Term Insurance

Term Plans

Term insurance is one of the most affordable way to keep your family’s life goals on track in case you are not around to provide for them or life takes an untoward turn.



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Provides for your family's regular expenses


  • Less than 10 per cent of an estimated workforce of nearly 400 million, have formal social security protection.
  • Your family needs life insurance from a term plan to meet regular expenses even in your absence.
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Most cost-effective life insurance coverage


  • Term plans provide the life insurance for the low premiums.
  • A 30 year-old, non-smoker male can get life insurance worth Rs 1 crore for 30 years at an annual premium of Rs 947012, or Rs 789 per month.
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Provides for your family's regular expenses


  • You family's dreams like child's professional education and spouse's retirement need substantial savings.
  • 78% of Indian employees feel that they are not saving enough for retirement11.
  • Life insurance from a term plan ensures that your family's dreams don't suffer under any circumstances
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Offers enhanced protection

  • In 2012, 30.3% of all medically certified deaths13, were caused by circulatory system diseases like the heart disease.
  • 8.4% caused by respiratory diseases13 and 7.7% by injuries13, poisoning and other external causes.
  • Term plans soften the financial blow from deaths with riders like critical illnesses, accidents, permanent disability and subsequent loss of income.


FAQs

Term insurance is a pure life insurance product, which provides financial protection in case of death of the life insured during the term of the policy. A term insurance plan is the most affordable form of life insurance cover. It is designed to financially protect ones family in case of death of the bread-earner. For example, a 28 year old healthy, non-smoking male can secure a cover of Rs. 1 crore for his dependents for next 30 years. If he buys a term insurance plan, he will only pay approximately Rs. 563 per month
Term plans give financial protection to your family at the most affordable rates. You can get a large amount of life cover (i.e. sum assured) at a relatively low premium rate. The benefit amount is paid out to the nominee in case of death of the person insured.
Yes, earlier you buy Term Insurance is better (and cheaper). You can buy term insurance till the age of 65 years.
Ideal life cover should be 10 to 15 times your annual income.

Following KYC documents are required:

  • PAN/Form 60 (mandatory)
  • Officially valid document (any one from the list mentioned below)
  • One recent photograph

List of Officially Valid Documents:

  • Passport
  • Driving License
  • Voter's Identity Card issued by Election Commission of India
  • Job Card issued by NREGA duly signed by an officer of the State Government
  • Letter issued by the National Population Register containing details of name, address or any other document as notified by the Central Government in consultation with the Regulator
  • Proof of possession of Aadhaar (to be taken in masked/redacted form/black out version to be taken from clients
After the medical check is done, KYC documents are submitted and Payment is received, the policy will be issued within 48 hours.
Critical Illness is a serious health condition that affects an individual’s lifestyle, ability to carry on with regular activities and requires a considerable amount of money towards treatment E.g. Cancer, Heart Attack, Kidney Failure etc.

You can fix an appointment on our website during the purchase journey or later on. Based on your age, eligibility, sum assured selected and lifestyle, the medical tests would be as follows:

Home/Office visit: If you have selected this option, you can choose the date and time of examination as per your convenience at your home or office. The tests are completed in about 15-20 minutes. These tests comprise of:

  • Blood Test
  • Electrocardiogram (ECG)

Medical center visit: You can choose the date, time & center of examination as per your convenience. These tests are completed within a hour and cost of medicals would be borne by the company. You can also get your medical test report at a request. These tests comprise of:

