MAX LIFE TERM INSURANCE

 Life Insurance

Life insurance refers to the legally binding contract between a policyholder and an insurance company that provides financial protection to his/her family. The insurer promises to offer the insurance benefit in exchange for regular premiums paid by the life insured. The ‘financial protection’ under life insurance is provided in the form of life cover, also known as sum assured. It is a pre-agreed amount that is payable in case of an untoward incident with the life insured.

For the life insurance contract to be enforceable and life insurance quotes to be accurate, your application must accurately disclose your current and past health conditions. Also, you need to pay a single premium or regular premiums as chosen when buying life insurance. You can estimate the life insurance quotes for your financial profile by using the insurance calculator.

Financial Security

Buying a life insurance plan with an adequate sum assured acts as a financial cushion for your family members. It ensures that they will not need to live a compromised lifestyle or disregard their life goals in your absence. Finding the right life insurance quotes for you and your family will be a wise move in planning your finances.

Child’s Future Planning

With the help of life insurance quotes, you can plan for your children’s future, including their higher education plans. The insurance benefits they will receive after you help them fulfil their dreams just as you have planned for them.

Corpus Over Long Term

Most life insurance policies ask for long-term commitment to pay the premium timely and help create wealth, which can be used to fulfil various life goals. You can also opt for life insurance plans with maturity benefits to enjoy life with financial independence. When you refer to the life insurance quotes for your financial profile, you will get a clearer overview of how this will work.

Disciplined Investments

Putting aside money to be invested in various financial instruments becomes difficult when there are so many financial responsibilities to cater to. Getting the life insurance quotes can help you distribute your investments more effectively. You can enjoy the dual benefits of life cover and investment with certain types of life insurance plans.

Retirement Planning

There are various life insurance plans that you can choose to plan for your retired life. You can select monthly income or lump sum pay-outs with these plans to enjoy your life after retirement without financial worries. Such life insurance quotes will allow you to plan years ahead of your retirement, giving you a sizeable corpus to lead a comfortable life.

Tax Savings

Life insurance policies help you save tax under Section 80C of the ITA (Income Tax Act). The premiums you pay for a life insurance plan makes you eligible for tax deductions of up to Rs. 1,50,000. You can also save more tax under Section 80D on choosing health-related riders with your life insurance plan. Find your life insurance quotes to plan your tax savings effectively.

How does life insurance work?

Life insurance purchase

You need to spend maximum time deciding on buying the most suitable life insurance plan at this stage. The life insurance quotes for your financial profile will help you make the decision. Although the best life insurance policies offer the flexibility to choose the benefits, the ultimate choice lies in your hands.

Hence, you must consider various factors, like plan tenure, premium, riders, and, most importantly, the reason to buy life insurance and find the life insurance quotes. You can then buy the plan online or offline as per your preference.

2. Premium Payment
3. As per the life insurance contract, the insurers promise to pay a pre-decided amount to the life insured or policy nominee provided the insured pays the premium without fail. In other words, all the benefits that you can get under a life insurance policy are based on the timely premium payment.
   
   
   Hence, it is advisable to choose a premium that you can easily pay on time along with other financial liabilities. Your life insurance quotes will allow you to speculate on the premium costs in the coming years

4. 3. Claim Filing
   4. The last stage of a life insurance plan is related to filing for a claim to get the expected insurance benefits.
      
      
      In case of your unfortunate demise, the nominee will receive the sum assured as defined in the contract. To receive it, the nominee has to submit a claim form along with various documents. Upon verification of claim, the insurance company releases the benefit to the nominee.
      
      
      For life insurance plans with a return of premium option, the insured gets the total of all premiums paid back if insured person survives the policy term, which can be used to achieve several life goals.

What are the types of life insurance?

Term Insurance

It is the simplest type of life insurance that provides financial safety to the life insureds family in case of the untimely demise. Depending on your income and liabilities, you can select an adequate sum assured under this type of life insurance plan to safeguard the financial interest of your loved ones.

ULIP

A Unit Linked Insurance Plan or ULIP is a unique form of life insurance. It provides life cover while also allowing you to invest money in market-linked instruments. By investing in ULIPs, you get the benefits of market linked returns over the long term, life cover, income tax savings, and flexibility to switch between funds. The life insurance quotes will enable you to determine the amount required for financial security and investment purposes, so that you can divide it efficiently.

