Max Life Insurance Term Plan in 2023
In this article we will tell you what is Max Life Term Insurance?, Max Life Term Insurance Plan Features, Max Life Term Insurance Plan Benefits, Max Life Term Insurance Plan Details, Max Term Insurance Plan Eligibility, Max Term Insurance Plan Essentials Documents, Max Life Insurance Term Plan Premium, How to Buy Max Life Insurance Term Plan? Will give information about etc.
What Is Max Life Term Insurance?
Max Life Insurance is known as one of the leading insurance companies providing life insurance in India. It was established in the year 2000. Through this, many insurance products have been introduced in the Indian market keeping in view the need of customers related to different insurance products.
Max Life Term Insurance Plan offered by Max Life Insurance is a type of life insurance. In Max Life term insurance plan, if the life assured dies accidentally during the policy term, then the amount is provided as death benefit by the insurance company to the person nominated by the life assured. Through the death benefit, the family members of the insured can meet their financial needs without any hindrance.
Max Life Term Insurance Plan offers you maximum coverage at minimum premium. You also get the benefit of adding a rider in this plan. Also, you are offered tax benefits and term plans at the lowest premium rates.
Features Of Max Life Term Insurance Plan
Features of Max Life Term Insurance Plan (Max Life Term Insurance Plan Features in Hindi) are as follows-
- It offers you a term insurance plan coverage at the lowest premium.
- The claim settlement ratio of Max Life Company is 99.34%.
- In this you are provided coverage against 64 critical illness diseases.
- Through this you can get term insurance coverage till the age of 85 years.
- In this you also get the option of adding different types of writers.
- Tax benefits are also provided to you in this.
Benefits Of Max Life Term Insurance Plan
Following are the benefits of Max Life Term Insurance Plan (Max Life Term Insurance Plan Benefits in Hindi):
- Death Benefit
In Max Life Insurance term plan, if the policyholder dies accidentally during the policy term, the sum assured is provided by the insurance company in the form of death benefit to the person nominated by the policyholder. This sum assured helps the insured to provide financial support to his family members in his absence. With a Max Life Insurance term plan, you can secure your family’s financial future even in your absence.
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- Maturity Benefits
In a term plan, if the life assured survives till the end of the policy, then no benefit is provided to him. But in Max Life Insurance term plan you also get the option of refund of premiums paid by you. If you opt for this, then you have to pay a little extra premium. But after the end of the policy term all your paid premiums are returned to you.
- Claim Settlement Ratio
Max Life Insurance has a claim settlement ratio of 99.34%. While buying insurance from any insurance company, it is necessary to look at its claim settlement ratio. High claim settlement ratio makes Max Life Term Insurance popular.
- Critical Illness Cover
You can get against 64 critical illnesses in Max Life Term Insurance. In case of occurrence of any of these diseases, the sum insured is paid for the medical treatment.
- Riders
Max Life Insurance term plan also provides you with the option of adding riders to enhance your coverage. You can enhance the coverage of your Max Life Insurance term plan by adding various types of riders to it.
- Tax Benefits
You also get tax benefit in Max Life Insurance Term Plan. You are entitled to tax exemption on the premiums paid and the death benefit. You are eligible for tax exemption on the premiums paid under section 80C of the Income Tax Act, 1961 and on the death benefit received under section 10(10D) of the Income Tax Act, 1961.
Max Life Term Insurance Plan Details In Hindi | Max Life Term Insurance Policy Details In Hindi
Following are the term insurance plans offered by Max Life (Max Life Term Insurance Plans Details in Hindi):
1. Max Life Super Term Plan | Max Life Super Term Plan
- The Sum Assured increases every year.
- In case of death of the life assured, the nominee has two options (lump sum and monthly) to receive the death benefit.
- Max life waiver of premium plus rider available.
2. Max Life Online Term Plan Plus | Max Life Online Term Plan Plus
- Can be purchased online.
- The death benefit paid is equal to the sum assured.
- Additional Max Life Comprehensive Accident Benefit rider can be added.
- Rebate is allowed for choosing higher Sum Assured range.
- Premium waiver is given for non-smokers and women.
3. Max Life Premium Return Protection Plan | Max Life Premium Return Protection Plan (Max Life Term Plan with Return of Premium)
Max Life Premium Return Protection Plan promises return of premium on maturity of the plan (Max Life Term Plan with Return of Premium). The features of Max Life Premium Return Protection Plan are as follows:
- In case of death of the life assured, the chosen sum assured is paid to the nominee.
- It has an inbuilt accidental death benefit rider which pays an additional death benefit to the nominee.
- The premium paying term is limited to 11 years.
- If the life assured survives till maturity, he/she will get 100% of the total premiums paid.
- Max life waiver of premium plus rider available.
- Rebate in premium is allowed on opting for higher Sum Assured of Rs.30 Lakhs and above.
4. Max Life Smart Term Plan | Max Life Smart Term Plan
- In this you get multiple payment option.
- This term plan gives you the option of return of premium.
- You can increase your sum assured during the policy term.
- Under this, you can also cover your life partner.
- In this, you get the option of increasing the coverage by adding riders.
5. Max Life Smart Secure Plus Plan | Max Life Smart Secure Plus Plan
- In this you get minimum policy term of 10 years and maximum policy term of 67 years.
- In this, you get many options for premium payment.
- In this, you are provided terminal illness coverage up to Rs 1 crore.
- If you opt for the Return of Premium variant, your premiums are returned at the end of the policy term.
- In this, you also get the option of Joint Life Benefit.
- You can further enhance your coverage through riders. In this, you get riders like waiver of premium plus rider, critical illness cover etc.
6. Max Life Saral Jeevan Insurance | Max Life Saral Jeevan Bima in Hindi
- In this, you get the option of policy term from 5 years to 40 years.
- In this, you get the minimum sum assured of ₹ 5 lakh and the maximum sum assured of ₹ 25 lakh.
- It offers you a term insurance coverage at affordable premiums.
- In this you are also eligible for tax benefits.
Eligibility For Max Term Insurance Plan | Max Term Insurance Plan Eligibility
Eligibility for Max Term Insurance Plan (Max Term Insurance Plan Eligibility in Hindi) is as follows-
- Minimum age should be 18 years.
- The maximum age will depend on the policy type.
- A medical test will have to be done.
Documents Required For Max Term Insurance Plan
Documents Required for Max Term Insurance Plan | Documents Required for Max Term Insurance Plan in Hindi are as follows-
- application,
- medical report,
- passport size photo,
- occupancy rate,
- identity proof,
- age proof,
- Income ratio.
Max Life Insurance Term Plan Premium | Max Life Insurance Term Plan Premium
You have to pay a fixed premium over a fixed period of time to avail the benefits of your Max Life Insurance Term Plan. Your Max Life Insurance term plan lapses if you do not pay your premiums on time.
In Max Life Insurance Term Plan, you get many options for premium payment. You can choose to pay your premium payments in single pay, annually, half-yearly, quarterly or monthly.
How To Buy Max Life Insurance Term Plan? , How To Buy Max Life Insurance Term Plan?
You can buy Max Life Insurance through both online and offline channels.
If you want to buy Max Life Insurance Term Plan through online medium, then for this you have to visit the official website of Max Life. There you can go to the term insurance plans section and select the term insurance plan of your choice and buy it easily in a few easy steps.
You can buy Max Life Insurance Term Plan in Hindi through offline medium through agents, brokers or banks.