Get all Premiums back free of cost~1
12% Discount3 on first year Premium
99.65%Death Claim Paid Ratio*1
** T & C Applied
Key Benefits of Our Term Insurance Plan
Varun Nema
Age 33, New Delhi
The reason I opted for Max Life was the highest claim settlement ratio and a dedicated claim settlement officer for the family. Along with that, the strong brand coherence among my friend circle and a strong word of recommendation. Honestly, the end to end assistance while applying for the policy, assistance with health check-up and timely updates did hold up to the high expectations and I am glad I went with Max Life.
Anu Agrawal
Age 32, Aligarh
The claims paid ratio of Max Life Insurance got my attention. The policy purchase journey was quite easy and fast. I was assisted well by the policy advisor on the plan that suits me best. I'm very happy with the overall experience.
Mohit Agrawal
Age 31, Aligarh
I bought Max Life Term Plan in 2021 and found the purchase journey very smooth as the policy got issued within 8 days. Also, Max has the highest claim settlement ratio which gave me comfort and trust on this brand. As far as the product is concerned, it has a very competitive pricing.
Satyanarayana Gandhudi
Age 42, Noida
I liked the proper assistance as well as the guidance by tele caller during the online policy purchase process . Also i liked the claim settlement ratio of the company
Written by
Reviewed by
Kriti Arora
VP - One Brand - Digital Creative Strategy
Kriti is a content marketing and branding expert with more than 13 years of rich experience across BFSI and Telecom industries. She is currently leading Digital Creative Strategy for Max Life insurance.
What is a Term Insurance Premium Calculator?
A term insurance premium calculator is a free online tool that can help calculate the insurance premium amount that you need to pay to get the desired insurance cover amount and policy benefits. A term plan premium calculator takes into account various factors such as the age, current income, marital status, health conditions, lifestyle choices and the number of dependents as key inputs to help you choose a term plan that best fits your needs and life goals.
How Does a Term Insurance Calculator Work?
One of the key factors that a term insurance calculator takes into account is the mortality charge of the person purchasing a term plan. This is based on primarily the age of the insured person at the time of policy purchase. When you purchase a life insurance plan, the insurance company levies a charge to cover the expenses for providing insurance protection upon death of the insured person. This is known as the death benefit of a term plan.
The estimation of mortality charges is done as per the Standard Annual Mortality Charges 1 table, which, in turn, is based on the historical data of life expectancy in India. On the other hand, the mortality rate is defined as an insurer's anticipation of the number of deaths occurring amongst a group of insured individuals, for a certain age.
Typically, mortality rates are low for young, healthier individuals who do not work in a high-risk job profile. Therefore, the term insurance premium rates vary with age and young healthy individuals pay a lower premium. Gender too impacts life insurance premiums. Since women typically live longer than men they tend to have a lower insurance premium compared to males. These and other factors like lifestyle choices such as tobacco use are taken into account by the term insurance calculator in order to generate a premium estimate.
One should keep in mind that user inputs are used to provide the premium estimates so being upfront about factors such as tobacco use and pre-existing health conditions are key to getting better premium estimates by using a term insurance calculator.
Benefits of Using a Term Insurance Premium Calculator
A term insurance premium calculator can help you choose the right life cover amount for you. Ensuring the right cover amount helps you cover your liabilities and your family's financial needs while ensuring that premium payable under the insurance policy is affordable for you. Some key factors that a term insurance calculator used to determine suitable cover amount for you includes your annual income, existing liabilities, marital status, and the number of dependents you have.
Using a term insurance premium calculator, you can opt for the highest possible life cover amount that suits your budget. Given the fact that investing in life insurance is a life-long commitment, you do not want to end up purchasing a term insurance plan that offers sub-par financial protection one that is so expensive that you are unable to sustain the payment of future premiums.
Choose Rider OptionsTerm insurance premium calculator also allows you to estimate the impact that add-ons and riders such as critical illness, accidental death benefit, returns of premium, etc. can have on the total premium amount. This comparison can help you determine which riders and their associated benefits play give you the best value for your money based on your unique needs.
