Life insurance refers to the legally binding contract between a policyholder and an insurance company that provides financial protection to his/her family. The insurer promises to offer the insurance benefit in exchange for regular premiums paid by the life insured. The ‘financial protection’ under life insurance is provided in the form of life cover, also known as sum assured . It is a pre-agreed amount that is payable in case of an untoward incident with the life insured.
For the life insurance contract to be enforceable and life insurance quotes to be accurate, your application must accurately disclose your current and past health conditions. Also, you need to pay a single premium or regular premiums as chosen when buying life insurance. You can estimate the life insurance quotes for your financial profile by using the insurance calculator.
Buying a life insurance plan with an adequate sum assured acts as a financial cushion for your family members. It ensures that they will not need to live a compromised lifestyle or disregard their life goals in your absence. Finding the right life insurance quotes for you and your family will be a wise move in planning your finances.
With the help of life insurance quotes, you can plan for your children’s future, including their higher education plans. The insurance benefits they will receive after you help them fulfil their dreams just as you have planned for them.
Most life insurance policies ask for long-term commitment to pay the premium timely and help create wealth, which can be used to fulfil various life goals. You can also opt for life insurance plans with maturity benefits to enjoy life with financial independence. When you refer to the life insurance quotes for your financial profile, you will get a clearer overview of how this will work.
Putting aside money to be invested in various financial instruments becomes difficult when there are so many financial responsibilities to cater to. Getting the life insurance quotes can help you distribute your investments more effectively. You can enjoy the dual benefits of life cover and investment with certain types of life insurance plans .
There are various life insurance plans that you can choose to plan for your retired life. You can select monthly income or lump sum pay-outs with these plans to enjoy your life after retirement without financial worries. Such life insurance quotes will allow you to plan years ahead of your retirement, giving you a sizeable corpus to lead a comfortable life.
Life insurance policies help you save tax under Section 80C of the ITA (Income Tax Act). The premiums you pay for a life insurance plan makes you eligible for tax deductions of up to Rs. 1,50,000. You can also save more tax under Section 80D on choosing health-related riders with your life insurance plan. Find your life insurance quotes to plan your tax savings effectively.
It is the simplest type of life insurance that provides financial safety to the life insureds family in case of the untimely demise. Depending on your income and liabilities, you can select an adequate sum assured under this type of life insurance plan to safeguard the financial interest of your loved ones.
A Unit Linked Insurance Plan or ULIP is a unique form of life insurance. It provides life cover while also allowing you to invest money in market-linked instruments. By investing in ULIPs, you get the benefits of market linked returns over the long term, life cover, income tax savings, and flexibility to switch between funds. The life insurance quotes will enable you to determine the amount required for financial security and investment purposes, so that you can divide it efficiently.
These plans are life insurance products that provide financial security for your retirement days. These life insurance plans help you invest money during the working years and create a corpus that you can use as a whole or in parts to fund your retired life. You can think of investing in retirement plans as a disciplined way to plan for the golden years of life.
Child insurance plans, commonly known as saving life insurance plans, are designed to help you secure your child's future. Along with life cover, your child receives the benefit of pay-outs at different milestones during the educational journey under these life insurance plans. Investing in child plans shields your child's future against unfortunate events like death or critical illnesses
As life insurance products, these plans can help you instill the habit of disciplined savings to ensure steady returns in the form of monthly income or a lumpsum amount. Alongside, these life insurance plans provide various other benefits, including death benefits, tax benefits, terminal illness benefits, to name a few. Check the life insurance quotes and details before making investment decisions, so you can allocate your money in the right places
These life insurance plans are meant for organizations or groups to provide life cover to the employees or group members, respectively. Through group insurance plans , the employers tend to take care of the financial security of their employees’ family, thus motivating them to work harder to maintain high-performing businesses. Keeping this cover in mind, you can check the life insurance quotes for additional financial security for your loved ones.
