Max Term Insurance for Coronavirus Plan – A few days ago, one of the most worrying news stories of the year broke. A group of young people in the UK got sick from a coronavirus, and as of now, there is no cure or vaccine available. Naturally, this has caused many people to panic, and some have even decided to cancel their holiday plans. If you’re among these people, you’ll want to read this article carefully. We’re going to review some of the key features of Max Term Insurance for coronavirus plan benefits, so that you can make an informed decision.
India’s leading and fastest-growing private insurance company is Max Life Insurance Company. Max Life Insurance Company is a joint venture between Mitsui Sumitomo Insurance Company, a Japanese insurer, and Max Financial Services, a listed holding company. It was established in the year 2000. with 62,798 Cr in assets under management India residents have access to a wide range of insurance options from Max Life Insurance Company. The company is well-known for offering affordable and straightforward insurance solutions to all customer segments through its extensive network of 239 branch offices and robust multi-distribution channels across the country. Term plans, growth plans, savings plans, child plans, group plans, retirement plans, and many more are among the offerings.
Max Term Insurance for Coronavirus Plan
If you are planning to go on a trip and are worried about the health of your family, now is the time to take out max term insurance. This policy will protect your loved ones in the event that you or one of them contracts the coronavirus. In this article, we’ll be discussing the features of a max term insurance policy and giving you a review of a few of the best options out there. So whether you’re looking for basic coverage or something more comprehensive, we hope that this article will help you make an informed decision.
The simplest and purest type of insurance available to customers is term insurance. The goal of Max life term plans is to provide complete life insurance with a number of appealing features and benefits. Basically, term plans are only available for a certain amount of time. If the policyholder dies during this time, the policy’s designated nominee will receive an assured benefit or lump sum. The policyholder will not receive any compensation at the end of the term if they survive the term. Max life term plans can be bought online as well as disconnected.
Max Term Insurance for Coronavirus Plan Details
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Benefits of Max Life Term Insurance Plans
When it comes to life, we all want to make sure that our loved ones are taken care of. That’s why choosing the right life insurance plan is so important. There are a lot of different types of plans out there, and it can be hard to decide which one is the best for you. In this post, we’ll tell you all about the benefits of max life term insurance plans and help you choose the perfect one for your needs.
Following are the Profit of Max Life term plans:
Comprehensive protection: The death of a loved one is completely covered by Max life term insurance. When the insured is not present, these plans safeguard the insured’s family financially. By protecting the family from financial obligations like loans and other debts, it helps them maintain financial stability.
Flexibility: Max life term plans let customers choose the policy term that best suits their needs. Coverage can be purchased for 85 years or longer. In addition, there is a variety of payment options for the premium.
Return of premium: There are Max Life term plans with a maturity benefit that provide a return of premium facility.
Customization: Additional optional riders can be added to Max life term plans to meet specific needs. Accidental death, disability, and critical illness are two of the available riders.
Cost-effective: Max life term plans cost a lot of money. Online plans, in particular, are more cost-effective and free of intermediary fees. Customers of Max Life Term Plans are not burdened financially thanks to the simple claim settlement procedure.
Tax benefits: Under Section 80C of the Income Tax Act, Max life term plans provide tax benefits because premiums paid are eligible for a tax deduction. Under Section 10(10D) of the IT Act, these plans’ lump sum benefits are exempt from income tax.
Types of Max Term Insurance for Coronavirus Plan
- Max Life Online Term Plan Plus
- Max Life Super Term Plan
- Max Life Premium Return Protection Plan
Plan Name | Entry Age | Maturity Age | Policy Term | Premium Paying Term | Sum assured |
Max Life Online Term Plan Plus | 18 years to 60 years |
| 10 years to 40 years | Same as premium payment term | INR 25 lakhs to INR 100 Cr |
Max Life Online Term Plan Plus | 18 years to 60 years |
| 10 years to 40 years | Same as premium payment term | INR 25 lakhs to INR 100 Cr |
Max Life Online Term Plan Plus | 18 years to 60 years |
| 10 years to 40 years | Same as premium payment term | INR 25 lakhs |
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1. Max Life Online Term Plan Plus(Basic Life Cover)
Max Life Online Term Plan Plus (Basic Life Cover)
The plan offers pure protection by guaranteeing to pay a fixed lump sum to the insured’s family in the event of death.
