Axis Max Life Insurance
Term Insurance
Investment Plans
Healthcare Plans
NRI Plans
Calculators
Select a method to track policy

If you have recently calculated a quote of Axis Max Life insurance product(s), your e-Quote number can be found in email / SMS sent.

Join as Advisor
Individual IconIndividualNon-Individual Icon
Non-IndividualHUF / Partnership / Employer-Employee / Keyman

MAIN CATEGORY

Life Insurance PlansSide Arrow Icon

    ResourcesArrow Down Icon
    • Gold Rate
    • Check CIBIL Score
    • Branch Locator
    • Blogs

    Claim CentreSide Arrow Icon

      Renew PolicySide Arrow Icon

        Become a Life AdvisorSide Arrow Icon

          About UsSide Arrow Icon

            Contact UsSide Arrow Icon

              Continue Your JourneySide Arrow Icon

                Web StoriesArrow Down Icon
                • Income Tax Rules Changes
                • Home>
                • Term Insurance Plans
                • What is Term Insurance?
                • Axis Max Life Term Insurance Plans
                • Why buy Term Insurance?
                • Who Should Buy Term Insurance?
                • Benefits of Buying Axis Max Life Term Insurance?
                • How does a Term Plan Work?
                • Fill the Proposal Form
                • Determine the Extent of Coverage You Need
                • Generate Your Insurance Quote
                • Pay the Due Premium Amount
                • Features of a Term Insurance Policy
                • How is term life insurance different from whole life insurance?
                • What is not covered in a term insurance?
                • Types of Term Insurance Plans and Their Benefits
                • Factors that affect Term Insurance Premiums
                • Sample Premium Rates
                • Term-Insurance-Plan-Variants
                • What are the 5 important stages in life to buy Term Life Insurance?
                • Add-Ons Available with Max Life Term Insurance Plans
                • What is a Term Insurance Rider?
                • How to buy Term Insurance?
                • Benefits to look for when purchasing a Term Plan
                • How to Choose the Best Term Insurance Plan?
                • How Much Term Insurance Cover Do You Need?
                • Choose Sum Assured Suited to Your Need
                • Why Buy Term Insurance Online?
                • When Should I Buy a Term Insurance Plan?
                • Why choose Axis Max Life insurance plan?
                • Common mistakes to avoid while buying Term Insurance
                • How Long Should the Term Insurance Policy Period Be?
                • Documents needed to buy Term Insurance
                • KYC Documents for Term Insurance (Eligibility for Individuals)
                • Relatable Examples Based on Life Stage of Policyholders
                • Term Insurance FAQs
                stickyImage

                Term Insurance

                Term Insurance Plan Starting
                @ ₹522/Month@7 for 1 Cr. Life cover

                Term insurance is the simplest and purest form of life insurance, offering financial coverage to the policyholder against fixed premiums
                for a specified duration – hence the name ‘term’ life insurance policy. Choosing and investing in the best term insurance plan is of utmost importance to anyone who has dependents and the best term insurance plan in India provides security as well as value for money. The premium for the life insurance term plan depends on various crucial factors including age, gender, premium payment term, policy term, sum assured, etc. chosen by you and policy term
                ...Read More

                stickyImage
                Tax savings
                up-to Rs 46,800##
                stickyImage
                Additional
                Critical Cover@>
                stickyImage
                Lowest
                Price Guaranteed
                stickyImage
                99.65%^
                Death Claims Paid Ratio
                Term Insurance Plan Starting
                @ ₹522/Month@7 for 1 Cr. Life cover
                stickyImage

                Term insurance is the simplest and purest form of life insurance, offering financial coverage to the policyholder against fixed premiums
                for a specified duration – hence the name ‘term’ life insurance policy. Choosing and investing in the best term insurance plan is of utmost importance to anyone who has dependents and the best term insurance plan in India provides security as well as value for money. The premium for the life insurance term plan depends on various crucial factors including age, gender, premium payment term, policy term, sum assured, etc. chosen by you and policy term
                ...Read More

                All fields are Mandatory

                Select Country

                image chevron_down_navigate_7dd1121f7c

                Select options

                Term Plans by Axis Max Life

                Check Premium
                Image for the Term Insurance Calculator
                Term Insurance Calculator
                Plan Changing Soon
                Image for the ₹1 Crore Term Plan
                ₹1 Crore Term Plan
                Plan Changing Soon
                Image for the ₹2 Crore Term Plan
                ₹2 Crore Term Plan
                Ribbon Icon
                Image for the Free of Cost Benefit
                Free of Cost Benefit
                Ribbon Icon
                Image for the Term Insurance (Women)
                Term Insurance (Women)
                Plan Changing Soon
                Image for the Term Plans for NRI
                Term Plans for NRI
                nfo-countdown-badgePrices Valid Till Check Premium

                View in (हिन्दी)

                Profile picture of the Kriti Arora

                Written by

                Kriti Arora
                Profile picture of the Kriti Arora

                Kriti Arora

                Insurance Writer

                Kriti is a content marketing and branding expert with more than 13 years of rich experience across BFSI and Telecom industries. She is currently leading Digital Creative Strategy for Axis Max Life Insurance.

                :

                Reviewed by

                Vaibhav Kumar
                Profile picture of the Vaibhav Kumar

                Vaibhav Kumar

                Insurance Expert

                With over 15 years in life insurance, Vaibhav is a recognized products and digital leader for driving innovation at Axis Max Life. He's played a pivotal role in developing new business lines and implementing successful D2C strategies.

                What is Term Insurance?

                Term insurance is a pure life insurance product, which provides financial protection to the policyholder. In case of death of the insured during the policy period, the beneficiary receives a death benefit as defined under the chosen term insurance plan.
                Example
                Policy StartsYou Pay ₹527 / Month
                Age30
                Pays the Premium Regularly
                Age60
                Unfortunate Death
                After Claim
                On death Nominee gets₹ 1 Crore
                Axis Max Life Smart Term Plan Plus
                Example
                Policy StartsYou Pay ₹527 / Month
                Age30
                Pays the Premium Regularly
                Age60
                Unfortunate Death
                On death Nominee gets₹ 1 Crore
                Axis Max Life Smart Term Plan Plus

                How does a Term Plan Work?

                A term insurance policy can be defined is an agreement between a policyholder and an insurance company. As part of this agreement, the insurance company agrees to provide financial protection to the dependent (s) /nominee(s) of the life insured in the form of death and/or income benefits in return for premium payments, if certain specified events occur. Below are the key steps of how a term insurance plan works:

                Best Term Insurance Plans from Axis Max Life

                  Why buy Term Insurance?

                  People from all walks of life realise the importance of life insurance, and this leads them to look for the best term insurance plan based on their requirement. Amidst the fast pace of life and rising uncertainties, every family needs financial protection under a term plan to deal with the financial impact of losing a loved one, especially the breadwinner. It also helps the family in paying off the debts, such as car loan and home loan, if any. Here are a few reasons why buying pure term insurance is worth it:
                  Image for the cards

                  To Secure Your Family's Future

                  Being an earning member of your family, you are responsible for the overall well-being of your spouse, parents, and children.
                  By Choosing a best term insurance plan you ensure meeting the obligations for your loved ones even when you are not around.
                  Image for the cards

                  To Protect Assets

                  You might have built assets like a home, office, or vehicles through loans. When you choose from best term insurance plans in India, you craete a safety net against these borrowings so that it will not cause any troubles to your loved ones after you.
                  Image for the cards

                  To Minimise Lifestyle Risks

                  The unfortunate demise of the breadwinner in a family can turn their life upside down, making it difficult to make ends meet.
                  While even the best term insurance plan cannot make up for the loss of a loved one, it can help reduce the financial strain of losing the family's breadwinner.
                  Image for the cards

                  Stay ready for uncertainties

                  Uncertainties in life can affect us in non-familiar ways. This can be well understood while witnessing the current global Coronavirus pandemic. The best term insurance plan should equip us to be prepared financially to overcome a wide range of life's unavoidable adversities.

                  Who Should Buy Term Insurance?

                  Death, disability, disease, all The realities seldom talked about. However, all three are realities we cannot possibly overcome with certainty. Term insurance is one tool, which can save you and your family from the financial hardships brought upon by these three and similar disastrous conditions.
                  Hence, all individuals who have financial dependents should explore a suitable plan out of best term insurance policy.

                  icons

                  Parents

                  Becoming a parent is a joyous occasion however, this does lead an increase in responsibilities. When you decide to choose from best term insurance policy, it will act as a source of financial support for the children, ensuring that they are financially secure even in your absence and do not miss out on life’s opportunities. So parents with dependent children should definitely consider purchasing a term plan with adequate life cover and applicable riders/add-ons to enhance their little ones’ financial security should the unexpected occur.
                  icons

                  Young Individuals

                  When you are young, the financial liabilities tend to be few. What’s more, age plays a major role in determining the premium of term insurance plans in India. Picking a best term policy early in life enables you to lock-in a lower premium for the entire premium payment term. This is because the term insurance premium calculated at the time of policy inception stays the same throughout the policy tenure. This is the case for not just salaried but also young professionals and self-employed individuals. They too can benefit from lower premiums of term insurance plans if they are purchasing a term plan early in life.
                  icons

                  Newly Married

                  With a term insurance plan, you can secure the financial future of your spouse, giving her a truly long-lasting gift.
                  Consider, for example, a family of four, where the father is the primary breadwinner & has bought a term insurance policy. The family needs about Rs.50,000 a month to fund regular expenses like rent, food, other groceries, electricity, water, education fee, etc. Debts, if any, are over and above this.
                  In case of an unfortunate event, life continues, and so do these quintessential expenses. The family will still need Rs. 30,000 to 40,000 a month to meet all their needs. In such an eventuality, opting for the best term insurance plan can provide your loved ones with adequate financial support in the following ways:
                  • A lumpsum to meet their immediate needs
                  • A regular income to meet their household expenses (if opted)
                  The loss of life cannot be compensated. However, a term insurance plan can help to tide over the financial requirements of a family.
                  icons

                  Senior Citizens

                  Senior citizens i.e. individuals aged 60 years or older can enhance the financial security of their loved ones and dependents, such as spouse by purchasing a term insurance policy. This additional protection can help dependants maintain the lifestyle they deserve even in the absence of the insured individual. While it is advisable for an individual to choose from best term policies early in life, there are term plans that one can purchase later in life such as after retirement to ensure that their dependents can reap the benefits offered by such plans.
                  icons

                  Housewives

                  Gone are the days when housewives were the contributors of the household work only. While housewives might not be bread winners, in light of the unique contributions they make to the family, term insurance for housewives that adds an extra layer of financial security for the family is definitely the need of the hour. A good option is to have term insurance for housewife and as well as for the husband with different life covers and premium costs. This way, a larger life cover is available in case the unexpected occurs and one can save taxes on both policies.
                  icons

                  Women

                  Term Insurance for women can provide extra financial security as more and more women are contributing to the family income. But beyond income replacement benefits, working women purchasing a term policy can also avail the additional benefits such as cover against critical illnesses, accidental death, dismemberment along with applicable tax benefits of term insurance as per current tax laws. What's more women in India can also avail various discounts on premium charged for term insurance plan that can increase the affordability of a term insurance policy.
                  icons

                  Self-employed

                  Self-employed individuals and professionals are eligible for the same benefits as salaried individuals when it comes to term insurance plans in India. So self-employed individuals should also consider purchasing best term plans in order to provide financial security of their loved ones and dependents if an unforeseen adverse event occurs. The life cover amount of such plans can be obtained either as a lump sum or as a monthly pay-out to act as replacement of income if an adverse situation occurs.
                  icons

                  SIP Investors

                  Term insurance for SIP investors can be a great choice, given the fact that it provides financial protection to the policy nominee in case of the investor’s demise. The benefits reaped from the policy can help ensure that SIPs continue for the future of the beneficiaries.
                  icons

                  NRIs

                  Term Insurance for NRis has been a great choice over the past few years owing to the ease, accessibility, and affordability in India. NRIs living in UAE and Singapore can choose from best term insurance plans in India while availing coverage of up to 5 Crore while paying 30-50% lesser, and that too with facilities like video medical check-ups.
                  icons

                  Gig Workers

                  Gig workers in India are largely under-insured or have no health or term life insurance due to unstandardised wages, despite having long-term commitments to their current job roles. Such individuals are not provided with employer-borne insurance policies, but they can purchase term insurance, provided they produce valid income documents.
                  icons

                  Home Buyers

                  Term insurance for home buyers can prove to be a great investment option, as the policy ensures that the future of the nominee(s) is protected financially, even in the absence of the loan-bearer. The benefits received from the policy can help ensure that SIPs investments continue for the future of the beneficiaries.

