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Max Life Term Insurance

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Gaurav Seth
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MAX LIFE TERM INSURANCE

Max Life is a well-established and renowned private insurance providing entity which is a joint venture between Mitsui Sumitomo Insurance Co. Ltd. and Max Financial Services Ltd. The former is a member of MS&AD Insurance Group, one of the leading general insurers across the globe and the latter is a part of the eminent Max Group of India. Max Life Insurance comes across as a trusted and financially stable entity backed by an enriching experience of 15+ years of helping Indian people to protect themselves against uncertainties and achieve their financial goals. The company objective is to cater to all specific or general protection, savings, wealth, and retirement requirements of its customers with about 20 products on offer, hence, ensuring that there is a product for everyone.

In this article, we are going to discuss Max Life insurance in detail and will examine different aspects and policies of the same. 

WHAT IS TERM INSURANCE?

Term insurance can be called one of the most basic types of insurance policies offered where the insurer ensures that the family members of the insured are given compensation up to the sum assured amount in case of demise of the insured during the selected tenure of the term insurance. These are designed to offer financial support to the family in case of an unfortunate event. Most term insurance plans come with other rider benefits at a slightly higher premium. HNIs can definitely consider the high sum assured plans where they can secure their family and benefit over the term.

FEATURES AND BENEFITS OF MAX LIFE TERM INSURANCE

1. Transparency:

The company has a Claim Settlement ratio of 98.74% and offers complete transparency to the policyholders and buyer. They can check all the details related to different plans online.

2. Reliability:

The insurance provider comes with great goodwill and has a solvency ratio of 242% which offers high-grade reliability to the customers. 

3. Variety in Plans:

Max Life Insurance offers a vast variety in its plans and policies to cater needs and requirements of different customers.

4. Flexibility:

Max Life Insurance plans offer flexibility to opt for the policy as per individual need. Coverage can be opted for as long as over 85 years. This flexibility also exists for payment of premium. 

5. Return of Premium:

Few of the Max Life Term Insurance plans to facilitate the return of premium which will act as a maturity benefit to the buyers. 

6. Clubbed Benefits:

They offer various benefits and riders clubbed with their term insurance plans. Insurees can personalize their plans and also can benefit from certain tax deductions applicable under the Income Tax Act, 1961. 

7. Cost-effective:

The plans offered are economical. Especially, the plans listed online involve no intermediary charges and thus, are more effective when it comes to cost. Max Life puts no financial burden on the holders with an easy claim settlement process. 

LIST OF TERM INSURANCE PLANS OFFERED BY MAX LIFE

1. Max Life Super Term Plan

Eligibility:

Entry AgeMinimum is 18 yrs and Maximum is 65 yrs
Maturity AgeMaximum is 75 yrs
Policy Term10 years to 35 yrs with intervals of 1 year
Premium AmountMinimum is 5,000 with no upper limit
Premium Payment TermSame as Policy Term
Sum AssuredMinimum is 25,00,000 (in multiples of 1 Lac) with no upper limit 
Premium Payment FrequencyMonthly, Quarterly, Half-Yearly and Annually

Features:

  1. A conventional, regular pay, term insurance plan.
  2. Enjoy the unique and special features of increasing sum assured.
  3. Liberty to opt how the nominee will receive the payout.
  4. Income tax benefits on premium payment
  5. Option of selecting any term ranging between 10 yrs to 35 yrs as per your feasibility and need.

2.  Max Life Online Term Plan Plus:

Eligibility:

Entry AgeMinimum is 18 yrs and Maximum is 60 yrs
Policy Term10 years to 40 years in an interval of 1-year w.r.t. maximum maturity age
Premium AmountMinimum is Rs. 2,200 and Maximum: is Rs. 1,12,30,000
Premium Payment TermSame as policy term
Sum AssuredMinimum is Rs.25,00,000 and Maximum is Rs. 100 Crores
Premium Payment FrequencyMonthly, Quarterly, Half-Yearly and Annually

Features:

  1. Availability of 3 plan variants - Basic Life Cover, Basic Life cover + Increasing monthly income, Basic Life Cover + Monthly Income.
  2. Lump-sum payment and monthly income for 10 years make sure that the insuree family’s daily needs are taken care of.
  3. You can opt for riders at an additional cost for enhanced coverage.
  4. Discounted premium rates for nonsmokers and nonalcoholics.
  5. Cost-effective and easy to buy.
  6. Discounted premium rates for females who have a 5 year age setback over the premium rates for male life assured.

3. Max Life Premium Return Protection Plan

Eligibility:

Entry Age

Minimum is 21 yrs

For 20-year policy term: 55 yrs

For 25-year policy term: 50 yrs

For 30-year policy term: 45 yrs

Maturity AgeMaximum - 75 years
Policy Term20/25/30 years
Premium AmountMinimum: 8500 per annum (for annual mode only) and Maximum is based on maximum sum assured of 1 Crore
Premium Payment Term11 years
Sum AssuredMinimum: 5,00,000 (subject to the minimum premium limit) and Maximum: 1 Crore with intervals of 50,000
Premium Payment FrequencyMonthly, Quarterly, Half-Yearly and Annually

Features:

  1. Guaranteed return of premiums if the life insured outlives the policy term
  2. Insurees can avail 150% of the sum assured as a Death benefit in case of death by accident.
  3. Premiums for a limited tenure of 11 years.
  4. Option to select the ideal policy term as per feasibility and needs.
  5. Income Tax benefits on payment of premium.

CLAIM SETTLEMENT PROCEDURE 

  1. Download and fill the Clain Form available on the company website. This form can also be obtained from the nearest branch of Max Life Insurance Company.
  2. All the needful details in the form should be filled and then this form along with the relevant documents as demanded by the insurance provider shall be submitted.

The documents required for the same are:

  1. Policy documents
  2. Death certificate
  3. FIR (if policyholder died in an accident)
  4. Filled and signed claim form
  5. Identity proof of the nominee
  6. Any other documents as stated by Max Life branch
  7. Lastly, Max Life Insurance will verify the claim form and the submitted documents and will pay the death claim to the nominee.

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