Max Life Term Insurance Review

The Max Life term insurance plans are packed up with new-age features such as joint life cover, premium break, exit benefit, return on premium benefit, payouts at accidental death and disabilities, critical illness cover, in-built terminal illness cover and many more. The policyholder also has the option of customizing their term plans by adding various riders at nominal extra premium cost along with flexible premium payment options.

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Max Life Term Insurance

4.0

Our ratings take into account a product's rewards, fees, rates and other category-specific attributes. All ratings are determined solely by our editorial team.

Maximum life coverage

Till 85 years

In-build terminal illness cover

Coverage

For 64 critical illness

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On Max Life Insurance's website

Maximum life coverage

Till 85 years

In-build terminal illness cover

Coverage

For 64 critical illness

Pros & Cons

• Lower premium rates for non-smokers.
• Quick claim settlement within one day via InstaClaim.
• Terminal illness coverage at no cost.

• Plans do not cover Covid-19 claims.
• Life coverage is not up to 100 years.

Max Life Smart Secure Plus

The Max Life Smart Secure Plus Plan is an online term plan which is designed to provide more financial security to their family as it offers two death benefits. The policyholder also gets inbuilt cover for terminal illness. This plan also provides other benefits such as joint life cover, premium breaks, additional payout on accidental death. The plan comes in three variations: Base Cover, with Accelerated Critical Illness Option and with Accident Cover Option.

Key Features:

• With life cover and increasing life cover, the life assured has the option to increase the sum assured amount for the upcoming years while selecting the policy.
• Upon the diagnosis of terminal illness, the policyholder will receive 100 % of the guaranteed death benefit, up to INR 1 crore.
• Under return of premium (RoP), the policyholder is entitled to receive total premium paid till the end of the policy term, if they survive post maturity of the policy.
• Premium break feature allows the policyholder to take a break from premium payments for a while, if the policy has completed ten years. If opted, then the policy remains continued with the same risk cover. The policyholder can choose this option twice in the whole premium payment term.
• Provides joint life cover for the spouse of the policyholder, where if the spouse is diagnosed with some terminal illness or dies, then the beneficiary will receive a death benefit of INR 10 lakh and the main life cover will be continued at a low premium rate. This benefit also comes up with in-built waiver of premium for spouse’s life coverage,where future premiums are waived off on the demise of the policyholder.
• Under accident cover, the life assured’s nominee receives the life coverage amount on the unfortunate demise of the assured due to accidental death up to INR 1 crore.
• Accelerated critical illness cover provides protection against 40 major or minor listed critical illnesses. Upon the diagnosis of critical illness, the policyholder will receive 50 % of the base death benefit, up to INR 50 lakh.
• The policyholder can choose to exit the policy with an exit benefit along with RoP benefits. And, once the premiums have been returned, the policy gets terminated.
• With a voluntary sum assured top-up feature, the policyholder can enhance the sum assured amount at a later stage of the policy. If the sum assured chosen is INR 50 lakh or more than it, then the policyholder can take up this feature after one year of policy term also. The coverage can be increased up to a maximum of 100% of base sum assured.
• The policy comes up with waiver of future premium riders in case of critical illness or death.
• The minimum sum assured is:
  1. Death Benefit: INR 20 lakh and INR 10 lakh (for joint life cover)
  2. Accelerated critical illness option: INR 5 lakh
  3. Accident cover option: INR 50,000

Who is Eligible For Max Life Smart Secure Plus?

• Minimum entry age: 18 years
• Maximum entry age: 65 years
• Maximum maturity age: 85 years (Base Plan), 75 years (Accelerated Critical Illness) and 85 years (Accident cover option)

Max Life Term Plan with Return of Premium (TROP)

The Max Life Term Plan with Return of Premium (TROP) is a pure term plan which includes life cover and provides a death benefit to the nominee of the policy, in case of an unfortunate demise of the policyholder. Since this plan has inbuilt return on premium benefit, where one receives the total amount of annualized premiums paid, if they survive even after the policy term. Once the insurer pays all the premiums, the policy gets terminated.

Key Features:

• The policyholder is entitled for a death benefit.
• The policyholder is entitled for a maturity benefit under RoP benefit.
• Term plan with return of premium is little expensive than a basic term plan. However, the premiums paid under this plan are returned as maturity benefit and are exempted from taxation.
• Premium payout options:
  1. Lumpsum: The entire premium is payable as a lump sum payout as a single payment.
  2. Regular: Premium is paid at regular intervals and one can choose to pay on an annual, half-yearly, quarterly or monthly basis.
• The policyholder has the option of paying the premium up to 60 years and the plan coverage extends till 85 years.
• The policyholder can pay the premium for a specific number of installments such as 5 Pay, 10 Pay, 12 Pay or 15 Pay.
• If one surrenders the policy, then they are entitled to receive the given surrender value of the policy by the insurer.
• Provides other benefits such as waiver of premium, accidental death benefit, disability benefit, and protection against critical illnesses.