It is available in three distinct variants, each with its own distinct features.
The policy has numerous unique features in addition to the death benefits.
The following are some of the features of the Max Life Online Term Plan plus (Basic Life Cover):
- The policy provides life stage benefits to enhance coverage on important life milestones such as marriage, childbirth, and so on.
- In the event of the insured’s death, the sum assured is paid to the designated nominee.
- The policy provides coverage for 40 life-threatening illnesses and disabilities (subject to payment of the additional premium).
- By paying an additional premium, coverage can be extended up to the age of 80.
- The policy provides discounts on premiums for non-smokers. The plan provides discounts on large sum assured.
2. Max Life Online Term Plan Plus (Life Cover + Monthly Income)
In the event of unpredictability, this Max Life online term plan plus variant provides the insured’s family with a regular income and a lump sum financial benefit.
The plan includes a number of incredible features.
The Max Life Online Term Plan Plus (Life Insurance + Monthly Income) has the following features:
- The designated beneficiary will receive a lump-sum benefit (the sum assured) in the event of the insured’s death during the policy term.
- In addition to the basic amount insured, the policy will regularly pay the beneficiary 0.4% of the amount insured every month for ten years.
- This rider will pay out additional benefits in the event that the insured dies in an accident. The higher sum assured discounts are offered under the plan.
- Discounts offered on premium prices for non-smokers and female lives.
- Coverage for forty illnesses and disabilities (subject to payment of the additional premium).
3. Max Life Online Term Plan Plus (Life Cover + Increasing Monthly Income)
This option provides the insured’s family with regular income for a predetermined amount of time following an uncertain event in addition to paying a fixed lump sum as death benefits.
Features of Max Life Online Term Plan Plus (Life Cover + Increasing Monthly Income):
- In the event of the insured’s death during the policy term, the designated beneficiary will receive a lump-sum benefit (sum assured).
- In addition to the basic amount insured, the policy will pay the beneficiary 0.4% of the amount insured each month for the first year.
- After that, for the remainder of the payout period, the monthly income will increase by 10% each year.
- This rider will pay out additional benefits in the event that the insured dies in an accident.
- The policy covers 40 life-threatening illnesses and disabilities (with the payment of an additional premium).
- The higher sum assured discounts are included in the plan.
Documents Required for Buying Max Term Insurance for Coronavirus Plan
Following are the documents needs for buying Max Life term insurance plans:
- Identity proof – PAN Card/Passport/Voter’s ID card/Aadhaar card
- Income proof – Income tax return for last 3 years/salary slips/latest form 16/Bank statement
- Address proof – Bank statement/Driving license/ Passport/Aadhaar card/Voter’s ID/Ration card/electricity or telephone bill
- Passport size photographs
- Medical check-up reports, if necessary
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Top 7 Reasons to Buy Max Term Insurance for Coronavirus Plan
The easiest way to secure your finances is to buy insurance plans online. Max Life term insurance plans can be purchased online for a variety of reasons. Some of the reasons are as follows:
Simple comparisons: When purchasing term plans online, benefits and costs can be evaluated against one another. Comparing prices helps you get the best deal. Low cost, high coverage: There are no intermediary fees associated with the online platform.
Transparency: There will be online access to all plan-related information, providing clarity. Online plans provide transparency, allowing for rational purchasing decisions.
Flexibility: Max Life Insurance Company’s term plans can be purchased online and offer flexibility in terms of coverage, term, and premium payment frequency. It also lets you make changes to the plan to fit your needs the best.
Reduced paperwork: The process of purchasing term plans online is quick, easy, and requires less paperwork. Additionally, it saves time compared to going to the branch office or speaking with an agent.
Reviews from clients: When purchasing term insurance plans, online reviews can be helpful in a number of ways. Better decision-making is made possible by reading online reviews of the company’s claim settlement process, products, and services.
Convenience: The convenience of purchasing Max Life term plans online is the primary reason to do so. It’s easy, quick, and simple from purchasing to claiming.
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