About Max Life Online Term Plan Plus

The Max Life Online Term Plan Plus offers a lump sum amount payment to the family of the insured in case of death during the policy term. The insured individual selects his/her term according to the financial requirements of their family and can avail this plan for comparatively very low premiums. Unfortunate events are unpredictable, and this plan can cover financial liabilities in rates that fit any budget. It aims at allowing a family to continue living a respectable lifestyle even in case of death of the sole earning member of the family.

Let’s understand this plan in brief before getting into its details.

How Does the Plan Work?

An individual has to choose a term for which s/he requires coverage and the sum assured which will be paid to their nominee in case of their death. Ideally, a sum assured of 10 to 15 times your annual income is a good amount. Then the individual has to choose between three basic plans, which work in the following manner:

• Basic Life Cover: This option makes the plan act like a pure term plan that offers a pay-out of a fixed amount (sum assured) to the family of the insured.
• Basic Life Cover + Monthly Income: This option makes the plan act like a pure term plan that pays a fixed sum assured to the insured’s family as well as offers a fixed monthly pay-out for 10 years after death. The pay-outs are for 0.4% of the sum assured each month.
• Basic Term Life Cover + Increasing Monthly Income: This option makes the plan act like a pure term plan that pays a fixed sum assured along with increasing monthly payouts, with an increase of 10% every year. The pay-outs begin at 0.4% of the sum assured each month.

Since this is a term plan, there are no maturity benefits.

Riders

An individual has a choice whether or not to opt for riders, which give extra protection in exchange for marginally higher premium:

• Critical Illness rider: This covers up to 40 illnesses and pays the policyholder a significant sum on the detection of critical illness.
• Accidental Death and Disability rider: This offers additional pay-outs in case of death by accident. The policyholder receives the sum assured amount in case of disability.
• Premium Waiver rider: If the insured is diagnosed with a critical illness or is faced with a disability, all future premiums are waived off and the policy continues to provide cover till the end of the term.
• Life Stage Benefits rider: This rider increases the cover after you pass major milestones in your life, such as marriage, birth of a child, and on availing a home loan.

Why Should I Buy This Plan?

Along with the benefits mentioned earlier, here are some more reasons to opt for Max Life Online Term Plan Plus:

• Flexibility in choosing a term right from 10 to 50 years
• Various riders to suit your needs as well as to cover for critical illnesses and disabilities
• Coverage available up to 85 years

Pay-outs tax-exempt under Section 10(10D)

Who Should Buy This Plan?

The plan can be purchased by citizens of India with a minimum age of 18 years and maximum age of 60 years. The plan provides very high death cover and has a number of riders that provide a financial safety net in case of any mishap while the individual is alive.