We all know people who have lost one or more family members or friends in the past one year. The biggest blessing one can have these days is a long healthy life. However, given the times that we are living in, taking necessary measures for all situations is very important. And if you have family members financially dependent on you, buying a term insurance policy is undeniably a prudent idea.
Since there are so many term insurance policies available in the market, it can be really confusing to choose any one, especially if you are purchasing term insurance for the first time. Well, in such a case, you can take a look at the Max term insurance plans. Here are some of them discussed below:
Max Life Online Term Plan Plus
This is one of the best Max term insurance plans which comes with comprehensive protection against three life risks such as critical illness, death, and dismemberment. It also comes with add-on benefits as well as features. As you buy this term insurance plan, you can top it up with various types of riders. Under this plan, you can pay the premiums for up to 60 years, while you will get the coverage for 85 years. There are three types of death benefit options that come with this plan. The death benefits options include Basic Life Cover + Monthly Income, Basic Life Cover, and Basic Life Cover + Increasing Monthly Income.
Max Life Super Term Plan
This is yet another significant term plan that secures the family financially in case something happens to the policyholder. The plan comes with an increasing life cover option which will help you to manage things even during the growing inflation. Under this plan, the coverage for life increases by 5% each year until the end of the term policy. However, the premium will be the same. This plan is very helpful for the families to deal with the increased expenses during the absence of the policyholder.
Max Life Smart Term Plan
This plan from Max Life is suitable for people of various ages as well as stages of life. The coverage amount under the plan can be customized as you can opt for the benefits that you need for your family. You can also get maturity benefits under this plan if you survive through the tenure. The premium that you will pay for all the years will be paid back to you.
Several Benefits of Max Life Term Insurance Plans
There are various types of term insurance plans offered by Max Life. Each of them offers several benefits. Let us take a look at them:
- With the Max Life term insurance plans, you will get comprehensive protection at low premium rates, along with coverage for death, critical ailments, and disability.
- You will get the option to increase the coverage of insurance; however, it will be based on various needs at different stages of life.
- The plans come with long-term coverage till the age of 85 years.
- Max Life is known for a high claim settlement ratio of 99.22% as per the IRDAI Annual Report 19-20. This is one of the reasons why Max Life is considered one of the most trusted partners in the insurance sector.
- With the Max Life insurance plans, you can also get maturity benefits with the Return of Premium term plan.
- The term insurance plans offered by Max Life are affordable, and the policyholders will not at all feel the burden of paying the premiums every year.
- Under Max Life term insurance plans, you will also be able to get tax benefits, as per the current income tax laws.
The Max Life term insurance plans can be bought by individuals who are as young as 18 years old. This means, as soon as you become an adult, you can purchase one of these plans. As a matter of fact, it is always suggested that as you get your first job, you should buy a term life insurance plan. You will be able to pay lower premiums and get better benefits.
If you wish to gather more information on Max Life term insurance plans, you can visit the website of IIFL. You can take your time, compare the various plans, and choose one accordingly.