Retirement Plans

These plans are life insurance products that provide financial security for your retirement days. These life insurance plans help you invest money during the working years and create a corpus that you can use as a whole or in parts to fund your retired life. You can think of investing in retirement plans as a disciplined way to plan for the golden years of life.

Child Plans

Child insurance plans, commonly known as saving life insurance plans, are designed to help you secure your child's future. Along with life cover, your child receives the benefit of pay-outs at different milestones during the educational journey under these life insurance plans. Investing in child plans shields your child's future against unfortunate events like death or critical illnesses.

Savings and Income Plans

As life insurance products, these plans can help you instill the habit of disciplined savings to ensure steady returns in the form of monthly income or a lumpsum amount. Alongside, these life insurance plans provide various other benefits, including death benefits, tax benefits, terminal illness benefits, to name a few. Check the life insurance quotes and details before making investment decisions, so you can allocate your money in the right places.

Group Insurance Plans

These life insurance plans are meant for organizations or groups to provide life cover to the employees or group members, respectively. Through group insurance plans, the employers tend to take care of the financial security of their employees’ family, thus motivating them to work harder to maintain high-performing businesses. Keeping this cover in mind, you can check the life insurance quotes for additional financial security for your loved ones.

Who is most likely to buy life insurance?

Having life insurance gives you more than just a life cover. It also helps create wealth over the long term for you and your loved ones. Most importantly, life insurance gives peace of mind that your family will live life comfortably, should anything happen to you.

Buying life insurance is a good decision for people at different life stages.

For newly married people

After you have just tied the knot with a better half, you get the responsibility to plan for his/her well-being as well. Your life insurance quotes as a single person and married person will vary as you will have increased financial obligations. Along with the plans that you have already made for the life ahead, it always helps to prepare for the future with a life insurance plan.

For young parents

As a young parent, you can feel immense joy all around. Alongside your spouse, you now have another life to care for. With a life insurance plan, you can plan for your child's future in terms of education, marriage, and many others. The life insurance quotes when you buy a plan for your child's future will account for these factors. They will ensure that your kids’ dreams get fulfilled as planned.

For individuals with financial liabilities

Along with a growing family, the liabilities grow as well. To accommodate your loved ones, you buy a bigger home or buy a dream car that they all love, which gets added to your liabilities. Purchasing a life insurance plan for your loved ones ensures that your loved ones can shoulder these liabilities easily, if you have the right life insurance quotes.

For people nearing retiremen

Retirement planning is something that you should not take lightly, regardless of your current income. By investing in a life insurance plan, you can build a corpus for your twilight years and live life without facing financial dependence. You can also plan to receive a steady income during the retired life by getting reliable life insurance quotes, at the right stage in life.

Types of Life Insurance Plans in India

 

Types of Life Insurance Plans in India

 

There are various categories of life insurance plan available in India as discussed below: 

1. Term Insurance Plans: 

In absence of your loved one, this type of term Insurance plan helps your family become financially independent. Term Insurance plans are the basic form of life insurance plans and are also called ‘Pure Protection Plan’. These plans offer the sum assured to the family members in an event of the sudden demise of the policyholder during the policy tenure. This policy promises to offer high insurance coverage with a minimum premium amount.

2. Unit-Linked Insurance Plans (ULIPs): 

A Unit-Linked Insurance Plan is considered both a policy and an investment as well. This policy offers a death benefit i.e. this policy pays an amount on the death of the insured to the nominee and if the policyholder survives the term of the ULIP, he/she can also get the maturity value of the ULIP. This policy provides a combination of benefits of protection and saving in a single plan.

3. Endowment Plans: 

An Endowment Plan provides life cover as well as an opportunity to the policyholder to invest their money for a specific period of time. It is a type of insurance policy that gives you life insurance protection, maturity benefit, and tax benefit in one package. It is a type of life insurance with the dual purpose of providing a good investment tool and life coverage as well.

