In an increasing term plan, your sum assured increases on an annual basis while keeping the same premium amount for the policy tenure. The premium is, therefore, usually on a higher side from the beginning. When you compare term insurance plans, you can estimate the price difference accordingly.
Decreasing term plans mean the opposite, i.e. the sum assured keeps on reducing every year and comes in handy in case of debts such as a personal loan.
Even though life insurance in India is not a mandatory requirement unlike car/two-wheeler insurance, ownership of various types of life insurance in India is rising. This is primarily because more Indians are seeking financial protection against life’s uncertainties. This observation is based on the 75% Life Insurance ownership figure recorded in the recent IPQ 6.0 survey. You can now read the full report of the Max Life IPQ 6.0 survey conducted in association with Kantar for further details.
Let us now look at the term insurance options offered by Max Life Insurance in detail. Max Life Insurance offers Max Life Smart Secure Plus Plan (UIN: 104N118V08) and Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V04), which are non-linked non-participating individual pure risk premium life insurance plans.