A whole life plan is type of a life insurance plan which provides life cover benefit till the age 100 years. Many consider this as a term plan with a policy term that extends for the entire life of the insured individual. So, in this term plan variant, the death benefit is paid out to the nominee if the insured individual dies at any time before attaining the age of 100 years. A whole life plan typically does not offer maturity benefit to the insured individual if they attain the age of 100 years.
An endowment plan is a type of life insurance plan that combines the benefit of life cover along with long-term savings benefits. So primarily, an endowment plan ensures that the policy beneficiary received additional protection in the case of the insured individual’s untimely demise while the plan is in force. Additionally, this life insurance plan also provides maturity benefits through accrued savings if the insured individual survives the policy term.
Many investors tend to make a common mistake of investing in instruments without factoring their entire financial picture – the equity they have built-in their home, existing loans, and other liabilities. Ideally, every asset and investment you own should factor into your risk-reward equation.
Getting your life insurance plan at an appropriate stage in life allows you to take more risk when it comes to securing your life and making sure that you provision a significantly large financial corpus (in the form of insurance coverage) as backup against contingencies, while continuing to invest for other life goals. Moreover, with a life insurance plan in your pocket, you can be sure that even if something happens to you, your family will not have to deal with a financial crisis at any time during their lives.
Planning with life insurance plans will help your family stay financially protected, serving as a safety net that will prove useful in case of an eventuality. Also, the insurance coverage will augment the total accumulated value of your investments, making sure that your loved ones continue to have a lifestyle that you intended for them, even if you are not there with them.
The significance of putting life insurance at the top of the heap of your financial investments can be understood through a cricket test match.
A test match extends up to 5 days, and for each day, the playing strategy changes — similarly, your financial planning changes, too, as per your life stage and financial requirements, causing a variation in your life insurance quotes. Let us see how life insurance is crucial for long-term financial sustenance
Day 1: After winning the toss, you start the day’s play with caution, leaving or defending the good balls and punishing the bad deliveries for runs. Similarly, as soon as you start earning an income, the first thing that you need to do is to create a fool-proof strategy against life’s contingencies. This is where life insurance becomes a vital cog in your long term plans. With life insurance in your kitty, you can make sure that your loved ones do not have to depend on anyone else to support them, especially when you are no longer there to help them accomplish their dreams.
Day 2: Once you have the backing of a cautious yet emphatic start, and an imposing first day of cricket, you try to build upon your previous day score. In terms of financial planning, the next stage after purchasing life insurance is to build on your savings through a mix of traditional and market-linked investments. You can consider traditional savings instruments such as bank fixed deposits, recurring deposits , and provident funds while building up your tolerance for more aggressive market-linked investments.
Day 3: You invite the opposition to best your first inning total and create a game plan to put your opposition on the back foot. In life too, you prepare your finances against emergency medical situations and other unplanned expenditures with the help of health insurance. Together with life insurance and a health plan in your back pocket, you equip yourself and your loved ones against any crisis.
Day 4: Often, you have to second inning on this day – dig in deep to fortify your first-innings lead and work towards building a high total for the final day showdown. When it comes to creating a financial portfolio, it is now time for you to look for investment opportunities to help maximize your savings into wealth, so that you can effectively support your family's goals, be it your child's higher education, marriage or your spouse’s financial wellbeing. It is only through efficient financial planning and long-term capital appreciation of your savings that you can prepare yourself for your retirement.
Day 5: On the last day of the match, it is now time for you to put your total match score to test so that you can beat your opposition and put the crown of victory on your head. In life, too, the last stage of your financial planning is about bringing your savings and investment returns to fruition. You look to diversify your investment portfolio by including different equity and debt market instruments so that you can achieve maximal capital appreciation while minimizing the investment risks and ensure long-term financial sustenance
It would help if you prioritized buying life insurance quotes before making any other investments, for the simple reason that the insurance benefit will help you secure your family's financial future in case of your untimely demise.
