Max Life Online Term Insurance Plan Review

Max Life Online Term Insurance Plan ReviewMax Life Online Term Insurance Plan Review


Recently, Max Life Insurance launched an Online Term Insurance plan which offers 3 death benefits. Max Life Insurance has 96% claim settlement ratio in 2015 which is the highest among the private insurance companies. With unique features being offered in term insurance plans, it is catching the attention of individuals who are opting for term plans. What are the key features of Max Life Online Term Plan? What are the various death benefits offered in Max Life Online Term Insurance Plan?

Key Features of Max Life Online Term Insurance Plan


  • This insurance plan protects against death of the policy holder.
  • This plan is available in 3 options. Basic Cover, Life Cover with Monthly Income Plan and Life Cover with Increasing Monthly Income plan.
  • Additional protection with comprehensive accident benefit riders.
  • Low premiums for non-tobacco users.
  • High Sum Assured have discount on premium.

Also Read: Should you invest in Bharti Axa Invest Once Single Premium Insurance Plan?

What are the 3 Death Benefit Options available in this plan?


1) Basic Life Cover

  • 100% of Sum Assured is paid as a lump sum on death.
  • Additional protection with Comprehensive Accident Benefit Rider.

E.g. Mr.Rameshaged 30 years took this policy for 30 years for Rs 25 Lakhs as sum assured. In case of death of Mr.Ramesh, his family would get lumpsum of Rs 25 Lakhs as death benefit and policy terminates.

2) Life Cover with Monthly Income Plan


  • 100% of Sum Assured is paid as a lump sum on death. Apart from this Level Monthly Income is paid for 10 years.
  • Additional protection with Comprehensive Accident Benefit Rider.

E.g. Mr.Kamal aged 30 years took this policy for 30 years forRs1Croreas sum assured with Life Cover and Monthly Income Plan option. In case of death of Mr.Ramesh, his family would get lumpsum of Rs1 Crore as death benefit plus Rs 40,000 every month for next 10 years.

3) Life Cover with Increasing Monthly Income


100% of Sum Assured is paid as a lump sum on death. Apart from this Monthly Income is paid for 10 years. This income increases every year at 10% simple rate of interest of the first year monthly income.

Additional protection with Comprehensive Accident Benefit Rider.

E.g. Mr.Pankaj aged 30 years took this policy for 30 years for Rs 1 Crore as sum assured with Life Cover and Monthly Income Plan option. In case of death of Mr. Ramesh, his family would get a lump sum of Rs 1 Crore as death benefit plus Rs 40,000 every month (10% increasing every year) for next 10 years.

What are the Riders available under this plan?


There are 2 riders available in this plan.

a) Max Life Comprehensive Accident Benefit Rider


You can add Comprehensive Accident Benefit Rider to your online term plan to provide additional protection against an unfortunate accident. The rider provides additional protection benefits in case you meet with an accident, leading to an unfortunate dismemberment (listed impairments) or death. The benefits under this rider are payable over and above the base plan benefits.

b) Max Life Waiver of Premium Plus Rider (A Non-Linked Rider)


You can add Max Life Waiver of Premium Plus Rider to your life insurance policy and get waiver of all future premiums in case of Death, Disease or Dismemberment. The benefits under this rider are payable over and above the base plan benefits.

Also Read: PNB Metlife Mera Term Insurance Plan – How good is this term plan?

Should you opt for Max Life Online Term Insurance Plan?


There are several benefits available in this plan. This is a comprehensive term insurance plan which comes with three unique death benefit options. Life Cover with a monthly income plan and life cover with increasing monthly income adds value to your term insurance.  It also comes with 2 riders. However, all additional benefits come with add-on premiums. If you are planning to take a term insurance plan, you can look this as one of the best term insurance plans.

If you enjoyed this article, share it with your friends and colleagues through Facebook and Twitter.

Suresh
Max Life Online Term Insurance Plan Review

8 comments

  • Ram

    Hi Suresh,

    Shall we have 2 two/more term insurance plans with different vendors? Suppose I already have term insurance plan with HDFC from past 2 years, shall I take one/more term insurance with Icici/Lic/etc..?

  • Rupa

    is there is any effect on policy holders when Max merges with HDFC?

  • Benny

    Hi,

    I was looking at Max term insurance policy. Wanted to know if there would be any effect on the policy holders when MAX merges with HDFC?

    Also, if i dont take the additional accidental cover and if something happens to me in an accident, would the nominee still get the Sum assured due to accidental death?

     

    thanks

  • Govind Kulkarni

    Hi Suresh,

    I have already taken Term insurnace plan of LIC last 5 year back & now i am aged 30 so can i shift my LIC term insurnace to other company term insurance. Either i have to cancel and take new policy.

    Please advise.

    Regards,

    Govind

     

     

  • A. K. Arora

    Hi Suresh,

    Can you please also tell the Premium Comparison for the same example (Mr Ramesh aged 30 Years) for both the 3 plans.

     

    Regards,

    A. K. Arora

Leave a Reply

Your email address will not be published. Required fields are marked *