Assured discounts to the policyholders. Apart from this, policyholders can extend their coverage by adding Max Life Comprehensive Accidental Death Benefit Rider and Max Life Waiver of Premium Plus Rider to their policy. As Max Life Online Term Plan Plus Basic Life Cover + Monthly Income policy is a life insurance policy, people can use it to claim deductions and exemptions on their income tax.
To get a Max Life Online Term Plan Plus Basic Life Cover + Monthly Income policy, you have to meet its eligibility criteria. This policy is a single life policy and thus can be applied for by one person only. It has an age limit for entry and maturity period and only individuals who fall within this age limit can apply for the policy.
|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)||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 guaranteed amount (excluding bonus) that you will receive from this Max Life term plan. It is also known as the coverage amount. Sum Assured for Max Life Online Term Plan Plus Basic Life Cover + Monthly Income is mentioned in the table below. Max Life Insurance pays the Sum Assured for the base plan in multiples of Rs.1 Lakh. Sum assured for the CI Benefit will be paid in multiples of Rs.5 lakh.
|Base Plan||Rs.25 Lakh||Rs.1 crore|
|Critical Illness Benefit||Rs.5 Lakh||Rs.5 Lakh|
The Premium payment term and policy term of Max Life Online Term Plan Plus Basic Life Cover + Monthly Income policy is the same. It ranges from 10 years to 40 years (in intervals of 1 year), provided that it does not exceed the maximum age at maturity. Premium can be paid using any of the following payment modes:
The premium for Max Life Online Term Plan Plus Basic Life Cover + Monthly Income is mentioned below.
|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 amount mentioned above is exclusive of service tax, cess, extra premium, modal extra, etc.Policy Term
The policy term for the It ranges from 10 years to 40 years (in intervals of 1 year), provided that it does not exceed the maximum age at maturity. 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 + Monthly Income policy offers Death Benefit to the customers, which is highest of the following:
(Note - The Annualised premium is inclusive of extra premium (if any). Loadings for modal premiums is excluded. The Absolute amount assured is calculated on the basis of the death benefit option that has been chosen by the policyholder).
|Death Benefit options||Details||Effective Total Protection Value|
|Sum Assured plus Level Monthly Income||Also known as Lump sum + 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 0.4% of the Sum Assured every month for 10 years to meet regular expenses.||148% of the Sum Assured|
Max Life Online Term Plan Plus Basic Life Cover + Monthly Income policyholders can choose to add the following riders for additional protection:
|Max Life Waiver of Premium Plus Rider||By adding this rider to their policy, policyholders can waive off their future premiums in case they suffer from a critical illness, death or dismemberment.|
|Max Life Comprehensive Accidental Death Benefit Rider||By adding this Rider, policyholders can provide extra financial protection to their families. This rider will provide extra payout to their family, in case they die because of an accident. Through this rider they can also receive payout, in case they suffer from dismemberment that is caused due to an accident.|
If policyholders live a healthy life, then they can receive High Sum Assured discounts and rewards. Apart from this, the policy offers low rates for female lives.
Max Life Online Term Plan Plus Basic Life Cover + Monthly Income policy does not provide maturity benefits to the policyholders.
Suicide Exclusion – If a policyholder (sane or insane) kills himself/herself within 12 months (from the date of policy inception or revival), then his/her policy will terminate immediately. In this case, only the total premium (inclusive of extra premium, exclusive of service tax) will be paid to his/her nominee.
Apart from the ones mentioned above, Max Life Online Term Plan Plus Basic Life Cover + Monthly Income policy has other important features that benefit the customers. Some of them are:
|Grace Period||30 days for all payment modes (excludes monthly mode). 15 days for monthly payment mode. It starts from the payment due date.|
|Freelook Period||30 days. It starts from the date policyholders receive their policy document.|
|Nomination||Policyholders are permitted to choose a nominee.|
|Surrender Value||The policy does not pay any amount as Surrender Value because it not take any Surrender Value from the policyholders during the full policy term.|
|Policy Revival||If the policy of a person lapses, then he/she can revive it within 2 years, starting from the payment due date of 1st unpaid instalment. The policy cannot be revived after the policy term expires.|
Customers of Max Life Online Term Plan Plus Basic Life Cover + Monthly Income policy can avail tax benefits in the form of exemptions and deductions as per the Income Tax Act of 1961. Many people consider Life Insurance as one of the best instruments for planning tax.
Deductions – Policyholders can claim deductions on their Life Insurance Policy under Section 80C, 80CCC, 80D and 80DD.
If your policy is terminated within 2 years from inception, then the benefits under this Section will be reversed.
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.
Max Life Online Term Plan Plus Basic Life Cover + Monthly Income also offers the following benefits:
|Online Applications||Applicants can use the online application feature to easily apply for the Max Life Online Term Plan Plus Basic Life Cover + Monthly Income policy.|
|Customer Care||Max Life Insurance Company has a very friendly customer care team that helps customers with all their queries and problems. People can contact the team via call, SMS, email, letter or by visiting any branch of the company.|
|Calculator||Customers can use the online calculator tool present on the website of Max Life Insurance to calculate the amount of protection they require. They can use the calculator for free before purchasing the policy.|
Max Life Insurance is a leading life insurance company in India. It has over 2,000 branches and is known for offering long term savings, protection and retirement solutions. Max Life Insurance provides around 15 insurance products that have been designed to meet the requirements of different sections of society. The company has an excellent customer care service, which is available 24x7 to answer all the claim related queries of the customers.
A. Customers can revive their Max Life Online Term Plan Plus Basic Life Cover + Monthly Income policy by placing a revival request within 2 years from the due date of 1st unpaid instalment. The policy cannot be revived after the policy term expires. Max Life Insurance will provide a written approval only if customers place the revival request in writing, provide proof of insurability and bear its cost. They also have to pay all the outstanding premiums and late payment fee/interest. Whether the company will approve the revival request or not, depends on its terms and conditions.
A. The riders can be opted for by any male or female, smoker or non-smoker.
A. No, the value of your total rider premium cannot be more than 100% of your base plan’s premium.
A. No, the policy does not provide Loan Facility.
A. You can easily apply for Max Life Online Term Plan Plus Basic Life Cover + Monthly Income policy online. To apply, you have to do the following:
A. You can make a claim by submitting the following documents to the company:
A. To apply for Max Life Comprehensive Accidental Death Benefit Rider you have to be a minimum of 18 years old. The maximum entry age for this rider is 60 years.
A. To apply for Max Life Waiver of Premium Plus Rider you have to be a minimum of 18 years old. The maximum entry age for this rider is 65 years.
A. The minimum Sum Assured of Max Life Comprehensive Accidental Death Benefit Rider is Rs.50,000.
A. Max Life Online Term Plan Plus Basic Life Cover policy will lapse only when policyholders do not pay their premium on time, i.e., by the end of grace period.