In simple terms, using a term plan calculator helps you opt for a term plan so that you can avail the most comprehensive insurance coverage and plan benefits for the lowest possible premium amount.
How is Your Term Insurance Premium Calculated?
While there are a number of factors that can impact your life insurance premium calculation. Some key factors that typically have the greatest impact include the following:Age of applicant
A higher cover amount leads to higher premium
Gender
Women pay a lower premium that men of the same age
Cover Amount
A higher cover amount leads to higher premium
Policy Term
Life policies that have a longer term have higher premiums
Riders & Add-ons
Each rider features an additional cost that increases overall premium amount
Pre-existing Conditions
Women pay a lower premium that men of the same age
Tobacco Usage
Smokers and other tobacco users are charged a higher premium
Occupation
Individuals with high risk jobs have to pay a higher life insurance premium
“A life insurance premium calculator typically uses the above data to generate an estimate of the premium you would have to pay. However, the final amount payable as premium tends to vary on a case by case basis."Impact of Premium Calculation on Smokers
Smoking can increase your chances of developing life-threatening ailments such as lung cancer and throat cancer. Insurance companies therefore, categorise smokers as high-risk and charge them to pay higher premiums.If you smoke regularly or have been consuming any tobacco product for 12 months before purchasing term insurance, you will be considered a high-risk individual by the insurance company and will have to pay a higher premium amount as compared to non-smokers purchasing a similar life insurance policy.
Why Occupation Impacts Term Insurance Premium Calculation
Your occupation also plays an integral part in determining your term insurance premium amount. Insurer categories some professions as higher risk occupations compared to others, such as defence, aviation, oil, and coal mining.
On the other hand, individuals working in offices with a desk job, IT professionals, shop owners, and teachers are considered to be engaged in relatively low-risk jobs. Generally, people working in safer environments tend to be charged a lower premium than those working in a relatively high-risk work environment.
How Does the Term Insurance Calculator Work? (Backend Calculation on Mortality)
Your occupation also plays an integral part in determining your term insurance premium amount. Insurer categories some professions as higher risk occupations compared to others, such as defence, aviation, oil, and coal mining.
On the other hand, individuals working in offices with a desk job, IT professionals, shop owners, and teachers are considered to be engaged in relatively low-risk jobs. Generally, people working in safer environments tend to be charged a lower premium than those working in a relatively high-risk work environment.
BENEFITS
Why Prefer Max Life?
99.65%
Claims paid percentage
(Source : Individual Death Claim Paid Ratio as per audited financials for FY 2023-2024)
₹1,779,409 Cr.
Sum Assured
In force (individual) (Source : Max Life Public Disclosure, FY 2023-24)
₹150,836 Cr.
Assets Managed
(Source : Max Life Public Disclosure, FY 2023-24)
304 Offices
Max Life Presence
(Source : As reported to IRDAI, FY 2022-23)
Empathy
For our customers
Transparency
In all phases
Rider Options Available
Below is a short list of the key rider options that are available with life insurance plans offered by Max Life Insurance:With this Max Life policy rider, the benefit amount is paid as a lump sum upon diagnosis of any of the 64 specified critical illnesses, including various types of cancer and cardiovascular diseases.
In case you are unable to continue paying the Max life policy premium due to loss of income (because of accidental injury or life-threatening ailments), your future premiums Max term premiums will be waved while the policy benefits will continue as intended.
The rider provides additional coverage to compensate for the loss of income due to temporary or permanent disability/death due to an accident. In case of death the payout is made to the nominee, while in case of the disability, the payout is received by the insured individual.
Add-On Options Available
Apart from the above-mentioned riders there are 3 more add-ons that can enhance the benefits of a vanilla term plan.
With this feature, you can add your spouse in the same plan. The plan will work the same but in a better way. In case your spouse suffers an unfortunate death or gets diagnosed with a terminal illness, their life cover will be paid off to you and your life cover shall continue till the maturity. Likewise, if the life insured meets with the same fate, their life cover shall be paid to the spouse and all future premiums shall be waived off. In addition, the spouse’s life cover will be increased and continued throughout the term.
