Max Life Insurance – Plans , Benefits and overall review

What is Insurance?

Most people know what it means, but simply put, an insurance contract is a legal contract between two parties, the insurer'' and theinsured”, “Partner” agrees to pay the amount due. Money received by the “insured” when an event occurs in which the “insured” becomes the insured person.

When you hear this “huh!” wait, I totally get it. Let’s simplify this.

An “insurer” is therefore an organization that provides insurance policies and pays claims. “Insured Person” means the person (which can be a person) to whom an insurance policy applies, also known as the Policyholder.

 Life Insurances and its types

Term-Life insurance
The most popular insurance. You can choose a life insurance policy for a specific “period”, or policy period. The premium is very low and the contract period is very long. If the policyholder dies during this period, the nominee will receive the lump sum promised to the policyholder.
The good thing about Maxlife Term Insurance is that you can add a “driver” to the basic plan and use it even more profitably. These “tabs” include accidental death, disability, or 22 or 64 serious illnesses (your choice).

Whole-Life insurance
This is the so-called “traditional life insurance”. This type of insurance provides permanent death protection to the insured. In other words, life insurance coverage extends until the death of the policyholder.
fund plan

Endowment Plans

A capital life plan not only helps the insured to cover their life, but also helps them save regularly over a period of time. paid to the policyholder as payment for This money is usually saved with motives and tied to future events. It may have been clear that “motivation” and “event” refer to the upbringing of children and, ultimately, marriage.
If the policyholder dies during the policy period, the life insurance pays out to the insured. If you survive, the guaranteed maturity amount will be paid out along with the bonus.

Unit linked insurance policy
ULIP is a bit difficult to explain in one paragraph, so I created a separate blog entirely. You may want to read about it as it is an investment policy with insurance built in.

Features of Maxlife Term Insurance

• 100% premium return
• If the policyholder dies, the insured receives the insured amount. If the policyholder survives, the premiums paid up to that point will be refunded at maturity.
• Extension of coverage period
• People with Max Term Life Insurance can have coverage up to the age of 85.
• premium break
• Max Life Term Insurance gives the policyholder the option to skip premiums for her two years of the policy if she encounters financial hardship.
• withdrawal options
• At the time of claim, the beneficiary can choose the payment mode of Max Life Insurance. This can be done in one lump sum, monthly payments, or partial one time and partial monthly payments.
• Shared living option
• Max Life Insurance also offers spousal insurance for a small premium.

Pros Explained
1. Rather than going to an agent or broker for pricing information, Max Life Insurance has detailed online calculators to estimate premiums based on various benefit amounts.
2. You can add riders to policies.
3. Max Life Insurance has several optional supplements you can add to your policy for additional coverage such as.Some customers qualify for discounts
4. A Max Life Insurance customer can qualify for a loyalty discount and get his 5% discount on premiums if you maintain the policy.

Cons Explained
1. Resident and citizenship restrictions apply. Only some individuals are covered by non-resident insurance, and residents of certain countries are completely excluded.
2. Low coverage max: Max Life Insurance plans have relatively low coverage limits compared to typical life insurance policies sold in the United States. The maximum coverage for term life insurance is 5 rupee crore, or approximately $605,000.
3. Policies differ from plans sold in the US.

Max Life Term Insurance – Max Life Smart Secure Plus Plan

For research of this article, I inquired about the Term Insurance Plan of Max Life Insurance, name of the policy being Max Life Smart Secure Plus Plan. 

I am 23 and I selected a life cover till 70 years, of ₹50 lakhs. I will have to pay an annual premium of ₹5,151 for 38 years till I turn 60. The total premium amount I pay in 38 years is ₹1,95,738. 

When I asked the same about my 53 y.o. father, with all other criteria remaining the same, his annual premium came out to be ₹37,311 to be paid for 10 years. The amount he will be paying in these 10 years will be ₹3,73,110 for a life coverage of the same ₹50 lakhs. 

Mind you though, these premium amounts are of a non-smoker. Once you slide the toggle of ‘Tobacco/Nicotine’ on, the amount increases drastically. For now, I would not delve into those premiums, as:

Smoking is injurious to health. Tobacco leads to cancer, heart attack and other deadly diseases. None of the writers at the Finology Blog promote or support smoking. 

Finally, this is a not-to-mention, but if I die in the ‘term’ of 38 years I mentioned above, the company pays ₹50 lakhs to my nominee. If I don’t though, there is also a feature in the policy that would allow me to get back 100% of the premium I have paid on maturity of the policy. 

Features of Maxlife Term Insurance

• 100% premium return
• If the policyholder dies, the insured receives the insured amount. If the policyholder survives, the premiums paid up to that point will be refunded at maturity.
• Extension of coverage period
• People with Max Term Life Insurance can have coverage up to the age of 85.
• premium break
• Max Life Term Insurance offers the policyholder the option to skip premiums for her two years of the policy in case of financial difficulties.
• withdrawal options
• At the time of claim, the beneficiary can choose the payment mode of Max Life Insurance. This can be done in one lump sum, monthly payments, or partial one time and partial monthly payments.
• Shared living option
• Max Life Insurance also offers spousal insurance for a small premium.