                  Benefits of Term Insurance?

                  TermInsurance

                  High Life Cover at Affordable Premiums

                  Term insurance plans offer significant life cover at a premium you can afford. Also, the earlier you buy a term plan, the lower premium you will need to pay for sceptic life cover.
                  TermInsurance

                  Protection from Illnesses

                  Term insurance plans offer significant life cover at a premium you can afford. Also, the earlier you buy a term plan, the lower premium you will need to pay for sceptic life cover.
                  TermInsurance

                  Long Term Coverage

                  Choose long-term insurance coverage up to age 85 (with a maximum policy term of 50 years) to leave a legacy for your family at an affordable price. This extended coverage is crucial when choosing the best term insurance policy.
                  TermInsurance

                  Disability Benefits

                  Accidents can happen unexpectedly and may lead to temporary or permanent disability Disparity benefit with a term plan will provide you financial support in case of accidental disability available on payment of additional premium).
                  TermInsurance

                  Income Options in case of Unfortunate Events

                  Accidents can happen unexpectedly and may lead to temporary or permanent disability Disparity benefit with a term plan will provide you financial support in case of accidental disability available on payment of additional premium).
                  TermInsurance

                  Protection Against Liabilities

                  The sum assured offered under a term plan will ensure safety for dependents from your financial liabilities like a loan and any other debt. They can easily pay off the debt from the insurance benefits received.
                  TermInsurance

                  Riders for Additional Benefits

                  Term plans come with add-ons/riders that you can select to get additional insurance benefits. For instance. Axis Max Life Waiver of Premium Plus Rider (UN: 104B029V05) offers the benefit of waiver of all future premiums based on conditions specified in the term insurance policy document. The availability and affordability of riders like these can influence the choice of individuals seeking one of the best term insurance plans in India,
                  TermInsurance

                  Multiple Premium Payment Options

                  With term insurance plans, you also get the flexibility to choose the premium payment tenure. You can either choose regular pay through the policy period or limited pay options with your term plan.
                  TermInsurance

                  Tax Benefits

                  As per prevailing tax laws, under Section 80C of the Income Tax Act, term insurance policy offers tax savings of up to ₹1.5 lakh annually on the premium paid, if one opts for the old tax regime. Also, the lump-sum death benefit paid out under a term plan is tax-exempt u/s 10(10D).
                  How Does Term Plan Works
                  Image for the claim
                  20 Years
                  Amrit, a non-smoker, selects a Life Cover Policy with a coverage amount of ₹1 crore for a term.
                  Image for the claim
                  20 - 60 Years
                  Amrit consistently pays the premium on time.
                  Image for the claim
                  60 Years
                  After his unfortunate death, the Life Cover is payable to the Nominee.
                  Image for the claim
                  Amrit's Wife
                  The Nominee gets ₹1 crore amount in one go.
                  Image for the claim
                  After Claim
                  His wife can use the benefit amount to keep up with her current lifestyle.

                  Step 1

                  Fill the Proposal Form :While choosing best insurance policy for self or on behalf of a family member, an individual needs to fill out the proposal form with details of prospective life insured individual needs to fill out the proposal form with details of prospective life insured individual. Key details that need to be provided in this document include:
                  Image for the card
                  Identity, address and demographic details such as age, gender
                  Image for the card
                  Medical history and current medical conditions, if any
                  Image for the card
                  ⁠Life style habits such as tobacco usage, alcohol intake, etc.
                  Image for the card
                  ⁠Profession/trade and annual income
                  The above information will need to be supported by applicable documents such as Government-issued ID, medical certificates, salary slips, Income Tax Return, job appointment letter, etc. as per the documentation requirements specified by the insurance company.

                  Step 2

                  Determine the Extent of Coverage You Need : This step requires the prospective purchaser of a term plan to determine the extent of coverage that they need as well as the need to purchase any optional add-ons/riders to enhance the protection offered by the base plan. Examples of such add-ons are accidental death and disability rider, critical illness rider, terminal illness rider, return of premium, etc. Related factors to consider while securing a best term plan include:
                  Image for the card
                  Size of Life Cover - It is suggested that the term insurance plan cover should be at least 10 times the annual income of the life insured. However, a higher life cover amount of up to 20 times the annual income is preferable for enhanced coverage.
                  Image for the card
                  Duration of Policy Term - A longer policy term means that the interests of your dependent (s) /nominee(s) will be protected for a longer period of time. However, the premium payable will also be higher for longer policy terms. So one needs to weigh the affordability of the plan versus benefits for extended periods when making the decision.
                  Image for the card
                  Premium Payment Term - Currently, term plans in India are offered with various premium payment terms such as regular pay. pay till 60 years, limited pay 10 years, limited pay 5 years and so on. If a shorter premium payment term is chosen versus require.
                  Image for the card
                  Payout Options - The payout options available with a term insurance policy can be broadly classified into 3 categories lump sum payout, periodic income payout (monthly, quarterly, bi-annually, etc.) or a combination of both. Depending on the protection needs of your loved ones, you can choose any of these.
                  Once you have provided the above details into a term insurance calculator, you can view and compare quotes.

                  Step 3

                  Generate Your Insurance Quote :Based on your inputs, the term insurance premium calculator will generate a quote for the premium payable in order to avail the customised term plan you have chosen. At this stage you can make changes to any of the criteria such as changing sum assured, including/excluding add-ons, changing premium payment term/policy term, etc. to check how it affects the premium you are liable to pay for your chosen plan.
                  Comparing multiple quotes is allowed online free of charge, so one should compare the quotes for different customisation in order to choose ones that meet the unique needs of the policyholder or life insured.

                  Step 4

                  Pay the Due Premium Amount :After you have chosen the term plan customisations that suit your need for protection and affordability adequately, you need to pay the first premium accrued to process the purchase. Additionally, you also need to mention the nominees) for the policy along with proportion of payout in case there is more than one nominee for the plan.
                  Currently family members such as spouse, parents, siblings, etc. are the most common examples of nominees for a term plan.
                  Death benefits of a term insurance policy are payable to the nominee (s) of the term plan subject to key term and conditions such of submission of applicable documentation such as death certificate of life insured, identity proof and bank details of the nominee, etc.
                  Apart from death benefits, other benefits may also be applicable to a term policy based on the selections made at the time of policy inception. These include, increase in life cover based on milestone age/life events such as marriage, birth of first child, etc., lump sum payout if specified critical/terminal illness is diagnosed, special exit value, surrender value, etc.
                  Once your term plan is in effect, key benefits may include the following based on selections made at the time of purchase:
                  Image for the card
                  A lump sum payout tone nominee (s) in case of death of the life insured during the policy term.
                  Image for the card
                  Receipt of regular monthly income instead of/along with lump sum payment based on the variant opted.
                  Image for the card
                  Payout from riders opted to enhance protection in case of accidental death, disability, or diagnosis of specified critical illnesses.

                  Features of a Term Insurance Policy

                  Term insurance is that form of life insurance that is most easy to understand. There are several advantageous features of a term plan that you should know before buying one.

                  image features-of-termimage features-of-term
                  TermInsurance

                  Save Tax U/S 80C & 80D (Income Tax Act 1961)

                  The premium you pay for your term insurance plan can save tax for you. Critical illness premium paid under the term insurance policy saves tax for you u/s 80D, while term insurance premium is counted u/s 80C of Income Tax, subject to conditions. Tax benefit are as per prevailing tax laws which are subject to change.
                  TermInsurance

                  Long Policy Term

                  You can opt for a longer term for your term plan to stay protected. You can stay covered for up to 50 years with a term life insurance of Axis Max life.
                  TermInsurance

                  Low Entry Age

                  Most term insurance plans have a minimum entry age of 18 years; that is, you can buy term insurance cover as soon as you hit adult age.
                  TermInsurance

                  Death Benefit as Regular Income

                  Modern term insurance plans allow you to give your dependents a regular income along with the lumpsum benefit in the event of your unfortunate demise.
                  TermInsurance

                  Premiums Returned on Survival

                  You can now receive all your money back if you survive the term insurance tenure. Term insurance plans with the return of premium benefit offer to return all the paid premiums on the policy as survival benefit.
                  TermInsurance

                  Disability Benefit with Term Insurance Plan

                  Any kind of disability due to accident or illness can affect your income earning capacity. You can add disability benefit rider with your term insurance plan at affordable prices. The disability cover is available on payment of additional premium with the base term insurance premium.
                  TermInsurance

                  Cover Against Life-Threatening Diseases

                  Cancer, heart attack, renal failure are some curable diseases that can be life-threatening. Don't let money concern you on the way to the cure from these diseases. Critical illness cover is available with term insurance plans on payment of additional premium.
                  TermInsurance

                  High Maturity Age

                  Of all life insurance plans, term insurance offers the life cover for the highest age bracket. You can continue term insurance cover up to the age of 85 with term insurance plans from Axis Max Life Insurance.

                  Term Insurance Riders in India

                  An add-on or a rider can be defined as an amendment or attachment offered with a term insurance policy that enhances the benefits offered under the basic term plan. Typically, add-ons have to purchased separately along with the base policy and may require the payment of an additional premium.
                  Term plans offered by Axis Max Life Insurance allow policyholders to benefit from various add-ons such as:
                  Image for the cards

                  Terminal Illness Rider

                  Gig workers in India are largely under-insured or have no health or term life insurance due to unstandardised wages, despite having long-term commitments to their current job roles. Such individuals are not provided with employer-borne insurance policies, but they can purchase term insurance, provided they produce valid income documents.
                  Image for the cards

                  Waiver of Premium Plus Rider

                  This add-on provides the benefit of future premiums of the term plan being waived in case the life insured is diagnosed with a critical illness or faces dismemberment/disability due to an accident or illness. Subsequent to applicability of the waiver, all policy benefits including death or income benefit will continue uninterrupted for the remainder of the policy term.
                  Image for the cards

                  Critical Illness and Disability Rider

                  This is an add-on designed to protect the finances of the policyholder if he/she is diagnosed with specified critical illnesses. This term insurance policy add-on ensures that a lump-sum payout for a specified amount is made to the policyholder upon diagnosis of any critical ailment specified by the rider. This payout occurs in addition to the death benefits applicable to the policy and requires payment of an additional premium to avail.
                  Image for the cards

                  Accidental Death Cover

                  This add-on offered with Axis Max Life Insurance Term Plans in lieu of additional premium payment allows for an additional payout to be made to the policy beneficiaries if the life insured dies due to an accident. This payout is made as lump sum to the nominee (s) of the term policy and is payable in addition to the death benefit available with the policy.
                  Image for the cards

                  Total and Permanent Disability Cover

                  If you opt for this add-on, the life insured can receive financial benefits up to the sum assured if you are disabled during the policy term. Such disability may be due to an accident or a debilitating disease and leads to loss of income due to the life-insured's inability to work and earn an income. This benefit can be availed only once during the lifetime of the insured individual

                  What is a term insurance rider?

