Why To Choose MAX Life Term Insurance?
Term insurance plans help the family in paying off the debts and provide security from financial drainage. Max Life term insurance helps you to maintain your family's lifestyle by funding the necessary day-to-day expenses and helping them to achieve their financial goal when you are not around.
Table of Contents
Benefits of Buying Max-Term Insurance Plans
Max Life term insurance plans not only provide life cover but also ensure that your family is financially stable. It also pays back the premiums and provides additional benefits to you and your family. Let us have a look at the benefits you can avail by buying a Max Life term insurance plan
- Securing Your Family's Future: Term plans essentially guarantee your family's future. Being an earning member of the only breadwinner of the family, you are responsible for their well-being. A term insurance plan is essential to make sure that you can meet your financial obligations towards your family even when you are not around.
- High Life Cover at a Nominal Premium: Term insurance plans offer life cover at a premium you can afford. Max Life term insurance provides high life cover at affordable premium rates.
- Financial Support in Case of Critical Illness: Max Life term insurance provides coverage against 40 critical illnesses, thereby providing 360-degree protection to you and your family not only against death but also against disability and critical illnesses.
- Protection Against Liabilities: A term insurance plan pays the sum assured which ensures the safety of your dependents from financial liabilities such as EMIs, house loans or any other debt. The benefit received from the plan can be used by your family to pay off the immediate liabilities without creating a burden on them.
- Variants: The Max Life Smart Term plan offers seven different death variants to choose from as per your requirements.
- Quick and Secure Buying Process: Max Life provides a very quick and secure buying process along with an option to choose different options for payment such as credit card/debit card, net banking, etc. The payments are instantly processed and an online receipt is issued enabling you to furnish the documents quickly for claiming tax exemptions.
- Long-Term Coverage: Max Life term insurance provides you with the benefit of choosing long-term insurance coverage until 85 years of age so that you can leave a legacy for your loved ones.
- Regular Monthly Income: Max Life term insurance plan provides various death options. You can get a fixed regular income or lump sum benefit under a term plan to help your family with day-to-day living expenses. You can also opt to partly benefit in a lump sum and the remaining as monthly income.
- Tax Savings: Max term insurance plan provides significant tax benefits from the benefits received under the plan and the premiums paid for the plan under sections 80C, 80D and 10 (10D) of the Income Tax Act, 1961.
What Is Covered In Max Life Term Insurance?
Term insurance plans essentially provide life cover. Max Life's term insurance policies are customized with additional coverage by extending its features. The coverage of Max life term insurance plans is discussed as follows:
Natural Death- Term insurance pays your family a lump sum amount in the event of death. Term insurance plans provide a certain sum of amount irrespective of the reason for death.
Accidental Death- Max Life's term insurance plan also provides coverage against accidental death.
Survival Benefit- Max Life term insurance returns all the premiums if the life assured survives the term of the plan. With the Max Life smart Term plan, you can avail of survival benefits in which all the premiums are returned to you on the expiry of the policy.
Return of Premium Benefit- Max Life term plans provide a return of premium benefit in which all the premiums are returned to the policyholder on the maturity of the plan.
Additional Death Benefit- Max Life term insurance provides an additional death benefit in case of death of the life assured due to an accident. The additional death benefit is available on payment of extra premium.
How to Apply for Max Life Term Insurance Plans?
Max Life provides a quick and easy way to purchase a term insurance policy. You can purchase a Max Life term insurance plan by following a few simple steps discussed as follows:
Estimate Your Sum Assured
The first step towards buying Max Life term insurance is estimating the sum assured of the plan. Analyse your financial needs and visit the website of the insurance company to calculate the premium of the term insurance policy that you are planning to buy.
Premium Calculator
The premium calculator helps you to calculate the amount of premium depending on the sum assured. It asks a few questions such as your contact information, your income, age and smoking habits to calculate the amount of premium.
Check Your Benefits
You can select multiple benefits under a term plan such as a return of premium option, regular monthly income option, or critical illness benefit and also add riders that you want to buy with your term plan to enhance coverage.
Get a Quote
The insurance company will offer you a quote based on the parameters selected by you.
Fill in the Details
If you are satisfied with the choices and benefits under the term plan, you can fill in the required details such as your education details, income and protection and submit the relevant documents. Minimal documents are required to be submitted for buying a max life Term plan. These include:
- ID proof
- Income proof
- Address proof
- Age proof
- Pay the Premium
You can pay the premium for your term plan through any of the payment gateways provided by the insurance company. You can make the payment either through UIP, wallet, or debit/ credit card which is not only safe and secure but also fast and easy. After paying the premium, the insurance company will issue the plan and mail the policy document.
Complete the Proposal Form
The proposal form contains information related to your life that can affect your claim in future. It includes your health history, professional details, and drinking and smoking habits.
Medical Test
Medical test is the last step in buying a term plan. Medical tests are required only in selected cases based on the age of the individual. Medical tests are conducted after successful completion of the proposal form and on submission of necessary documents.
You can also buy a Max Life term insurance policy by visiting the nearest branch office of the insurance company and following the same buying process.
Conclusion
Max Life offers long-term and comprehensive protection through its multi-channel distribution partners. The insurance company has built the business over almost two decades through a customer-centric approach and incredible services. Max Life Insurance has a solvency ratio of 207 % which is above IRDAI’S mandate of 50%. Max Life has been awarded as ‘The best Term Plan’ Company of the year 2019-20.
Max Life provides InstaClaim in a one-day claim settlement under its InstaClaim benefit subject to certain conditions. Its website offers all the necessary information and provides a transparent process to buy, renew and claim your plan. Max Life has been awarded as a company with the highest claim settlement by The Economic Times 'BFSI Awards 2018.’
Also read:
