Max Life Online Term Plan

How Does Plan Work

Sample illustration – Chosen Death Benefit Option – Equal to Sum Assured
Suppose Mr. Sharma, aged 30 years, opts for sum assured of Rs. 1 crore for 30 years under Max Life Online Term plan for an annual premium of Rs. 7,400 (exclusive of taxes) 
After paying 9 premiums, unfortunately Mr. Sharma dies 
As per death benefit option chosen, his nominee will get Rs. 1 crore upon death and the policy contract will terminate




Kindly note that the above is only an illustration and does not in any way create any rights and/or obligations. The actual experience on the contract may be different from illustrated. For more details please request for your specific benefit illustration. The premium mentioned above is exclusive of service tax charges.

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Key Features

• A one-of-its-kind term plan that gives three distinct death benefit options to choose from.
• Additional Protection though Max Life Comprehensive Accident Benefit Rider (UIN-104B025V01) and waiver of all future premiums in case of dismemberment or diagnosis of critical illness or death (only in case when life insured & policyholder are different) of Policyholder through Max Life Waiver of Premium Plus Rider (UIN - 104B029V01).
• Hassel Free online application process
• Discount on High-Sum Assured
• Reward for Healthy Lifestyle - low premiums rate for non-smokers

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Key Benefits

• Death Benefit Option 1 - Sum Assured: 100% Sum Assured is payable as lumpsum amount to nominee upon the death of the life insured
• Death Benefit Option 2 - Sum assured + Level Monthly Income: 100% of the chosen Sum Assured on death + 0.4% of the Policy Sum Assured per month for a period of 10 years. Thus, effective total death benefit including Monthly Incomes – 148% of Sum Assured.
• Death Benefit Option 3 - Sum assured + Increasing Monthly Income: 100% of the chosen Sum Assured on death + Increasing Monthly Income for 10 years, wherein the first year monthly income shall be 0.4% of the Policy Sum Assured and shall increase every year by 10% p.a. (simple interest) of the first year monthly income.

 

Eligibility conditions and other restrictions

	Minimum	Maximum
Entry Age	18 years (age as at last birthday)	60 years (age as at last birthday)
Policy Term	Pick a Term from 10 to 35 years (interval of 1 year) subject to Maximum Expiry Age
Premium Payment Term	Equal to Policy Term
Expiry Age	-	70 years (age as at last birthday)
Sum Assured ( Rs.) Sum assured is available in the multiples of Rs. 1 lac	Rs. 25 lacs	Maximum: Rs. 100 Crs
Premium Payment Mode	Annual Only

 

Additional Features and Benefits

Riders Available

• Max Life Comprehensive Accident Benefit Rider (UIN-104B025V01) 
• Max Life Waiver of Premium Plus Rider (UIN - 104B029V01)

What happens if

• Stop paying premium - After the grace period define in product, the policy will lapse and no benefits under the policy will be paid.
• Revive the policy - A lapsed Policy can be revived by you at the Company’s sole discretion, within 2 years from the due date of the first unpaid installment of the premium, only if:
  • You give us a written request;
  • You produce an evidence of insurability acceptable to us and bear the cost for the same; and
  • You pay all overdue Premiums with late payment fee & interest at such rates as may be determined by the Company. 
• Want to surrender -  You can give a written request to company.
• Surrender value - The policy does not acquire any Surrender Value throughout the Policy Term and therefore there is no amount payable to you upon surrender.
• Loan against policy - Loan is not available under this plan.