Max Life Insurance Company provides with diverse types of Term Insurance Plans so as to fulfill the requirements of the life insurance seekers. Now let’s have a look at the best term Insurance Plans that have Max Life has on offer.
|Plans||Entry Age (Years)||Maturity Age||Policy Tenure||Term of Premium Payment|
|Max Life Super Term Plan||
||75 years||10-35 years||Equal to the policy term|
|Max Life Smart Term Plan||
||85 years||10-50 years||Equal to the policy term or Limited pay options|
|Max Life Premium Return Protection Plan||
||75 years||20/25/30 years||Equal to the policy term|
Max Life Super Term Plan
This Max Life term insurance plan comes with an increasing Sum Assured feature. On the other hand, the policy also offers a dual death benefit option.
Special Features Max Life Super Term Plan:
- The Sum Assured under Max Life Super Term Plan increases each year at a simple rate of 5% till the end of the policy term
- The nominee will have 2 options of availing the death benefit in the event of the death of the life insured during the course of this Max Life term insurance plan.
- First Option: 100% of the preferred Sum Assured is paid to the nominee immediately after the death of the life insured.
- Second Option: 50% of the Sum Assured is paid immediately in lump sum amount to the nominee. The remaining 50% is paid as regular income for the next 10 years. This income will also increase at a simple rate of 8.5% per annum.
- Under this Max Life term insurance plan, you can avail Max Life Waiver of Premium Plus Rider. This rider can be attached with the base plan to ensure a complete coverage. In case of death, disability or critical illness, all the future premiums are waived off under the rider given that it happens during the term of this Max Life term insurance plan.
- Tax Savings under section 80C
Eligibility Criteria for Max Life Super Term Plan
|Age of Entry||18 years||65 years|
|Policy Maturity Age||-||75 years|
|Policy Tenure||10 years||35 years|
|Sum Assured||Rs. 25 lakhs||No limit|
|Premium Amount||Rs. 5000/-||Depends on the coverage|
|Term of Premium Payment||Equal to the policy term|
|Frequency of Premium Payment||