Term Life Insurance Premium Calculator
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Best Max Life Term Insurance Plans
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.51%
- Zero Cost Benefit
- Terminal Illness
- Nominee's Choice payout
- Voluntary Top Up
- Tax Benefits
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹97.84%
- Waiver of Premium on Disability
- Terminal Illness
- Life Stage Benefit
- Tax Benefits
- LIFE COVERTax Free₹1 Cr
- CLAIMS SETTLED ₹99.4%
- Tax Benefits
- Terminal illness
What are the factors that I should consider when buying term insurance plans offered by Max Life Insurance?
You must analyze your family’s specific requirements, keep into consideration your existing financial liabilities, research about different term plans online, and determine the policy term before buying a term insurance plan offered by Max Life Insurance.
Can I avail tax benefits on the premium paid for term insurance plans offered by Max Life Insurance?
Yes. You can avail of tax benefits on the premium paid for term insurance plans offered by Max Life Insurance for up to Rs. 1.5 Lakh per annum under Section 80C of the Income Tax.
Who all can buy term insurance plans offered by Max Life Insurance?
Young individuals, newly married couple, and parents can buy term insurance plans offered by Max Life Insurance.
How can I maximise the tax benefits with my term insurance plan?
To maximise tax benefits with your term insurance policy, you must consider multiple tax saving instruments. To understand other instruments in detail, you can consult your tax advisor.
Will I lose the benefits if not paying the premium for my term insurance plan?
If you are unable to pay a premium for a term insurance plan, then you must do it within the 30 days grace period. If you do the same, you will not lose any benefit offered under the policy.
What is the procedure for intimating Max Life Insurance about the claim?
A claim can be intimated by providing information to Max Life Insurance through the nearest Max Life Insurance Branch office, by contacting your advisor(agent) or you can email Max Life Insurance at firstname.lastname@example.org.
What are the Documents required to register an Accidental or Unnatural Death?
The following documents are required for an Accidental or Unnatural Death:
- Copy Of FIR First Information Report
- Copy of Autopsy/Post Mortem Report (PMR) and Viscera Report
- Copy of Charge Sheet /Final Police Investigation Report(FPIR).
Where can I submit my claim documents?
You can submit your claim documents at the nearest Max Life Life Insurance Branches.
Who is entitled to receive the sum assured in the case of policyholder death?
The nominee, beneficiary or the assignee/ appointee in case of minor is entitled to receive the sum assured as mentioned by the assured in the proposal form.
How will I receive the claim amount?
You will receive your claim amount in online or offline mode as per your chosen option.
What is the time frame within which Max Life Term Insurance claims are settled?
As per the Insurance Regulatory Authority of India (IRDAI), all claims are to be settled within 30 days with all important documents. In case, further investigation is to be required then it may take up to 120 days to settle a claim.
What happens when there is no nomination in the case of the nominee's death?
In such cases, Max Life Term would require proof of titles like a Succession certificate or Registered Will issued by the court.
What is the time frame in which the term claim has to be reported to Max Life?
It is best to intimate the Max Life Term claim at the earliest after the policyholder’s death has happened. In the case of Fatal Disease and Critical Illness claims, claims should be intimated only after the 28-30 days of event occurrence.
Why should I choose a Max Life Term Insurance Plan?
Max Life Insurance is a reliable life insurance provider that offers several features and benefits in its term insurance plans. Apart from this, the company handles the claims well. Also, the insurance company offers high long-term coverage to policyholders which is available till the age of 85 years.
How much Max Life Term Life cover do you need?
As a basic rule, one should buy term life cover up to 10-12 times of their annual income.
What is the grace period of the Max Life Term Insurance Plans?
A grace period of 30 days from the premium due is allowed according to the guidelines by the Insurance Regulatory Authority of India (IRDAI).
Can I change the duration of my Max Life Term Insurance plan after the policy is issued to me?
No. The duration of Max Life Term Insurance cannot be changed once the policy is issued.