  • Blood Test
  • Electrocardiogram (ECG)
  • Tread mill test
  • Chest Xray
  • Sonography
You can choose from four flexible payout options:
  • Lump Sum - It is the most preferred option online. The Life Cover will be paid as a fixed lump sum. For example, if you choose a Life Cover of ₹ 1 crore, your family will receive the same amount as lump sum in case of your death.
  • Monthly Income - It is the most economical option. You can choose this option if you want your family to receive a regular monthly income.10% of the benefit amount is payable every year for 10 years. This will be paid in equal monthly instalments, in advance, at the rate of 0.83333% of the total benefit amount.
  • Increasing Income - This payout option gives 45% more life cover. For example, If your Life Cover is # 1 crore, then your family will receive # 10 lakh in the first year, # 11 lakh in the second year, # 12 lakh in the third year and so on. At the end of the 10th years, total life cover received will be ₹ 1.45 crore.
  • Lump Sum Plus Income -  This is our new payout option, in which the Life Cover will be paid in two parts as selected by you at policy inception. For example, if your life cover is ₹ 1 crore, you can choose to give ₹ 50 lakh as lumpsum and remaining Rs 50 Lakh will be paid out in equal monthly instalments of ₹ 41,667 per month, at the rate of 0.83333% per month over 10 years.
Term plans provide financial security to the family in your absence, whereas, traditional plans are investment plans where you get returns (i.e. cash back). Term plan gives a large sum assured at affordable rates whereas traditional plans gives you limited cover.
Limited Pay option is a great option where the customer pays premium for a limited period (5, 7 or 10 years) and enjoys the benefits of the plan for a longer term (like age till 75, 85 or 99). The limited payment option can help customers save on premium.
Yes, term insurance do provide 100% payout in case of Terminal illnesses. This means that if the person insured is diagnosed with a Terminal illness, the full benefit amount will be paid out as a lump sum.
Term Insurance offers affordable Life cover, additional accidental death cover and 34 critical illness cover(optional), disability rider and terminal illness rider both to males and females.
Term Life Insurance Rates by Age:
(A tabular detail of all three different max life term plans: Maximum Maturity, Min Sum Assured, Claim Settlement, Premium for cover amount) Below is a summary of top variants of Max Life Online Term Plan Plus, an affordable term insurance plan that provides a choice of 3 death benefit options to secure your family
  • Save Tax U/S 80
    The premium you pay for your term insurance plan can save tax for you. Critical illness premium saves tax for you u/s 80D, while life insurance premium is counted u/s 80C of Income Tax, subject to conditions
  • Long Policy Term
    You can opt for a longer policy term to stay protected. You can stay covered for up to 50 years with a term life cover.
  • Low Entry Age
    Most term Plans have a minimum entry age of 18 years; that is, you can buy term insurance cover as soon as you hit adult age.
  • Death Benefit as Regular Income
    Modern term insurance plans allow you to give your dependents a regular income along with the lump-sum benefit in the event of your unfortunate demise.
  • Premiums Returned on Survival
    You can now receive all your money back if you survive the policy term. Term insurance plans with the return of premium benefit offer to return all the paid premiums on the policy as survival benefit.
  • Add Disability Benefit to Your Term Plan
    Any kind of disability due to accident or illness can affect your income earning capacity. You can add disability benefit with your term plan at affordable prices. The disability cover is available on payment of additional premium.
  • Cover Against Life Threatening Diseases
    Cancer, heart attack, renal failure are some curable diseases which can be life-threatening. Don’t let money concern you on the way to the cure from these diseases. Critical illness cover is available on payment of additional premium
  • High Maturity Age
    Of all life insurance plans, term insurance offers the life cover for the highest age bracket. You can continue the term-insurance cover up to the age of 85 with Max Life Insurance.
While selecting a term plan, you need to look for the following and ensure that your family has the best financial protection with the term plan:
  • Claim settlement record of the Insurer
    Claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. Claim settlement record can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year. A consistently good claim settlement ratio indicates a robust and quick claim settlement process. Which means your dependents will have it easier to receive the death claim benefit from the insurer.
  • Know the Existing Customer Experience
    Buying a term plan is usually only the start of the story. You need to manage your plan to maximise your benefits. Engaging with an insurer which not only offers a better plan but also helps you stay updated on the terms helps a lot. The customer service from the life insurers can help the policy holders stick with the insurer longer. Persistency Ratio declared by IRDAI annually can help you judge the insurer’s service quotient.
  • Choose Your Benefits Carefully
