"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Loading your search...
    Close

    Tell us about yourself & we'll find the best Term/Cancer Life Insurance offers for you.

  • Max Life Super Term Plan

    Max Life Super Term Plan is a traditional, non-participating, regular pay term insurance plan offered by Max Life Insurance. It is an individual policy that provides a comprehensive insurance coverage to the policyholders. The policy offers death benefit, Reduced Insurance Cover benefit and two Sum Assured options, which are Level Sum Assured and Increasing Sum Assured. Apart from this, policyholders can choose the policy term and they can also choose how they wish to receive the settlement amount. Premium for this policy starts from Rs.5,000* p.a. Policyholders can choose to add the following two riders to their Max Life Super Term Plan for extra protection:

    • Max Life Accidental Death & Dismemberment Rider.
    • Max Life Waiver of Premium Plus Rider.

    By purchasing this policy, people can enjoy tax benefits under the prevailing Income Tax Act.

    *Premiums vary based on age, location, plan term and other factors.

    (UIN: 104N086V03)

    Eligibility - Who is the Max Life Super Term Plan for?

    Max Life Super Term Plan can be availed only by people who fulfil the eligibility requirements. The eligibility criteria for this Max Life term policy is mentioned below:

    Type Non-linked, non-participating term insurance plan
    Minimum Age at Entry (age as on last birthday) 18 years
    Maximum Age at Entry (age as on last birthday) 65 years
    Maximum Age at Maturity (age as on last birthday) 75 years

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

    Sum Assured is the amount that policyholders receive from the policy. The policy offers two Sum Assured Options at the start, which are:

    • Level Sum Assured – Here, the Sum Assured remains the same (fixed) during the full Policy Term.
    • Increasing Sum Assured – Here, the Sum Assured increases by 5% p.a. (simple rate) on every policy anniversary.

    The Sum Assured Bands of Max Life Super Term Plan are as follows:

    • Band 1 – Rs.25 Lakhs to Rs.49. Lakhs.
    • Band 2 – Rs.50 Lakhs to Rs.99 Lakhs.
    • Band 3 – Rs.1 Crore to Rs.4.99 Crore.
    • Band 4 – Rs.5 Crore and above.

    (Note – High Sum Assured offers low rates of premium. The Sum Assured amount is available in multiples of Rs.1 Lakh only)

    The minimum and maximum Sum Assured offered by the policy is mentioned in the table below:

    Minimum Sum Assured Rs.25 Lakhs (dependent on the minimum premium)
    Maximum Sum Assured No Limit.

    Premium is the amount that policyholders have to pay by the premium due date to avail the benefits offered by a policy. The rates of premium differ on the basis of the following parameters:

    • Smokers or non-smokers.
    • Male or Female.
    • Sum Assured Option.
    • Sub-standard lives.
    Minimum Premium Rs.5,000 p.a.
    Maximum Premium No Limit.
    Policy Term Minimum – 10 years. Maximum – 35 years. Policyholders are allowed to choose the term. They can choose any term between 10 years and 35 years in intervals of 1 year.
    Premium Payment Term Same as policy term
    Premium Payment Mode Annual, Semi-Annual, Quarterly, Monthly. The payment mode can be changed during the policy term.

    *Premiums vary based on age, location, plan term and other factors.

    **Premium amount mentioned in the table above does not include extra premium, modal extra, tax, cess or levies.

    Plan Coverage – What the Max Life Super Term Plan Covers?

    Max Life Super Term Plan offers comprehensive coverage at affordable rates. It provides a unique Sum Assured Option called ‘Increasing Sum Assured’ to the policyholders to help them in dealing with rising inflation and in upgrading their lifestyle. This option increases the Sum Assured by 5% (simple rate) each year until the policy term ends. The option does not increase the premium amount.

    Benefit Details
    Death Benefit Guaranteed Death Benefit will be paid if the Life Insured dies during the policy term, provided the Reduced Insurance over is not active and the policy is in-force. Guaranteed Death Benefit is higher of the following:
    • 10 times of the Annualised premium.
    • 105% of the all the premiums is paid on the date of death.
    • Guaranteed Maturity Sum Assured that is payable on the date of maturity.
    • Sum Assured as effective on the previous policy anniversary or on the date of demise.
    Policyholders can choose how they want to receive the Death Benefit. The policy offers two settlement options, which are as follows:
    • Option 1 – Get the full Guaranteed Death Benefit as lump sum.
    • Option 2 – Get 50% of the Guaranteed Death Benefit as lump sum and get 0.42% of the Guaranteed Death Benefit as monthly income during the settlement period (for a period of 10 years) increasing at 8.5% p.a. each year, starting from the policy anniversary that follows the date of demise.
    During the settlement period, the nominee can commute the remaining payouts by giving a written request to the company. When the company receives the request, then the nominee will receive present value of all future payouts discounted at 6.5% p.a.
    Reduced Insurance Cover (RIC) Benefit Max Life Super Term Plan offers Reduced Insurance Cover (RIC) benefit. So, if a policyholder has paid the premium of first 15 years in full and then not made any further premium payment, then his/her policy will not lapse, but by default the policy will become Paid-Up and the Reduced Insurance Cover will activate. A RIC policy can be revived within the revival period of 2 years. If the policyholder passes away when the policy is under Reduced Paid Up Mode, then the following benefits will be paid depending on the death benefit option chosen by him/her.
    • Death Benefit Option 1 – Here, 100% of the Reduced Insurance Cover will be paid in lump sum.
    • Death Benefit Option 2 – Here, 50% of the Reduced Insurance Cover will be paid in lump sum and monthly income will be paid in the following ways:
      • During the 1st year of payout period, 0.42% of RIC as monthly income.
      • From 2nd year of payout period till the end of payout period, monthly income will increase each year by an amount that will be equal to 8.5% p.a. (simple rate) of the monthly income of 1st year.
    Claimant can choose to get the remaining monthly income in one lump sum by submitting a request in writing to the company. The company will pay present value of all the future monthly income discounted at 6.5% p.a. to the claimant.

