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Max Life Super Term Plan

What is the Plan all About?

You always want to ensure financial security for the family, even when you are not around. Buying a term insurance plan takes care of financial well being of your loved ones. Max Life Super Term Plan is a pure protection plan that ensures financial protection for your family.

What are the Key Features?

Comprehensive Protection Plan at economical Premium Price

Option to combat Rising inflation

Option to choose the Payout Benefit

Flexible Policy Terms

Premium discounts for non-smokers

Lower premium rates for female life insured

Avail discount on choosing high sum assured

What are the Plan Benefits?

Sum Assured Options

The protection plan offers 2 sum assured options to be chosen at the time of taking the policy which are:

  • Level Sum Assured: The sum assured remains same throughout the policy term.
  • Increasing Sum Assured: The sum assured increases by 5% p.a (simple rate) on each policy anniversary without an increase in the premium.

Death Benefit

The nominee is entitled to get the Guaranteed Death Benefit under this plan in the event of the death of the insured during the policy term. Guaranteed Death Benefit is defined as higher of 10 times the Annualised Premium, or 105% of all Premiums paid as on the Date of Death, or Guaranteed Maturity Sum Assured payable on Maturity Date, or Sum Assured effective on the Policy Anniversary previous or coinciding with the Date of Death.

Settlement Option

On the death of the life insured, the nominee has 2 options to settle the death claim payout.

  • Lump Sum Option: 100% Guaranteed Death Benefit will be is paid to the nominee/family, in case of the unfortunate event of death of the life Insured.
  • Partial Lump Sum + Increasing Monthly Income Option: In case of death of the life Insured, 50% of the Guaranteed Death Benefit is paid as a lump sum plus monthly income for 10 years @0.42% of the Guaranteed Death Benefit with increasing @8.50% per annum (simple rate annually). The monthly income starts from Policy anniversary after the death of the life insured.

Maturity Benefit

This policy does not offer any maturity benefits.

Reduced Insurance Cover/Reduced Paid-up

Reduced Insurance Cover will become active, in case of non-payment of premiums after completion of 15 policy years. Reduced Insurance Cover= [{(Policy Year of discontinuance of Premium –1) / Policy Term} –0.25] * Guaranteed Death Benefit

Surrender Value

No surrender value can be acquired under this plan.

Who can Buy the Plan?

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 -
Premium Rs 5,000 No Limit (subject to underwriting)
Sum Assured 25 Lacs No Limit (subject to underwriting)
Freelook Period 15 days/ 30 days (for distance marketing channel) from the receipt of the policy -
Grace Period 30 days & 15 days for monthly mode -
Plan Type Offline -

Is any Rider Available with this Plan?

You may opt for the following Riders on payment of an additional premium:

  • 1. Max Life Accidental Death & Dismemberment Rider: This rider provides a lump sum benefit in the unfortunate event of death/dismemberment due to accident.
  • 2. Max Life Waiver of Premium Plus Rider: This rider provides waiver of all the future premiums, in case of death/dismemberment/diagnosis of critical illness.

Is the Plan, eligible for Tax Benefit?

Premiums paid towards this plan qualify for tax benefits under section 80C of the Income Tax Act, 1961.Death benefit is entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

(Subject to the provisions stated therein.)

How the Plan Works?

Let us understand the plan with an example for Level Sum Assured Option.

Mr. Sharma, 35 year old and healthy (non - smoker), opts for Max Life Super Term Plan. He chooses to buy Level Sum Assured option with a term of 30 years. He pays Rs. 16,500 as his yearly Premium for a Sum Assured of Rs. 1 Crore.

Settlement Option 1: On sudden demise of Mr. Sharma during 10th policy year (i.e. post payment of 10 annual premiums), his wife (nominee) opts to take the entire proceeds from the Policy from which she receives the lump sum amount of Rs. 1 Crore immediately.

Settlement Option 2: On sudden demise of Mr. Sharma during 10th policy year (i.e. post payment of 10 annual premiums), his wife (nominee), is not sure how to use the entire Death Benefit. Instead of taking the entire amount as lump sum, she plans to opt for the Settlement Option 2 where she will get Rs. 50 Lacs as lump sum immediately after death and the remaining Rs. 50 Lacs as monthly income (starting from next Policy Anniversary) increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death.

(Note: The income will start from the Policy Anniversary following the Date of Death.The above illustrations and stated values are only suggestive. Actual Premium amount and Sum Assured may vary depending on the age, health conditions and certain other factors)