Online Term Plan Plus - Basic Life Cover

Term insurance plans provide only death benefit.There is no maturity benefit or surrender benefit under this plan. So if you survive the complete policy period, you will get no benefit. 

However, in the the event of your death, the sum assured is paid to your loved ones (nominee). You can choose that the benefit is paid as a one-time lump sum or in the form of lump sum plus monthly income for upto 10 years. You can choose to protect the monthly income from inflation with the 'increasing monthly income' option. 

If you opt for Max Life Comprehensive Accident Benefit Rider (CAB), the CAB rider cover amount will be paid in the event of an accident leading to dismemberment or death. 

Premiums paid for all life insurance policies, including that for a term insurance plan are exempt from taxation under Sec 80 C of the Income Tax Act, 1961 upto a maximum of Rs 1.5 Lacs. 

The claim amount paid to the nominee is exempted under Sec 10 (10D) of the Act.

The premium paid for the purchase of Critical illness benefit option is exempt under Sec 80D of Income Tax Act.

While purchasing a term plan, you can choose the Critical Illness benefit option. The sum assured starts from Rs 5 Lakhs and goes upto to Rs 50 Lakhs. However it can be a maximum of 50% of the life cover. For instance if you are buying a term plan cover of Rs 2 crs, you can buy critical illness benefit for a maximum sum assured of Rs 50 Lacs. 

Upon diagnosis of any of the 40 specified critical illnesses, the benefit amount is paid as a one-time lump sum. This amount is reduced from the term cover and the balance life cover is carried forward (with all the future premiums reduced accordingly) and will be payable to the nominee on death of the life insured.

You should buy your insurance cover as per your Human Life Value. However when you purchase Max Life Online Term Plan Plus "Monthly Income Variant" or "Increasing Monthly Income Variant" your total coverage will be more than Rs. 1 Cr for a Sum Assured of Rs. 75 lacs.

For "Monthly Income Variant" your coverage will be Rs. 75 lacs paid as lumpsum + Rs. 36 lacs payable as Monthly income payable over 10 years which sums upto Rs. 1.11Cr. For "Increasing Monthly Income Variant" your coverage will be Rs. 75 lacs paid as lumpsum + Rs. 52.2 lacs payable as Monthly income payable over 10 years which sums upto Rs. 1.27Cr. 

Max Life's processes are designed to provide you a hassle-free claims experience and we are committed to providing the best in class service experience. Max Life Claims promise 

1. Fast settlement - We will pay all death claims within 10 working days of receipt of all claim documents/ information. 

2. Claim assurance - No claim denial for policies having completed three (3) continuous years from the effective date of coverage except in cases of fraud

3. Personalized assistance - A dedicated Claims Relationship Officer is appointed for every Death claim