Term Insurance

“Term insurance is the simplest and purest form of life insurance, offering financial coverage to the policyholder against fixed premiums for a specified duration – hence the name ‘term’ insurance policy. Choosing and investing in the best term insurance plan is of utmost importance to anyone who has dependents and the best term insurance plan in India provides security as well as value for money. The premium for the best term insurance plan depends on various crucial factors including age, gender, premium payment term, policy term, sum assured, etc. chosen by you and policy term.”

Max Life Term Insurance Plans

99.51% Claims Paid Ratio^
Zero Commission#~
Tax Savings upto Rs 46,800##
5% Discount3
Free Cost Term Plan
₹ 1 Crore Term Plan
₹ 2 Crore Term Plan
Term Insurance (Women)
1 Cr Life Cover + 1 Cr on Maturity

What is Term Insurance?

Term insurance is a pure life insurance product, which provides financial protection to the policyholder. In case of death of the insured during the policy period, the beneficiary receives a death benefit as defined under the chosen term insurance plan.
EXAMPLE: A 24-year-old healthy, non-smoking male can secure a cover of Rs. 1 crore for his dependents for the next 25 years. If he buys a term insurance policy, he will only pay approximately Rs. 700 per month, exclusive of taxes (Premium for Max Life Smart Secure Plus Plan).

Why should you Buy Term Insurance

People from all walks of life realize the importance of life insurance and this leads them to seek out the best term insurance plan based on their requirement. Amidst the fast pace of life and rising uncertainties in the form of COVID 19 disease, every family needs financial protection under a term plan to deal with the financial impact of losing a loved one, especially the breadwinner. It also helps the family in paying off the debts, such as car loan and home loan, if any. Here are a few reasons why buying term insurance is worth it:

  • To Secure Your Family’s Future

    • Being an earning member of your family, you are responsible for the overall well-being of your spouse, parents, and children. Buying term insurance is essential to ensure that you meet the obligations for your loved ones even when you are not around.

  • Protect Assets

    • You might have built assets like a home, office, or vehicles through loans. With a term insurance plan by your side, you can ensure that the load of these borrowings will not cause any hardship to your loved ones after you.

  • To Minimize Lifestyle Risks

    • The unfortunate demise of the breadwinner in a family can turn their life upside down, making it difficult to make ends meet. While even the best term insurance plan cannot make up for the loss of a loved one, it can help reduce the financial strain of losing the family’s breadwinner.

  • To Stay Prepared for Uncertainties

    • Uncertainties in life can affect us in unpresented ways. This can be well understood while witnessing the current global Coronavirus pandemic. The best term insurance plan should equip us to be prepared financially to overcome a wide range of life’s unavoidable adversities.
TEAM PLAN = FAMILY SECURE
Lumpsum amount paid to your family
Regular monthly income for increasing expence
Financial support in case of diability and critical illnes

Who should Buy Term Insurance Plan?

Death, disability, disease, all are realities seldom talked about. However, all three are realities we cannot possibly overcome with certainty. Term insurance is one tool, which can save you and your family from the financial hardships brought upon by these three and similar disastrous conditions.
Hence, all individuals who have financial dependents should buy a term insurance policy. They can be:

PARENTS

A term policy will act as a source of financial support for the children, ensuring that they do not miss life’s opportunities.

YOUNG INDIVIDUALS

Young professionals who do have many financial liabilities can benefit from lower of term premiums insurance plans.

NEWLY-MARRIED

With a term insurance plan, you can secure the financial future of your spouse, giving her a truly long-lasting gift.
Consider, for example, a family of four, where the father is the primary breadwinner & has bought a term insurance policy. The family needs about Rs.50,000 a month to fund regular expenses like rent, food, other groceries, electricity, water, education fee, etc. Debts, if any, are over and above this.
In case of an unfortunate event, life continues, and so do these quintessential expenses. The family will still need Rs. 30,000 to 40,000 a month to meet all their needs. In such an eventuality, opting for the best term insurance plan can provide your loved ones with adequate financial support in the following ways:
  • A lumpsum to meet their immediate needs
  • A regular income to meet their household expenses (if opted)
The loss of life cannot be compensated. However, a term insurance plan can help to tide over the financial requirements of a family.