Are Non-Resident Indians (NRIs) allowed to purchase Max Life Term Insurance Policy?
Yes, Non-Resident Indians (NRIs) can purchase Max Life Term Insurance if they are Indian citizens, have at any time held an Indian passport, or a person who is legally wedded spouse of an Indian citizen.
What is the claim settlement ratio of Max Life Term Insurance?
Max Life Insurance features a very high claim settlement ratio of 99.22% for the FY 2019-2020.
In what circumstances the death benefit is not given under term insurance?
If the death has been caused due to suicide or any self-harming activity or if some details of facts are found hidden or wrongly entered, or if the claim is raised for excluded benefit, in such cases the benefit is not covered.
What happens if the nominee dies too?
In case the nominee or beneficiary dies too after the death of the policyholder, without receiving the claim amount, then policy benefits are received by the legal representative, or heir or succession certificate holder.
Can I hold more than one term insurance policies?
Yes, you can hold multiple term life insurance plans to protect your family. Also, you are completely free to either purchase all the plans from a single insurance company or from multiple insurers.
Can I earn tax benefits with my term insurance plans?
Yes, the term insurance plans provide the deduction in tax on the premium of the insurance plan, according to Section 80 C of the Income Tax Act, 1961. The policyholders can claim income tax deductions premium paid towards term insurance plans for up to Rs 1.5 Lakh.
Are Max Life Term Insurance plans available online?
Yes, you can purchase term life insurance plans directly from the official website of Max Life Insurance in a span of minutes.
Is the Max Life Term Insurance premium calculator safe to use?
Yes, the Max Life Term Premium calculator is completely safe to use. Your data is protected from online scams and frauds and you can calculate the premiums on a secured platform.
How much does Max Life Term Insurance cost?
The cost of Max Life Term Insurance depends on the type of policy you choose, your age, the sum assured, health conditions, and the benefits you expect to receive when your term of the policy expires.
What are the factors which will affect my Max Life Term Insurance Plan premium?
Age, pre-existing disease, gender, occupation, and cover-up to which age are the factors that affect the Max Life Term Insurance premium.
What is the total coverage amount that should be taken under the Max Life Term Insurance plan?
The coverage of the Max Life Term insurance plan should be adequate enough to cover your family’s financial needs in an unfortunate event. The ideal coverage should be 10 to 12 times your annual income.
Do Max Life Term Insurance plans offer Tax Benefits?
Yes, Max Life Term Insurance offers tax benefits under section 80C, section 80D, and section 10(10D) of The Income Tax Act.
What is the right time to buy a Max Life Term Insurance plan?
The right time to buy the Max Life Term Insurance plan is as early as possible. With the increasing age, the higher would be the term plan premium. The minimum age you can purchase a Max Life Term Insurance plan is 18 years.
What are the different rider options available with Max Life Term Insurance Plans?
Max Life Term Insurance plans offer critical illness cover, accidental death benefit cover, and future waiver of premium.
How would my premium change if I add riders in my Max Life Term insurance plan?
If you add riders to your Max Life Term Insurance coverage, the premium calculated would increase because each Rider provides an additional benefit which comes with an additional cost for the additional coverage benefit that it provides. Therefore, the premium will increase as you add riders to your term insurance plans.
Does smoking habit impact the premium for Max Life term insurance plans?
Smoking is hazardous for your body. It increases the chance of developing diseases like throat cancer or lung cancer. If you are a regular smoker you are at high risk to develop life-threatening disease so will have to pay a higher premium as compared to non-smokers.
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Claim Process at Max Life Term Insurance
Claim IntimationIn the case of death of the life assured, a claim intimation to the insurance company must be made as early as possible.
Submission of DocumentsClaim form, death certificate, original policy document, and more documents must be submitted to ensure smooth claim settlement.
Claim EvaluationOnce the documents are submitted, the insurance company will conduct thorough evaluation of the claim filed.
Claim SettlementIf claim request is approved, claim settlement is done within 30 days. If additional investigation is required, it make take 6 months.