                  Term insurance riders are affordable add-ons that enhance the basic life coverage offered by term insurance plans. The following are the 3 key benefits of term insurance riders:

                  Image for the card
                  They eliminate the need to invest in standalone insurance policies that might cause financial stress.
                  Image for the card
                  Riders in term insurance reduce the scope of out of pocket expenses in difficult times by ensuring sufficient medical coverage
                  Image for the card
                  Certain riders tax deductible, and you get tax deduction corresponding to the premium paid for the additional coverage

                  How is term life insurance different from whole life insurance?

                  ‘Term life insurance’ or simply ‘term insurance’ is the purest form of life insurance, which offers financial protection for a specific period, typically 60 to 70 years of age, against a periodic premium. Such plans are designed to provide financial protection to your dependents in the event of your death. On the other hand, whole life insurance provides financial protection to an individual for up to 100 years of age as well as includes a component of savings that may accrue a particular cash value.

                   

                  The following are some general differences between term life insurance and whole life insurance:

                   

                  Policy ParameterTerm Life InsuranceWhole Life Insurance
                  Term of the PolicyTerm insurance typically has a policy term of 5 to 40 years. Hence it is called ‘term’ insuranceWhole life insurance policies offer coverage for whole life – up to 100 years of age.
                  CoverageTerm plans offer coverage in terms of ‘death benefit’ to fulfil and support the financial needs of your dependents in your absence.Whole life plans are typically targeted at building funds to fulfil and support future lifestyle goals.
                  MaturityTerm plans do not offer a maturity benefit unless you choose return of premium (ROP) option in the beginning.These plans generally offer a maturity value in cases when the insured outlives the policy term.
                  Additional BenefitTerm plans generally do not have additional/add-on benefits.These plans allow you to choose participating option at policy inception, which provides you with bonuses along with the assured benefits.
                  Loan against the PolicyThese plans do not offer any such benefit against the insurance policyThese plans allow you to apply for a loan against the policy.

                   

                  Term insurance plans are best for you if you have dependents, such as children, who will not depend on your income their entire life. In contrast, whole life insurance plans are the best choice for you if you have a dependent spouse and/or a differently abled child who are/is going to remains so their entire life

                   

                  What is not covered in a term insurance?

                  Term insurance policies typically exclude the following scenarios:

                   

                  a) Suicide committed by the life insured


                  b) Death of the life insured due to:

                  Image for the card
                  A pre-existing health condition
                  Image for the card
                  An accident under the influence of alcohol
                  Image for the card
                  An undisclosed smoking/drinking habit
                  Image for the card
                  Pregnancy-related complications during childbirth
                  Image for the card
                  A natural calamity or disaster, e.g. tsunami and earthquake
                  Image for the card
                  Participation in an ongoing hazardous activity

                  Best term insurance plans in India 2025

                  When it comes to finding the best term insurance plan, there is no one-size-fit-all policy. You must align your needs with the available options to find what suits your requirements the best. The following is a list of term insurance plans offered by Axis Max Life Insurance along with their key benefits:

                  No.PlanBenefits
                  1.Term Insurance
                  • Offers financial protection to your dependentsInsurance?

                  Benefits to look for when purchasing a Term Plan

                  The wide range of term plans with various features might make it difficult or a layman to determine which term insurance policy would be suitable to his/her unique needs. Below are some benefits of a term plan that one should look out for when making the final selection of a suitable term insurance plan:

                  • Increasing Sum Assured

                  Term plans may come with the option to increase the sum assured by a fixed percentage up to a certain extent over the policy term. Such increases may be linked to policy anniversary or the completion of life milestones such as marriage, birth of child. etc. You should opt for this in case you foresee your protection needs increasing in near future.

                  • Accident Benefit Rider

                  This is a popular add-on that can enhance the protection provided by a pure term plan. Accident-related benefits of a term plan can include additional death benefit or lump-sum payout in case of complete or partial disability/dismemberment due to an accident. This add-on is definitely something to consider in case you are a frequent traveler.

                  • Terminal Illness

                  Term insurance plans that provide this feature give financial protection to the life insured and nominee (s) if a terminal illness is diagnosed. On such a diagnosis, typically the base sum assured of the term plan is payable in an accelerated manner as such a diagnosis implies eventual and untimely demise of the life insured.

                  • Critical Illness and Disability

                  This is an add-on to pure term plans and enhances the benefit if the insured individual is diagnosed for specified critical illnesses or is disabled as a result of such an illness. This benefit typically requires the payment of an additional premium to avail and the insured individual gets a lump sum payout if specified events related to diagnosis of a critical illness/onset of disability.

                  • Accelerated Critical Illness Benefit

                  Accelerated critical illness benefit in a term plan provides a lump sum payout to the insured on diagnosis of specified critical illnesses. Such a payout can help the life assured with financing of necessary medical treatment for various critical illnesses.

                  • Long Coverage Duration

                  Since a term plan provided coverage i.e. protection for a limited period of time, a longer coverage duration would enhance protection. This is especially beneficial in case you have family members who are going to be financially dependent on you for an extended period of time. However, such extended coverage offered up to the age of 85 years or beyond should be weighed against the affordability of the additional premium payable.

                  • Cover Continuance Benefit

                  This a unique feature that a select few term plans in India provide. In case you are faced with income loss due to unforeseen circumstances during the premium payment term, this benefit allows you to defer your due premium payment for a predetermined period of time. During this deferment period, all benefits of your term plan included add-on benefits will counting

                  • Flexibility to Choose Premium Payment Term

                  Opting for a term plan that allows you to choose between different premium payment terms such as regular pay. pay till 60. pay for 5 or 10 years can help you save on the total premium payable. This flexibility can also be beneficial in case you want to retire early and pay-off your premium liability ahead of time.

                  • Return of Premium Option

                  Traditionally, pure term plans did not offer maturity benefits, but plans with Return of Premium Option are different. Also marketed as Zero Cost Term Plan, term plans with this benefit allow the insured to receive their premiums back after a predetermined period of time subject to key terms and conditions. The amount that you can receive back with this add-on is mentioned at the time of policy purchase and termed as special exit value or early exit value. Subsequent to this payout, the plan terminates and its benefits can no longer be availed.

                  • Worldwide Coverage

                  In case you travel overseas frequently or plan to be employed in a foreign country in the future, opting for a term plan with worldwide coverage is definitely desirable. This would ensure that you and your loved ones/nominee(s) get the protection they deserve irrespective of your or their geographic location.

                  • Grace Period & Revival Period

                  If you have irregular income, there is increased risk of missing regular term insurance premium payments. In such cases, policies that come with a longer grace period and revival period can come in handy. These term plan features can help ensure that you can revive your insurance policy within a specified time by paying a minimal fee and can continue to avail all applicable term plan benefits post-revival

                  • Free Look Period

                  As per current mandate of IRDAI, insurance companies have to mandatorily offer a free-look period of 15 days in the case of newly purchased life insurance policies. In some cases, this period can be extended to 30 days. A longer free-look period is preferable as policies that are cancelled within this period are eligible to get a full refund on any premiums paid. You should consider availing a term plan with a longer free-look period as it gives you more time to make an informed decision.

                  • Discounts on the Premiums

                  Life insurance companies currently offer discounts on premiums to individuals such as salaried policyholders. Do check if such discounts can be availed in order to reduce the overall premium payable for your term insurance company.

                  • Lower premium rates for Female and Non Smokers

                  Protection plans are pure risk policies. So individuals who are perceived as lower risk policyholders such as individuals who are more likely to outlive the policy term get the benefit of paying lower premiums. This is why female and non-smoker applicants of term plans typically pay a lower premium that men and smokers with otherwise similar risk profiles.

                  • High Sum Assured Discounts

                  Typically, a higher sum assured requires the policyholder to pay a higher premium. However, some term plans in India do offer discounts in case of high sum assured policies. One should opt for such affordable term plans that give you the most value for your money.

                  • Surrender Value

                  As already mentioned, term plans typically do not offer maturity benefits. Similarly, if you plan to surrender your policy before the end of the pre-determined term, you might not get any of your premiums back. In such a situation, a term plan with surrender value can be beneficial as you will get at least of the premiums you have already paid back.

                  • Video Medical Test/Home Medicals

                  In the case of many term plans, it is mandatory to complete a medical test by visiting a clinic registered with the insurance company. However, a handful of insurers are now allowing video medical tests and/or home medical tests in some cases, If you qualify for this benefit, it will enhance your convenience and you will also save some time when purchasing a term insurance policy.

                  • Insta-Payment on Claim Intimation

                  This benefit of term insurance policies enables immediate payout of a pre-determined portion of the death benefits on receipt of a death claim.

                  Above are only a few of the key term insurance policy benefits that individuals should consider when comparing different term insurance policy options. One should keep in mind that very few, if any term plans in India currently offer all of these benefits, so one should take some time to consider factors such as affordability, insurance needs, financial goals, etc. before making the final decision.

                  How to Choose the Best Term Insurance Plan?

                  Whether it is buying a new car, clothes or a house, we tend to compare all available options before selecting the best one that we can afford. So it is only logical that we find ways to compare available options to seek out the best term insurance plan that we can afford. While selecting a term insurance plan, you need to look for the following factors and ensure that your family has the best financial protection under the term life insurance policy:
                  how-one.webp

                  Check Claim settlement/paid record of the Insurer i.e. claims paid ratio

                  The claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. It can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.
                  The claim settlement record of a life insurance company indicates the ultimate moment of truth for the customer. It can be assessed through a percent number (Claim Settlement Ratio) released by IRDAI (Insurance Regulatory and Development Authority India) every year.
                  Axis Max Life's claim paid ratio for the year 2023-24 is 99.65%. ^ (Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2023-2024 ^)

                  how-two.webp

                  Know the Existing Customer Experience

                  Buying a term insurance plan is usually only the start of the story. You need to manage your term insurance policy to maximise the benefits. While the best term insurance plans can be feature-rich and affordable, the importance of providing a good customer experience cannot be overstated.
                  The customer service from life insurers can help the policyholders stick with them longer. Persistency Ratio declared by IRDAI annually can help you judge the insurer's service quotient.
                  Axis Max Life's 13th-month persistence has been 89%, which is a testament of the customer's satisfaction and loyalty towards the company*
                  (Source: Public Disclosure FY 2023-24)

                  how-three.webp

                  Check Solvency Ratio

                  Solvency ratio, as per its basic definition, the solvency ratio of an insurance company is the size of its capital relative to all risks it has taken. In other words, it represents the financial situation of the insurer as per solvency norms.
                  By checking solvency ratio of an insurer, you can identify whether the company has enough funds to settle claims in both long and short term.
                  Axis Max Life Insurance has a solvency ratio of 172%, which is way above the IRDAI mandate of 150% **.
                  (**Source: Public Disclosure FY 2023-24)

                  how-four.webp

                  Choose Term Insurance Riders Carefully

                  Death is not the only risk you need to cover against. Apparently, disability and life-threatening diseases can also damage your financial health. Adding rider which covers these benefits into your term insurance plan along with few additional value-added riders like 'critical illness cover' can ensure better financial backup.
                  Axis Max Life Insurance offers the benefit of Critical Illness coverage against 64 life-threatening health conditions as an additional benefit with Axis Max Life Smart Secure Plus Plan (A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan (UIN: 104N118V08). Also, term insurance premiums are not as high compared to other types of life insurance plans. Hence. adding these rider as added benefits to your term insurance plan does not burden your pocket much.

                  how-five.webp

                  Look for Regular Income Payout of term insurance plan

                  Traditionally life insurance policies have been paying a large sum of money to the dependents of insured in case of any unforeseen circumstances. Often the dependents are not equipped to handle such a large sum of money to meet all their needs and goals. Term insurance plans also offer option to choose variant which offer as regular income options along with the lump sum so that they can look after their immediate needs while investing the lump sum for future goals.Thus, selecting a regular income payout option while buying a term insurance plan may save a lot of hassle for your dependents later.

                  how-six.webp

                  Consider Service Quality and Online Availability

                  Service quality is yet another parameter that you must consider while choosing an insurer to buy term insurance. You must know and ask about this quality from your peers or check online reviews to ensure that you are dealing with a renowned insurance company.
                  Also, you should check the online availability of the customer support team of an insurer for faster resolution of queries.

                  how-seven.webp

                  Check Awards & Recognition Received by The Insurer for Term Insurance Plans

                  Another factor you can use to determine one of the best term insurance plan for yourself is on the basis of awards and recognition that a specific term insurance plan or insurer has received from reputed organisations. For example, Axis Max Life Insurance has been awarded 'Best Term Plan Company' for Axis Max Life Online Term Plan Plus and 'Product of the Year'®️ award for Axis Max Life Smart Term Plan in the Term Life Insurance category in 2020.

