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Max Life Online Term Plan Plus Life Cover + Monthly Income

Max Life Online Term Plan Plus 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:

  • Sum Assured.
  • Level monthly income for a period of 10 years.

Non-Smokers can receive rewards and discounts for living a healthy lifestyle from this policy. Max Life Online Term Plan Plus 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 Life Cover + Monthly Income policy is a life insurance policy, people can use it to claim deductions and exemptions on their income tax

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

To get a Max Life Online Term Plan Plus 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 75 years (age as on last birthday)
Maximum Age at Entry 60 years (age as on last birthday)
Maximum Expiry Age 75 years (age as on last birthday)

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

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 Life Cover + Monthly Income is mentioned in the table below. Max Life Insurance pays the Sum Assured in multiples of Rs.1 Lakh.

Minimum Sum Assured Rs.25 Lakhs
Maximum Sum Assured Rs.100 Crores

The Premium payment term and policy term of Max Life Online Term Plan Plus 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:

  • Annual payment mode.
  • Semi-Annual payment mode.
  • Quarterly payment mode.
  • Monthly payment mode.

The premium for Max Life Online Term Plan Plus Life Cover + Monthly Income is mentioned below.

Maximum Annual Premium Rs.1,12,30,000
Minimum Premium Rs.2,200

*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.

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

Max Life Online Term Plan Plus Life Cover + Monthly Income policy offers Death Benefit to the customers, which is highest of the following:

  • 10x of the Annualised premium.
  • Minimum Sum Assured on the date of maturity.
  • 105% of total premiums that the policyholder has paid until the date of his/her death.
  • Absolute amount assured is paid on the date of death.

(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

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

Max Life Online Term Plan Plus Life Cover + Monthly Income policyholders can choose to add the following riders for additional protection:

Rider Details
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.

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

Max Life Online Term Plan Plus 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.

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

Apart from the ones mentioned above, Max Life Online Term Plan Plus Life Cover + Monthly Income policy has other important features that benefit the customers. Some of them are:

Particulars Details
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.

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

Customers of Max Life Online Term Plan Plus 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.

  • Deductions under Section 80C or 80CCC – Individuals and Hindu Undivided Families can avail benefits under this Section. The maximum claim amount 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 – Policyholders can avail the following exemptions on their Life Insurance policy:

  • 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 + Monthly Income?

Max Life Online Term Plan Plus 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 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.

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

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.

Max Life Online Term Plan Plus Life Cover + Monthly Income FAQs:

  1. How to revive Max Life Online Term Plan Plus Life Cover + Monthly Income policy?

    A. Customers can revive their Max Life Online Term Plan Plus 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.

  2. Who can opt for the riders?

    A. The riders can be opted for by any male or female, smoker or non-smoker.

  3. Can the value of my total rider premium be more than the value of my base plan’s premium?

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

  4. Does the policy provide Loan Facility?

    A. No, the policy does not provide Loan Facility.

  5. How can I apply for Max Life Online Term Plan Plus Life Cover + Monthly Income policy?

    A. You can easily apply for Max Life Online Term Plan Plus Life Cover + Monthly Income policy online. To apply, you have to do the following:

    • Step 1 – Choose the policy term, sum assured and calculate premium.
    • Step 2 – Fill up proposal form online.
    • Step 3 – Pay online using debit card, credit card or net banking.
    • Step 4 – Upload required documents and schedule medical inspection.
  6. How do I make a claim?

    A. You can make a claim by submitting the following documents to the company:

    • Claimant’s statement as prescribed by the company.
    • Original policy document.
    • Cope of certified post mortem report, if applicable.
    • Copy of F.I.R or police complaint, if any.
    • Your identity proof with signature and photo.
    • Death certificate issued by municipal or local authority.
    • Any other documents required by Max Life Insurance.
  7. How old should I be to apply for Max Life Comprehensive Accidental Death Benefit Rider?

    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.

  8. How old should I be to apply for Max Life Waiver of Premium Plus Rider?

    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.

  9. What is the minimum Sum Assured of Max Life Comprehensive Accidental Death Benefit Rider?

    A. The minimum Sum Assured of Max Life Comprehensive Accidental Death Benefit Rider is Rs.50,000.

  10. When will the Max Life Online Term Plan Plus Basic Life Cover policy lapse?

    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.