Max Life Insurance Company is a leading and fastest-growing private insurance company in India. Founded in the year 2000, Max Life Insurance Company is a joint venture between Max Financial Services, listed holding company and Mitsui Sumitomo Insurance Company, Japan-based insurer. With asset under management of INR 62,798 Cr. Max Life Insurance Company is offering a diverse range of insurance solutions to people of India. With its wide network of 239 branch offices and strong multi-distribution channels operating across the country, the company is known for providing simple and affordable insurance solution to every customer segment. The products offered range from term plans to growth plans, savings plans, child plans, group plans and retirement plans and many more.

Max Life Term Plans

Term plans are the simplest and purest form of insurance offered to customers. Max life term plans aim to offer comprehensive life protection with a variety of attractive features and benefits. Basically, term plans are offered for a specific period of time. During this time period, if the policyholder dies, assured benefit or lump sum payout will be made to the designated nominee in the policy. In case the policyholder survives the period, no benefit will be paid in return to the policyholder at the end of the term. Max life term plans can be purchased online as well as offline.

Benefits of Max Life Term Insurance Plans

Following are the benefits of Max Life term plans:

  1. Comprehensive protection:Max life term plans provide complete protection against unfortunate events like death. These plans provide financial protection to the family of the insured when he/she is not around. It helps them maintain financial stability by securing the family against the burden of liabilities like a loan or other debts.
  2. Flexibility:Max life term plans offer flexibility to choose the policy term as per individuals need. Coverage can be chosen for long-term over 85 years. There is also flexibility offered for payment of premium.
  3. Return of premium: There are Max Life term plans that offer a return of premium facility which will provide maturity benefit. 
  4. Customisation:Max life term plans can be customised based on the requirement with additional optional riders offered. Some of the riders offered are accidental death and disability rider and critical illness rider.
  5. Cost-effective:Max life term plans are economical. Especially, the plans offered online involve no intermediary charges and are more cost-effective. With the easy claim settlement process, max life term plans put no financial burden on the customers.
  6. Tax benefits:Max life term plans offer tax benefits under Section 80C of the Income Tax Act as premiums paid qualify for a tax deduction. Lump-sum benefits payable under these plans are exempted from income tax under Section 10(10D) of the IT Act.

Types of Max Life Term Insurance Plans

Currently, there are three different term plans offered by Max Life Insurance Company with various attractive features. Following are the term plans offered by the company

  • Max Life Online Term Plan Plus
  • Max Life Super Term Plan
  • Max Life Premium Return Protection Plan 

List of Max Life Term Plans

Plan Name

Entry Age

Maturity Age

Policy Term

Premium Paying Term

Sum assured

Max Life Online Term Plan Plus (Basic Life Cover)

18 years to 60 years

75 years (can be extended to 85 years)

10 years to 40 years

Same as premium payment term

INR 25 lakhs to INR 100 Cr

Max Life Online Term Plan Plus (Life Cover + Monthly Income)

18 years to 60 years

75 years (can be extended to 85 years)

10 years to 40 years

Same as premium payment term

INR 25 lakhs to INR 100 Cr

Max Life Online Term Plan Plus (Life Cover + Increasing Monthly Income)

18 years to 60 years

75 years (can be extended to 85 years)

10 years to 40 years

Same as premium payment term

INR 25 lakhs to INR 100 Cr

Max Life Super Term Plan – level sum assured

18 years to 65 years

75 years

10 years to 35 years

Same as premium payment term

INR 25 lakhs to No limit

Max Life Super Term Plan – increasing sum assured

18 years to 65 years

75 years

10 years to 35 years

Same as premium payment term

INR 25 lakhs to No limit

Max Life Premium Return Protection Plan 

21 years to 55 years

75 years

20 years/25 years/30 years

11 years

INR 5 lakhs to INR 1 Cr

1. Max Life Online Term Plan Plus(Basic Life Cover)

Max Life Online Term Plan Plus is specifically crafted for customers on a digital platform to provide financial security to their loved ones against uncertain events like death, disability and diseases. The plan comes in three different variants with varying features and unique features

Max Life Online Term Plan Plus (Basic Life Cover)

The plan provides pure protection assuring to pay a fixed lump sum amount to the family of the insured in the event of death. Along with the death benefits, the policy has many other unique features. 