                  Choose Sum Assured Suited to Your Need

                  In order to ensure your family's protection and preserved their lifestyle, it is essential to choose a higher sum assured within your budget. Get started with selecting the right sum assured for your term plan. Click on a tab below to begin.
                  Term Insurance ₹ 50 lakhsStating from
                  ₹16/day
                  button-icon
                  Term Insurance₹ 75 lakhsStating from
                  ₹24/day
                  button-icon
                  Term Insurance₹ 1 CroreStating from
                  ₹26/day
                  button-icon
                  Term Insurance₹ 1.5 CroreStating from
                  ₹39/day
                  button-icon
                  Term Insurance₹ 2 CroreStating from
                  ₹39/day
                  button-icon
                  Term Insurance₹ 5 CroreStating from
                  ₹92/day
                  button-icon
                  Term Insurance button-icon
                  ₹ 50 lakhsStating from
                  ₹16/day
                  Term Insurancebutton-icon
                  ₹ 75 lakhsStating from
                  ₹24/day
                  Term Insurancebutton-icon
                  ₹ 1 CroreStating from
                  ₹26/day
                  Term Insurancebutton-icon
                  ₹ 1.5 CroreStating from
                  ₹39/day
                  Term Insurancebutton-icon
                  ₹ 2 CroreStating from
                  ₹39/day
                  Term Insurancebutton-icon
                  ₹ 5 CroreStating from
                  ₹92/day
                  Disclaimer: %* Standard daily premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). ARN: C/SA/280125

                  Why Buy Term Insurance Online?

                  Buying term insurance online comes with a host of benefits. Along with impeccable accessibility and ease of comparison, premium for online term insurance plans are cheaper too. Let’s learn about the advantages of online purchasing term plans:
                  Image for the card - 0

                  Affordability

                  When purchased online, most of the insurers offer a discount on the premium of the term insurance, making it cheaper than a traditionally bought term plan. A lower premium is better on any given day and thus, it is a great benefit of buying term insurance online.
                  Image for the card - 1

                  Multiple Premium Payment Modes

                  When purchasing a term insurance online, customer gets the option to pay it via any of the following modes – UPI, Internet Banking, Debit Card, Credit Card, Digital Wallet and more.
                  Image for the card - 2

                  Ease of Comparison

                  It is an easier way to compare different types of term plans available in the market online as compared to offline. When online, you can simply visit the insurance company’s website and check the features and benefits of the different term plans.
Also, visiting another insurance company is just a click away. Whereas, when taken the offline route, you need to either talk to different agents on call or visit offices of different insurance companies separately, which is indeed troublesome and time-consuming.
                  Image for the card - 3

                  Quick and Easy

                  Buying term insurance plans online is a very quick and easy process. All you need to do is visit the insurer’s official website on mobile or computer and fill in the requirement form with your basic details. You can choose to receive a call from the agent/customer care staff who will guide with further steps so that your online purchase goes seamlessly.
                  Affordability
                  Affordability
                  When purchased online, most of the insurers offer a discount on the premium of the term insurance, making it cheaper than a traditionally bought term plan. A lower premium is better on any given day and thus, it is a great benefit of buying term insurance online.
                  Multiple Premium Payment Modes
                  Multiple Premium Payment Modes
                  When purchasing a term insurance online, customer gets the option to pay it via any of the following modes – UPI, Internet Banking, Debit Card, Credit Card, Digital Wallet and more.
                  Ease of Comparison
                  Ease of Comparison
                  It is an easier way to compare different types of term plans available in the market online as compared to offline. When online, you can simply visit the insurance company’s website and check the features and benefits of the different term plans.
Also, visiting another insurance company is just a click away. Whereas, when taken the offline route, you need to either talk to different agents on call or visit offices of different insurance companies separately, which is indeed troublesome and time-consuming.
                  Quick and Easy
                  Quick and Easy
                  Buying term insurance plans online is a very quick and easy process. All you need to do is visit the insurer’s official website on mobile or computer and fill in the requirement form with your basic details. You can choose to receive a call from the agent/customer care staff who will guide with further steps so that your online purchase goes seamlessly.

                  When Should I Buy a Term Insurance Plan?

                  The best time to buy a term insurance plan is as early as possible. When bought at a young age, preferably in one's 20s or early 30s, they can save significantly on the premium. This way, you get coverage for a longer duration at affordable premiums.
                  A 1 crore term plan bought at the age of 25 years by a healthy, non-smoker female might cost you somewhere around Rs. 1100 per month whereas the same 1 crore term plan purchased at the age of 45 years can go up to around Rs 2,500 monthly. So, if you delay in purchasing a term policy, you should be prepared to pay a higher premium. Therefore, to gain the maximum benefits of a term insurance plan, you should prefer to lock-in the low rates early in life.
                  The below table further illustrates why buying a term insurance plan at an early age can be beneficial. The below premium amounts are based on the assumption that the insured individual is covered till the age of 85 years:

                  Age of the Life Insured₹1 crore life cover for healthy female non-smoker₹1 crore life cover for healthy female smoker₹1 crore life cover for healthy male non-smoker₹1 crore life cover for healthy male smoker
                  25 years (PPT: 60 yr)Total: 1038/Month
                  Premium Payable: 7.08 lakh
                  Total: 1661/Month
                  Premium Payable: 11.33 lakh
                  Total: 1223/Month
                  Premium Payable: 8.34 lakh
                  Total: 1956/Month
                  Premium Payable: 13.34 lakh
                  35 years (PPT: 50 yr)Total: 1729/Month
                  Premium Payable: 7.08 lakh
                  Total: 2766/Month
                  Premium Payable: 11.33 lakh
                  Total: 2138/Month
                  Premium Payable: 8.34 lakh
                  Total: 3421/Month
                  Premium Payable: 13.34 lakh
                  45 years (PPT: 40 yr)Total: 3012/Month
                  Premium Payable: 7.08 lakh
                  Total: 4820/Month
                  Premium Payable: 11.33 lakh
                  Total: 3946/Month
                  Premium Payable: 8.34 lakh
                  Total: 6314/Month
                  Premium Payable: 13.34 lakh
                  55 years (PPT: 30 yr)Total: 6013/Month
                  Premium Payable: 7.08 lakh
                  Total: 9621/Month
                  Premium Payable: 11.33 lakh
                  Total: 8166/Month
                  Premium Payable: 8.34 lakh
                  Total: 13065/Month
                  Premium Payable: 13.34 lakh
                  Disclaimer: For Sum Assured of 1 crore the above calculations are based on Axis Max Life Smart Total Elite Protection Plan (A Non Linked Non Participating Individual Pure Risk Life Insurance Plan, UIN:104N125V07). Monthly premium amounts are excluding GST and before any applicable discounts assuming Regular Pay and monthly payment mode. From the table, we can infer that as one ages, their premium keeps getting higher. Thus, it is wise to purchase your term insurance plan as early in life as possible to reap the maximum benefits while ensuring affordability of the premiums payable.

                  How Long Should the Term Insurance Policy Period Be?

                  In the case of most term insurance plans in India, you can buy a term insurance policy for a minimum period of 5 years and maximum till you reach the age of 100 years. However, the duration of term insurance cover depends on a number of factors that are unique to the life insured and their outstanding obligations.
                  For some, by the age of retirement, a major portion of the financial obligations have already been met and there is a high probability that your dependents having gained their own livelihood. However, this might not be the case for every individual. In such a situation, one might need to opt for a longer coverage in order to ensure the financial security of dependants post-retirement.
                  Choosing the right tenure for your term plan can be streamlined if you consider the following factors:
                  Image for the Your Current Age

                  Your Current Age

                  Age plays a vital role in any term insurance plan. Be it for the insurer for calculating your premium or you for determining the policy period. If you are in the early stage of your life, say in your 20s, it is wiser to opt for a longer policy tenure so that you are at least covered till retirement. Similarly, if you are currently 45 years old, it might be wise to opt for a relatively shorter policy term to match your planned retirement age or till the time your loan accounts are active.
                  Image for the Age of Retirement

                  Age of Retirement

                  Although the normal retirement age in India is 60 years, it can be different for you. If you wish to retire sooner, you must take into account that when deciding the right duration of your term insurance policy. If you plan to retire as you turn 50 years old, may consider keeping the policy term of your term plan around that only. However, if you expect to have financial commitments such as a loan repayment or dependent family members post retirement, having a term plan in place longer can enhance the financial security of your loved ones.
                  Image for the Financial Obligations to Dependents

                  Financial Obligations to Dependents

                  If you’re a parent purchasing a term plan, it is of utmost importance that you analyse your child’s financial necessities like their educational goals and even marriage expenses. Alternatively, you might have other family members such as your spouse, parents, siblings, etc. who will continue to be financially dependent on you later in life. In such as case, opting for a longer tenure term policy might definitely be the preferable option. 
                  Image for the Tenure of Your Outstanding Loans

                  Tenure of Your Outstanding Loans

                  We take a term insurance plan to provide for our families, irrespective of our presence. This includes ensuring that you loved ones are not burdened by any outstanding loans and liabilities you might leave unpaid. It might not be feasible to take a term plan for 10 years while your loan account(s) are active for a longer period. Matching the duration of your outstanding loans and liabilities to the tenure of your term plan is a wise way to decide the tenure of your term insurance policy.

                  Why choose Axis Max Life insurance plan?

                  Axis Max Life Insurance provides you with the double bharosa of customised life insurance coverage with its term insurance plans that address your diverse needs at various life stages. When you choose to go ahead with a best term insurance plan with sufficient life coverage, you safeguard the financial interests of your family. Check below the additional reasons why you must choose term plans by Axis Max Life Insurance:
                  Image for the card - 0

                  Widespread presence across India

                  With 304 offices (as reported to IRDAI, FY 2023-24) across India, Axis Max Life Insurance has a strong presence to address all your insurance-related queries.
                  Image for the card - 1

                  Highest claim settlement ratio

                  Axis Max Life Insurance Limited has the highest claim settlement ratio of 99.65%^ in the industry, which makes it India Ke Bharose Ka Number. The claim settlement ratio simply tells you that how likely your nominee to get the claim settled that too in time.
                  Image for the card - 2

                  Wide Portfolio of products

                  At Axis Max Life Insurance, we have a wide portfolio of Term and Savings plans in our product portfolio, making us your preferred partner when it comes to financial protection of your family in the long run.
                  Widespread presence across India
                  Widespread presence across India
                  With 304 offices (as reported to IRDAI, FY 2023-24) across India, Axis Max Life Insurance has a strong presence to address all your insurance-related queries.
                  Highest claim settlement ratio
                  Highest claim settlement ratio
                  Axis Max Life Insurance Limited has the highest claim settlement ratio of 99.65%^ in the industry, which makes it India Ke Bharose Ka Number. The claim settlement ratio simply tells you that how likely your nominee to get the claim settled that too in time.
                  Wide Portfolio of products
                  Wide Portfolio of products
                  At Axis Max Life Insurance, we have a wide portfolio of Term and Savings plans in our product portfolio, making us your preferred partner when it comes to financial protection of your family in the long run.

