Max Life Saral Jeevan Bima
Max Life Insurance Company
Our Verdict
Max Life Saral Jeevan Bima offers straightforward, affordable protection with flexible premiums and riders. The initial waiting period for non-accidental death might be a drawback. This plan suits individuals seeking basic, uncomplicated financial security for their families.
Brochure
About the Plan
Max Life Saral Jeevan Bima is a non-linked, non-participating term plan offering essential financial protection. It provides flexible premium payment options, including regular, single, and limited pay (5 or 10 years). Policy terms range from 5 to 40 years, with coverage up to age 70. The sum assured varies from ₹5 lakhs to ₹25 lakhs in ₹50,000 multiples. A 45-day waiting period applies, covering only accidental deaths; non-accidental deaths result in a refund of premiums paid (excluding taxes), ensuring transparency and simplicity.
About the Plan
Eligibility
• Entry Age :
18 to 65 years
• Maximum Maturity Age :
70 years
• Policy Term :
5 to 40 years
• Sum Assured :
₹5,00,000 to ₹25,00,000
• Premium Payment Term :
Single, Limited (5 or 10 years), or Regular Pay
• Premium Payment Frequency :
Annual, Semi-Annual, or Monthly
• Citizenship :
Non-Resident Indians (NRIs) are also eligible to apply, subject to underwriting guidelines.
Eligibility
Features of the Product
Death Benefit
In case of the policyholder’s death during the policy term, the nominee receives the sum assured, ensuring financial security.
Flexible Policy Term
The plan offers coverage terms ranging from 5 to 40 years, allowing policyholders to choose a duration that best fits their needs.
Multiple Premium Payment Options
Policyholders can opt for Regular Pay, Limited Pay (5 or 10 years), or Single Pay, ensuring flexibility in premium payments.
High Sum Assured Option
The sum assured ranges from ₹5 lakh to ₹25 lakh, available in multiples of ₹50,000, offering sufficient coverage for different financial needs.
Tax Benefits
Premiums paid and benefits received under this plan are eligible for tax deductions as per Section 80C and 10(10D) of the Income Tax Act.
Exclusions
Death due to suicide within 12 months from policy commencement or revival; only premium refunds apply as per policy terms.
Death due to self-inflicted injuries or participation in hazardous activities like adventure sports.
Death resulting from drug or alcohol abuse.
Involvement in criminal activities or unlawful acts leading to death.
Death due to war, terrorism, or civil unrest.
Death caused by pre-existing medical conditions not disclosed at policy inception.
Participation in aviation activities except as a fare-paying passenger on a commercial airline.
Exclusions
Accidental Death Benefit Rider - Provides an additional lump sum payout if the insured dies due to an accident, offering extra financial security for the family.
Accidental Total and Permanent Disability Rider - Pays a lump sum amount if the insured becomes permanently disabled due to an accident, helping cover medical and lifestyle expenses.
Critical Illness Rider - Offers a lump sum benefit if the insured is diagnosed with a specified critical illness, easing the financial burden of treatment.
Waiver of Premium Rider - Waives future premiums in case of total and permanent disability or critical illness, ensuring continued coverage without financial strain.
Add-ons
If you are a woman
Female policyholders may get lower premiums, tax benefits, and the same flexible coverage options, ensuring financial security with cost-effective protection.
If you smoke
Non-smokers may enjoy lower premium rates in Max Life Saral Jeevan Bima due to reduced health risks
Max Life Saral Jeevan Bima does not offer specific benefits for smokers. However, smokers generally have higher premiums due to increased health risks
Note :
Suicide Clause : If the policyholder dies by suicide within 12 months from policy inception or revival, the nominee receives 80% of premiums paid.
Free Look Up Period : Max Saral Jeevan Bima offers a free look-up period of 15 days (30 days for distance marketing) to review and cancel the policy.
Grace Period : Max Saral Jeevan Bima provides a grace period of 30 days for yearly and half-yearly premiums and 15 days for monthly premiums.
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About the Company
Axis Max Life Insurance is one of India’s leading private life insurance companies, established in 2000 as a joint venture between Max Financial Services Ltd. and Axis Bank Ltd. Known for its customer-centric approach, the company offers a wide range of life insurance products, including term plans, savings and investment plans, retirement solutions, child plans, and health insurance riders. Axis Max Life focuses on providing long-term financial protection and wealth creation opportunities, ensuring families remain financially secure during life’s uncertainties. With a high claim settlement ratio, tax benefits, and transparent policies, Axis Max Life has built a reputation for trust and reliability.
The Managing director and CEO of this reputed organization is Mr Prashanth Tripathy.