Adding Life Insurance to your list of must-do's will not only get you additional benefits such as year-on-year tax savings up to Rs. 1.5 lakh under Section 80C as per prevailing tax laws and rider options to enhance your life cover against critical illnesses or a sudden loss of income due to accidents.
Moreover, getting the life insurance quotes helps increase your risk tolerance. The primary goal of any investor is to grow money over the long-term.
Determining your risk tolerance and, subsequently, going with the appropriate asset allocation (the blend of stocks, mutual funds, and cash) is crucial. With life insurance in your financial portfolio, you can take more risk with your investments.
As Indians, we put personal safety before everything else. Every day, before we leave for work, we check whether we have our wallets, cell phones, car keys, and house keys on us. We turn off all the lights, double-check if we have locked the doors securely, put on the seat belt, and only then start the car.
Even when we are shopping online, we put items in the cart that we like. Before making the payment, however, we make sure to check whether we can return them without any fee, in case the items are faulty.
When it comes to planning for life’s goals; therefore, it is imperative that you put contingency planning above all else.
When you get your life insurance, you can begin planning to ensure that your loved ones remain financially secure throughout their lives, even if something serious happens to you. At the same time, your life insurance plan helps you maximize your tax savings and work towards creating wealth and ensure financial protection in your absence. Like you cannot build your house without a firm foundation, you need life insurance to serve as the foundation to better and secure tomorrow for your family.
At its core, life insurance is a financial benefit for possible contingencies linked to human life. These include death, disability, or retirement. When these contingencies occur, they result in loss of income for the household. It is where a life insurance plan works to benefit you and your family.
Under a life insurance plan, a monetary sum is offered as per life insurance plan opted to help cope up with the loss of income in the future years. Depending on your life insurance quotes, it can relieve a significant amount of financial burden. Hence, you should buy life insurance:
Having life insurance gives you more than just a life cover. It also helps create wealth over the long term for you and your loved ones. Most importantly, life insurance gives peace of mind that your family will live life comfortably, should anything happen to you.
Buying life insurance is a good decision for people at different life stages.
After you have just tied the knot with a better half, you get the responsibility to plan for his/her well-being as well. Your life insurance quotes as a single person and married person will vary as you will have increased financial obligations. Along with the plans that you have already made for the life ahead, it always helps to prepare for the future with a life insurance plan.
As a young parent, you can feel immense joy all around. Alongside your spouse, you now have another life to care for. With a life insurance plan, you can plan for your child's future in terms of education, marriage, and many others. The life insurance quotes when you buy a plan for your child's future will account for these factors. They will ensure that your kids’ dreams get fulfilled as planned.
Along with a growing family, the liabilities grow as well. To accommodate your loved ones, you buy a bigger home or buy a dream car that they all love, which gets added to your liabilities. Purchasing a life insurance plan for your loved ones ensures that your loved ones can shoulder these liabilities easily, if you have the right life insurance quotes.
Retirement planning is something that you should not take lightly, regardless of your current income. By investing in a life insurance plan, you can build a corpus for your twilight years and live life without facing financial dependence. You can also plan to receive a steady income during the retired life by getting reliable life insurance quotes, at the right stage in life.
You need to spend maximum time deciding on buying the most suitable life insurance plan at this stage. The life insurance quotes for your financial profile will help you make the decision. Although the best life insurance policies offer the flexibility to choose the benefits, the ultimate choice lies in your hands.
Hence, you must consider various factors, like plan tenure, premium, riders, and, most importantly, the reason to buy life insurance and find the life insurance quotes. You can then buy the plan online or offline as per your preference.
As per the life insurance contract, the insurers promise to pay a pre-decided amount to the life insured or policy nominee provided the insured pays the premium without fail. In other words, all the benefits that you can get under a life insurance policy are based on the timely premium payment.
Hence, it is advisable to choose a premium that you can easily pay on time along with other financial liabilities. Your life insurance quotes will allow you to speculate on the premium costs in the coming years
The last stage of a life insurance plan is related to filing for a claim to get the expected insurance benefits.