                  Common mistakes to avoid while buying Term Insurance

                  Axis Max Life Insurance provides you with the double bharosa of customised life insurance coverage with its term insurance plans that address your diverse needs at various life stages. When you choose to go ahead with a best term insurance plan with sufficient life coverage, you safeguard the financial interests of your family. Check below the additional reasons why you must choose term plans by Axis Max Life Insurance:

                  Buying a term plan with a short policy term

                  When it comes to purchasing a term plan, you must choose one that covers you till the age when you have remaining responsibilities/liabilities. Initially, a term plan with a shorter term may have a lower annual premium; however, the premium is likely to increase significantly when you renew it two to three years down the line. Thus, ensure that you choose a term plan with adequate coverage and corresponding policy term.

                  Choosing insufficient coverage for your dependents

                  The sole purpose of buying a term plan is to provide financial security to your dependents when you are no longer there to support their existing lifestyle. If you are the primary bread earner in your family and you select a sum assured that might be insufficient in the future, your dependents may still face issues maintaining their existing lifestyle. Thus, assess your family’s existing lifestyle and choose a term plan with sufficient sum assured.

                  Delaying the decision of purchasing of a term plan

                  The best time to purchase a term plan for yourself is as soon as you start earning a stable income. In other words, the early your purchase a term plan with sufficient coverage, the lower the annual premium you have to pay.

                  Providing incorrect/insufficient information

                  When you purchase insurance, be it a term plan or health plan, make sure you provide correct information about your health to the insurer. If you do not disclose an existing illness or any other information to your insurer, your claim may not be honored in the future.

                  Opting for excessive or no riders at all

                  Insurance add-ons are a great way of getting the maximum out of your policy. Therefore, while exploring a best term plan for you, make sure your browse through the available/offered riders to enhance the basic policy coverage. However, purchase an add-on only if you find it necessary as it is not mandatory.

                  Documents needed to buy Term Insurance

                  There are three key types of documentation required when purchasing a term insurance plan. These are KYC (Know-Your-Customer) proofs (which include ID proof, age proof, residence proof and photographs), Income Proofs and Medical Proofs. Let's have a look at the types of accepted documents for each category for purchasing term insurance plans:

                  Identity proof

                  It can be of the following documents to validate the identity of an individual:
                  • Passport
                  • Voter ID
                  • Aadhar Card
                  • PAN Card

                  Address proof

                  • Electricity, gas, phone or water bill not more than 2 months' old
                  • Property tax receipt

                  Medical Proof

                  • Last Medical Report by Axis Max Life Insurance

                  Income proof

                  a.

                  Salaried Individuals

                  • Bank statement showing the credit of salary
                  • Last 2 years Income Tax Returns
                  • Recent year form 16
                  b.

                  Self - Employed

                  • Last 2 years Income tax returns which have not been filed in the same year and income calculation
                  • Form 26AS
                  • Last 2 years of audited balance sheet and profit loss document verified by a CA

                  KYC Documents for Term Insurance (Eligibility for Individuals)

                  Apart from the PAN of the individual, which is mandatorily required to submit, the following is the list of KYC documents accepted as ID proof as well as address proof:
                  Image for the card
                  Passport
                  Image for the card
                  Voter’s ID Card
                  Image for the card
                  ⁠Driving License
                  Image for the card
                  ⁠Aadhaar Card

                  KYC Documents for Term Insurance with Eligibility for Legal Entities

                  No.Types of Legal EntitiesKYC Documents
                  1.Hindu Undivided Family (HUF)
                  • Registration Certificate of HUF
                  • KYC documentation of Karta of HUF (as mentioned in the previous section)
                  • PAN of HUF
                  • PAN of Karta of HUF
                  2.Company
                  • Incorporation Certificate
                  • MOA
                  • PAN of Company or Master policyholder
                  • PAN of Beneficiary
                  • Board of Director's resolution
                  • Power of Attorney (copy)
                  • Beneficiary's Declaration Form
                  • Beneficiary's KYC Documents (same as that of an individual)
                  3.Partnership Firms, Trusts, etc.
                  • Certificate of Registration
                  • PAN of Partnership Firm
                  • PAN of Beneficiary
                  • Partnership Deed
                  • Consent, duly signed and stamped, by all partners regarding the premiums to be paid
                  • Power of Attorney (copy)
                  4.Term Insurance with Critical Illness
                  • Offers financial security to your family in case of your unexpected demise, helps in wealth creation, retirement planning, and more
                  • You get additional protection against 64 critical illnesses subject to the rider you choose
                  5.Term insurance with Return of Premium
                  • Offers financial protection to your dependents at low premium rates in the event of your death
                  • You are entitled to the return of all premiums paid if you outlive the policy term
                  6.Term insurance with Waiver of Premium
                  • You get a waiver of all future premiums in case of a covered dismemberment and diagnosis of a covered critical illness.
                  • Ensures peace of mind by helping you bear various life expenses
                  7.Term insurance with Accidental Disability & Death Cover
                  • You get coverage against death due to accident
                  8.Term Insurance Plan with Monthly Income
                  • A term insurance plan with monthly income gives you the option to ensure a regular stable income to your family apart from a lump sum death benefit.

                  Customer Testimonials

                  Varun Nema, 33 (New Delhi)

                  The reason I opted for Axis Max Life was the highest claim settlement ratio and a dedicated claim settlement officer for the family. Along with that, the strong brand coherence among my friend circle and a strong word of recommendation. Honestly, the end to end assistance while applying for the policy, assistance with health check-up and timely updates did hold up to the high expectations and I am glad I went with Axis Max Life.

                  Anu Agrawal, 32 (Aligarh)

                  The claims paid ratio of Axis Max Life Insurance got my attention. The policy purchase journey was quite easy and fast. I was assisted well by the policy advisor on the plan that suits me best. I'm very happy with the overall experience.

                  Mohit Agrawal, 31 (Aligarh)

                  I bought Axis Max Life Term Plan in 2021 and found the purchase journey very smooth as the policy got issued within 8 days. Also, Axis Max Life has the highest claim settlement ratio which gave me comfort and trust on this brand. As far as the product is concerned, it has a very competitive pricing.

                  Satyanarayana Gandhudi, 42 (Noida)

                  I liked the proper assistance as well as the guidance by tele caller during the online policy purchase process . Also i liked the claim settlement ratio of the company

                  Factors that affect Term Insurance Premiums

                  Your term plan premium depends on various factors. Some of it may work in your favor while some of them may swell your insurance premium. Let's take a glance
                  Image for the card - 0

                  Age

                  Buying Term insurance at young age is always a prudent decision. Paying Lower premiums for your term plan is one of those many benefits as an early buyer. Young Individuals are generally considered healthy and chances of disease are also lesser.
                  Image for the card - 1

                  Health Status

                  Your term insurance premium also depends on your lifestyle and eating habits. People suffering with diabetes, hypertension, thyroid etc. end up paying higher insurance premiums.
                  Image for the card - 2

                  Gender

                  Various researches suggest that the average life expectancy of women is higher than men in India. Thus women can avail of lower premium as they continue with their term insurance policies for a longer tenure.
                  Image for the card - 3

                  Smoking Habit

                  It’ proven that smokers are most likely to develop certain diseases like lung cancer and heart diseases than non-smokers. Particularly, for men developing lung cancer, the risk is 25 times higher. So, if you are a smoking man then you will be paying higher premiums than your female counterparts.
                  Image for the card - 4

                  Occupational Risks

                  Definition of ‘Career’ varies for person to person. For some it’s low to no risk while for some it’s very risky (like factory workers, pilots, armed forces etc.). The risk profile of your occupation has a direct bearing on your term plan premium.
                  Image for the card - 5

                  Chosen Sum Assured

                  Higher sum assured attracts higher premiums and It’s a no brainer. Always choose a term plan suiting your financial and family needs.
                  Image for the card - 6

                  Premium Payment Tenure

                  Your payment tenure has a major say in the premiums you pay for your term plan. The longer tenure and payment frequency you choose the more premium you have to pay for your term plan.
                  Age
                  Age
                  Buying Term insurance at young age is always a prudent decision. Paying Lower premiums for your term plan is one of those many benefits as an early buyer. Young Individuals are generally considered healthy and chances of disease are also lesser.
                  Health Status
                  Health Status
                  Your term insurance premium also depends on your lifestyle and eating habits. People suffering with diabetes, hypertension, thyroid etc. end up paying higher insurance premiums.
                  Gender
                  Gender
                  Various researches suggest that the average life expectancy of women is higher than men in India. Thus women can avail of lower premium as they continue with their term insurance policies for a longer tenure.
                  Smoking Habit
                  Smoking Habit
                  It’ proven that smokers are most likely to develop certain diseases like lung cancer and heart diseases than non-smokers. Particularly, for men developing lung cancer, the risk is 25 times higher. So, if you are a smoking man then you will be paying higher premiums than your female counterparts.
                  Occupational Risks
                  Occupational Risks
                  Definition of ‘Career’ varies for person to person. For some it’s low to no risk while for some it’s very risky (like factory workers, pilots, armed forces etc.). The risk profile of your occupation has a direct bearing on your term plan premium.
                  Chosen Sum Assured
                  Chosen Sum Assured
                  Higher sum assured attracts higher premiums and It’s a no brainer. Always choose a term plan suiting your financial and family needs.
                  Premium Payment Tenure
                  Premium Payment Tenure
                  Your payment tenure has a major say in the premiums you pay for your term plan. The longer tenure and payment frequency you choose the more premium you have to pay for your term plan.

                  Sample Premium Rates

                  Here are the applicable premiums for a sample nonsmoker male aged 30, with coverage until age 70, paying annually for the Axis Max Life Smart Total Elite Protection Term Plan online:

                  For the Life Cover Amount ₹2 Cr

                  Payment Plans
                  • Single Pay
                  • Pay for 5 year
                  • Pay for 10 year
                  • Pay for 12 year
                  • Pay for 15 year
                  • Pay for 60 year

                  Smoker

                  • ₹ 7.2 lac/yr
                  • ₹ 1.5 lac/yr
                  • ₹ 7.9 k/yr
                  • ₹ 6.7 k/yr
                  • ₹ 5.7 k/yr
                  • ₹ 3.9 k/yr

                  Non-Smoker

                  • ₹ 4.5 lac/yr
                  • ₹ 9.8 k/yr
                  • ₹ 4.9 k/yr
                  • ₹ 4.2 k/yr
                  • ₹ 3.5 k/yr
                  • ₹ 2.4 k/yr

                  How Much Term Insurance Cover Do You Need?

                  You must ensure sufficient protection for your family to support their existing lifestyle, even in your absence. However, the question is ‘how much coverage is the adequate for your family?

                   

                  Most people believe that a 1-Crore Term Plan is adequate, but it is prudent to look out for a 2-Cr Term Plan to be future-proof. Let's find out how to choose adequate coverage.

                  1. Evaluate your existing liabilities

                  Before you purchase a term, it is prudent that you evaluate and keep your existing financial liabilities, such as a car or home loan, in your mind, as a new EMI could be an additional burden on your dependents in case of your demise. Thus, you must look for a term plan that offers an adequate sum assured to your dependents, in case of your demise, to avoid a potential financial crisis.

                  2. Consider your dependents’ income

                  In case another member in your family has a fixed monthly income, you may consider that too while purchasing a term plan, as this income can help your family build savings. This can help reduce your monthly/annual premium to a certain extent by allowing you to choose a 1-Cr term plan rather than a 2-Cr term plan as per your need.