SENIOR CITIZEN

Term insurance for Senior citizens provides a greater degree of financial security to their dependents, such as spouse, thus providing them with a lifestyle they deserve even in their absence
HOUSWAIFE Term insurance for housewife can ensure extra financial security by covering education costs, marriage costs, loans, and health expenses at present and in the future. It offers payouts against insurance premiums paid by the policyholder.
WOMENTerm Insurance for women can ensure extra financial security by covering education costs, marriage costs, loans, and health expenses at present and in the future. It offers payouts against insurance premiums paid by the policyholder.
SELF-EMPLOYEDTerm Insurance for Self-employed can ensure extra financial security by covering education costs, marriage costs, loans, and health expenses at present and in the future. It offers payouts against insurance premiums paid by the policyholder

Benefits of Buying Term Insurance

High Life Cover at Affordable Premiums

Term insurance plans offer significant life cover at a premium you can afford. Also, the earlier you buy a term plan, the lower premium you will need to pay for specific life cover

Protection from Illnesses

Various term insurance plans also offer critical illness benefits to help you avail good treatment for life-threatening diseases without worrying about the costs. You can avail critical illness cover for more than 64 diseases by opting for Critical illness rider with Max Life Smart Secure Plus Plan

Tax Benefits

A term insurance policy offers tax savings up to Rs. 1.5 lakh on the premium paid under section 80C on Income Tax, as per prevailing tax laws. Also, the lumpsum benefit paid under a term plan is tax-exempted u/s 10(10D)

Riders for Additional Benefits

Term plans come with add-ons/riders that you can select to get additional insurance benefits. For instance, Max Life Waiver of Premium Plus Rider [UIN: 104B029V03] offers the benefit of waiver of all future premiums based on conditions specified in the term insurance policy document. The availability and affordability of riders like these can influence the choice of individuals seeking one of the best term insurance plans in India.

Income Options in case of Unfortunate Events

You can get a regular income stream along with a lump sum benefit under a term insurance policy to ensure day to day living expenses of dependents are met.

Multiple Premium Payment Options

With term insurance plans, you also get the flexibility to choose the premium payment tenure. You can either choose regular pay through the policy period or limited pay options with your term plan.

Protection Against Liabilities

The sum assured offered under a term plan will ensure safety for dependents from your financial liabilities like a loan and any other debt. They can easily pay off the debt from the insurance benefits received.

Disability Benefits

Accidents can happen unexpectedly and may lead to temporary or permanent disability.Disability benefit with a term plan will provide you financial support in case of accidental disability(available on payment of additional premium).

Long Term Coverage

you can choose long term insurance cover till the age of 85 (subject to maximum policy term of 50 years) to leave a legacy for your family at a price you can afford. This benefit of long term coverage is one of the many factors that you need to look for when seeking the best term insurance policy for yourself.

Why Buying Term Insurance is a Must During COVID-19 Pandemic?

During COVID-19 times, many people have lost their lives. In such challenging times, it has become crucial to buy term insurance that provides option to add COVID-19 rider.
Term insurance plans from Max Life Insurance cover death claims caused due to Coronavirus. However, you can opt for Max Life COVID 19 One Year term Rider to get additional benefit of diagnosis and death benefits.

How Does a Term Plan Work?

  • A lumpsum amount is payable to your family in case of death of the policy holder under the chosen term insurance plan.
  • You can opt to receive the benefits under term insurance in the form of regular monthly income, along with lumpsum payment basis the variant opted.
  • Riders can be added to the base term insurance plan for improved benefits in case of accidental death, disability, or critical illnesses at an affordable price.

Features of a Term Insurance Policy

Term insurance is that form of life insurance that is most easy to understand. There are several advantageous features of a term plan that you should know before buying one.

  • Save Tax U/S 80C & 80D (Income Tax Act 1961)

    The premium you pay for your term insurance plan can save tax for you. Critical illness premium paid under the term insurance policy saves tax for you u/s 80D, while term insurance premium is counted u/s 80C of Income Tax, subject to conditions. Tax benefit are as per prevailing tax laws which are subject to change.

  • Long Policy Term

    You can opt for a longer term for your term plan to stay protected. You can stay covered for up to 50 years with a term life insurance of Max life.

  • Low Entry Age

    Most term insurance plans have a minimum entry age of 18 years; that is, you can buy term insurance cover as soon as you hit adult age.

  • Death Benefit as Regular Income

    Modern term insurance plans allow you to give your dependents a regular income along with the lumpsum benefit in the event of your unfortunate demise.

