Being one of the leading insurance providers in the country, Max Life Insurance Company offers an array of insurance policies to fulfill the requirements of the policy buyers. The max online term plan plus offered by max life insurance provides life insurance coverage to the family of the insured against death, disability, and disease.

As a pure term insurance plan, it offers high insurance coverage at an affordable premium rate. The Max Online Term Plan Plus offers an insurance coverage of Rs.1 crore with a minimum premium amount of just Rs.563 per month. With simple eligibility, the plan can be purchased online in a simple and hassle-free way. Insurance buyers can choose from the three different option of life cover.

In order to help our customers know more about the policy, here we have elaborately discussed the key features and benefits offered by the policy.

Max Life Online Term Plan Plus – Eligibility Criteria

Minimum Maximum
Entry Age 18 years60 years
Maturity Age85 years
Policy Term 10 years50 years
Sum Assured Rs.25 LakhsRs.1. Core
Premium Payment Mode Monthly, quarterly, half-yearly, yearly

Key Features of Max Online Term Plan Plus

  • The minimum entry age of the policy is 18 years, whereas the maximum age eligibility of the policy is 60 years.
  • The policy offers the option of regular income payout.
  • The policyholder can pay the premiums of the policy in regular pay and limited pay.
  • Rider benefits are offered by the policy in order to enhance the coverage of the policy.
  • The maximum maturity age of the policy is 85 years.
  • The policy offers a free-look of 15 days.

Three Plan Variants Offered by the Max Life Online Term Plan Plus

Max Life Online Term Plan Plus – Basic Cover

This is a pure term insurance plan which pays a fixed amount of sum assured to the beneficiary of the policy in case of unfortunate demise of the policyholder. Let’s take a look at the salient features offered by the policy.

  • The death benefit is paid a total sum assured amount to the beneficiary of the policy, in case of unfortunate demise of the insured person.
  • The policy offers life stage benefit in order to increase the insurance coverage at important milestones of life such as purchasing home, marriage and childbirth.
  • The plan offers critical illness rider benefit which provides extra coverage against 40 life-threatening disabilities and illnesses.

Max Life Online Term Plan Plus – Basic cover + Monthly Income

Under this plan option a fixed sum assured amount is paid to the nominee of the policy as a death benefit, in the event of the uncertain demise of the policyholder. Along with the basic life coverage, the plan also provides a fixed sum of money per month as monthly income. Some of the salient features of the policy are:

  • 4% of the sum assured amount is paid as fixed monthly income up to 10 years of the policy.
  • The monthly income is paid to the beneficiary of the policy along with the basic insurance coverage.
  • Provides tax benefits under section 80C and 10(10D) of the Income Tax Act.
  • Provides the option of additional riders benefits to enhance the coverage of the policy.

Max Life Online Term Plan Plus – Basic Cover + Increasing Monthly Income

Under this plan option, a fixed sum assured amount is paid to the nominee of the policy as a death benefit, in the event of the uncertain demise of the policyholder. Along with the basic life coverage, the plan also provides a fixed sum of money per month as monthly income which keeps on increasing by 10% every year to the account of increasing cost of living. Some of the salient features of the policy are:

  • 4% of the sum assured amount is paid as fixed monthly income up to 10 years of the policy.
  • The monthly income is paid to the beneficiary of the policy along with the basic insurance coverage.
  • The monthly income offered by the policy keeps on increasing by 10% every year to the account of the increasing cost of living.
  • Provides tax benefits under section 80C and 10(10D) of the Income Tax Act.
  • Provides the option of additional riders benefits to enhance the coverage of the policy.

Max Online Term Plan Plus – Benefits

Death Benefit

The death benefit offered by max online term plan plus is the highest of:

  • 10 times of yearly premium.
  • 105% of the premium paid till the date of demise of the insured.
  • Absolute sum assured amount paid on death.

Under this plan, the absolute sum assured amount paid on death depends on the death benefit option chosen by the policyholder i.e. i) basic cover ii) basic cover + monthly income iii) basic cover + increasing monthly income.

Maturity Benefit

As a pure term protection plan, Max online term plan plus does not offer any maturity benefit.

Tax Benefit

The premium paid towards the policy up to a maximum limit of Rs.1,50,000 and the claim proceeds are tax exempted under section 80C and 10(10D) of Income Tax Act 1961.

Riders Benefit

Additional rider benefit is offered by the policy in order to enhance the coverage of the policy. The rider benefits offered by the policy are:

  • Critical illness rider benefits covering up to 40 illnesses.
  • Accidental death benefit
  • Premium waiver benefit rider in case of diagnosis of any type of disability or critical illnesses.

Additional Details of Max Life Online Term Plan Plus

Grace Period

A grace period of 30 days is offered by the policy during which the policyholder can clear all the due payment.

Free Look Period

In case the insurance holder is dissatisfied with the terms and condition of the policy then he/she cancel the policy within the 15 days from the date of policy initiation.

Steps to Purchase Max Online Term Plan Plus

Step 1- The first step to purchase the policy includes the selection of sum assured amount and the tenure of policy for which one wants the insurance coverage.

Step 2- Once you select the policy tenure and sum assured amount for insurance coverage, you can choose the rider benefit in order to enhance the coverage of the policy. In order to avail the rider benefit, you will have to pay an extra premium amount along with the basic premium of the policy.

Step 3- Once you complete the above-mentioned formalities, you can complete personal information and pay the premium of the policy. In order to pay the premium of the policy, one needs to fill the following information like:

  • Profession, income and education details
  • Details of the beneficiary
  • Present Address

The insurance buyer can [ay the premium of the policy through the online process using net-banking or by using credit or debit card.

Step 4- After the completion of the premium payment, the insured can submit the proposal form on the official website of max life insurance.

Why you should Consider Purchasing Max Life Online term Plan Plus?

With different life cover options offered by the policy, this plan is best suitable for individuals who want to safeguard the financial future of their family, so that they can maintain a good lifestyle and deal with the eventuality of life.