While there is a dedicated rider for the premiums, i.e. Waiver of Future Premium, there is another feature other than the rider which allows the life insured to get back the premiums paid. This is called as the Return of Premium and the terms plans with this feature are labelled as Term plan with Return or Premium or TROP. With this feature, upon the survival of the life insured, all the premiums are paid back with the maturity amount. If life insured dies, then the beneficiary shall get this amount as the Sum Assured.
The last in the list is the Accident Cover. This feature, if bought at the time of policy purchase, will get activated upon the death of the life insured. 100% of the Accident Cover will be payable in lump sum to the family (or the nominee) in the death benefit.
Steps to Use the Term Insurance Premium Calculator
- 1
Enter your full name, date of birth, Mobile number, income range and confirm if you are a Non-Resident Indian or not. Then click on ‘Calculate Now’.
- 2Provide some more details to confirm your desired coverage as shown below. Details required on this page include gender, tobacco usage, occupation and education level.
- 3Fill out the details of your desired life cover amount, policy term and premium payment term to continue.
- 4Add the add-ons/riders you wish to be included along with your life insurance policy. Once you have made your selections, the estimated premium you will need to pay to purchase the life insurance plan of your choice.
If you are satisfied with your choices and the policy premium amount, you can click on ‘Proceed to Eligibility’ to continue with checking your eligibility to purchase the life insurance plan of your choice.
Why Choosing the Right Sum Assured is Important for the Best Term Insurance
The primary purpose of a life insurance policy is to protect the finances of your loved ones in case of your death. So, choosing adequate sum assured is essential if you plan to provide your dependents with adequate finances in your absence.
The death benefit of a life insurance policy will need to not only ensure that your dependents are able to continue maintaining their lifestyle after you are no longer there but also ensure that any outstanding liabilities you have like a personal loan, car loan or home loan are paid off even if you are no longer able to earn.
Typically, experts suggest that the sum assured of a life insurance policy should be at least 10 times your annual income, while 20 times annual income is preferable. You also need to consider factors such as outstanding liabilities and the number of dependent family members you have before you arrive at final figure when choosing the right sum assured for your policy.
How the Plan Works
When you purchase a term insurance policy, you are eligible to receive death benefits as these life insurance policies do not have maturity/survival benefit. In term plans, death benefit is paid out to the nominee if the insured individual dies while the policy is in effect. The payout is based on the sum assured that is chosen at the time of policy purchase. On payment of death benefit, the policy terminates.
Apart from death benefit, a term insurance plan can also feature other benefits such as lump sum payout after diagnosis of a critical illness or if disability/death occurs as a result of an accident. These benefits are typically provided through riders and policy add-ons that require additional premium payments by the insured individual.
Claim Settlement Process
In order to submit an individual life insurance claim, the nominee named in the life insurance policy has to fill out and submit Individual Death Claim Form A along with key supporting documents to the insurance company. Key documents required when submitting a claim with Max Life Insurance include:- 1Original Policy Document
- 2Original/attested copy of death certificate issued by local municipal authority
- 3NEFT Mandate form attested by bank authorities along with a cancelled cheque/bank account passbook copy
- 4Photo identity of nominee such as copy of Aadhaar card, Voter ID, Passport, PAN card, etc.
- 5Attending physician’s statement (Form C)
- 6Medical records such as admission notes, test reports, death/discharge summary, etc.
In the case of accidental death key documents required for processing claims are as below:
- 7Copy of Panchanama/Police complaint or FIR (First Information Report)
- 8Copy of Autopsy and Viscera Report/Post Mortem Report (PMR)
- 9Copy of Charge Sheet/Final Police Investigation Report (FPIR)
After submission of the required documents and forms, the insurer typically investigates the claim and verifies all the supporting documentation provided. If all the applicable criteria are met, the claim is paid out by the insurance company.
How to Buy a Term Plan?
