How is term insurance calculated?

One of the simplest ways to calculate your income replacement value is: insurance cover = current annual income x years left to retirement. For example, if you are 40 years old, your yearly salary is ₹15 lakh and you plan to retire at the age of 60 years, the cover you will need is ₹3 crore ( ₹15 lakh x 20).

Is Max life better than LIC?

Private life insurer Max Life Insurance has overtaken Life Insurance Corporation of India (LIC) to the best track record in terms of claims settlement for individual deaths in FY18. According to IRDAI’s Annual Report 2017-18, Max Life settled 98.26 percent of individual death claims while LIC settled 98.04 percent.

How long do you have to pay premium for term insurance?

You have to pay the premium for the entire term of the policy or risk losing some of the benefits promised on maturity. However, some plans have a limited premium paying period. Even though the policy is for 20 years, the buyer will have to pay the premium for only 8-10 years.

How to calculate Max life insurance premium online?

Max Life Insurance facilitates premium calculation for its policy buyers by offering a wide range of insurance premium calculators [2]. You may calculate the insurance premium for the following plans – What Other Insurance Calculators Might Help You?

Can you buy Max Life with return of premium?

You can purchase the term plan with return of premium (for a policy term of either 20, 25, or 30 years while paying a premium for 11 years only (with Max Life Smart Term Plan). While the premium payable under the plan varies by age, the insurance companies offer a lower premium rate to female buyers than male buyers.

How much is Max life Smart term plan?

Dear Customer, Get a life cover of Rs 1 Crore at just Rs.39 per day* with ‘Max Life Smart Term Plan’ and get your premiums paid back at maturity by choosing Return of Premium Option. Would you like to get a free personalized quote from our financial experts? TnC Apply* Dear Customer, thank you for contacting Max Life!

What are the benefits of Max life insurance?

The policy premium paid qualifies for tax deductions under Section 80C of the Income Tax Act, 1961, subject to existing tax laws. Life insurance plans from Max Life Insurance offer protection cover against 40 critical illnesses, including kidney failure, cancer, heart attack, & stroke through its Accelerated Critical Illness (CI) Benefit.