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Max Life Term Insurance Plans

Max Life Insurance understands that different families have different needs when it comes to securing their future. The term plans offered by the Max Life takes care of your family’s protection in your absence. You can also have the option to choose flexible death benefit payouts as per your family’s needs.

Bajaj Allianz has 96.03% as claim settlement ratio (as per IRDAI Annual Report 2014-15).

Max Life Insurance Company offers following Term Plans:

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1. Max Online Term Plan

You always want to secure the family’s future when you are not there. To get an assured peace of mind, you can buy Max Life Online Term Plan. It is a pure protection plan available online and offering financial security to your loved ones.

Key Features

• Flexible cover options to choose from

• Hassle free online procedure for buying plan

• Grab rebate on choosing High Sum Assured

• Enhance protection by taking riders

• 30 day Free Look Period available for this plan

Benefits

  • Death Benefit
  • Basic Life Cover Option: In the event of the demise of the life Insured, a lump sum amount equal to the Sum Assured is paid to the nominee.

    Life Cover + Level Monthly Income Option: In the event of the demise of the life Insured, a lump sum amount equal to the Sum Assured is paid to the nominee. In addition to this, this payout option also provides the monthly income benefit for 10 years (0.4% of the sum assured per month) to the nominee.

    Life Cover + Increasing Monthly Income Option: In the event of the demise of the life Insured, a lump sum amount equal to the Sum Assured is paid to the nominee. In addition to this, this payout option also provides increased monthly income benefit for 10 years (0.4% of the sum assured per month increase annually @10% simple rate of interest) to the nominee.

  • Rider Benefit
  • This plan offers Max Life Comprehensive Accident Benefit Rider and Max Life Waiver of Premium Plus Rider.

  • Tax Benefit
  • Under this plan, the premium payment qualify for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 60 years
Age at Maturity - 70 years
Policy Tenure 10 years 35 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Annually Only -
Sum Assured 25 Lacs Rs. 100 crore (subject to underwriting)
Maturity Proceeds Nil -
Surrender Benefit Nil -

2. Max Life Super Term Plan

In the world of uncertainty, everyone likes to provide financial security for the family, so they can lead a comfortable life even when you are not there. Max Life Super Term Plan ensures that the financial well being of your family is taken care of, in case your untimely demise. It is a pure protection plan that provides financial security at a really reasonable cost.

Key Features

• Flexibility to choose the benefit payout

• Increase in sum assured every year

• Avail high sum assured discount

• Lower premium rates for female policyholders and non-smokers

Benefits

  • Death Benefit
  • Lump Sum Option: In the event of death of the life Insured, 100% Guaranteed Death Benefit as a lump sum is paid to the nominee/family. Here, Guaranteed Death Benefit is higher of Guaranteed Maturity Sum Assured, 10 times the Annualised Premium, or 105% of all premiums paid as on date of death.

    Lump Sum + Increasing Monthly Income Option: In the event of death of the life Insured, 50% of the of the Guaranteed Death Benefit is paid as a lump sum. This payout option also provides monthly income for 10 years (0.42% of death benefit every month) increasing @8.5% simple rate of interest annually. This monthly income starts from Policy anniversary following the date of death.

  • Rider Benefit
  • This plan offers Max Life Accidental Death & Dismemberment Rider and Max Life Waiver of Premium Plus Rider.

  • Tax Benefit
  • Under this plan, the premium payment qualify for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 18 years 65 years
Age at Maturity - 75 years
Policy Tenure 10 years 35 years
Premium Paying Term Same as policy term Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 25 Lacs No Limit (subject to underwriting)
Maturity Proceeds Nil -
Surrender Benefit Nil -

3. Max Life Premium Return Protection Plan

Ensuring protection of the family is always on your top priority. Considering the uncertainties of day to day life, you want to be assured of financial well being, in case of your demise. Max Life Premium Return Protection Plan is a non-participating limited pay plan offering financial protection plus returns all your premiums paid at the end of the policy term, in case of the survival.

Key Features

• Avail comprehensive protection with in-built accidental death benefit

• Choose from flexible premium payment terms

• Premium discounts on female lives

• Guaranteed return of premiums

Benefits

  • Death Benefit
  • In the event of death of the life Insured, a death benefit is paid to the nominee/family of the insured. Here, the death benefit is higher of 105% of total premiums paid, 10 times the annualized premium, Guaranteed Maturity Sum Assured, or Guaranteed Death Sum Assured.

  • Surrender Benefit
  • Surrender benefit value is payable under this plan. Surrender value is the higher of Guaranteed Surrender Value or Special Surrender Value.

  • Maturity Benefit
  • At the end of Policy Term, the Policyholder will get Guaranteed Maturity Sum Assured which is the Total Premium paid over the Premium Payment Term.

  • Tax Benefit
  • Under this plan, the premium payment qualify for tax benefits as per Section 80C of the Income Tax Act and the policy proceeds are also entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

Product Snapshot

Factor Minimum Maximum
Age (as on last birthday) 21 years 55 years
Age at Maturity - 75 years
Policy Tenure 20 years 30 years
Premium Paying Term 11 Years -
Premium Paying Mode Monthly, Quarterly, Semi Annually & Annually -
Sum Assured 5 Lacs 1 crore (subject to underwriting)
Rider Benefit Nil -