In case of your unfortunate demise, the nominee will receive the sum assured as defined in the contract. To receive it, the nominee has to submit a claim form along with various documents. Upon verification of claim, the insurance company releases the benefit to the nominee.
For life insurance plans with a return of premium option, the insured gets the total of all premiums paid back if insured person survives the policy term, which can be used to achieve several life goals.
26th September, 2020
Max Life Smart Wealth- Lumpsum- Limited Pay Plan
“Thanks to Max Life. I realized the value of life. I learnt that one should have a Life Cover for a minimum of 15-20 times of their annual income. The protection offered in the form of Sum Assured and Death Benefits on a Life Insurance Policy, provides financial help during the times of uncertainty. That’s why I have secured my family financially with Max Life”
Max Life Assured Wealth Plan
"After the demise of my husband, a Cancer patient, in May 2020, I understood the importance of Life Insurance We had already exhausted all our funds in his medical treatment. He had taken a Life Insurance Plan on a very small amount through a bank and the claims paid on the policy helped me settle all his medical bills. Later, my sister-in-law who is associated with Max Life suggested me to opt the Assured Wealth Plan for my 9 year old daughters future. I can now enjoy the little moments of life with my daughter worry-free, thanks to Max Life."
21st March 2014
Max Life Gain Premier
"Max Life helped me in planning for genetic diseases like Cancer. The financial protection offered by Max Life Insurance Immensely benefited my family. Each member of my family has opted for various policies of Max Life to ensure life-long protection according to their needs."
FREQUENTLY ASKED QUESTIONS
With a life insurance policy, you can plan for the financial security of your loved ones who are dependent on you. Alongside, you get several benefits like tax deductions and life cover.
You need to consider several factors while choosing sum assured, including your income, financial liabilities, lifestyle expenses, and future goals.
It is the amount that you need to pay to an insurer, either one time or as regular payment, to keep your life insurance policy active.
The life insurance company you choose decides on the premium payable for its policies. The premium amount is calculated based on several factors, like your age, gender, health condition, smoking habits, and life expectancy.
If the life insurance premium remains unpaid even after the grace period, it can lead to policy lapse. You will lose the expected insurance benefits while also wasting all the premiums paid in the previous years.
This depends on the type of insurance policy you have bought. For instance, if you have chosen a term plan with return of premium option, you will get the sum of all premiums paid as survival benefits after the end of policy tenure. However, there is no such benefit under a pure term plan .
Being a member of the ever-evolving industry, Max Life Insurance is a trusted name among several companies and organizations. Let’s have a look at some of these companies that have laid their trust on our vision.
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IRDAI clarifies to public that:IRDAI - Registration No. 104. ARN/Web/01/21042021 Category: Life. Validity: Valid.
Corporate Identity Number (CIN):U74899PB2000PLC045626.
Corporate Office: Max Life Insurance Co. Ltd. 11th Floor, DLF Square, Building, Jacaranda Marg, DLF Phase 2, Sector 25, Gurugram, Shahpur, Haryana 122002
Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd .respectively and with their consents, are used by Max Life Insurance Co. Ltd
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.
Corporate Office : Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.
Operation Center : Max Life Insurance Co. Ltd, Plot No. 90C, Udyog Vihar, Sector 18, Gurugram (Haryana) - 122015.
Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.
Online Helpline - 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday).
Email ids: service.helpdesk@maxlifeinsurance.com
Max Life Insurance is integrated with licensed NBFC FinVu (Cookiejar Technologies Pvt. Ltd. for sharing policy details with regulated Financial Information Users within the Account Aggregator ecosystem after obtaining the Policy holder's consent. Read more about Account Aggregator framework here.
*Life insurance coverage is available in this product. For more details on risk factors, Terms and Conditions please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co.
Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Tax benefits are eligible for tax exemption on fulfilling conditions mentioned under Section 10(10D) of income tax act 1961. Tax exemptions are as per our understanding of law and as per prevailing provisions of income tax at 1961. Policy holders are advised to consult tax expert for better clarification /interpretation. Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Tax benefits are subject to changes in tax laws. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.
Disclaimers for Market Linked Plans & Saving plans:
THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.
Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Max Life Online Savings Plan (UIN: 104L098V06) is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.
Max Life Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN: 104L098V06)
*#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid. The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.
^^On completion of policy term
The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.
Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day. Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification. Mandatory Documents:> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee’s photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)
1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount
2 Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).
3 The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.
4 InstaClaim TM is available for all versions of (UIN: 104N118V09). Mandatory Documents: • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee’s photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)
5 Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition
6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider
7Available with Max Life Smart Wealth Plan (UIN: 104N116V12)
8Available with Max Life Smart Fixed-return Digital Plan (UIN: 104N123V05). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.
9The percentage savings is for a regular pay Max Life Smart Secure Plus Plan (A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN: 104N118V09)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’
## Tax conditions :
## Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.
CI Rider disclaimers:
MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN: 104B033V01) available as a rider on payment of additional premium.
> Extended cover of up to 85 years is available with gold and platinum variant only
@ 64 critical illnesses covered in platinum and platinum plus variant on payment
22 critical illnesses covered in gold and gold plus variant
*^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.
~ Conditions for premium break: Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years
~1 Conditions for Special exit value:
Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.
~2 Voluntary Top-up Sum assured:
Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception
^^*^^Free look period conditions:
The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.
^Individual Death Claim Paid Ratio as per audited financials for FY 2023-2024
@3 Tax benefits as per prevailing tax laws, subject to change
Terms and conditions for availing 5% employee discount:
Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns. The premiums & funds are subject to certain charges related to the fund or to the premium paid.
The premium shall be adjusted on the due date even if it has been received in advance.
For Total Installment Premium - Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.
For Return of Premium - ~ The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.
For Riders - # Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider | UIN: 104B033V01. Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.
For Additional Benefits - ## On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.
*~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.
##Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).
#With “Save the date”, you can choose to take your annual income to any special date in a year.
***Available with early wealth variant. Income benefit will be paid as per selected plan terms.
~Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.
#~Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.
~1Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan | ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.
@>Max Life Critical illness and Disability (UIN: 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.
*Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.
^ 1 Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V05) with a life cover of Rs. 50 lakh.
^ 2 Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V05) with a life cover of Rs. 75 lakh.
^ 3 Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V05) with a life cover of Rs. 1 Cr.
^ 4 Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V05) with a life cover of Rs. 1.5 Cr.
^ 5 Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V05) with a life cover of Rs. 2 Cr.
^ 6 Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V05) with a life cover of Rs. 5 Cr.
Disclaimer~*Standard premium for 24-year old healthy female,non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V05)
~^Disclaimer: 5 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 31/07/2024
^~The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back. The value of your policy depends on a number of factors including future investment performance. The amount shown is for a 30-year-old healthy male, with 10 years premium payment term, and 35 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product).
**Disclaimer | Max Life Smart Secure Plus Plan. A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan. | **Standard Premium for 24 Year Old Healthy Female, Non-smoker, 25 Years Policy Term, 25 Year Premium Payment Term (exclusive of GST) for Max Life Smart Secure Plus Plan. | For Male, the Total premium to be paid in 25 years is Rs.2.09 lakhs (exclusive of GST). ~As compared to the similar modal points of Male, Female has to pay Rs. 13,800 lesser premium than male for the entire policy term (exclusive of GST).
~3Disclaimer: A 35 year old female opting for a life cover of Rs. 1 Cr till the age of 75 years pays Rs. 3,319 monthly for 10 years while a 35 year old male will pay Rs. 4,168 monthly for 10 years
~4 Subject to submission of all documents required for GST waiver.
