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To begin with, Max Life Online Term Plan is a non-participating, non linked, Pure Term Insurance Plan that provides your loved ones with sufficient cover so that they can live a secure life you have insured for them even when you are not around anymore. It is a reasonably priced term plan which is available online. Potential customers may also purchase the same without going through the procedural hassles while buying a plan offline which is usually through agents.
The terms and tenure of a Max Life Term Insurance Plan is - Anyone above 18 years of age is qualified to avail the policy, while the maximum entry age is restricted to 60 years with maximum expiry age (policy coverage tenure) with respect to individual policies is fixed at 70 years of age.
The tenure is set between 10 to 35 years and is subject to the maximum expiry age. Premium is payable every twelve months. The bare minimum for a policy coverage of 25 lacs which can go up to the maximum of 100 crores depending on the term and benefit cover that is decided upon by the respective individual. Important to note is the fact that it is Pure Insurance Plan which provides only Death Benefit and does not have any maturity benefit.
Max Life Term Plan is one of the economical plans available in the market today that offers personalized or custom-made benefits along with supplementary riders such as Accident Benefit and Waiver of Premium against a payment of additional nominal premium making it a comprehensive insurance plan. Discounts are also obtainable on higher coverage value.
A Basic Life Insurance Plan of INR 1 crore for a 30 year old non smoker individual will be about INR 7,400 per year with a tenure of 30 years (this is subject to fulfilment of pre-specified conditions under the plan)
Customized Benefit Payout Plans are one in which individuals are offered 3 benefit payout plans to choose from according to their needs (short or long term). They can opt for the following plans:
1.) Basic Life Cover: One time Lump sum payout.
2.) Life Cover with Monthly Income: Lump sum payment that comes with monthly income (0.4% of the Sum Assured) for 10 years.
3.) Life Cover plus Increasing Monthly Income: Lump sum payment with monthly income for 10 years (0.4% of the Sum Assured), where the monthly income increases at a simple rate of 10% per annum.
This provides flexibility to the potential customers to select for themselves the best plan after analyzing their potential future requirements. The premium rates under plan 3 will be the highest, while plan 1 will be a focus for lowest premium rates. However, when the plans are compared in terms of benefits, then plan 3 provides a better coverage.
Max Life Term Plan has one of the most excellent claim settlement records among the private insurers in the market today which translates to the fact that it is supremely transparent and prompt when it comes to the settling of claims, therefore making it one of the finest term insurance plan around in this day and age. It must be one of the determining factors that one should consider while purchasing a Term Plan.
The future remains uncertain as there is no guessing what lies ahead, but when you see around yourselves, it is a guess as good as any that things change rapidly, markets come crashing down in a second and life, in general is at an all-time higher risk. One of the surest ways to protect ourselves and our families is by proper planning. Therefore, one should most definitely invest in a Term Plan at the earliest and safeguard the future of themselves and their dependents. Max Life Term Insurance Plan is a sure shot bet. A recent survey of 2016 says that it has a 99.68% - 10-day claim settlement promise.