    Death is not the only risk you need to cover against. Apparently disability, life-threatening diseases, etc. can also damage your financial health. Adding these benefits along with few additional value-added features like ‘premium waiver’ can ensure better financial backup. Also, since term insurance premiums are not as high compared to other types of insurance plans, adding these benefits to the plan does not burden your pocket much.
  • Look for Regular Income Payout
    Traditionally life insurance policies have been paying a large sum of money to the dependents of insured. Often the dependents are not equipped to handle such a large sum of money to meet all their needs and goals. Modern term plans offer regular income option along with the lump-sum so that they can look after their immediate needs while investing the lumpsum for future goals.
Thus, selecting a regular income payout option while buying your term plan may save a lot of hassle for your dependents later.
Max Life Insurance offers five different types of term insurance plans:
  • Basic Term Plan
    Basic term plan is the term plan with life cover and pays a death benefit in a lump sum only. This plan does not have any maturity benefit.
  • Term Plan with Monthly Income
    Term plan with monthly income gives you the option to ensure a regular stable income to your family apart from a lump sum death benefit.
  • Term Plan with Growing Monthly Income
    Inflation is a major factor when it comes to regular household expenses. Term plan with growing monthly income gives the death benefit as growing regular income to your family along with a lump sum amount.
  • Term Plan with Return of Premium (TROP)
    Term plan with return of premium is a specific kind of term plan where all the paid premiums are returned back to you at the end of the maturity.
  • Group Term Life Insurance Plan
    Financial security is one of the essential needs of your employees. Group term life insurance plan is the most affordable way to ensure financial security for your employees’ families.
Max Life Insurance offers term insurance plans with great features like:
  • Monthly income payout
  • Premium waiver benefit on accidental disability
  • Critical and Cancer cover
  • Limited pay till retirement options
Benefits like accident cover, critical illness cover and limited pay are available on payment of additional premium Buying term insurance early from US can help you keep up with your growing financial status and family. Insurance plan offers increment of Sum Assured of term plan at major life stages in your life, such as Marriage, childbirth, etc. This is available on payment of additional premium Additionally, with Term Insurance you can be assured that your family will receive the due benefit within a short period, and without having to run from pillar to post for it. Insurance Plan assigns a Claims Settlement Officer immediately to your claim, to assist you with the process for faster claim settlement. Term Plan Claim Settlement feature ensures that death claims upto Rs. 1 crore are paid within 1 working day. It is available for the following
  • Claims for policies completed 3 years
  • All mandatory documents# should be submitted before 3:00 PM on a working day
  • Claim Amount on all eligible policies^ is upto 1 crore
  • Claim does not warrant field verification
3 steps Online Buying procedure
  • Step 1: Estimate Your Sum Assured
    Visit the website and click on Calculate Premium to start the process. The first form only asks a few basic questions related to age, contact information, smoking habits and annual income. Once you submit the form you will receive the quote for the maximum sum assured you are eligible for. Maximum sum assured is based on your annual income. Maximum sum assured you could buy in term insurance is capped at 15 to 20 times of your annual income, subject to underwriting While buying term insurance, you can increase or decrease your sum assured as per your need. Your premium amount will adjust accordingly.
  • Step 2: Choose Your Benefits & Get a Quote for Possible Premium
    In the first step, you have calculated the base premium of the term insurance plan. However, term insurance plan only carries a death benefit, which does not offer protection from other risks. You can add multiple benefits to your base term plan such as: • The regular monthly income payout option • Premium Waiver Benefit • Cancer or Critical Insurance • Accidental death and disability benefit Adding these benefits may increase your premium cost. However, these benefits are useful additions to the basic plan and will be quite helpful in keeping your finances in order in case of emergencies.
  • Step 3: Complete Your Application Form& Pay the Premium
    Insurance is a promise based on trust between the insured and insurer. Thus, to cover your risks, life insurer will ask multiple questions related to health and occupation. Once you are satisfied with your choices of benefits, you need to complete the detailed application form. Make sure to answer the following as correctly as possible: • Health history (Family & self) • Occupation • Lifestyle habits • Hobbies etc. After completing your application form, you can pay the premium and submit the documents required to complete your application.
Yes, you can change the nominee at any time during the policy term. You can also have multiple nominees.