*++ Max Life's Nifty Alpha 50 Fund tracks the NSE's Nifty Alpha 50 Index, subject to tracking error. The above values have been calculated by projecting historical returns of the Nifty Alpha 50 index, after adjusting for all expenses, except the tracking error, in Max Life's online savings plan (variant 1) for a 35-year-old male investing 10k per month for 10 years and maturity after 20 years. The calculations have been done using historical returns of the Nifty Alpha 50 index and may not be indicative of the future performance of Max Life's Nifty Alpha 50 Fund. The above values have been calculated basis 10 year returns of 26.4% (30th Apr'24) of the Nifty Alpha 50 Index.
*+ Nifty Mid-cap 150 Momentum 50 Index was launched in Aug’22. These are returns of benchmark indices and are not indicative of return on Max Life Insurance’s Midcap Momentum Index fund. 10 year return of NIFTY Midcap 150 Momentum 50 Index as on 27/05/2024. Max Life Midcap Momentum Index Fund (SFIN: ULIF02802/01/24MIDMOMENTM104) is passively managed Index Fund that mirrors NIFTY Midcap 150 Momentum 50 Index.
*& 10 year return of Nifty Smallcap 250 Quality 50 Index as on 30/04/2024. The past returns are extrapolation of index fund returns up to past 10 years using same formula (provided by NSE). The returns are not indicative of the future performance of the fund. Max Life Nifty Smallcap Quality Index Fund is passively managed Index Fund that mirrors Nifty Smallcap 250 Quality 50 Index. The objective of the fund is to invest in companies with similar weights as in the index and generate returns as closely as possible, subject to tracking error.
@1 Standard premium for 20-year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V05). The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate, purchasing via web link. During policy issuance, Max life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case. | ~1 Get back all the premiums paid with Special Exit value. This can be exercised in any policy year starting 30th policy year, but not during the last 4 policy years. Available for minimum policy term of 40 years. Benefit available with special exit value - the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums exclusive of any applicable taxes, cesses or levies. This feature shall be applicable on the base cover premium only and not for additional optional benefits like Accelerated Critical Illness, Accident cover, Joint life cover, any attached riders and Voluntary Sum Assured Top-Up.
@2 Standard premium for 20-year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V05). The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate, purchasing via web link. During policy issuance, Max life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case. | ~1 Get back all the premiums paid with Special Exit value. This can be exercised in any policy year starting 30th policy year, but not during the last 4 policy years. Available for minimum policy term of 40 years. Benefit available with special exit value - the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums exclusive of any applicable taxes, cesses or levies. This feature shall be applicable on the base cover premium only and not for additional optional benefits like Accelerated Critical Illness, Accident cover, Joint life cover, any attached riders and Voluntary Sum Assured Top-Up.
7 Disclaimer: Rs. 1,00,29,587 after 14 years at policy maturity on monthly investment of Rs. 16,600 for 12 years for 30 year old male with Max Life Smart Wealth Plan – Long Term Variant. A non-linked non-participating individual life insurance savings plan. The guaranteed benefits are applicable only if all due premiums are paid. Total premiums paid is exclusive of GST. Life Insurance is available in this product. ARN: WP/SWP/250723.
Disclaimer: ~ 10 year CAGR of Nifty SmallCap 250 Quality50 index as on 24/07/2023. Max Life Nifty Smallcap Quality Index Fund is passively managed Index fund that tracks the Nifty SmallCap 250 Quality50 index (subject to tracking error).
Disclaimer: **+ NIFTY 500 Momentum 50 Index was launched in June'24. The past returns are back tested based on historical returns and formula (provided by NSE). These are returns of benchmark indices as on 11 June’24 and are not indicative of returns on Max Life Insurance’s newly launched NIFTY 500 Momentum 50 Fund. Max Life’s NIFTY 500 Momentum 50 Fund (SFIN:ULIF03014/08/24MOMENFIFTY104) is a passively managed Index Fund that mirrors NSE’s NIFTY 500 Momentum 50 Index, subject to tracking error. The fund value calculation is done by projecting historical returns of NSE’s NIFTY 500 Momentum 50 Index, after adjusting for all expenses (except tracking error) in Max Life’s Online Savings Plan (UIN: 104L098V06) for a 30 year old male investing 10k per month for 10 years. The above values have been calculated assuming 25% p.a. gross investment returns as on 11 June'24, which is the 10-year return of NSE's NIFTY 500 Momentum 50 Index (backtested).