    Add-On Plans – Additional Coverage Under the Max Life Super Term Plan:

    Max Life Super Term Plan offers 2 Riders, which policyholders can choose to add to their plan to get extra protection. These Riders are:

    Max Life Accidental Death & Dismemberment Rider. This Rider offers lump sum benefit in case the policyholder dies or suffers from dismemberment caused due to an accident.
    Max Life Waiver of Premium Plus Rider. This Rider waives off all the future premiums in the following cases:
    • If the policyholder and Life Insured are same then waiver will be provided when he/she is diagnosed with critical illness or suffers from dismemberment.
    • If the policyholder and Life Insured are different then waiver will be provided when the policyholder is diagnosed with critical illness or suffers from dismemberment or death.

    Exclusions - What the Max Life Super Term Plan Doesn’t Cover?

    Suicide Exclusion – If the Life Insured commits suicide within 12 months from the start or revival date of the policy, then the policy will terminate immediately. In this case, the company will pay the total premiums to the nominee.

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

    Max Life Super Term Plan policy has many other important features. Some of them are:

    Particulars Details
    Grace Period 15 days for monthly payment mode. 30 days for all other payment modes. Grace Period will start from the due date of every premium payment.
    Nomination Policyholders are allowed to select a nominee.
    Freelook Period 15 days, starting from the date of receipt of the policy document.
    Policy Revival The policy can be revived within a period of 2 years, starting from due date of the 1st unpaid premium instalment and before the expiry of policy term.

    Tax Benefits – How you can Save with the Max Life Super Term Plan?

    Owners of Max Life Super Term Plan 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 Super Term Plan?

    Max Life Super Term Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are:

    Simple Application Process The application process of Max Life Super Term Plan is very simple. To apply, people have to simply contact the company.
    Customer Care Max Life Insurance provides 24x7 customer care service. People can get in touch with the customer care team by contacting on the toll free number or by sending an email, SMS, letter, etc.
    Premium Calculator Before applying for Max Life Super Term Plan, people can calculate their premium online by using the premium calculator present on the website of Max Life Insurance.
    Doorstep Expert Advice The company offers expert advice at your doorstep. You have to simply contact the company and their trained distributor will meet you and help you in understanding your policy.

    Why you Should buy the Super Term Plan from Max Life Insurance?

    You should buy the Max Life Super Term Plan from Max Life Insurance because it is one of the most popular products out of the 15 life insurance products offered by the company. This plan provides comprehensive insurance coverage with some unique benefits that makes the policyholders and their families feel financially secure. Another reason why people should choose this policy from Max Life Insurance is that the company uses the latest technology to fasten the claim process. The company is present across India with over 2,000 branches. It also has a very good customer service team, which can be approach 24x7 for any queries.

    Frequently Asked Questions (FAQs):

    1. When is the Reduced Insurance Cover available?

      A. The Reduced Insurance Cover is available only if the policy term is equal to or more than 16 years.

    2. How is the Reduced Insurance Cover Calculated?

      A. The Reduced Insurance Cover is calculated using the following formulae:

      Reduced Insurance Cover = [{(Policy Year of Discontinuance of Premium – 1)/Policy Term} – 0.25] x Guaranteed Death Benefit.

    3. Will the Reduced Insurance Cover increased if the policy is not revived?

      A. The Reduced Insurance Cover will be the same and not increase by 5% p.a. till the policy is not revived.

    4. What is Annual Premium?

      A. Annual Premium is referred to the amount of premium that is payable under the annual premium payment mode. It exclusive of extra premium, service tax and other cess, taxes or levies.

    5. What is Annualised Premium?

      A. Annualised Premium is referred to the sum total of extra premium and Annual premium.

    6. Does Max Life Super Term Plan provide loan facility?

      A. No, Max Life Super Term Plan does not provide loan facility.

    7. Does Max Life Super Term Plan provide Maturity Benefit and Survival Benefit?

      A. No, Max Life Super Term Plan does not provide Maturity Benefit and Survival Benefit.

    8. Does Max Life Super Term Plan provide Surrender Value?

      A. No, Max Life Super Term Plan does not provide any Surrender Value.

    9. How can one revive his/her Max Life Super Term Plan?

      A. One can revive his/her Max Life Super Term Plan policy making a revival request with the company within 2 years, starting from the due date of 1st unpaid instalment and before the expiry of policy term. A written request has to be submitted along with the following:

      • Insurability proof of the insured and bear the cost of it.
      • The outstanding premiums.
      • The late payment fee/interest.
    10. What are the Modal Factors for the different premium payment modes?

      A. Modal Factors for the different premium payment modes are as follows:

      • For annual premium payment mode, the Modal factor is 1.000.
      • For semi-annual premium payment mode, the Modal factor is 0.520.
      • For quarterly premium payment mode, the Modal factor is 0.265.
      • For monthly premium payment mode, the Modal factor is 0.090.
    11. How to make a claim?

      A. To make a claim, people have to submit the following to Max Life Insurance:

      • Claimant’s statement in the form prescribed by the company. Policyholders can download the claim request documents from the website of the company.
      • Your original policy document.
      • Copy of F.I.R or policy complaint (to be submitted in case of death by accident).
      • Copy of certified post mortem report (to be submitted in case of death by accident).
      • Death certificate issued by the municipal or local authority.
      • Claimant’s and Nominee(s) Identity proof. It should have their photographs and signatures (to be submitted in case of death).
      • Any other documents requested by the company.