Features of Max Life Online Term Plan plus (Basic Life Cover)

Following are the features of the plan:

  • In case of death of insured, the sum assured is payable to the designated nominee 
  • The policy provides cover for 40 life-threatening illnesses and disabilities (on payment of the additional premium)
  • The policy provides life stage benefits to enhance coverage on important milestones of life such as marriage, childbirth etc.
  • Coverage can be extended to the age of 80 years by paying an additional amount of premium
  • The policy offers discounted premium rates for non-smokers
  • The large sum assured discounts are offered under the plan

Eligibility Conditions and Other Terms for Max Life Online Term Plan Plus (Basic Life Cover)

Eligibility Criteria

Minimum

Maximum

Entry age

Regular pay

Pay till 60

18 years

18 years

60 years

50 years

Maturity age

75 years

(can be extended up to 85 years with a payment of the additional premium)

Policy term

10 years

40 years 

Premium payment term

Same as policy term (‘’payment till 60’’ years of age can be selected which will restrict critical illness benefit till premium payment term only )

Sum assured

For the base plan

For Critical illness

INR 25 lakhs

INR 5 lakhs

INR 100 cr

INR 50 lakhs

Premium payment frequency

Yearly/half-yearly/quarterly/monthly

2. Max Life Online Term Plan Plus (Life Cover + Monthly Income)

This variant of Max Life online term plan plus pays a regular income to the family of insured along with lump sum financial benefit in the event of uncertainties. The plan comes with various amazing features.

Features of Max Life Online Term Plan Plus (Life Cover + Monthly Income)

Following are the features of the plan:

  • In case of death of the insured during the policy term, lump-sum benefit (sum assured) is payable to the designated beneficiary. 
  • Over and above the basic sum assured, the policy will pay 0.4% of the sum assured on a monthly basis to the beneficiary over a period of 10 years regularly.
  • The policy provides cover for 40 life-threatening illnesses and disabilities (on payment of the additional premium)
  • Max life comprehensive accident benefit rider can be availed to enhance the coverage at an additional cost of the premium. This rider will pay out additional benefits in case 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

Eligibility Conditions and Other Terms for Max Life Online Term Plan Plus (Life Cover + Monthly Income)

Eligibility Criteria

Minimum

Maximum

Entry age

Regular pay

Pay till 60

18 years

18 years

60 years

50 years

Maturity age

75 years

(can be extended up to 85 years with a payment of the additional premium)

Policy term

10 years

40 years 

Premium payment term

Same as policy term (‘’payment till 60’’ years of age can be selected which will restrict critical illness benefit till premium payment term only )

Sum assured

For the base plan

For Critical illness

INR 25 lakhs

INR 5 lakhs

INR 100 cr

INR 50 lakhs

Premium payment frequency

Yearly/half-yearly/quarterly/monthly

3. Max Life Online Term Plan Plus (Life Cover + Increasing Monthly Income)

This variant pays a fixed lump sum as death benefits to the insured’s family along with paying regular income for a certain period after an uncertain event. The plan comes with many attractive features

Features of Max Life Online Term Plan Plus (Life Cover + Increasing Monthly Income)

  • In case of death of the insured during the policy term, lump-sum benefit (sum assured) is payable to the designated beneficiary. 
  • Over and above the basic sum assured, the policy will pay 0.4% of the sum assured on a monthly basis in the first year to the beneficiary. The monthly income will then increase each year by 10% for the rest of the payout period
  • Max life comprehensive accident benefit rider can be availed to enhance the coverage at an additional cost of the premium. This rider will pay out additional benefits in case insured dies in an accident
  • The policy provides cover for 40 life-threatening illnesses and disabilities (on payment of the additional premium)
  • The higher sum assured discounts are offered under the plan
  • Discounts offered on premium prices for a healthy lifestyle

Eligibility Conditions and Other Terms for Max Life Online Term Plan Plus (Life Cover + Increasing Monthly Income)

Eligibility Criteria

Minimum

Maximum

Entry age

Regular pay

Pay till 60

18 years

18 years

60 years

50 years

Maturity age

75 years

(can be extended up to 85 years with a payment of the additional premium)

Policy term

10 years

40 years 

Premium payment term

Same as policy term (‘’payment till 60’’ years of age can be selected which will restrict critical illness benefit till premium payment term only )

Sum assured

For the base plan

For Critical illness

INR 25 lakhs

INR 5 lakhs

INR 100 cr

INR 50 lakhs

Premium payment frequency

Yearly/half-yearly/quarterly/monthly

4. Max Life Super Term Plan

Max Life Super Term Plan is a comprehensive policy that offers all-round protection to the insured’s family in the event of death, disability, accident and critical illness. The policy comes with various attractive features to ensure complete financial stability for the family of the insured.