  • Premiums Returned on Survival

    You can now receive all your money back if you survive the term insurance tenure. Term insurance plans with the return of premium benefit offer to return all the paid premiums on the policy as survival benefit.

  • Disability Benefit with Term Insurance Plan

    Any kind of disability due to accident or illness can affect your income earning capacity. You can add disability benefit rider with your term insurance plan at affordable prices. The disability cover is available on payment of additional premium with the base term insurance premium.

  • Cover Against Life-Threatening Diseases

    Cancer, heart attack, renal failure are some curable diseases that can be life-threatening. Don’t let money concern you on the way to the cure from these diseases. Critical illness cover is available with term insurance plans on payment of additional premium.

  • High Maturity Age

    Of all life insurance plans, term insurance offers the life cover for the highest age bracket. You can continue term insurance cover up to the age of 85 with term insurance plans from Max Life Insurance.

Types of Term Insurance Plans and Their Benefits

When it comes to finding the best term insurance plan, there is no one-size-fit-all policy. You must align your needs with the available options to find what suits your requirements the best. The following is a list of term insurance plans offered by Max Life Insurance along with their key benefits:
Plan Benefits
Term Insurance
  • Offers financial protection to your dependents at low premium rates in the event of your death
    		•
    Term Insurance with Critical Illness
  • Offers financial security to your family in case of your unexpected demise, helps in wealth creation, retirement planning, and more
  • You get additional protection against 64 critical illnesses subject to the rider you choose
    		•
    Term Insurance with Return of Premium
  • Offers financial protection to your dependents at low premium rates in the event of your death
  • You are entitled to the return of all premiums paid if you outlive the policy term
    		•
    Term insurance with Waiver of Premium
  • You get a waiver of all future premiums in case of a covered dismemberment and diagnosis of a covered critical illness.
  • Ensures peace of mind by helping you bear various life expenses
    		•
    Term Insurance with Accidental Disability and Deth Cover
  • You get coverage against death due to accident
    		•
    Group Term Life Insurance Plan
  • Financial security is one of the essential needs of your employees. Group term life insurance plan is the most affordable way to ensure financial security for your employees families
    		•
    Term Insurance Plan with Monthly Income
  • A term insurance plan with monthly income gives you the option to ensure a regular stable income to your family apart from a lump sum death benefit
    		•

    How to buy Term Insurance?

    1. Estimate Your Sum Assured

      Analysis of financial need and visit the website and click on Calculate Premium to start the process of term insurance purchase. The first form of our term insurance calculator only asks a few basic questions related to age, contact information, smoking habits,and annual income.

    2. Choose Your Benefits & Get a Quote

      You can select multiple benefits of term insurance plan like, such as the regular monthly income payout option, return of premium option, critical illness benefit.

    3. Fill the Details & Pay the Premium

      Once you are satisfied with your choices of benefits under our term insurance plan, , you can pay the premium and fill the additional details. After filling the details, submit the documents required to complete your application of buying a term life insurance policy.

    Documents needed to buy Term Insurance

    Identity proof

    It can be of the following documents to validate the identity of an individual:
    • Passport
    • Voter ID
    • Adhaar Card
    • PAN Card

    Income proof

      a. Salaried Individual
    • Bank statement showing the credit of salary
    • Last 2 years Income Tax Returns
    • Recent year form 16
      • b. Self-employed
    • Last 2 years Income tax returns which have not been filed in the same year and income calculation
    • Form 26AS
    • Last 2 years of audited balance sheet and profit loss document verified by a CA

    Address proof

    • Electricity, gas, phone or water bill not more than 2 months’ old
    • Property tax receipt

    Medical Proof

    • Latest medical reports by Max Life Insurance

    How a Term Plan will secure your family’s future?

    You can opt to receive the benefits in the form of regular monthly income, along with lumpsum payment
    A lumpsum amount is payable to your family in case of death of the policyholder
    Critical illnesses during any phase of life can drain all your savings, with term plan you can make a choice to get critical illness coverage by adding riders.
    Riders can be added to the base Term plan for improved benefits in case of accidental death, disability, or critical illnesses.
    Term insurance is the most affordable form of life insurance providing coverage amount similar to that of traditional life insurance and minimal premium amount.
    The death benefit proceeds of term insurance plans is fully exempted as per the provision of the section 10(10 D)* of Income Tax Act 1961.