About the Plan
Max Life Online Term Plan Plus (OTP plus) provides a comprehensive financial protection to your family and loves, at an affordable price. Max Life OTP plus plan ensures that your family’s future is completely secured and they can fulfil their dreams, in your absence.
Key Features
- Quick & hassle-free online buying
- Financial security for family
- Choose from 3 different death benefit options
- Premium payment till 60 years of age or pay for 10 years
- Accelerated pay-out, if diagnosed with covered critical illnesses
- Enhance your life cover at key milestones of life
- Boost protection by choosing riders
- Lower premium for non-smokers/ female lives
- Discount on choosing high sum assured
Plan Benefits
Death Benefit
Under Max Life Online Term Plan Plus, the death benefit is payable depending on the option chosen.
- Sum Assured option: 100% of the sum assured is paid immediately on death of life insured.
- Sum Assured plus Level Monthly Income: 100% of the sum assured is paid immediately on death of life insured. Under this death benefit option, the nominee also receives 0.4% of the policy sum assured per month, for next 10 years. In total, the nominee will receive 148% of sum assured amount.
- Sum Assured plus Increasing Monthly Income: 100% of the sum assured is paid immediately on death of life insured. Also, the nominee receives increasing monthly income for 10 years. This payout increases every year by 10% per annum. In total, the nominee will receive 169.6% of sum assured amount.
Accelerated Critical Illness (CI) Benefit
Under Critical Illness Benefit, you can choose a sum assured with a minimum of Rs 5 lakh, to a maximum of Rs 50 lakh or 50% of Sum Assured, whichever is lower.
Life Stage Event
With Life Stage Event benefit, you can increase sum assured (applicable only once) basis of life stage events like marriage, home loan, or child birth. To avail this benefit, you need to choose it at time of inception of the policy.
Maturity Benefit
No maturity benefit is payable under this plan.
Eligibility Criteria
| Factor | Minimum | Maximum |
| Age at entry | 18 years | 60 years |
| Age at maturity | – | 85 years |
| Policy Term | 10 years | 50 years (subject to Maximum Maturity Age) |
| Sum Assured | 25 lakh | 100 crores |
| Premium Payment Term | Regular pay/ Pay till 60/ 10 years pay | |
| Premium Payment Modes | Monthly, Quarterly, Semi Annually & Annually | |
| Free Look Period | 30 days | |
| Grace Period | 30 days (other premium pay modes) & 15 days (monthly premium pay mode) |
Riders
Under Max Life Online Term Plan Plus, you may opt for following Riders.
- Max Life Comprehensive Accident Benefit Rider: Get additional rider sum assured in case of accidental Death or Dismemberment.
- Max Life Waiver of Premium Plus Rider: Waiver of all future premiums on occurrence of critical illness, dismemberment, or death (if, life insured and policyholder are different individuals).
Tax Benefits
- Under section 80C: Premiums paid under this plan is eligible for tax benefits u/s 80C of the Income Tax Act, 1961.
- Under section 10(10D): Death benefit received is entitled for tax benefits u/s 10(10D) of the Income Tax Act.