Max Life Term Plans

Other Term Insurance Plans

Following is a list of other Max Life Term Insurance that will provide comprehensive protection to your family in case of your absence. Go through all the plan details carefully and choose the one that suits your financial requirements.

Benefits of Axis Max Life Term Insurance Plans

Here is how you can benefit from the term plans offered by Max Life.

• Death Benefit - This is the amount paid to the policyholder's family after his/her unfortunate demise. The policyholder can receive the entire amount as a lump sum or monthly income.

• Return of Premium - If you opt for this option, your premiums will be returned. The Max Life term plan with a return of premium can be availed by paying an extra premium amount.

• Cover for Housewives - Max Life offers life cover for housewives under its Max Life Smart Secure Plus Plan. The maximum sum assured can range up to Rs.50 Lakhs.

• Rider Benefits - Riders are extra protection against accidental deaths/disabilities that you can add to your term life cover. These are available at nominal premiums with Max Life term plans.

• Long-term Coverage - Max Life term plan keeps you covered for up to 50 years.

• Tax Benefit - The premiums paid to buy a term life insurance plan are exempted up to a limit of 1.5 lakh per year under section 80C of the Income Tax Act, 1961.

Note: Know what is term life insurance first and then buy a term plan for your loved ones.

Who Should Buy Max Life Term Insurance Plans?

Buying a term insurance plan depends on the unique needs of each individual. Every buyer, however, has loved ones that depend on him for survival. Term plans are most suitable for the following individuals -

• Individuals with dependent parents

• Individuals planning to start a family

• Working parents

• New married partner

• Professionals with unpaid debts/loans

How to Buy Axis Max Life Online Term Plan From Policybazaar?

The steps to buying a Axis Max Term Insurance plan are mentioned below:

• On the home page, select the 'Term Insurance' option.

• Now, a form will be opened, provide the required details there and click ‘View Free Quotes’.

• After this, you need to answer a few questions related to your annual income, job, education, and smoking habits.

• As soon as you submit all these details, a list of available term insurance plans will appear.

• Choose a Max Life term insurance plan as per your suitability and then provide your basic details like name, email address, occupation, and annual income.

• Click 'Proceed' and you will be redirected to the payment gateway.

• Pay the premium and the policy will be sent to your registered email address and phone number.

Five things to know before buying Term Plan Five things to know before buying Term Plan

Points to Consider While Buying Axis Max Life Term Insurance Plan

To choose the most suitable Axis Max life online term plan, you must keep the following points in mind:

• Check the Claim Settlement Ratio of the Insurer: The claim settlement ratio specifies the number of claims settled by a company against the number of claims it received. So, the higher the claim settlement ratio of an insurer, the more reliable it is. For the years 2020-21, the claim settlement ratio of Axis Max Life Insurance Company is 99.35%, which means that out of 100 claims, the company settled 99.35 claims in the year 2020-21.

• Check the Solvency Ratio of the Insurance Company: Another thing to consider before buying a term insurance plan is its solvency ratio. Going to the basics, the solvency ratio of an insurance company shows its financial situation according to the solvency norms. By checking it, you get to know whether the company has sufficient funds for claim settlement in both the short and long term. Axis Max Life Insurance Company has disclosed in the year 2020-21 that its solvency ratio is 202%, which is far more than the IRDAI mandate of 150%.

• Check Customer Stories and Their Experiences with the Insurer: You can learn a lot about the insurer by learning about the existing customers' experiences and satisfaction levels. The Insurance Regulatory Agency declares the insurers' persistency ratio every year. As per this report for the financial year 2020-21, Axis Max Life Insurance Company has a persistency ratio of 84%. 84% of its customers feel safe and fully satisfied with the Max Life Term Insurance customer care services.

• Know the Term Plan and Riders Carefully Before Buying: There are different Max Term Insurance plans, and they are designed to meet the varied needs of customers. So, it is recommended that you buy a term plan that has features and inclusions that meet your requirements and needs. If you want to add a rider to your term plan, add it carefully.

• Choose Sum Assured Wisely: A large sum assured looks fascinating to all. However, it is recommended that you choose it very wisely by analyzing your financial needs and expenses. Some websites offer a Term Insurance Premium Calculator; you can use that to estimate the sum assured you may need to fulfill your future needs as per your current conditions.

Documents Required to Buy a Axis Max Life Term Insurance Plan

Here is the list of documents that are required to buy a Max Life Term Insurance plan:

• Voter ID Card

• Passport (if you have)

• Job card that is issued by NREGA. This card should duly be signed by the State Government Officer

• Aadhaar Card

• PAN Card and/or Form 60 in addition

• National Population Register that has details of your address, name, and Aadhaar card

• Or some other documents that are issued by the Central Government

If the aforementioned documents do not have your updated address, you have to provide the following documents:

• Receipt of property or municipal tax

• Utility bill of any service provider but it should not be older than two months

• In the case of a retired person, family pension or pension orders

• For government employees, the employee card issued by Government Department or Public Sector Unit, if they have an address

• Accommodation allotment letters issued by the Central or State Government departments, regulatory or statutory bodies, financial institutions, PSUs, commercial banks, and listed companies

The salaried individuals must provide the following Income proofs:

• Bank statement for the last three months that has records of salary credited to this account

• Income Tax Returns of latest two years

• Form 16 of the latest year

• Income Tax Returns of the latest two years but not filed in the same year with Computation of Income

• In case of unavailability of computation of income, income tax returns of the latest three years but not filed in the same year

• Audited balance sheet certified by CA and profit loss account for latest two years

• Form 26 AS

In case, you are buying a term insurance policy online, you have to upload the attested copy of all the aforementioned documents.

Note: Check out the term life insurance in India and choose one that suits your requirements.

Max Life Term Plan - FAQ