Max Life Online Term Plan Plus is a popular term insurance plan from Max Life Insurance. Max Life Online Term Plan Plus offers a comprehensive protection solution for your family at low premiums.
This term plan offers three basic variants to choose from. To make this term insurance policy more comprehensive, you can add riders.
Not only that, but you can also avoid the hassle of tedious paperwork and easily get yourself insured online.
Table of Contents
What is Term Insurance?
Term Insurance is the most basic and cheapest form of life insurance. It is a type of life insurance that provides financial coverage for a defined period. In the event of death during the policy term, the death benefit is paid to the family/nominee.
Term insurance plans let you keep your family financially secure in case of death. However, no payout is made if the insured survives throughout the term of the policy.
What is Max Life Online Term Plan Plus?
Max Life Online Term Plan Plus is a pure term plan from Max’s life insurance. Max life term plan provides only death benefit in the event of death during the policy term provided the policy is in force.
The policy provides an option to choose from the three death benefit options. You can choose a suitable death benefit at the time of purchase only.
Variants of Max Life Online Term Plan Plus
This term insurance policy has 3 variants to choose from.
1. Basic Life Cover
The nominee will get 100% of the policy Sum Assured on the death of the life insured.
2. Basic Life Cover + Monthly Income
The nominee will get 100% of the policy SA on the death of the life insured. Plus 0.4% of the policy SA per month for 10 years.
3. Basic Life Cover + Increasing Monthly Income
The nominee will get 100% of the policy SA on the death of the life insured. Plus 0.4% of the policy SA per month for 10 years. The monthly income increases by 10% every year.
Features of Max Life Online Term Plan Plus
1. Choice of three death benefit options.
2. You can pay premiums till age 60 and enjoy the benefit till coverage term.
3. Accelerated payout in case diagnosed with 40 specified critical.
4. Additional protection with additional liabilities.
5. Comprehensive protection against death, dismemberment, and critical illness.
6. Hassle-free online application process.
7. Tax benefits on premiums paid under section 80C.
8. There is no maturity benefit or surrender benefit under the plan.
Accelerated Critical Illness (CI)
You can choose a sum assured under critical illness benefit starting with a minimum of 5 Lakh, up to 50% of Sum Assured or 50 Lakh, whichever is lower. The critical illness sum assured is payable on the first occurrence of any of the specified critical illnesses.
Life Stage Event
You have the option to increase the sum assured in future basis Life Stage events like marriage, childbirth, or house loan. Select this option at the time of the inception of the policy. You need to provide the intimation along with the requisite proofs about the Life Stage change to increase the sum assured.
Other Features
1. Rider
Make your max life term insurance plan more comprehensive by adding the below-mentioned riders
a) Max Life Comprehensive Accident Benefit Rider
b) Max Life Waiver of Premium Plus Rider
2. Get rewarded for a healthy lifestyle
Max Life Term Plan offers lower premium rates for Non-Smokers.
3. High Sum Assured discounts
There are discounts if the higher sum assured is chosen.
4. Lower rates for female lives
5. No restriction on travel/future occupation
There will be no restriction on travel or future occupation.
Eligibility for Max Life Online Term Plan Plus
1. Minimum entry age – 18 years (Last Birthday).
2. Maximum entry age – 60 years (Last Birthday).
3. Maximum Maturity Age – 85 years (Last Birthday)
4. Policy Term
a) Base Plan – Pick a Term from 10 to 50 years subject to maximum maturity age.
b) Critical Illness – Pick a Term from 10 to 40 years. If selected “Pay till 60 option” the policy term will be restricted till the Premium payment term only.
5. Sum Assured
a) Base Plan – Minimum: 25 lakhs
– Maximum: 100 crores
b) Critical Illness – Minimum: 5 lakhs
– Maximum: 50 lakhs
6. Premium Payment Term – There are two premium payment variants available
a) Regular Pay
b) Pay till 60
7. Premium Payment Modes – Annual, Semi-Annual, quarterly, and monthly premium payment modes.
How to apply for Max Life Online Term Plan Plus?
You can apply for max term plan in few easy steps.
1. Choose the sum assured that suits you and policy term of your choice.
2. Choose death benefit option from the three variants, with or without accelerated critical illness or life stage option, and calculate the premium.
3. Fill up the online insurance proposal form.
4. Make an online payment using net banking, credit, or debit card.
5. Upload the required documents and schedule an appointment for a medical examination.
Final Thoughts
Max Life Online Term Plan Plus is a very popular term insurance policy with customers. It offers a comprehensive protection solution for your family at low premiums. The term insurance plan has 3 basic variants to choose from. However, to make this plan more comprehensive, you can add riders as per your requirement.
For more information and free quotes click here
Note: This post was originally published on July 11, 2018, and has been completely updated for accuracy and comprehensiveness.
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