Max Life Online Term Plan Review – term insurance with monthly income option

Max Life Online Term Plan is a different kind of term plan compared to others. This is a Non-Participating, Non-Linked, Pure Term Insurance Plan. Like all online term there will be no maturity benefit. But they are offering term plan with monthly income scheme included in that. This seems really awesome. But is it really worthy to buy Max Life Online Term Plan? Do you think this is the best term insurance plan? Let’s review Max Life Online Term Plan.

Key Features of Max Life Online Term Plan

  • Choose from 3 different types of life cover. Basic Life Cover Plan, Life Cover + Monthly Income Plan and Life Cover + Increasing Monthly Income Plan.
  • Death benefits are different for each type of term plan.
  • Basic Life Cover Plan 100% of the chosen Sum Assured
  • Life Cover + Monthly Income Plan 100% of the policy Sum Assured plus 0.4% of the policy Sum Assured per month, for 10 years. Means total effective 148% of sum assured
  • Life Cover + Increasing Monthly Income Plan 100% of the policy Sum Assured plus Increasing monthly income for 10 years. In which first year monthly income shall be 0.4% of the policy sum assured and shall increase every year by 10% p.a. (simple
  • Interest) of the first year monthly income. Means net 169.6% of sum assured.
  • Lower premium rates for non-smokers.
  • Maximum insurance term can be 70 years
  • Min Sum assured is 25 lacs and Max is 100 crores
  • Only annual premium payment option available
  • Medical test is mandatory which is good. One have to upload required documents while applying for this policy online
  • Also can add accident rider benefit by paying extra premium
  • Complete online term insurance plan, can’t buy it offline
  • Get discount on high sum assured value
  • You can avail free look option, means after receiving the policy documents if you find any mismatch with the terms then you can return the policy within 30 days.
  • Like other online term plans you will get 30 day grace period to pay your premium if you miss the due date.
  • After that policy will be lapsed. To revive the lapse policy you have to request to company within 2 years from the due date of first unpaid premium paid
  • You can’t surrender this plan, this is a common rule for all online term plan
  • Under section 80C premium paid for this policy can be exempted for income tax saving

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Max Life Online Term Plan Premium calculations

If your age is 30 years, policy term = 30 years and sum assured value = 1 crore Then the premium calculation will be like below

Basic Life Cover Plan Calculator

  • Premium Estimate (Annually) 7400
  • Additional Protection Value: 35 Lacs
  • Premium Estimate (Annually) 9605

MAX LIFE ONLINE TERM PLAN BASIC LIFE COVER

Life Cover + Monthly Income Plan Calculator

  • Monthly Income: 40,000
  • Premium Estimate (Annually) 10,100
  • Additional Protection Value: 48 Lacs
  • Premium Estimate (Annually) 13,124

Max Life Online Term Plan – Sum Assured plus Level Monthly Income

Life Cover + Increasing Monthly Income Plan Calculator

  • Monthly Income: 40,000
  • Premium Estimate (Annually) 11,100
  • Additional Protection Value: 52 Lacs
  • Premium Estimate (Annually) 14,367

Max Life Online Term Plan – Sum Assured plus Increasing Level Monthly Income

How to buy Max Life Online Term Plan online?

One can easily buy Max Life Online Term Plan online easily by visiting their official website. Simply follow the below steps and provide accurate information

How to buy Max Life Online Term Plan online

  • First of all you have to choose which life cover you want to buy among 3 options.
  • Then scroll down and look for the BUY NOW button.
  • Provide your name, mobile number, email id, city, nationality and then click proceed.
  • In the next screen you will get a beautiful premium calculator, where you can put your desired sum assured value, age and policy term. Accordingly it will calculate the premium amount.
  • If you need additional rider, then click on that check box. Your premium data will be recalculated.
  • In the next screen you will get all the details you have selected. Select the tick box and click proceed button
  • In the next screen provide all remaining details like address, employment details, nominee details and the click on continue buying button
  • PAN card is mandatory for this application. If you don’t have PAN card then click on the form 60-61 option
  • In the next step you have provide your insurance history if any, adventure sport activity, travel details and some other info. If you don’t do any of them simply click on NO. These fields are mandatory.
  • In the next screen you have provide your medical related details like height, weight, smoker or non-smoker etc. Also you have to declare do you have any existing illness or suffered any major disease before. Don’t hide anything while filling this data
  • Provide your family details as well with family health history
  • After filling this huge information you have to pay the premium online. You can choose any of the online payment option net banking, credit or debit card
  • Finally upload relevant documents and schedule medical examination

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If you find any issue with online payment simply call their customer care number 1800 200 3383. They are very much prompt with their service. While preparing this article, I was filling some dummy data in every stage of the online form. As soon as i cross 3-4 step I got a call form them at 11:00 PM night saying that do I need any help as they can see I am filling the form. This is a unique experience first time I have.

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Should I buy Max Life Online Term Plan?

I know the premium rate might be little high for 1 crore sum assured, but when I see that for 1 crore premium I have to pay 11,100 under Life Cover + Increasing Monthly Income Plan Calculator option where one can get 40,000 every month as well. Psychologically this looks really awesome. But with if check Reliance online term plan you can buy 1.5 crore life cover with yearly premium of 10,979. That means if you compare both the plans, on death of policy holder in case of Max Life family will get 1 crore + 40,00 monthly for 10 years (Total 1.48 crore) for income plan. Now in case of Reliance family will get 1.5 crore immediately as death benefit. So I don’t find any major difference in terms of benefit or feature in ground level. You can judge with your own calculation now.

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Max Life insurance has achieved a very good claim settlement ratio this year, 93.86% and their pending claim ratio is 0.04%. This is a very good record for a company who has just launched few years back. If you compare with Reliance Life (as I took previous example from Reliance) who has a claim settlement ratio 81.97% and pending claim ratio is 7.16%. Not only that Max Life seems better than many other insurance player and they provide a very good customer support as well. So its you who has to decide which term plan to buy. Share your further queries or any experience here by a simple comment.

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