Max Life Online Term Plan Life Cover + Monthly Income
Max Life Online Term Plan Life Cover + Monthly Income can be availed of by customers who are above 18 years and below 60 years. The maximum expiry age is 70 years. Under the Max Life Online Term Plan Life Cover + Monthly Income plan, the minimum Sum Assured is Rs. 25 lakhs while the maximum Sum Assured is Rs. 100 crore. Also, Sum Assured is available in the multiples of Rs. 1 lakh only.
Customers can choose a term from 10 to 35 years (interval of 1 year) subject to maximum expiry age. The premium payment term is equal to policy term. Premiums should be paid on an annual basis. The minimum premium will depend on the minimum sum assured chosen by the customer.
Customers can also avail of Max Life Comprehensive Accident Benefit Rider under this term plan. The rider provides additional protection in the event of an accident resulting in impairments (listed) or death.
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Features of Max Life Online Term Plan Life Cover + Monthly Income plan
- The plan offers an easy online application process with no repetitive and cumbersome paperwork. Customers can log on the official website of Max Life Insurance and click on the Online Term Plan Life Cover + Monthly Income page wherein they have to fill out the required details to get a premium estimate, following which, they can make the payment and upload the mandatory documents as mentioned in the policy document.
- Max Life Online Term Plan Life Cover + Monthly Income plan comes with a free-look period of 30 days. Customers can review the terms and conditions of the plan within the said period and may choose to cancel it, demand any minor changes or take another policy.
- Max Life Online Term Plan Life Cover + Monthly Income plan offers high Sum Assured discounts for the benefit of customers.
- Max Life Online Term Plan Life Cover + Monthly Income plan offers low premium rates for non-smokers, thereby, offering rewards for healthy lifestyles.
- Under the Max Life Online Term Plan Life Cover + Monthly Income plan, customers can avail of some tax benefits on premiums.
Eligibility Criteria For Max Life Online Term Plan Life Cover + Monthly Income Plan
Criteria | Eligibility |
Minimum entry age | 18 years as per last birthday |
Maximum entry age | 60 years as per last birthday |
Policy term/duration | Choose from anywhere between 10 to 35 years (with an interval for 1 year) to the maximum of the age expiry |
Maximum Maturity Age | 85 years as per last birthday |
Sum assured | Minimum of Rs. 25 lakhs Maximum Rs. 100 crore (available in multiple of Rs. 1 lakh) |
Benefits of Max Life Online Term Plan Life Cover + Monthly Income plan
- Upon death of the life insured, the nominee will get 100% Sum Assured + level monthly income for 10 years, i.e, 100% of the Sum Assured on death + 0.4% of Sum Assured per month for 10 years. The total effective death benefit including monthly incomes is 148% of Sum Assured.
- Customers can also opt for additional protection such as Max Life Comprehensive Accident Benefit Rider.
- Max Life Online Term Plan Life Cover + Monthly Income plan provides death benefit and no maturity benefit.
Example – How Max Life Online Term Plan Life Cover + Monthly Income Plan Work?
Aditya Rao, a 33-year-old marketing executive from Pune opts for a sum assured of Rs. 1 crore for 30 years for a premium of Rs. 10,000. Rao dies after nine years. Consequently, his wife (nominee) gets Rs. 1 crore as lump sum in addition to around Rs. 40,000 on a monthly basis for a decade with effect from the policy anniversary after the intimation of the demise of Rao.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
Max Life Online Term Plan Life Cover + Monthly Income Plan FAQs
- What is the minimum and maximum Sum Assured under Max Life Online Term Plan Life Cover + Monthly Income plan?
The minimum Sum Assured is Rs. 25 lakhs while the maximum Sum Assured is Rs. 100 crore.
- What is the minimum and maximum entry age under the Max Life Online Term Plan Life Cover + Monthly Income plan?
The minimum entry age under Max Life Online Term Plan Life Cover + Monthly Income is 18 years while the maximum is 60 years.
- What is the premium payment mode under the Max Life Online Term Plan Life Cover + Monthly Income plan?
Premiums should be paid on an annual basis.
- What is the death benefit option under this plan?
Upon death of the life insured, the nominee will get 100% Sum Assured + level monthly income for 10 years, i.e, 100% of the Sum Assured on death + 0.4% of Sum Assured per month for 10 years. The total effective death benefit including monthly incomes is 148% of Sum Assured.
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