Features of Max Life Super Term Plan

Following are the features of the plan:

  • The policy provides a lump sum benefit (sum assured) to the designed nominee in the policy during the unfortunate demise of the insured.
  • The policy offers multiple death benefit payout options such as lump-sum payouts, a combination of lump-sum payout and increasing monthly income. A beneficiary can take 100% benefit in a lump sum payout. Or he/she can take 50% of the benefit as a lump sum payout and the remaining 50% can be paid out as regular income for over the next 10 years at 8.5% simple interest rate.
  • Flexibility to choose the premium payment option – limited pay, regular pay and pay till 60 years
  • Comprehensive protection against 40 different critical illnesses listed such as kidney failure, heart attack and cancer
  • The policy offers a return of premium facility in case the insured survives the policy period
  • The policy offers an option to increase the life coverage on achieving important milestones of life such as marriage and childbirth
  • Tax benefits can be enjoyed under Section 80C, 80D and 10(10D) of the Income Tax Act, 1961
  • The policy can be customised and coverage can be enhanced by availing additional optional riders like accidental cover and waiver of premium rider
  • The higher sum assured discounts are offered under the plan
  • Discounts offered on premium prices for non-smokers and female lives
  • The plan is available for purchase in both online and offline mode

Eligibility Conditions and Other Terms for Max Life Super Term Plan

Eligibility Criteria

Minimum

Maximum

Entry age

18 years

65 years

Maturity age

75 years

Policy term

10 years

35 years

Premium amount

INR 5,000 per annum

No limit

Premium payment term

Same as the policy term 

Sum assured

INR 25 lakhs

No limit

Premium payment frequency

Yearly/half-yearly/quarterly/monthly

5. Max Life Premium Return Protection Plan 

Max Life Premium Return Protection Plan offers basic and complete protection to the insured’s family. The policy provides financial security during eventualities and helps for the financial well-being of the insured’s family. In case the insured survives the policy term, the policy will return the total premiums paid. The plan comes with various such amazing features.

Features of Max Life Premium Return Protection Plan 

Following are the features of the plan:

  • The policy provides long-term protection by proving life cover to insured against uncertainties like death.
  • The policy comes with an inbuilt accidental death benefit, cover for which will be 50% of the sum assured
  • Premium to be paid only for a limited period of 11 years
  • Total premium paid will be returned at the end of the policy term in case insured survives the term
  • Discounts offered on premium prices for female lives
  • Flexibility to choose the policy term
  • High sum assured discount is offered on availing cover of more than INR 30 lakhs

Eligibility Conditions and Other Terms for Max Life Premium Return Protection Plan 

Eligibility Criteria

Minimum

Maximum

Entry age

For 20-year policy term

For 25-year policy term

For 30-year policy term

21 years

55 years

50 years

45 years

Maturity age

75 years

Policy term

20 years / 25 years / 30 years

Premium amount

INR 8,500 per annum

No limit

Premium payment term

11 years 

Sum assured

INR 5 lakhs

INR 1 Cr

Premium payment frequency

Yearly/half-yearly/quarterly/monthly

How to Apply for Max Life Term Plans?

Max Life Term plans can be purchased via both online and offline mode. There are also exclusive digital offerings by Max Life Insurance Company. Buying Max Life term plans online is a simple, easy and convenient process. Max Life term plans can also be bought on Turtlemint platform without any hassles.

Following are the simple steps to follow for purchase online:

  1. Log on to Turtlemint home page
  2. Choose the category as ‘life insurance’
  3. Once you click on the category, various plans available under that category are displayed. Click on ‘term insurance plan’.
  4. Provide your profile details such as gender, marital status, date of birth, income details and contact details and coverage requirement etc 
  5. Once the profile is complete, all the term plans available as per your requirement are displayed.
  6. You can compare the term plans offered by various life insurance companies as well as Max Life Insurance Company on the side by side.
  7. Choose the Max Life term plan of your choice
  8. After choosing the plan, provide relevant details and continue to make payment to complete the buying process. And the payment is accepted via various payment modes such as NEFT/RTGS, credit card and debit card online.

Documents Required for Buying Max Life Term Insurance Plans

Following are the documents required 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

Top #7 Reasons to Buy Max Life Term Insurance Online

Buying insurance plans online is the easiest way of availing financial security. There are various reasons to buy Max Life term insurance plans online. Following are some of the reasons:

  1. Easy comparisons: Buying term plans online helps to compare various similar plans on the basis of benefits and cost. Comparison helps in getting the best deal. 
  2. High cover at lower cost: Online platform does not involve any intermediary cost. Hence, a higher amount of coverage can be availed at a lower rate of premium.
  3. Transparency: As there will access to every information related to the plan online, there is clarity. With transparency offered by online plans, rational buying decision can be made.
  4. Flexibility: Term plans offered by Max Life Insurance Company on the online platform offers flexibility to choose the coverage, term and frequency of premium payment. It also allows customisation to make the plan best suitable for individual needs.
  5. Minimal paperwork: Buying term plans online is a simple and quick process that involves less paperwork. Along with this, it also saves the time of visiting the branch office or approaching an agent.
  6. Customer reviews: Online reviews can help any various ways while buying term insurance plans. Online reviews about the product, services and company’s claim settlement process help to make a better decision.
  7. Convenience: The main reason to choose the online mode for buying Max Life term plans is the convenience offered. Right from the process of buying to claiming, it’s simple, quick and easy.