Who is Eligible For Max Life Term Plan with Return of Premium?

• Minimum entry age: 18 years
• Maximum entry age: 65 years

Max Life Critical Illness Term Plan

The Max Life Critical Illness Term Plan provides a comprehensive health coverage against major and minor critical illnesses. This plan covers over 64 critical illnesses such as heart attack, cancer, brain stroke and others, along with the life cover. One can add this comprehensive critical illness cover which comes as the rider along with the basic term plan to maximize the advantage.

Key Features:

• Coverage of over 64 critical illnesses depending upon the variant chosen by the policyholder.
• The different variant of this plan are:
  1. Gold variant: Provides coverage for 22 critical illnesses (including one minor and 21 major).
  2. Gold Plus variant: Provides critical illness coverage of above-mentioned gold variant with total and permanent disability cover.
  3. Platinum variant: Provides coverage for 64 critical illness cover (including five minor and 59 major critical diseases).
  4. Platinum Plus variant: Provides critical illness coverage of above-mentioned platinum variant with total and permanent disability cover.
• The policyholder can get critical illness cover by paying premiums as regular pay or via limited pay option.
• Offers the option to enhance the coverage up to 85 years for two variants.
• The policyholder also gets the total and permanent accidental disability cover along with this policy.
• To encourage healthy habits, this plan also provides a wellness benefit which can further lessen the renewal premium amount.
• The policyholder gets the tax benefit towards premium paid towards critical illness coverage under Section 80D of the Income Tax Act.

Max Life Saral Jeevan Bima

The Max Life Saral Jeevan Bima is a pure term insurance plan. It provides the policyholder with ample life coverage against a fixed premium with no maturity and survival benefits.

Key Features:

• The minimum sum assured amount is INR 5 lakh and maximum goes up to INR 25 lakh.
• The policyholder is entitled for a death benefit which is payable to the nominee in case of policyholder’s unfortunate demise during the plan tenure.
• The policy term is of 5 years to 40 years.
• The insurance coverage is up to 70 years.
• This plan has no maturity and survival benefits.
• The policyholder has the option to choose the premium payment term as per their convenience.

Who is Eligible for Max Life Saral Jeevan Bima?

• Minimum entry age: 18 years
• Maximum entry age: 65 years
• Maturity age: 70 years

The following are the documents which are required if one is planning to buy term life insurance policies:

• For identity proof: PAN card, Aadhaar card/driving license/passport.
• For address proof: Aadhaar card/driving license/passport/ration card/electricity bill.
• Income proof: For salaried applicants: Last three month’s salary slip/ Form 16/last three years ITR/ last six months’ bank statement.
• For non-salaried applicants: Last three years ITR with computation of income.

The Max Life term insurance ensures a quick and hassle-free claim settlement process. And with their Insta Claim service the claims are settled within a day . The policyholders can claim the settlement by following the steps given below:

• Fill-up the required claim form which is available on the insurer’s website or at branch.
• Collect all the required documents supporting the genuineness of the claim and submit them to the special claim care team of Max Life.
• The Max Life claims team assesses the documents and reviews its validity.
• If the insurer is satisfied with all the documents then they approve the claim.
• Once approved, the insurer pays the benefits as specified in your policy. Like, for the life insurance claims, life assured’s nominee receives the payout (either lump sum or monthly regular income).

The Max Life term insurance plans were reviewed on the basis of the following factors:

Sum Assured Options: It is one of the most important factors before choosing the sum assured to secure your family finances. As per the thumb rule, the sum assured amount should be ten times of one’s annual income. The Max Life term plans have various wide sum assured options which can be chosen or added as per the needs and requirements of the policyholder. Max Life also offers a term insurance premium calculator which helps to estimate the required sum assured as per your present condition.

Riders: Always choose those benefits or riders which have the capacity to enhance the coverage and thus protection. The Max Life term plans offer useful riders such as accidental death or disabilities cover, accelerated critical illness or waiver of premium rider, which further supports you and your family in any difficult time.

Flexible Payout Options: We considered this as a critical factor in reviewing the term plans of Max Life. All the plans provide the life assured to choose an option of payout whether lump sum, regular or limited premium payout options and policy terms depending on their convenience.

Benefits: While analyzing these term plans, we considered the benefits given upon the death of the life assured, maturity benefits or other benefits in case one outlives the policy term. Always, try and find those plans that offer maturity or survival benefits as well as flexible payment and payout options.

New-Age Features: All the term plans of Max Life are available online and thus can be easily purchased via their website or mobile app. It also offers a very simple online process which makes it easier for the policyholder to buy the term plan instantly.