                  3. Ideal coverage to should opt for

                  Financial experts suggest that the ideal term plan coverage you should opt for is 10 times your annual income. However, this might not be true for a large, joint family that relies on a single monthly income. If yours is such a case, you must look for a minimum of 2 Cr as the sum assured.

                  Term Plan Calculator

                  Get --
                  Term plan starting from ₹ NaN/ day
                  Term Insurance Cover--
                  Monthly Premium-- / month
                  You can Protect your family from outstanding Debts. Buy an additional Term plan to cover your loans! 
                  1 Crore Term just at --/ monthBuy Term Plan Now

                  Types of Term Insurance Plans in 2025

                  Just like there are various types of life insurance available in the market, similarly, there are different types of term insurance plans available too. While the basic benefits and features remain the same across all term insurance plan variants, there are some additional features that different one from another. These are explained in the table below: 

                  No. Plan Variants Benefits in Brief 1.Basic Term PlanDeath benefit in a lump sum amount for an affordable premium2.Term Insurance with Monthly IncomeRegular stable income for family along with death benefit3.Term Insurance with Growing Monthly IncomeGrowing income for family along with death benefit4.Term Plan with Return of PremiumReturn of premiums paid on maturity, along with death benefit during the policy period5.Group Term InsuranceLife cover for a group of people under one policy

                  Relatable Examples Based on Life Stage of Policyholders

                  Below are a few instances of individuals who should consider purchasing a term insurance policy considering their unique life stage or milestone event:
                  Image for the cards

                  Manish, 36, and Meena, 32, Recent Homeowners

                  Manish and Meena both have stable jobs and have recently purchased their first house funded partially through their savings but they do have a substantial home loan amount currently outstanding. Apart from ensuring they are on track to pay off their loan, they also have to ensure the financial security of their 8 years old girl. In this situation, a joint term plan with an adequately high life cover and applicable add-ons can maximise the financial protection of the family at an affordable cost.
                  Image for the cards

                  Harish, 30, and Pooja, 28, New Parents

                  Harish and Pooja have just become the proud parents of a baby boy and like all parents want him to get the best of everything. They had considered purchasing a term plan some time earlier, but never got around to actually completing the process. Now that their family has grown, they should definitely not delay any longer. As both of them have regular income, a joint term plan with a suitably high life cover would be a good fit. In their case, such a term policy will ensure that the survivor and/or their baby boy get adequate financial protection in case either or both of them dies unexpectedly and/or is no longer able to work due to an illness or disability.
                  Image for the cards

                  Ashish, 28 and Mira, 24, Recently Married

                  Prior to getting married, Ashish had already bought a term plan with his parents as nominees. Since his parents are not dependent on him financial, Ashish should consider Mira to be added as a nominee to his existing term insurance plan and consider whether the life cover is sufficient considering his financial responsibilities have now increased. Since Mira is homemaker, Ashish can also consider purchasing a term plan for housewife which can further augment the financial protection for the newly-wed couple.
                  Image for the cards

                  Joydeep, 30, sole provider for parents.

                  Joydeep is a salaried individual working with a reputed accounting firm and is the sole provider in his family. He lives with his parents who are financially dependent on him and he also plans to get married in the near future. To protect his parents from any loss of income due to his untimely demise or a disability/dismemberment that renders him unable to work, he should definitely consider purchasing a term plan. He should take into account the current household expenses as well as potential future increase in inflation when determining the life cover amount that would be sufficient to secure the finances of his parents.
                  Image for the cards

                  Nandini, 24, Just Started Her First Job

                  Fresh out of college, Nandini has just started her first job. She has an education loan outstanding, which she plans to pay off in the next couple of years, and her parents are not dependent on her financially. This is arguably the perfect time for Nandini to purchase a term insurance policy with adequate life cover and suitable add-ons/riders. Purchasing term insurance early in life will enable her to lock-in a low premium rate for the entire policy payment term. This will ensure she protects the financial interest of her loved ones at an affordable cost in the face of unforeseen problems.

                  Term Insurance FAQs

                  Is Buying Term Insurance a Good Idea?

                  Term life insurance is one of the best ways to secure your family financially in case of your untimely demise. Term insurance coverage provides a fixed amount of sum as a death benefit if you meet with life’s eventuality during the policy period.

                  It is a good idea to buy a term insurance policy as you only need to pay small annual premiums against a considerable sum. Moreover, the term insurance premium is also subject to tax deductions, which adds the cherry on the cake.

                  For example- You bought an online term insurance coverage worth Rs. 1 Crore for a 30-yearpolicy term. In the event of your untimely demise (within the policy term), your family will receive the entire 1 crore Sum Assured as a death benefit, subject to terms and conditions.

                  The term insurance coverage amount, thus, enables the insured’s loved ones to lead a decent life and achieve all their goals even in the absence of the breadwinner.

                  Moreover, buying riders like ”Accidental Death Benefit Rider” helps to make the term plan more comprehensive. These additional benefits are available on payment of additional premium.

                  Therefore, buying the term insurance plan is a good way to offer financial security toyour family, after you are no longer with them.

                  How Much Does Term Insurance Cost?

                  The cost of a term insurance plan varies depending on various factors such as age, annual income, the amount and tenure of insurance coverage, health condition, and whether you are a smoker/non-smoker.Affordability of a policy is often one of the criteria that prospective policyholders use when selecting the best term insurance plan for themselves.

                  What Is the Maximum Age For Term Life Insurance?

                  The maximum age to purchase term life insurance can be up to 60 years. If you choose to purchase Max Life Smart Plan with Return of Premium optional benefit, the maximum duration that you can buy this plan is 50 years. This means, incase you are buying the term insurance plan at the age of 25 years, then you can get coverage for upto 75 years.If you purchase it at the age of 35, you can get coverage upto 85 years. However, as the maximum age for coverage is 85 years, if you buy term insurance at the age of 40, you can get coverage only for 45 years, that is, till you turn 85

                  Is natural death covered in term insurance?

                  Term insurance does pay your family in the event of death, both natural and accidental. Term insurance provide your family with a certain amount of money, irrespective of the reason of death. However,you should know about some exclusions like Suicide , non-disclosure of rightful facts, that can lead to the decline of a term insurance claim. To know more about such exclusions, please refer to the term insurance policy document and term Conditions.

                  Can I have two Term Insurance Policies?

                  Yes, you can have multiple term life insurance policies. You can take all policies from either one insurer or multiple insurers. With age, your lifestyle changes and liabilities increase, hence buying an extra life cover makes sense.

                  The maximum coverage, be it single or all plans combined, that one can avail is calculated basis his income, age, assets, and financial liabilities.

                  While buying multiple term insurance policies, you keep in mind these two important points:

                • Disclose all the existing policies that you currently own to the new insurer from whom you are buying the additional policy. This will help them assess your eligibility life cover.

                • Read the policy documents very carefully to understand all the features, inclusions, and exclusions. For example, in case of death due to accident or suicide, your nominee may receive the entire lumpsum from one insurer while receiving no money at all from the other insurer. This will be the case when the latter does not cover death due to accidents or suicide.
                • Which Is the Best Term Insurance Plan in India?

                  Since every person might have different life insurance requirements, there is no single correct answer to the question – “which is the best term insurance plan in India”. So, when buying a term insurance plan, you must check for the following pointers to make sure you have bought the term life insurance policy that is best suited to your needs -
                • Claim Settlement Ratio or claims paid ratio–  This is the number of claims settled against total claims received by the insurer. You must choose the insurer with a higher claims ratio. The regulatory body, IRDAI, publishes this for each life insurer in its Annual Report.

                • 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)


                • Solvency Ratio– This ratio shows the financial ability of an insurer to pay it’s short-term as well as long term debts. Choose the insurer with a higher solvency ratio as it shows the strong financial strength of a company. It can be found in IRDAI’s annual report

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


                • Product Features– After shortlisting the top insurers, you must read the product features in detail and pick the one that meets your personal needs and financial goals.
                • How Does A Term Insurance Plan Work?

                  Term plan offers a sufficiently large amount i.e. sum assured to the family at the time of death of policy holder. The plan covers your family from the risk of death for alimited period called a policy term.

                  Term insurance takes care of the family in such unfortunate times.

                  What documents should I have to buy term insurance plan online?

                  List of documents which are required while buying a term insurance plan are:

                    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

                  While purchasing a term insurance policy online, you just need to upload the attested copy of the above documents.

                  Are Term Insurance plans available online?

                  Yes, Term plans can be purchased directly from the website from most of the insurers, in a matter of minutes. Buying online gives you convenience and speed to buy term insurance plans.

                  Research shows that in some cases, term insurance plans available online can cost up to 8% lesser than offline plans with the same features and benefits. Key factors that influence the cost of buying term insurance online is the absence of an insurance advisor (distribution costs and commissions is saved) and savings from overheads (documentation, logistics, stationery, etc.).

                  To pay term insurance premiums online, you can choose from a whole host of fast and secure payment options like net banking, debit cards, credit cards, and more. Because all payments are instantly processed through a secure gateway, you are ensured peace of mind. The payment process is quick, hassle-free, and provides an instant online receipt. This is especially ideal for times when you need to furnish documents for claiming tax exemptions quickly.

                  How much risk cover should I opt for my term insurance plan?

                  It entirely depends on your annual income, your age and other factors. Ideally, the risk cover should be 10-20 times of your annual income.

                  Do Term Insurance Plans Offer Tax Benefit?

                  A term insurance policy also offers tax deductions to lower your tax outgo. As per Section 80C of the Income Tax Act 1961, the premium paid towards term insurance policy gets a tax deduction for up to Rs 1.5 lakh. Similarly, for critical illness benefits, you can get tax benefits under Section 80D. Moreover, the benefits received by your family will also be tax-free. For any tax-payer, these tax benefits are like icing on the cake.

                  Can term plan be used for repayment of financial liabilities?

                  Yes. A term plan can be used to repay liabilities like home loan and personal loan. The nominee who receives the benefits of a term insurance policy is free to use the amount to maintain family’s lifestyle while also reducing financial burden of any kind.

                  What is term life insurance?

                  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.

                  Do we get money back in term insurance?

                  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.

                  Can I have 2 term insurance policies?

                  Yes. In India you can have more than one term insurance policy in your name at the same time and this allows for a higher life cover along with added applicable benefits.

                  Does life insurance cover all deaths?

                  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.

                  What are the exclusions in term insurance?

                  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.

                  Does term insurance cover accidental death?

                  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.

                  What is the biggest advantage of term insurance?

                  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. 

                  What is the 3-year rule for term insurance?

                  The 3-year rule of term insurance is derived from Section 45 of the Insurance Act 1938. This contains a provision wherein a life insurance policy cannot be called in question or cancelled on any grounds whatsoever once 3 years have expired from the date of policy commencement. This simply means that the life insurance company cannot deny the life insurance claim on any grounds, once 3 years are over from the start of the risk cover.

                  What do you mean by term insurance plan?

                  Term insurance plan is a type of life insurance where life cover i.e. death benefit is provided for a specified time period or term. This is considered as the simplest type of life insurance policy and is a pure protection plan with no investment component.

                  Is term insurance good?

                  Yes, as it can help provide financial protection for your loved ones. Term insurance offers life cover that ensures a pay-out for the policy beneficiary if the life insured passes away within the policy term. Also, term insurance offers tax benefits u/s 80C, 80D and 10 (10D). With such features and benefits, it’s safe to call term insurance a good protection tool.

                  What are the four types of term life insurance?

                  The 4 most common types of life insurance policies include - level term insurance, increasing term insurance, convertible term insurance and term insurance with return of premium (TROP). In case of level term insurance, the life cover amount remains same throughout the policy term, while in the case of increasing term insurance, life cover amount increases by a fixed amount as the policy term progresses. In the case of a convertible term plan, the policyholder gets the opportunity to convert a term plan to a whole life plan at a later date. In the case of TROP, the policyholder gets the option to get a refund of all premiums paid till that period of time on surrendering the term plan.

