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Max Life - Max Life OTP Plus Plan

About The Plan

Max Life online Term Plan Plus is  a non participating pure protection term plan. It is a cost effective plan offering large life coverage amounts. It is an ideal plan to take for the financial protection of your loved ones. The lumpsum  plan option under this plan  offers death benefit which is 100% of Sum insured paid to the nominee. The plan offers flexible premium paying  modes as per insured’s convenience and ease. The plan does not offer any maturity value, but  the plan offers various riders to enhance the policy coverage.

Key Features

100% of the sum insured paid to the nominee

Discount on opting high sum insured value

Flexible premium payment options

Low premium rates for female applicants

Comprehensive Accident Benefit Rider & WOP Plus Rider available

Easy online application process

Tax Benefits as per Income Tax Act, 1961

Eligibility Criteria

  • Minimum sum assured is 25 lakhs & maximum sum assured is 100 crores (subject to underwriting)
  • Minimum entry age is 18 years & maximum entry age is 60 years
  • Minimum policy term is 10 years & maximum policy term is 40 years
  • Premium payment mode is Monthly, Quarterly, Half-yearly, Yearly
  • Maturity benefits are Nil
  • Grace period is 30 days
  • Yes, under Section 80C & 10 (10D) of the Income Tax Act, 1961

Premiums

Mr.Khanna opts for Max Life OTP Plus Plan (Basic Life Cover Option) with following parameters:

 Age: 35 year

Category: Non Smoker

Sum Assured:  Rs 1 crore

Policy Term: 25 years

Annual Premium: Rs.8.800 per annum (excluding service tax & cesses)

Mode: Annual

 After Paying 9 annual premiums, Mr. Khanna unfortunately died. Under the chosen option of Basic Life Cover, his nominee will receive 1 crore (100% of sum assured) and the policy terminated thereafter.