The Max Life term insurance plans were reviewed on the basis of the following factors:
Sum Assured Options: It is one of the most important factors before choosing the sum assured to secure your family finances. As per the thumb rule, the sum assured amount should be ten times of one’s annual income. The Max Life term plans have various wide sum assured options which can be chosen or added as per the needs and requirements of the policyholder. Max Life also offers a term insurance premium calculator which helps to estimate the required sum assured as per your current condition.
Riders: Always choose those benefits or riders which have the capacity to enhance the coverage and thus protection. The Max Life term plans offer useful riders such as accidental death or disability cover, accelerated critical illness or waiver of premium rider, which further supports you and your family in any difficult time.
Flexible Payout Options: We considered this as a critical factor in reviewing the term plans of Max Life. All the plans provide the life assured to choose an option of payout whether lump sum, regular or limited premium payout options and policy terms depending on their convenience.
Benefits: While analyzing these term plans, we considered the benefits given upon the death of the life assured, maturity benefits or other benefits in case one outlives the policy term. Always, try and find those plans that offer maturity or survival benefits as well as flexible payment and payout options.
New-Age Features: All the term plans of Max Life are available online and thus can be easily purchased via their website or mobile app. It also offers a very simple online process which makes it easier for the policyholder to buy the term plan instantly.