                  Do you get money back in term plan?

                  As a rules, pure term insurance policies do not refund the premiums paid even if the life insured survives the policy term. However, if you choose a Term Insurance with Return of Premium (or TROP) add-on, then you have the option of receiving back all the premiums paid by you if you surrender the policy during a pre-determined time frame. Alternatively, you can also get your money back from a term plan if you are not satisfied with the plan within the free-look period. The free-look period extends for the first 30 days strating from the date of commencement of the plan.

                  Do term insurance plans have investment value?

                  No, term insurance is a pure protection plan and it only offers life cover without any investment benefit.

                  Does term insurance offer tax benefits under section 80D?

                  Yes. As per current tax rules, Section 80D benefits may be applicable to your term plan. If you opt for add-ons along with your term insurance plan like the critical illness rider and/or accidental death and disability rider, and pay an extra premium for the same. You can claim the tax benefits as given in Section 80D of the Income Tax Act, 1961 on the additional premium amount paid for the purchase of the add-ons. However, it should be kept in mind that Section 80D tax benefits are only available to tax payers who have opted for the old tax regime.

                  Can you cash out a term insurance policy?

                  Term insurance is designed to provide a death benefit, not a cash value. Unless you opt for an add-on feature like Return of Premium or Special Exit Value, there’s typically no payout if you survive the policy term. Pure term plans do not typically accumulate surrender value or maturity benefits.

                   

                  ARN: PCP/TIP/131224

                  Common Customer Queries Resolved

                  search

                  Is It Necessary to Buy a Rider with Term Insurance?

                  Sahil Rawal

                  •

                  New Delhi, India
                  Although it is not necessary to buy a rider with term insurance, it is wise to include the additional coverage. Term insurance policies from Axis Max Life Insurance offer the core benefit of insurance coverage against the contingency of untimely demise along with several rider options. These riders, available at a nominal additional premium, help increase the coverage of your term insurance cover. Under these, you get additional benefits against loss of income, accidental disability and dismemberment, and life-threatening ailments such as cancer, critical illness cover..

                  Whom Should I Name My Nominee in The Policy?

                  Dhananjay

                  •

                  Gurgaon, India
                  Life insurance plans offer protection to your family members against financial insecurity if something happens to you. In case of your untimely demise, your family member (nominee) will receive the insurance benefit (Sum Assured) in the form of a lump sum or monthly payments. Ideally, you can select someone who will be impacted financially, if anything were to happen to you. Your parents, spouse or children are mostly considered as rightful nominees under your life insurance policy. You can also choose multiple nominees under a policy.

                  Is the Premium for Term Insurance Different When Bought Directly from Company or a Broker?

                  Neha

                  •

                  Himachal, India
                  In some cases, buying a term insurance from an agent may be expensive than buying the same directly from the life insurance company online.

                  How Is Term Insurance Different from Life Insurance?

                  Robin

                  •

                  Noida, India
                  Term plans are pure risk life insurance plans. In other words, these insurance plans only provide payouts in case of untimely demise of the policyholder within the policy period. If you survive the coverage period, policyholder do not get any survival benefits. Also, if you compare life insurance to term insurance, another key difference is that term plans offer higher insurance coverage at a lower rate of premium payable compared to life insurance. Life insurance policies may comprise of both insurance and savings/investment part. Life insurance plans from Axis Max Life Insurance offer both death and maturity benefits to the policyholders. It is crucial to first compare different life insurance policies before selecting a plan that aligns with your financial needs and requirements.

                  What happens if I don’t die? Will I get anything in term insurance?

                  Surbhi

                  •

                  Delhi, India
                  Traditional term insurance plans only offer a death benefit, i.e. your family would receive the insurance benefit only in case of your untimely death within the coverage period. If you survive the policy tenure, you will not receive any survival benefits from the plan On the other hand, if you opt for Term Plan with Premium back option from Axis Max Life Insurance, you can avail both death and survival benefits. In case of your untimely demise, your family will receive the death benefit (or Sum Assured).

                  Why are the smokers charged a higher term premium than the non-smokers?

                  We weigh each applicant’s health status carefully. Smoking increases the risk of serious illnesses, so thus life insurers set higher premiums to offset the added risk. The increased likelihood of claims from smoking-related complications explains this cost difference.

                  Is COVID-19 covered by Axis Max Life Term Insurance Plans?

                  Yes, at Axis Max Life Insurance, standard term plans do cover death claims arising from COVID-19. As long as the policy is active and the claim meets the policy’s terms, beneficiaries can receive the sum assured.

                  What types of death are not included in a term life insurance plan?

                  Term plans from Axis Max Life Insurance usually exclude deaths arising due to participation in illegal acts, self-inflicted harm, or involvement in hazardous activities not declared at policy inception. If the policyholder provides incomplete medical information, it might affect the claim process. Suicidal death within one year of policy commencement is also typically excluded. It’s important to review specific policy terms and conditions for any variations or additional exclusions.

                  Can I change the frequency of payment for my term plan?

                  Yes, you can change payment frequency (monthly, quarterly, etc.) if your policy allows it. You must submit a request with your signature/date, a completed policy amendment request form, and the premium, if applicable. Do this before renewal. You may approach a branch or email from your registered ID at service.helpdesk@axismaxlife.com. Once processed, we’ll confirm and reflect the new frequency in future statements.

                  What policy term should I select for my term life insurance?

                  When deciding on the policy term of your term plan, do take into account any unpaid loans. Alongside that, estimate the age of your dependents and consider it while calculating the policy term, Lastly, weigh in your retirement age. Once these 3 major points are checked, you will be able to make an informed decision regarding how long the policy term of your term life insurance plan should be.

                  Should you opt for a limited pay or a regular pay term insurance plan?

                  Limited pay lets you finish premium payments faster, though each instalment can be higher. Regular pay spreads the premium cost throughout the policy term, keeping each payment lower. If you want to clear payments early or expect fluctuating income, limited pay might help. Additionally, you may be eligible for a discount on the total premium payable if you opt for the limited pay option. Otherwise, regular pay suits those who prefer a stable, long-term payment schedule and have a stable source of income.

                  Can I change the frequency of life cover payout after the term insurance policy is issued

                  No, once your term plan is set, the payout frequency (lump sum or monthly income) typically remains fixed. Changes to distribution methods usually aren’t allowed post-issuance, so choose your preferred payout structure carefully at inception.

                  What if I become an NRI after purchasing a term plan?

                  If you become an NRI after purchasing the term plan, your existing policy will continue to be in effect with the same benefits, provided the due premiums are paid on time. You should however inform the insurer about the change in residential status and update your contact details accordingly. Claims arising during your time abroad are processed according to the policy’s terms and Indian regulations. Keep all your documentation updated, including address proof for your overseas location, to avoid potential delay in claims.

                  Why should I buy term life insurance?

                  It’s a cost-effective way to protect your family. Term plans from Axis Max Life Insurance provide a high sum assured at low premiums. If something were to happen to you during the policy term, your loved ones would receive the life cover in form of sum assured. It helps them pay any pending loans, maintain their standard of living and also protect their future financial needs.

                  I am covered under my company’s group insurance cover. Do I still need to purchase an individual term plan?

                  Yes, you should definitely consider purchasing an individual policy separate. Your company’s group cover would most likely terminate once you change your job or if you are laid off. Relying solely on the group plan shall leave your dependents exposed to life’s uncertainties. Additionally, the sum assured offered under such group plans typically tends to be low. Therefore, it is always suggested that an individual term plan which is separate from your company’s group life insurance is purchased to secure your loved one’s financial future.

                  What happens if the life insured outlives the policy term?

                  A pure term plan offers only death benefit (life cover) and no maturity benefit. Upon the life insured’s survival of the policy term, the policy will terminate automatically and no benefits shall be transferred to the beneficiary/life insured. However, if you choose a term plan with a Return of Premium feature you may be eligible to get back the premiums you’ve paid upon the maturity of the policy or upon exiting the plan. Please note that this feature typically comes at an additional cost.

                  What does a term insurance do?

                  Term insurance is considered as the purest and simple type of life insurance policy. Here the word ‘term’ denotes the period for which the life cover benefit is provided to the insurer. In lieu of this insurance cover, the policyholder pays a pre-decided premium to the company at agreed intervals. Should something happen to the life insured during the policy term, the life insurance company pays the life cover or the sum assured to the nominee/beneficiary. In the case of traditional term plans, maturity benefits or survival benefits are not offered. You can opt for Return of Premium feature at an additional cost though in the case of some term plans. The primary intent of buying a term insurance is to safeguard your loved ones from financial crisis in your absence.

                  What is the minimum income required to buy a term plan?

                  There is no minimum income requirement to purchase a term plan at Axis Max Life Insurance, however your income does impact the type of term plan that might be suitable for you. The main requirement is for the applicant to provide documents supporting their income, proving they will be able to afford the premium payable for the term plan. Also, the amount of sum assured is directly proportional to the applicant’s income. Therefore, basis your income, we will be able to offer you a term insurance plan.

                  What is the ideal age to buy a term insurance plan?

                  The best time to purchase a term plan is as early in life as possible i.e. when you are young. Ideally, as soon as you start earning, you must grab a good term plan. The earlier you buy a term plan, the lower will be the premium. This is because the risks associated with age and health are significantly lower at a young age, making you a desirable customer for the insurer. However, you can purchase term insurance at later age too, however the premium payable will tend to be higher in such cases. So, the sooner you purchase a term plan, the more cost-effective and affordable the term plan will be.

                  Are term insurance plans refundable?

                  Traditionally term plans do not offer a refundable when you outlive the policy term. They focus on pure protection and not investment, meaning no maturity payout or survival benefit are offered by term plans. However, some term insurance plans feature a return of premium option that is offered as an add-on benefit. Availing his benefit typically requires payment of an additional premium and can provide a refund on term premiums that have been paid for the policy.

                  Can anyone take a loan on term insurance?

                  A pure-term plan offers no cash value, so no loan is possible. Unless your policy has a savings or return-of-premium element that builds a surrender value, you can’t borrow against it.

                  Customer Reviews

                  Axis Max Life Term Plan

                  “Axis Max Life has helped me to identify the best term plan with adequate Life Cover for protecting my family’s future financial and giving me the peace to enjoy my present existence in this earth. Axis Max Life has helped me to save through Endowment plans, thereby giving me a Guaranteed money at different stages of my life”

                  P. Kesavan

                  Axis Max Life Term Plan

                  “Over all online policy purchase process was easy and purpose form filling process was easy and online premium payment process was easy”

                  Zaid Anwar

                  Axis Max Life Term Plan

                  “Axis Max Life Term Plan is first proper Term Plan to take care of me and my Family. With Axis Max Life, I am at Peace of Mind with Axis Max Life. I trust you and your Processes. I am Happy to have this Relationship. Manoj”

                  Manoj Chandwani

                  Axis Max Life Term Plan

                  “Life Insurance Products provide arrangements for future events and there are various requirements at different life stages. For events that are to occur beyond 10 yrs, Life Insurance products are the only option. Keeping above in mind, I have Term Insurance, Endowment products taken almost 19 yrs ago and they will give Tax Free Lump sum amounts; I have Guaranteed Income Products and also Annuity Plan. For little better return on my investment I have ULIP plans. I have products, that will provide 25 - 50 thousand every year on my Grand Children’s birthdate - Annual Gift from grandparents when we will not be around”

                  Ashok Shah

                  Axis Max Life Term Plan

                  “I had one endowment plan and one term plan with axis-maxlife and I believe in making the difference with the help of AXIS-MAXLIFE”

                  Satish Kumar

                  Axis Max Life Term Plan

                  “Thanks for the opportunity to secure life with Axis Max Life, the best term plan comparatively in the market which i opted today and seen that, this plan assisting many with the good claim settlement ratio by Axis Max Life a trusted term insurance company.”