Disclaimer: *6 Check the Total Premium amount against the respective monthly premium values in the below table.
Note: For Sum assured of 75 lakh, 1 crore, 1.5 crore and 2 crore, the below calculations are based on Max Life Smart Total Elite Protection Plan (A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN:104N125V05). Monthly premium amounts are excluding GST and before any applicable discounts assuming Regular Pay and monthly payment mode.
| Age of Male Applicant | Premium Amount for Rs. 75 lakh Term Plan | Premium Amount for Rs. 1 crore Term Plan | Premium Amount for Rs. 1.5 crore Term Plan | Premium Amount for Rs. 2 crore Term Plan | ||||
|---|---|---|---|---|---|---|---|---|
| Smoker | Non-Smoker | Smoker | Non-Smoker | Smoker | Non-Smoker | Smoker | Non-Smoker | |
| 18 Years (PPT: 67 years) | 1417/Month Total Premium payable: 10.79 lakh | 885/Month Total Premium payable: 6.74 lakh | 1429/Month Total Premium payable: 10.88 lakh | 893/Month Total Premium payable: 6.80 lakh | 2143/Month Total Premium payable: 16.32 lakh | 1340/Month Total Premium payable: 10.20 lakh | 2547/Month Total Premium payable: 19.39 lakh | 1592/Month Total Premium payable: 12.12 lakh |
| 25 Years (PPT: 60 years) | 1872/Month Total Premium payable: 12.76 lakh | 1170/Month Total Premium payable: 7.98 lakh | 1956/Month Total Premium payable: 13.34 lakh | 1223/Month Total Premium payable: 8.34 lakh | 2934/Month Total Premium payable: 20.00 lakh | 1834/Month Total Premium payable: 12.50 lakh | 3436/Month Total Premium payable: 23.42 lakh | 2147/Month Total Premium payable: 14.64 lakh |
| 35 Years (PPT: 50 years) | 3030/Month Total Premium payable: 17.22 lakh | 1824/Month Total Premium payable: 10.76 lakh | 3421/Month Total Premium payable: 19.44 lakh | 2138/Month Total Premium payable: 12.15 lakh | 5131/Month Total Premium payable: 29.16 lakh | 3207/Month Total Premium payable: 18.22 lakh | 5663/Month Total Premium payable: 32.18 lakh | 3540/Month Total Premium payable: 20.11 lakh |
| 45 Years (PPT: 40 years) | 5687/Month Total Premium payable: 25.85 lakh | 3554/Month Total Premium payable: 16.16 lakh | 6314/Month Total Premium payable: 28.70 lakh | 3946/Month Total Premium payable: 17.94 lakh | 9470/Month Total Premium payable: 43.05 lakh | 5919/Month Total Premium payable: 26.90 lakh | 11948/Month Total Premium payable: 54.31 lakh | 7468/Month Total Premium payable: 33.94 lakh |
| 55 Years (PPT: 30 years) | 11,101/Month Total Premium payable: 37.84 lakh | 6938/Month Total Premium payable: 23.65 lakh | 13,065/Month Total Premium payable: 44.54 lakh | 8166/Month Total Premium payable: 27.84 lakh | 19,598/Month Total Premium payable: 66.81 lakh | 12,249/Month Total Premium payable: 41.76 lakh | 24,914/Month Total Premium payable: 84.93 lakh | 15,571/Month Total Premium payable: 53.08 lakh |
