What is Yes Bank Max Life Insurance and its plans?

Introducing the MAX LIFE SUPER TERM PLAN, a non-linked and non-participating life insurance plan that provides pure risk premium coverage for individuals. This plan ensures that your loved ones have a secure financial future, while also enabling them to cope with rising inflation.

yes bank max life insurance plans and policy
yes bank max life insurance plans and policy

One of the key benefits of this plan is its ability to meet your family’s needs and counter inflation with an increasing life cover option. Additionally, it provides comprehensive insurance coverage at affordable rates and offers flexible payout options, including lump sum or lump sum plus increasing monthly income based on your needs.

The sum assured for the base cover ranges from a minimum of Rs. 25 Lakhs to no limit, subject to limits determined in accordance with the Board approved underwriting policy of Max Life Insurance. You can choose between two options: level sum assured or increasing sum assured, which increases by 5% p.a. at a simple rate on each policy anniversary.

To be eligible for this plan, the entry age is between 18 and 65 years, with a policy term of 10 to 35 years.

In the event of the life insured’s unfortunate death, the plan offers multiple settlement options for the nominee, including taking the full guaranteed death benefit as a lump sum or taking 50% of the guaranteed death benefit as a lump sum and 0.42% of the guaranteed death benefit as a monthly income for ten years. The monthly income increases at 8.5% p.a. (simple) every year starting from the policy anniversary following the date of death.

As a pure term plan, there is no maturity or surrender benefit under the plan. However, the premium paid is eligible for tax exemption under section 80 C as per the Income Tax Act 1961. Additionally, death benefits received by the policyholder’s nominee are tax-free.

You can choose from flexible premium payment options, including annual, semi-annual, quarterly, and monthly payments. The plan also offers additional protection cover through the Max Life Accidental Death & Dismemberment Rider and Max Life Waiver of Premium Plus Rider.

Lastly, the seamless claim settlement process ensures that the nominee contacts Max Life, and a dedicated claims relationship officer is assigned to assist with the claims process.

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