2. What is Term Insurance?
Term insurance is a type of life insurance policy that provides coverage for a specific period. If the policyholder passes away during the policy term, the sum assured (coverage amount) is paid to the nominee.
Key Features of Term Insurance:
- Affordable Premiums compared to other life insurance products.
- Higher Sum Assured, ensuring complete financial protection.
- Customizable Policy Terms from 10 to 40 years.
- No Maturity Benefit, meaning if the policyholder survives the term, no amount is paid (unless a return of premium option is chosen).
3. Why Choose Max Life Term Insurance?
Max Life Term Insurance stands out in the market due to:
- High Claim Settlement Ratio (CSR): Over 99% (as per IRDAI reports).
- Flexible Premium Payment Options: Monthly, Quarterly, Half-Yearly, or Annually.
- Multiple Payout Options: Lump sum, Monthly Income, or a Combination.
- Tax Benefits: Under Section 80C & 10(10D) of the Income Tax Act.
- Critical Illness and Disability Benefits as optional add-ons.
4. Types of Max Life Term Insurance Plans
Max Life offers different term insurance plans to cater to various needs:
1. Max Life Smart Secure Plus Plan
- Multiple death benefit payout options – lump sum, monthly income, or increasing income.
- Return of Premium option if the insured survives the policy term.
- Accelerated Critical Illness Cover for major diseases.
- Premium Waiver Benefit on diagnosis of critical illness or disability.