4. Whole Life Insurance Plans: 

Whole Life Insurance plans stay in force till the policyholder passes away. These policies have no expiration date. Whole Life insurance is also considered ‘Permanent Life Insurance’ as they generally have higher premiums than any other life insurance plan. Premiums for whole life insurance plans are fixed on the basis of age of issue and the premiums do not increase with age.

5. Child Plans: 

Child plans serve the dual purpose of providing insurance and providing the opportunity for an individual to save for a child’s future. This plan provides a lump sum amount at the end of policy tenure that can be utilized as financial support for your child’s educational expenses or marriage expenses.

6. Retirement Plans:

 Retirement plans are one of the insurance plans that provide the policyholder with life cover and helps them to accumulate their savings over a certain period of time. This plan helps to create a regular income post-retirement for any financial requirements post requirement.

7. Money-Back Plans: 

Money Back plans provide life cover to the policyholder during the policy tenure and also provide maturity benefits in installments as survival benefits provided after certain periods of time. These plans offer to pay the whole sum assured amount at the time of the untimely demise of the policyholder without deducting the amount paid as survival benefits.

SBI LIFE – POORNA SURAKSHA

 Let affection of your loved ones be felt at all times

• Term Insurance Plan with Increasing Critical Illness Cover
• Premium waiver benefit on diagnosis of Critical Illness
• Fixed premium throughout the policy term
• Non-linked Term Insurance Plan with In – Built Critical Illness Cover

SBI LIFE – POORNA SURAKSHA

If your needs change with age, Why shouldn’t your financial planning? 

With SBI Life – Poorna Suraksha Plan, auto-rebalance Life and Critical Illness cover as you age, for more effective protection.

This Term Insurance product with Critical Illness cover offers:

• Security - Comprehensive protection in case of death and critical illness
• Simplicity - Re-balances your life and critical illness cover on every policy anniversary
• Reliability - A lump sum payout providing financial support in case of diagnosis of any of the covered 36 critical illnesses and waiver of all future premiums.

Features:

• Life stage rebalancing
• Comprehensive critical illness coverage
• Waiver of premium on diagnosis of Critical Illness
• Fixed premium throughout the term of the policy

Plan Benefits:

Life Stage Rebalancing:

The ‘LifeStage Re-balancing’ feature rebalances cover between Life Cover and Critical Illness (CI) Cover. At policy inception, the Basic Sum Assured would be split between Life Cover Sum Assured (SA) & CI Sum Assured (SA) in the proportion of 80:20 respectively. There would be an increase in CI SA on each subsequent policy anniversary, as mentioned in table below. The increase will be as a percentage of initial CI SA, based on chosen policy term.

The decrease in Life Cover SA would be equal to the increase in CI SA. The change in sum assured would happen only on policy anniversary. The total basic sum assured (Life Cover SA + CI SA) would remain the same throughout the policy term.

Life Cover:

In the unfortunate event of death of the Life Assured, Effective^ Life Cover Sum Assured, as on date of death will be paid. Critical Illness (CI) Benefit

Effective^ Critical Illness Sum Assured will be paid, on the diagnosis of covered critical illness. The CI Benefit will be paid only once and will cease once the benefit is paid.

Survival Period for Critical Illness Benefit :

 The Critical Illness Benefit is payable only after survival period of 14 days from the date of diagnosis of the covered critical illness. In other words, Critical Illness benefit is not payable if the life assured dies within 14 days from the date of diagnosis of the covered critical illness.

Waiting Period for Critical illness benefit :

There is a waiting period of 90 days from the date of commencement of risk or reinstatement whichever is later and no Critical Illness benefit will be payable, if the claim has occurred during the waiting period. N.B. – Please refer Product Brochure for definitions of 36 Illnesses covered and their exclusions.

Premium Waiver Benefit:

Once a claim under CI is accepted by the Company, all future premiums for the policy will be waived for the rest of the policy term, from the date of diagnosis of the medical condition. The remaining policy benefits shall continue throughout the policy term. The Life Stage Rebalancing will cease to exist once premiums are waived off and the Effective^ Life Cover SA will remain constant from thereon.

Maturity Benefit:

No maturity benefit available under the plan.

Avail tax benefits :

Effective sum assured is the sum assured applicable for the policy year in which the insured event occurs.