Max Life Independent Term Insurance Plan for Homemakers

5 min read

Best Term Insurance Policy for Housewife’s from Max

Companies like Max Life are trying to provide homemakers, the most underrated people in the world, with the most appropriate term insurance for their needs.

The Max Life Smart Secure Plus Plan is supposed to create a financial shield of sorts for the policyholders. It is supposed to help them fight any critical change that may happen later on in their lives. The policy offers them a couple of types of death benefits. Apart from that, it provides them with special exit and terminal illness coverage. This is a term plan with complete life coverage. It can justifiably be called the ultimate financial solution for all homemakers out there.

Eligibility Criteria of Max Life Insurance for Homemakers 

The minimum age of entry in this term life insurance policy is 18 years and the maximum age of entry for the regular pay policies is 65 years. In case you want to continue the policy only till you are 60 years old the maximum age of entry is 44 years. In the case of the base policies, the death benefit is available till 85 years. This limit is also applicable to the Accident Coverage policies. If it is an ACI (Accelerated Critical Illness) plan this could go up to 65 years.

So, if you know what is term life insurance you would acknowledge that these numbers are good enough! The minimum annual premium that you have to pay in this policy depends on the minimum sum assured guaranteed by the policy. As far as the maximum limit in this case there are no limits. The minimum sum assured with regards to the base death benefit in the policy is 20 lakh rupees. In the case of the ACI policies, the minimum figure is five lakh. The minimum accident coverage in these policies is 50 lakh rupees. When it comes to the maximum sum assured there is no limit in case of the base death benefit.

In the case of ACI, the maximum that you get is 50% of the base death benefit. The maximum accident coverage in these policies is one crore rupees. There are several modes of paying the premium that you can choose from in this life insurance term plan such as annually, monthly, semi-annually, and quarterly.

Policy Tenure for the Plan

In the case of base coverage with only death benefit, the policy tenure can be anywhere between 10 and 67 years. In the case of ACI, the period is between 10 and 50 years.

As far as accident coverage goes, the policy offers you a tenure between five years and 67 years. It is factors such as these that make this the best term life insurance in India for the homemakers.

The Features of Max Life Term Insurance

The salient features of the policy may be mentioned as below:

  • financial security
  • premium break
  • return of premium
  • top-up on the sum assured
  • special exit value

The policy offers a wide range of add-on benefits along with maturity and death benefits. This way, you can be sure that your family has the most detailed financial security that you could have ever hoped for. If you can get the combination of features and benefits right according to your financial needs you would gain exponential advantages from such term insurance for housewives in India.  One of the most unique features of this term insurance plan for housewives is its premium break. You can easily opt for this after paying the premium for a decade on the trot. However, this facility is only available in policies with a tenure of 30 years and above.

In this case, you must also have paid the premium for over 21 years. Thanks to the return of premium feature, if you survive at the end of the policy tenure you would be eligible to get back all the money that you have paid in premiums to date. This facility is available for all base covers, policy terms, and PPTs (premium payment terms). Thanks to the sum assured top-up facility you can add to the figure that you had opted for when you had bought the policy. This can be done at a later stage in the policy. In fact, you can upgrade this amount by as much as 100% as well.

This term insurance plan for housewives also offers the feature of special exit value but that applies only to policies that have a tenure of at least 40 years. In this case, you can withdraw from the plan but this is only allowed one time. In that case, you would get existing benefits as per the terms and conditions of the policy.

Benefits of the Max Life Term Insurance

The policy offers you a wide range of benefits that may be enumerated as below:

  • death benefit
  • maturity benefit
  • accidental critical illness benefit
  • terminal illness benefit
  • joint life cover benefit

It is hard to find so many benefits in any other term insurance policy in the country when you come to think of it. In case of the death benefit, the insurer would pay the same in case you die within the policy coverage period. You would get the maturity benefits if you survive when the policy matures. However, for this, you also need to choose this particular facility when you are buying the policy. You would get the accidental critical illness benefit if you contract any of the 40 such ailments that are mentioned in the policy brochure. Thanks to the terminal illness benefit, you would receive the complete death benefit amount guaranteed by the policy if you are diagnosed with such an ailment.

The maximum amount, in this case, is one crore.

Know More : Max Life Insurance Company Limited

Conclusion 

It can be said that this term insurances a major initiative from Max Life as far as securing the financial future of homemakers across the country is concerned. It can be interpreted as a major step in empowering the women of the country. The policy does indeed provide you with a lot of features and benefits. Still, it is better that you read the policy properly before you make any decision in this regard.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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