Riders Offered by Max Life Term Plans

Max Life Insurance Company offers various riders that can be opted at an additional cost to enhance the base cover of the policy. Following are the riders offered by Max Life term plans:

  • Max Life Waiver of premium plus rider: As the name implies Max Life waiver of premium plan waives off the premium payment in case of eventualities like disability or critical illness or death (in case life assured is different from policyholder) during the policy term. Basically, this rider helps to keep the base term plan active throughout the term.
  • Max Life comprehensive accident benefit rider: Additional coverage can be availed under Max Life comprehensive accident benefit rider for accidental disabilities or for the death of the policyholder within 180 days of the accident.
  • Max Life Critical Illness Benefit Rider: Under the rider, if the insured is diagnosed with any listed critical illness during the policy term, the rider pays out a lump sum to help in fighting the illness. Basically, the rider gives financial support in getting the right treatment for the diagnosed critical illness. The rider covers around 40 critical illnesses such as cancer of specified severity, stroke, heart attack, benign brain tumour, kidney failure, blindness, chronic liver disease, Alzheimer’s disease, major head trauma and permanent paralysis of limbs and many more.

Exclusions of Max Life Term Plans

Suicide exclusion:If the life assured commits suicide, within one year of the date of commencement of the policy, no death benefit will be payable by Max Life Insurance Company and all the other benefits offered in the policy will cease.

Claim Process for Max Life Term Insurance

The claim process for Max Life term insurance plans is quite simple and quick. In case the policyholder dies during the policy period, designated nominee or the claimant needs to follow some simple steps to claim the policy benefits. 

  • Download the claim form for Max Life term plans from the website www.maxlifeinsurance.com or the claim form can also be obtained from any branch office of Max Life Insurance Company. 
  • Fill in all the details in the form. Submit the relevant documents as stated by the Max Life Insurance Company along with duly filled and signed the claim form
  • Post review of documents, the claim will be processed and compensation will be paid if the claim gets approved.

During the process, if the claimant needs any support, he/she can approach Max Life Insurance Company by calling them on the toll-free number or through email

Toll-free number: 1800 200 5577

Email: claims.support@maxlifeinsurance.com

Contact address: Max Life Insurance Operations Centre – Claims department, 2nd floor, 90A, Sector 18, Udyog Vihar, Gurgaon -122 015

Documentation Required for Max Life Term Insurance

Following are the documents required to be submitted to place Max Life term insurance claims:

  • Duly filled and signed the claim form
  • Original policy document
  • Death certificate
  • Post mortem report, if applicable
  • Police First Information Report (FIR), if applicable
  • Photo identity proof of nominee or claimant
  • Any other documents that may be asked by Max Life Insurance Company

FAQ’s

Yes. There are ‘free look period’ offered for Max Life term plans and the plans can be cancelled within the free look period without any additional cost after buying. There is 15 days free look period offered for online policies and 30 days for offline Max Life term plans. In case the insured is not satisfied with any terms and conditions of the policy, he/she can cancel the policy within this 15 days/30 days free look period after stating the valid reason for rejection.


Yes. In case, policyholder fails to pay the premium within the date of payment due, there is a grace period of 30 days given for payment of premium due. The policyholder can make the outstanding premium payment without losing any benefits during the grace period.


If the insured fails to make premium payment within the grace period given, the policy will lapse and all benefits will cease. However, the policy can be revived within two years from the due date of the first unpaid premium before the end of the policy term. Following is the simple process that needs to be followed for the revival of the policy:

  • Written revival request needs to be submitted to Max Life Insurance Company
  • Insured needs to produce evidence for insurability. After this, the company’s underwriting team will provide approval for revival through written communication
  • Insured needs to pay all the unpaid premium instalments along with late fees and interest if any to get the policy revived.

Basically, term plans do not offer any maturity benefits. When the insured survives the policy term nothing is paid back as maturity benefit as there is no savings component attached to term insurance plans. However, Max Life term plans come with the return of premium facility, under which the total premium paid during the policy term is paid back to the insured on surviving the policy term.


Claim settlement ratio is the number of claims successfully paid by the insurance company against the total number of claims received by the insurance company during the financial year. Basically, the claim settlement ratio denotes the company’s ability to pay the claims. Every year, the claim settlement ratio of the insurance companies are published in the annual report of the Insurance Regulatory and Development Authority of India (IRDAI). Max Life Insurance Company has the highest claim settlement ratio among the private life insurance companies in India, which is 98.47% for the FY 2018-19. It’s always better to go for plans with higher claim settlement ratio.

Max Life Term Plans – Buy, Compare Plans, Premium & Benefits