Benefits

• Affordable premium life insurance
• Disease protection – 22 or 64 disease add-ons
• Disability Benefit – Supplement to Complete and Permanent Disability
• Income opportunities in case of unfortunate events
• protection against liability
• Multiple premium payment options

Price

Max Life Insurance has an online rate tool that you can use to estimate your cost for different benefit amounts. If you are a policyholder and make your payments on time, you can also qualify for a loyalty discount to reduce your premiums. 

As with other companies, Max Life Insurance requires you to select either “male” or “female” when getting a quote for a policy or submitting a life insurance application.  As Max Life Insurance is a company based in India, it may have different guidelines and restrictions than U.S.-based companies.

Child
For children’s policies sold in the United States, the child is the insured person and the beneficiaries are usually the child’s parents.

Max Life Insurance kids plans work differently. Although it is labeled as a child plan, the insured person is the parent and the child is the beneficiary. This policy combines life insurance with the option to save for your child’s future education.

Non-residents are eligible for two child life insurance policies.

Max Life Future Genius Education Plan:
Depending on your child’s educational goals, you can choose the period from age 13 to her 21. When the plan reaches maturity, there is a surrender benefit that is paid separately from the death benefit. During her last four years of insurance, she can also withdraw money to pay for her child’s tuition and other education-related expenses.
MaxLife Shiksha Plus Super:
Both a death benefit and an investment component are available in this plan. You can invest in the stock market and grow your money faster. You can also invest in government, corporate, money market funds, and stock-related securities. The term of office is 10 to 25 years.

Fees and Charges

I have attached a screenshot of the Max Life Term Insurance Plan. Please help yourself. 

Who is Eligible For Max Life Smart Secure Plus?

• Minimum entry age: 18 years
• Maximum entry age: 65 years
• Maximum maturity age: 85 years (Base Plan), 75 years (Accelerated Critical Illness) and 85 years (Accident cover option)

Max Life Salal Jeevan Bima
Max Life Saral Jeevan Bima is pure risk life insurance. It provides policyholders with comprehensive life insurance at fixed premiums with no maturity and provides living benefits.

Major features:

• The minimum insurance amount is INR 5,000 and the maximum amount is INR 25,000.
• The policyholder is entitled to receive a death benefit payable to the nominee in the event of the policyholder’s unfortunate death during the term of the plan.
• Contract terms range from 5 to 40 years. The maximum insurance period is 70 years.
• This plan has no runtime and survival advantages.
• Policyholders are free to choose the premium payment period.

Who is Eligible for Max Life Saral Jeevan Bima?

• Minimum entry age: 18 years
• Maximum entry age: 65 years
• Maturity age: 70 years

Documents required to enroll in MaxLife Term Insurance
To enroll in term insurance, the following documents are required:

• For identity verification: PAN Card, Aadhaar Card/Drivers License/Passport.
• For proof of address: Aadhaar Card/Drivers License/Passport/Ration Card/Utilities.

• Proof of Income: For Employed Applicants – Payslips for the last 3 months / Form 16 / His ITR for the last 3 years / Bank statements for the last 6 months. For non-employee applicants – His ITR and income calculation for the last 3 years.

Max Term Life insurance claims settlement flow
Max Life term life insurance ensures fast and uncomplicated claims resolution. And with the Insta Claim service, claims are resolved within a day. A policyholder may claim retirement benefits by following the steps below.

• Fill out the required claim form available at your insurance company’s website or branch.
• Gather all necessary documentation to prove the authenticity of your claim and submit it to Max Life’s dedicated claims team.
• Max Life’s claims team will evaluate the documents and verify their validity. Once the insurance company is satisfied with all the documents, they will approve the claim.
• Once approved, the insurance company will pay the benefits specified in your policy. Similar to a life insurance claim, the life insurance insured receives a payment (either a lump sum or a regular monthly income).

Cancellation policy
In the US, insurance companies offer his 10-day free look period, but some states require longer.

Max Life Insurance has a 15-day free viewing period. From the date he received the insurance package, he has 15 days to review the policy, change plans, or cancel for a full refund. If you purchased your insurance offline through a broker or agent, you have 30 days from the date you received your insurance package. After the freelook period ends, you must pay a redemption fee to terminate the contract.

The Bottom Line

Max Life’s term life insurance plans include co-life insurance, premium suspension, vested benefits, premium refunds, contingent death and disability payments, critical illness insurance, and integrated end-of-life insurance. It is packed with new age features such as insurance for sickness. Policyholders can also customize their term plan by adding different drivers for a small additional premium along with flexible premium payment options.