Term Insurance

The claim settlement ratio for Axis Max Life Insurance is 99.65%^ for individual business policies.(Source: Individual Death Claim Paid Ratio as per audited financials for FY 2023-2024)

For Axis Max Life Insurance, solvency ratio is 172% for FY 2023-24. (Source: Public Disclosure FY 2023-24)

OfficiallyValid Documents:
• Passport
• Voter’s ID
• Job card issued by NREGA duly signed by an officer of the State Government
• Aadhaar Card
• National Population Register containing details of name, address and Aadhaar number
• Or any other document as notified by the Central Government
• PAN Card/Form 60 in addition

If the officially valid documents do not contain an updated address, you also need the following documents:
• Utility Bill (Not more than two months old) of any service provider (electricity, telephone, postpaid mobile connection, piped gas, water)
• Property or Municipal Tax Receipt
• Pension or family pension payment orders (PPOs) issued to retired
• Employees by Government Department or PSUs, if they contain the address
• Letter of allotment of accommodation from employer issued by State or Central Government departments, statutory or regulatory bodies, PSUs, scheduled commercial banks, financial institutions, and listed companies

Income Proof for Salaried Individuals
• Bank statement showing salary credit for the latest three months
• Latest 2 years Income Tax Returns
• Latest year Form 16

• Latest 2 years Income tax returns not filed in the same year along with Computation of income
• If Computation of income not available: Latest 3 years Income tax returns not filed in the same year
• CA certified Audited balance sheet and profit loss account for the latest 2 years
• Form 26 AS

Term life insurance is a type of life insurance policy that offers the insured individual life cover for a fixed period of time known as policy term. The premium once decided at the time of policy purchase stays the same throughout the policy duration. With a pure term insurance plan, you get only life cover benefits payable on death of the insured individual whereas maturity benefit is not included. However, you can amplify the coverage with riders and add-ons such as a critical illness rider or a personal accident cover at nominal costs.

In a pure term insurance policy, money-back option is not provided. However, nowadays special features, like a return of premium with free of cost special exit value~¹, may be offered at additional cost.

No. Life insurance does not cover deaths of all types. Usually, life insurance policies cover natural death due to illness, accident, and violence etc. Death due to suicide is generally not covered by life insurance policies in India before the waiting period is over. This period usually spans over an year from the date of policy commencement. Also, death due to engaging in life-threatening activities like sky-diving and cliff-jumping, are also not covered against.

Basic exclusions in term insurance include death due to pre-existing conditions, self-inflicted injuries, engaging in life-threatening sports/activities, war, and nuclear accidents etc. However, suicidal death may be covered against in a life insurance after a minimum period of 1 year from the policy commencement date.

Yes, accidental deaths are covered by term insurance. Life insured can choose for their nominee to receive the sum assured as a lump sum or monthly pay-outs or both in parts. All these conditions are mentioned in the policy document which must be read carefully at the time of purchase and referred to, when required.

The biggest advantage of term insurance is getting good life cover at affordable premium rates. Term insurance plans in India are the cheapest forms of life insurance one can lay their hands on. Also, the premiums paid up to Rs 1.5 lakhs per annum (u/s 80C) as well as the sum assured received is exempt from taxes u/s 10 (10d) of the Income Tax Act, 1961.