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 Max Life takes care of your family’s protection in your absence. You can also have the option to choose flexible death benefit pay-outs as per your family’s needs. Max life insurance company is formed with a joint venture of Max India Limited and Mitsui Sumitomo insurance company and ranked in top 4 life insurance company. It’s also holds the 10.30% market share. 

MAX Life has 99.22% as Claim Settlement Ratio for FY 2018-19. (as per Max Life Insurance company).

How MAX Life Term Insurance Lends a Helping Hand to Their Buyers

1. Gives the best term plan and has become the company of the year.
2. Max life term insurance plan gives absolute protection and lifelong saving.
3. The company gives the quality service to their buyers and worthier investment plans to their buyers.
4. With the max life insurance company, it delivers its costumers strong and salient quality sales and services to enhance the marketing leads in the company. Also, max life is well- built company and has strong track record over the last 18-19 years.
5. Max life focuses mainly to securing the financial future and security to its customers.

KEY ELEMENTS

1. The company has dispensed the long term policy for more extended safety and financial protection and can opt term life cover up to 50 years.
2. In max life term insurance plan, you can pitch on to buy the plan at the age of minimum 18 years
3. With max life, you can claim all the credits back if the insured survives the policy term. This plan comes under the return of paid premium and acts as a survival benefit.
4. Max life assured the maximum maturity age until 85 years and can claim all the cover-up from the company.
5. Protect the family and insured nominee by getting regular income along with some essential benefits in the event of miserable death in the family.
6. Rebate on female life, the company charge less premium from females as compare to males.
7. An unfortunate accident or any critical illnesses can shatter your family income, so you can add disability benefits by paying extra premium along with your term plan policy.
8. Get claim against any major critical diseases like heart attack, cancer, or any failure which is curable but life-threatening, so with the payment of extra premium, moreover you can avail such lifesaving benefits.

Availability of Family Protection in Max Life Term Insurance Plan

 In a world full of people, it’s not easy for everyone to afford major medical expenses. The payments in hospitals are really sky-scraping, so now it has become important to secure and safeguard your family and friends if the breadwinner of the family met with an unfortunate demise.

With max life insurance plan, it gives the best availability of family protection through financial income.

An insured can avail the claim of the sum insured, monthly, quarterly, or yearly by his/her own choice. Mostly the decision nominee take is a monthly lump-sum claim, so that the family doesn’t have to suffer from the credit adversity.

NOTE: Rider can be added in a base term plan to improve benefits in case of accidental situations

Rider Benefits of Max Life Term Insurance Plans

1. The term insurance plan of max life provides the long term coverage until the age of 85 years and gets a maximum policy term of 50 years.
2. Under section 80C/80D, you can save tax by tax deduction on the purchase of term plan with extra premium payment, also helps to get more rider benefits and facilities.
3. Helps to protect from major illnesses and gives the best treatments to get cured without worrying about the cost
4. Critical illness rider benefits are provided to the policyholder in case of heart attack, cancer, major organ transplants, kidney failure, and many more major diseases are listed as critical illnesses in term insurance plan accordance. Insured will get the claim of the disease directly to networking hospital or non-networking.

Types of Max Life Term Insurance Plans

1. Term Plan with Return of premium

• Guaranteed claim return of total premium, plus more premium at maturity age.
• Return of premium at the end of the policy term.
• Policyholder gets the flexibility to choose the protection period of the TROP.
• The maximum age of maturity is 85 years.

2. Basic Term Plan

• Basic term plan is for life cover and pays at death in lump-sum amount and does not have any maturity benefits.
• There will be no financial load on your family.
• Extra protection on deaths and disabilities delivered in a basic term plan.

3. MAX Life Smart Term Plan

• Limited payments, regular payments, and pay till 60.
• A smart term plan gives flexibility on premium pay as per your pocket.
• Also have the option to increase insurance coverage.

4. Critical Illness Plan

• Sum insured will be paid in lump-sum amount.
• ACI benefit cover of maximum age will be equal to 75 years.
• Detailed documents required in the process of critical illness.

Buyers Elegibility Criteria for Max Life Term Insurance Plans

Important Document Required at a Time of Claim

1. Claim form – Duly filled claim form with an authorized signature.

2. Medical certificate- A medical certificate that proves to show that you have diagnosed with some critical illnesses in the past.

3. Test reports -  Test prescriptions that justify that you have diagnosed before with some major critical illness, test reports, and prescription to be shown at a time of claim.

4. Certificate of medical practitioner – Report showing that you attended Medical practitioner to verify that your cover-up of claim does not correlate to any injury or pre-existing illness (report of 3 months before purchasing the cover).

5. Prominent documents – All the important detailed documents under the scrutiny of critical illness process to be shown until the time of claim.

6. KYC Process – Identical documents like adhaar card, pan card, address and age proof, etc. 

7. Others – Photo state of each and every KYC related documents, also copy of latest policy plan statement in the case to reduce sum assured variant of the term plan.

Process to Calculate Premium of Max Life Term Insurance Plan

To calculate the premium rate, there is a process which help you to know your purchase amount of the plan, includes some basic information about the buyer like
NAME
AGE
GENDER
ANNUAL INCOME
INTAKE OF NICOTINE OR TOBACCO

Important Factors to be Considerd Before Calculating Premium

BUYERS AGE- If anyone is in a search to buy a term insurance plan. Then age is a significant factor because a term insurance calculator calculates less amount of premium for a young age, so early buyers have a great chance to pay lesser premium.

INSURANCE REQUIREMENT – First, it is important to decide the requirement or insurance need, to select an appropriate term plan. So according to your needs select a plan which helps you achieve your future financial aims.

OCCUPATION- People with the lower profile of occupations like fishers, miners, shipping play a crucial role of danger rather than people working in an office, however people with these occupations have to pay higher premiums. Thus, it varies from person to another.

PURCHASE ONLINE – Buying the plan online make the efforts easier and cheaper and no involvements of intermediaries

GENDER- As per the data of life insurance, women’s live longer lives than men, according to the saying, Calculator calculates the lesser premium for the women’s as compared to men. So women have the chance to grab an opportunity in less premium.

POLICY TERM – The process of policy the term is again an essential factor, the longer duration of policy term credits you lesser premium. However, the term insurance with a shorter period doesn’t help you much with benefits.

Term plan of max life insurance company gives a platform to generic people to grab a life security opportunity only to protect themselves and their families financially.

Apart from this, the company tries to satisfy the buyers and their problems with additional rider benefits, critical illness benefits, and value-added benefits, so that the buyer experience satisfaction from the multinational firm.

Max Life Insurance Company Limited offers following Term Plans: