Preparing for the Uncertain with a Term Plan

We live in a world where life is very uncertain; we cannot possibly predict accidents, natural calamities or a sudden deterioration in health leading to death. Therefore concerns about how our family will survive without us rise up.

To ensure that our loved ones do not face hardships in their life without us, we should have a backup plan to ensure that they are financially secure in the future and that they do not have to ask for any help or take out a loan.

We are aware of life insurance and how to get a guaranteed life coverage, but let us explore what an online term plan life insurance has to offer:

  • A better edge in understanding
  • The time to choose the right option
  • The convenience of staying at home
  • Involving family members to make the right decision, because at the end they should also know you care for them

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Recently, a friend, who works in a financial consultancy services told me about a term plan by  Max Life Insurance, now the benefits of Max Life  Online Term Plan are many, the ones mentioned by him are:

  1. You get complete sum of amount during the term of the plan
  2. You get extra protection with Max Life Comprehensive Accident Benefit Rider*
  3. Waiver of all future premium, in case of dismemberment or diagnosis of critical illness or death** of policy holder through Max life waiver of premium plus rider
  4. Quick, easy and user friendly online application process, cutting down on paperwork
  5. Some extra benefits if you have a healthy lifestyle, they have low premium rates for Non Smokers
  6. You can choose between three options based on your family’s situation in life, death benefits can be shared:
  7. As a Lump Sun
  8. A lump sum with monthly payments
  9. A lump sum with increasing monthly payments

*For more details on the rider and the various terms and conditions, please refer to the rider brochure.

** Death only in case when policy holder and life insured are different.

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Sample Illustration of scenario if chosen death benefit options:

Suppose Mr. Gupta, aged 28 years, opts for an 80 Lac for 25 years under Max Life Online Term plan with an annual premium of Rs. 6,500.

Though Mr. Gupta has term insurance of 25 years, by after paying 8 premiums, unfortunately Mr. Gupta dies.

So if Mr. Gupta has chosen the death benefit option, then his nominee will get Rs.80 Lacs upon death and the policy will terminate.

Though I wish that we all live our full and complete lives, but we should also be thoughtful and plan for the unexpected, dealing with uncertainty with an online term plan is always a smarter choice. #MaxLifeTermPlan

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