| 60 Years (PPT: 25 years) | 16,044/Month Total Premium payable: 45.58 lakh | 10,027/Month Total Premium payable: 28.49 lakh | 19,015/Month Total Premium payable: 54.02 lakh | 11,884/Month Total Premium payable: 33.76 lakh | 28,523/Month Total Premium payable: 81.03 lakh | 17,827/Month Total Premium payable: 50.64 lakh | 35,894/Month Total Premium payable: 101.97 lakh | 22,433/Month Total Premium payable: 63.73 lakh |
| Age of Female Applicant | Premium Amount for Rs. 75 lakh Term Plan | Premium Amount for Rs. 1 crore Term Plan | Premium Amount for Rs. 1.5 crore Term Plan | Premium Amount for Rs. 2 crore Term Plan | ||||
|---|---|---|---|---|---|---|---|---|
| Smoker | Non-Smoker | Smoker | Non-Smoker | Smoker | Non-Smoker | Smoker | Non-Smoker | |
| 18 Years (PPT: 67 years) | 1417/Month Total Premium payable: 10.79 lakh | 885/Month Total Premium payable: 6.74 lakh | 1429/Month Total Premium payable: 10.88 lakh | 893/Month Total Premium payable: 6.80 lakh | 2143/Month Total Premium payable: 16.32 lakh | 1340/Month Total Premium payable: 10.20 lakh | 2547/Month Total Premium payable: 19.39 lakh | 1592/Month Total Premium payable: 12.12 lakh |
| 25 Years (PPT: 60 years) | 1626/Month Total Premium payable: 11.09 lakh | 1016/Month Total Premium payable: 6.93 lakh | 1661/Month Total Premium payable: 11.36 lakh | 1038/Month Total Premium payable: 7.08 lakh | 2492/Month Total Premium payable: 16.99 lakh | 1557/Month Total Premium payable: 10.62 lakh | 2831/Month Total Premium payable: 19.30 lakh | 1769/Month Total Premium payable: 12.06 lakh |
| 35 Years (PPT: 50 years) | 2492/Month Total Premium payable: 14.16 lakh | 1588/Month Total Premium payable: 8.85 lakh | 2766/Month Total Premium payable: 15.72 lakh | 1729/Month Total Premium payable: 9.82 lakh | 4150/Month Total Premium payable: 23.58 lakh | 2593/Month Total Premium payable: 14.73 lakh | 4572/Month Total Premium payable: 25.98 lakh | 2857/Month Total Premium payable: 16.23 lakh |
| 45 Years (PPT: 40 years) | 4565/Month Total Premium payable: 20.75 lakh | 2853/Month Total Premium payable: 12.97 lakh | 4820/Month Total Premium payable: 21.91 lakh | 3012/Month Total Premium payable: 13.69 lakh | 7229/Month Total Premium payable: 32.86 lakh | 4518/Month Total Premium payable: 20.54 lakh | 9044/Month Total Premium payable: 41.11 lakh | 5652/Month Total Premium payable: 25.69 lakh |
| 55 Years (PPT: 30 years) | 8460/Month Total Premium payable: 28.84 lakh | 5288/Month Total Premium payable: 18.03 lakh | 9621/Month Total Premium payable: 32.80 lakh | 6013/Month Total Premium payable: 20.50 lakh | 14,432/Month Total Premium payable: 49.20 lakh | 9020/Month Total Premium payable: 30.75 lakh | 18,455/Month Total Premium payable: 62.91 lakh | 11,534/Month Total Premium payable: 39.32 lakh |
| 60 Years (PPT: 25 years) | 12,010/Month Total Premium payable: 34.12 lakh | 7506/Month Total Premium payable: 21.32 lakh | 14,120/Month Total Premium payable: 40.11 lakh | 8825/Month Total Premium payable: 25.07 lakh | 21,179/Month Total Premium payable: 60.17 lakh | 13,237/Month Total Premium payable: 37.60 lakh | 26,611/Month Total Premium payable: 75.60 lakh | 16,631/Month Total Premium payable: 47.62 lakh |