Buying a term insurance policy is no rocket science. If going online, all you need is a stable internet connection and your basic ID proofs to start the buying process. Explained below are the steps to buy a term plan online using the Max Life Insurance portal:- 1Go to Max Life Insurance official website
- 2On the homepage itself, you will see an online form. You’ll be required to fill the details
- 3Enter your full name, date of birth, gender, smoking (Yes/No), annual income and your 10-digit phone number.
- 4Click on ‘Check Premium’.
- 5Choose your preferences for occupation and education on the page thus opened
- After selecting, hit the ‘Check Coverage’ button.
- At this point, you have the option to customise your term plan, as shown here:
- Select the tenure of your term plan, i.e. the age till which you wish to stay covered. Minimum term is till the age of 60 years. The monthly premium amount will be displayed below term
- Here, you need to choose the premium payment term. You can choose to pay for the entire tenure or for a shorter term, like till the age of 39 or 34 years. Doing so will save you significantly on the premium amount.
- After selecting your preference, click on ‘Proceed’. (refer the image below
- 6Choose whether you’re a diabetic in the pop-up message as shown below:
- 7Choose whether you’re a diabetic in the pop-up message as shown below:
- 8Fill in your personal details (first and last name, email address, annual income and PIN code of residential area) before hitting the ‘Proceed’ button and move on to finalising the product. The concluding steps will require you to review the plan details and select the mode of payment from UPI, Credit/Debit Card, Net Banking or QR Scan & Pay.
Who Should Buy a Term Plan?
A term insurance policy is no longer an optional purchase but a necessity for any individual who is seeking to protect their loved ones or dependents, such as their spouse, children, parents, etc. Although everyone should have a term plan to provide their loved ones with a safety blanket for future emergencies, there are some key types of individuals who should consider purchasing a term insurance policy, viz.:
- Young working professionals
- Newly married couples
- Those with dependent children and/or other family members like parents
- Individuals with outstanding debt obligations such as a home loan, car loan or a personal loan
But apart from the above groups, term life insurance plans can also be purchased by self-employed individuals, housewives, Non-Resident Indians and various other groups of individuals. Basically, anyone and everyone looking for a safer future must get their hands on a term insurance plan.
List of Term Plans Available
The below-mentioned is a list of term plans* provided by Max Life Insurance:
- Max Life Smart Secure Plus Plan
- Max Life Smart Total Elite Protection Plan
- Max Life Secure Earnings and Wellness Advantage Plan – Lite*
- Max Life Smart Cancer Insurance Plan
- Max Life Smart Saral Jeevan Bima Plan
- Max Life Smart Online Term Plan
- Max Life Smart Smart Term Plan
Note: Currently, only the first two stated term plans, viz. Max Life Smart Secure Plus Plan and Max Life Smart Total Elite Protection Plan, are available for fresh purchase, both online as well as offline. The rest of the listed term plans have been discontinued and thus are not available for new purchases. However, if you bought any of any plans before, be assured that those plans are and will stay active till the end of term.
FAQ's
- Age
- Gender
- Occupation
- Tobacco usage
- Lifestyle habits
- Pre-existing medical conditions
- Sum assured amount
- Premium Payment Term
- Policy Tenure
- Go to Max Life Official Website and click on the Customer Login button at the top of the page.
- On the login page, click on Track Application link given on the login form.
- Enter your registered mobile number and date of birth and click on the Continue button. Note: You can also log in with your policy number and date of birth.
- Once you log in, you can check the status of your Max Term Policy.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI clarifies to public that:
- IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
- Public receiving such phone calls are requested to lodge a police complaint.
IRDAI - Registration No. 104. Category: Life. Validity: Valid.
Corporate Identity Number (CIN):U74899PB2000PLC045626.
Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co. Ltd
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.
Corporate Office
: Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.
Operation Center: Max Life Insurance Co. Ltd, Plot No. 90C, Udyog Vihar, Sector 18, Gurugram (Haryana) - 122015.
Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.
Online Helpline - 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday).
Fax Number:0124-4159397.
