We are going to review few Goods things about Max Life Online Term Plan Plus Term Insurance policy. Today in the market customer who are trying enrolled into term insurance policy have plenty of options which makes the customers very difficult to take a Good decision. In this article will try make few effective points clear to you, so it would be easier to take choose a term insurance plan.
Max Life Online Term Plan Plus insurance policy has three variants which we will discuss further.
- BASIC LIFE COVER
- BASIC LIFE COVER + MONTHLY INCOME
- BASIC TERM LIFE COVER + INCREASING MONTHLY INCOME
Customers had to opt in any one plan.
Max Life Online Term Plan Plus insurance policy variants in details
BASIC LIFE COVER is a pure term plan with which pays a fixed amount (sum assured) to the family.
- Lumpsum payment of death benefit to your nomine Lifestage benefit to enhance insurance cover on important milestones like marriage, birth of a child
- Benefit payment for up to 40 life threatening illnesses & disabilities(on payment of additional premium)
- Pay until the age of 60 years for coverage up till the age of 85(on payment of additional premium
BASIC LIFE COVER + MONTHLY INCOME is a pure term plan with which pays a fixed amount (sum assured) to the family + a fixed sum every month.
- 0.4% of the Sum Assured (S.A.) is paid each month for 10 years as fixed monthly income
- Monthly income benefit is payable over and above the base Sum Assured
- The effective cost of this option is just Rs. 85/Lakh of S.A. (( Standard Premium For 28-Year-Old Male, Non-Smoker, Base Plan Policy Term Of 30 Years, Premium Payment Term Of 30 Years for Basic life cover+monthly income option for a sum assured of 1 crore)
BASIC TERM LIFE COVER + INCREASING MONTHLY INCOME is a pure term plan with which pays a fixed amount (sum assured) to the family + a fixed sum every month payable for 10 years that keeps increasing by 10% every year to account for increasing living cost.
- This plan pays 0.4% of S.A. each month in the first year as monthly income
- The monthly income increases each year by 10% for the rest of the payout period
- The monthly income benefit is payable over and above the base sum assured
Key Features of Max Life Online Term Plan Plus
- Minimum age to buy is 18
- Maximum age for buying the cover can be up to 60 years
- Choice of regular income payout options
- Limited pay option for premium payment
- Option to add benefits like accidental death and dismemberment, premium waiver, and critical illness covers (On payment of additional premium
- Option to pay premiums monthly, quarterly, half yearly or annually
- Freelook period of 30 days (for online plans)
- A grace period of 15 days for payment of regular premium under monthly mode, 30 days for other modes
- Maximum covered age of life-insured can be up to 85 years for term plans.
- A lapsed term insurance policy can be revived within two years of the first unpaid premium
If you are 28-Year-Old Male, Non-Smoker, opted for BASIC LIFE COVER with Standard Premium Plan Policy Term Of 30 Years, Premium Payment Term Of 30 Years than Max Life Online Term Plan Plus offers 1 crore cover at just Rs. 563 per month*