Term insurance plans from Max Life Insurance include a trifecta of policies that are available online as well as offline. While the online plans are completely bereft of messy paperwork, the offline plans can be easily consulted with advisors and all three plans can be availed easily. Tax benefits might be available on the premium amounts paid and the final amount that is achieved as a pay-out as per death benefit. As a trustworthy term insurance policy, this plan can allow the policyholder to avail loans in its lieu. Plans under this category from Max life collectively form the Protection Plans group.
On Max Life Official Website
Updated: 29-05-2024 10:12:11 AM
There are three types of term plans offered by Max Life Insurance and they are –
| Plans | Policy Term | Entry Age | Maturity Age | Premium Paying Term |
| Max life super term plan | 10 years to 35 years | 18 years to 65 years | 75 years | Equal to policy term |
| Max life premium return protection plan | 20, 25, and 30 years | 21 years to 55 years | 75 years | Equal to policy term |
| Max life online term plan plus | 10 years to 50 years | 18 years to 60 years | 85 years | Equal to policy term |
| Max life flexi wealth plus | With regular pay – Cover till age 65, 70, 75, 80, 85 yearsWith limited pay – Cover till age 65, 70, 75, 80, 85 years | 18 years to 50 years | 85 years | 5, 10, 15 years for regular pay |
| Max life smart secure plus plan | 5 years to 67 years | 18 years to 44 years | 65 years | Varies according to the pay |
This is pure protection plan offered by Max Life Insurance and offers benefits such as additional payout on accidental death, terminal illness cover, premium breaks and joint life cover. Its basic features are as follows-
| Features | Description |
| Entry Age | Minimum – 18 years
Maximum – 60 years |
| Maturity Age | Maximum of 75 years |
| Premium | Minimum – Based on factors chosen by insurer
Maximum – No limit |
| Sum Assured | Minimum – INR 25 lakhs
Maximum – INR 100 crores |
| Premium Payment Term | Regular Pay – Premium paid throughout policy term |
| Policy Term | Minimum – 5 years
Maximum – 67 years |
| Premium Payment Mode | Annual |
| Tax Benefit | Premiums paid – Deduction up to INR 100000 per year as per Section 80C
Sum Assured on Death – Tax free as per Section 10(10D) |
| Death Benefit |
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A term insurance plan from Max Life that offers to return the premiums paid during the policy period along with providing a comprehensive cover. Mentioned below are the features of this plan –
| Features | Description |
| Entry Age | Minimum – 21 years
Maximum – 55 years for 20 year policy term 50 years for 25 year policy term 45 years for 30 year policy term |
| Maturity Age | Maximum of 75 years |
| Premium | Minimum – INR 8500
Maximum – Based on Sum Assured |
| Premium Payment Term | Regular Pay – Premium paid throughout policy term
Limited Pay – Premium paid for either 5 years or 10 years Single Pay – One time lump sum payment of premium |
| Policy Term | 20 years, 25 years, 30 years |
| Premium Payment Mode | Annual, semi-annual, quarterly or monthly |
| Sum Assured | Minimum – INR 5 lakhs
Maximum – INR 1 crore |
| Death Benefit | Higher of 10 times of annualised premium or 105% of total premiums paid |
| Maturity Benefit | Total premiums paid |
An offline plan that offers pure protection and financial security at very reasonable costs. The plan details are as follows-
| Feature | Description |
| Entry Age | Minimum – 18 years
Maximum – 65 years |
| Maturity Age | Maximum of 75 years |
| Premium | Minimum – INR 5000
Maximum – No limit subject to the Sum Assured amount chosen |
| Premium Payment Term | Regular Pay – Premium paid throughout policy term |
| Sum Assured | Minimum – INR 2500000
Maximum – No limit |
| Policy Term | Minimum – 10 years
Maximum – 35 years |
| Premium Payment Mode | Annual, semi-annually, quarterly or monthly |
| Death Benefit | Higher of 10 times of annualised premium or 105% of total premiums paid |
| Sum Assured Choices | Either Fixed or Increasing by 5% every policy year without increase in premium |
The following documents are required for Max Term Insurance plan:
The three types of term plans are Online Term Plan, Premium Return Protection Plan and Super Term Plan.
Each term plan from Max Life has differing death benefits and add-on benefits as per the riders chosen, but the basic benefits allow a pay-out of sum assured either in a lump sum amount or a staggered manner. Additionally, one can also change the cover amount.
The minimum sum assured under the various term plans from Max Life is INR 500000 and that is available under the Premium Return Protection plan.
Max Life term plans have a minimum policy term of 10 years and a maximum term of 35 years, subject to the entry age and the maturity age of the life insured.