Email ids: service.helpdesk@maxlifeinsurance.com;
Website: www.maxlifeinsurance.com
** Disclaimer | Max Life Smart Secure Plus Term Plan (UIN: 104N118V10). A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan. | Rider benefit is available on payment of extra Premium over base plan | *Standard premium for 20-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate, purchasing via web link. During policy issuance, Max life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case
~~Disclaimer | Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V06). A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan. | Rider benefit is available on payment of extra Payment over base plan | Standard premium for 20-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Total Elite Protection Term Plan| The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate, purchasing via web link. During policy issuance, Max life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case
Special Exit Value
~1Disclaimer |Get back all the premiums paid with Special Exit value. This can be exercised in any policy year starting 30th policy year, but not during the last 4 policy years.Available for minimum policy term of 40 years.Benefit available with special exit value-the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums exclusive of any applicable taxes, cesses or levies.This feature shall be applicable on the base cover premium only and not for additional optional benefits like ACI, Accident cover, Joint life cover, any attached riders and Voluntary Sum Assured Top-Up.
*1Individual Death Claim Paid Ratio as per Audited Financials for FY 2023-24
*2Max Life Annual Audited Financials, FY 22-23
*3Free look period conditions: The policyholder has a free look period of 15 days from the date of receipt of the policy document and period of 30 days in case of electronic policies and policies obtained through distance mode, to renew the terms and conditions of the policy, where if the policyholder disagrees to any of those terms and conditions, he/she has the option to return the policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses occurred by the company on medical examination of the lives insured and stamp duty charges. In case of a unit linked insurance product, in addition to the deductions under sub-regulation above, the insurer shall also be entitled to repurchase the units at the price of the units on the date of cancellation. A request received by insurer for free look cancellation of the policy shall be processed and premium refunded within 15 days of receipt of the request, as stated at sub clause above.
*4Max Life Public Disclosure, FY 2023-24
*5Max Life Public Disclosure, FY 2023-24
*6As per Max Life internal data since inception
^*All claims that qualify for InstaClaim will be paid within 1 working day from the date of submission of all mandatory documents else Max Life will pay interest at prevailing Bank Rate as on beginning of Financial Year in which claim has been received for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at the beginning of the financial year in which death claim has been received. Mandatory Documents: Original policy document; Original/attested copy of death certificate issued by local municipal authority; Death claim application form (Form A); NEFT mandate form attested by bank authorities along with a cancelled cheque of bank account passbook along with nominee's photo identity proof; Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/Viscera Report (in case of accident death).
Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan | #Total premium will be charged at the time of policy issuance (subject to underwriting’s decision) | ^In such cases video medical assessment will be done for customers who are graduate, up to 45 years of age with income >= 10 lakhs, no disclosed medical condition and completely healthy with sum assured up to Rs. 1 Cr
3The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.
~3Disclaimer: A 35 year old female opting for a life cover of Rs. 1 Cr till the age of 75 years pays Rs. 3,319 monthly for 10 years while a 35 year old male will pay Rs. 4,168 monthly for 10 years
@64 critical illnesses covered in platinum and platinum plus variant on payment
~The Policyholder is allowed to defer the due premium for a period of up to 12 months from the due date, while maintaining the full risk cover under the base plan and attached riders (if any). This option is allowed to be exercised after completion of 3 policy years provided all due premiums have been paid and the policy is in-force.
ARN-ARN: Web/05102024/SSPP/RC
Total Amount Payable
• SSPP (1 Crore) - Premium- 586/Month - Total Amount Payable in 25 years is 1.98 Lakhs
• SSPP (1 Crore) Free Of Cost - Premium- 609/month - Total Amount Payable in 40 years is 3.01 Lakhs
• STEP (2 Crore) - Premium- 888/month - Total Amount Payable in 25 years is 3.31 Lakhs
• STEP (2 Crore) Free Of Cost - Premium- 951/month - Total Amount Payable in 40 years 5.17 Lakhs
*@12% online discount is applicable on first year premium for salaried customers opting for Max life Smart Total Elite Protection Term Plan (UIN:104N125V06) and all customers (salaried/self-employed) opting for Max life Smart Secure Plus Term Plan (UIN:104N118V10)
Corporate Office : Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002