                  Naresh Vattela

                  Axis Max Life Term Plan

                  “My experience has been great with Axis Max Life Term Plan. I truly believe that it is the best term insurance that I have chosen for financial security.”

                  Roshni Mudliyar

                  Axis Max Life Term Plan

                  “I bought the best Axis Max Life Smart Secure Term Plan! from your team. Thanks for the assistance. ”

                  Kiran K

                  Share your Valuable Feedback

                  Rating Icon

                  4.8

                  Rated by 79496 customers

                  Was the Information Helpful?

                  Rate this product

                  Very Good

                  We would like to hear from you

                  Let us know about your experience or any feedback that might help us serve you better in future.

                  Image for the icon

                  Do you have any thoughts you’d like to share?

                  Related Articles

                  related-articles1.webp

                  Term Insurance Comparison

                  Term insurance provides your loved ones with the required financial security…

                  Read More
                  related-articles2.webp

                  Is term insurance an investment or an expense ?

                  Term insurance covers natural, accidental death, or death due to some illness…

                  Read More
                  related-articles3.webp

                  Difference between Term Insurance Plan and Whole Life Plan

                  If you are no longer around… how will your family cope with the bills?

                  Read More
                  More Resourceful Articles

                  Key Takeout -Term Life Insurance

                  • Features
                  • Primary Benefits
                  • Types
                  • Payment flexibility:  Policy holder can decide how they want to pay their premiumsdepending their financial capabilities, the choice being annual, semi-annual, quarterly,weekly or monthly. There are plans that also offer a choice between single pay or limited premium
                  • Rider Add On: In order to enhance your coverage and protection, every term plan gives you an option to add additional riders in case of injury, accident, disease or disability that come with some extra charges
                  • Low entry age: With minimum entry age of 18 years, you can buy term insurance as soon as you become an adult.
                  • Covered against life threatening diseases: Cancer, renal failure, heart attack, etc. are covered under term insurance on payment of additional premium.

                  Common Term Insurance Terminology

                  search

                  Coverage

                  The amount of protection that the policyholder will receive based in the terms of policy.

                  Insurability

                  Insurability means all conditions that affect the health, susceptibility to injury and life expectancy of an insured.

                  Insured

                  Insured is the person who is covered in the insurance policy.

                  Maturity Date

                  The maturity date is the date when the amount paid towards the life insurance policy is given to the policyholder once the term of the policy ends.

                  Maturity Claim

                  The amount given to the insured at the end of the maturity period is called the maturity claim.

                  Nomination

                  This is when the policyholder or insured officially authorizes another person to receive any monetary benefits of the policy. The authorized person is the Nominee.

                  Premium

                  The amount paid by the insured, either in a lump sum or in periodic amounts, to the insurance company under the life insurance policy.

                  Surrender Value

                  The surrender value is the amount paid to an insured who wishes to terminate the policy before its maturity date.

                  Vesting Age

                  The age at which the insured starts receiving pension from the insurance company in an insurance-cum-pension policy.

                  Term Insurance Premium

                  Term insurance premium is referred to as the money you pay to your insurer in exchange for life coverage. You may be paying the policy premium monthly, quarterly, semi-annually, or annually to ensure that your protection remain in-force. It is wise to get a term plan at a young age to start paying the minimum premium possible every year.

                  Sum Assured

                  Sum assured refer to the protection or coverage your term plan offers to your designated nominee in the event of your demise, provided the policy terms and conditions (T&Cs) are met. In general, the higher the coverage you seek, the higher the premium you pay in exchange. In today’s age, a minimum of 2-Crore Term Plan is highly recommended.

                  Term Riders/Add-on Benefits

                  Term insurance plans, typically, offer the death benefit to your nominee in case of your demise as per the policy T&Cs. Riders are optional add-ons that enhance your basic term plan coverage and can be opted for in exchange for a small additional premium payment. Some must-buy riders available with term plans are critical illness, waiver of premium, and accidental death and disability rider.

                  Death Benefit

                  The primary benefit or a term plan is that your nominee becomes entitled to the sum assured, which is payable upon your demise by your insurer, in exchange for the premiums you pay periodically. This sum assured can be a great monetary help to your dependents when you not there anymore to support their everyday needs.

                  Maturity Benefit

                  Term insurance plans, typically, do not offer any maturity benefit, unless selected Return of Premium (RoP) when purchasing the policy. A term with return of premium (TROP) plan offers the survival benefit to the insured, which is return of all premiums (excluding GST) paid to the insurers over the policy term, subject to applicable T&Cs.

                  Claim Settlement Ratio

                  The claim settlement ratio (CSR) of an insurance company refers to the number of insurance claims it has honoured against the total number of claims it received in a financial year. It simply denotes the likeliness of your claims getting honoured. The higher the CSR, the better it is. Max Life Insurance Co. Ltd. has been consistent in terms of honouring valid claims every year, which is proven by its consistently high 99.65% death claim paid ratio^.

                  Popular Searches

                  Term Insurance CalculatorCritical IllnessClaim Settlement RatioWhat is term InsuranceLife InsuranceTax Benefits of Term InsuranceBest Term Insurance for All Age GroupOnline InsuranceChild InsuranceRetirement PlanHealth Insurance PlansBest Investment PlanTax Saving InvestmentInsurance CalculatorsBest Term Insurance PolicyCustomize Your Term Life Insurance PolicyLife Insurance term Plan Claim Disability InsuranceHow to Change Nominee in Term InsuranceTerm Insurance for HousewifeBest Term Insurance for Self EmployedBest Term Insurance for Senior CitizenBest Term Insurance Plan for NRIBest Term Insurance Plan for WomenNRI Investment PlansZero Cost Term InsuranceTerm Insurance vs Life InsuranceContinue Your Journey
                  Image for the vector icon
                  stickyImage
                  ₹1 Cr. Term Plan Starting @₹522/Month@7
                  Image for the logo
                  tickMark
                  99.65%^ Death Claim Paid Ratio
                  tickMark
                  15% Discount#1 + Free of Cost~1 Option
                  • Critical Illness
                  • Term Plan with Return of Premium
                  • Claim Settlement Ratio
                  • Smart Secure Plus Plan
                  • Continue with existing eQuote
                  • Term Insurance for Housewife
                  • Zero Cost Term Insurance
                  • Smart Term Plan Plus
                  • Life Insurance Plans
                  • Online Insurance Plans
                  • Retirement Plans
                  • Group Insurance Plans
                  • Child Insurance Plans
                  • Health Insurance Plans
                  • NRI Plans
                  • ABHA Card
                  • Pay Premium Online
                  • Customer Login
                  • Existing Customers Plans
                  • Claims Centers
                  • Download Policy Pack
                  • View Policy Details
                  • Electronics Insurance Account
                  • Frequently Asked Questions(FAQs)
                  • Premium Payment Options
                  • Track Application
                  • Contact Us
                  • Update Personal Details
                  • Change Nominee
                  • Download Forms
                  • Update PAN Card
                  • Service TATs
                  • Certificate of Insurance
                  • Term Insurance Calculator
                  • Income Tax Calculator
                  • Saving Plan Calculator
                  • Compound Interest Calculator
                  • Insurance Calculators
                  • FD Calculator
                  • CIBIL Credit Score
                  • RD Calculator
                  • PPF Calculator
                  • ROI Calculator
                  • SIP Calculator
                  • NPS Calculator
                  • Lumpsum Calculator
                  • NSC Calculator
                  • Step Up SIP Calculator
                  • BMI Calculator
                  • SSY Calculator
                  • Retirement Planning Calculator
                  • SWP Calculator
                  • APY Calculator
                  • EMI Calculator
                  • ELSS Calculator
                  • Home Loan Insurance Calculator
                  • ULIP Plans
                  • Tax Saving Investment
                  • Smart Wealth Plan
                  • Assured Wealth Plan
                  • Smart Wealth Income Plan
                  • Flexi Wealth Advantage Plan
                  • Savings & Income Plans
                  • Smart Fixed-return Digital Plan
                  • Money Back Policy
                  • Max Life UL Life Growth Super Fund
                  • Max Life High Growth Fund
                  • Max Life UL Life Secured Fund
                  • Max Life UL Sustainable Equity Fund
                  • Max Life Nifty Smallcap Quality Index Fund
                  • Max Life UL Life Balanced Fund
                  • Max Life UL Pure Growth Fund
                  • Max Life UL Secure Plus Fund
                  • Max Life UL Life Growth Fund
                  • Max Life UL Life Conservative Fund
                  • Max Life UL Life Diversified Equity Fund
                  • Max Life UL Money Market ii Fund
                  • Max Life UL Life Dynamic Bond Fund
                  • Max Life Midcap Momentum Index Fund
                  • Income Tax Slab 2024-25
                  • Nifty 500 momentum 50 fund
                  • Axis Max Life Sustainable Yield Index Factsheet
                  • Max Life Sustainable Wealth 50 Index Fund
                  • Axis Max Life Sustainable Yield Index
                  • Axis Max Life Smart Innovation Fund
                  • bima-bharosa
                  • Why Axis Max Life
                  • Know Our Story
                  • Awards & Achievement
                  • CSR
                  • ESG
                  • Diversity, Equity & Inclusion
                  • Media Center
                  • Our Leadership
                  • Public Disclosures
                  • ISNP Details
                  • All About Claims
                  • Become An Agent
                  • NAV Performance
                  • Monthly Factsheets
                  • Fund Portfolio
                  • NAV Performance & Benchmark
                  • Monthly Fund Snapshot
                  • Annual Investment Report
                  • Axis Max Life Branches
                  • Investors
                  • Key Company Policies
                  • Careers
                  AppstoreImgGooglePlayStoreImg
                  AppstoreImgGooglePlayStoreImg
                  • IRDAI Consumer Education Website
                  • Agent Suspended & T.
                  • Do Not Disturb
                  • Insurance Ombudsman
                  • Privacy Policy
                  • Disclaimers
                  • Service TATs
                  • Grievance Redressal
                  • Bima Bharosa
                  • Unclaimed Amount
                  • Withdrawn Plans
                  • Sitemap
                  • UW Approach & Philosophy

                  Group Sites

                  • MAX INDIA
                  • MAX FINANCIAL SERVICES
                  • ANTARA SENIOR LIVING
                  • MAX LIFE PENSION FUND MANAGEMENT

                  BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

                  IRDAI clarifies to public that:
                  • • IRDAI is not involved in activities like selling insurance policies, announcing
                    bonus or investment of premiums.
                  • • Public receiving such phone calls are requested to lodge a police complaint.

                  IRDAI - Registration No. 104. ARN/Web/13122024 Category: Life. Validity: Valid.
                  Corporate Identity Number (CIN): U74899PB2000PLC045626.
                  Corporate Office: Axis Max Life Insurance Ltd. 11th Floor, DLF Square, Building, Jacaranda Marg, DLF Phase 2, Sector 25, Gurugram, Shahpur, Haryana 122002

                  DISCLAIMERS

                  Axis Max Life Insurance Limited (earlier known as Max Life Insurance Company Limited) is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.

                  Corporate Office: Axis Max Life Insurance Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.

                  Operation Center: Axis Max Life Insurance Ltd, Plot No. 90C, Udyog Vihar, Sector 18, Gurugram (Haryana) - 122015.

                  Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.

                  Online Helpline - 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday).

                  Fax Number: 0124-4159397.

                  Email ids: service.helpdesk@axismaxlife.com

                  Website: www.axismaxlife.com

                  Axis Max Life Insurance is integrated with licensed NBFC FinVu (Cookiejar Technologies Pvt. Ltd. for sharing policy details with regulated Financial Information Users within the Account Aggregator ecosystem after obtaining the Policy holder's consent. Read more about Account Aggregator framework here

                  *Life insurance coverage is available in this product. For more details on risk factors, Terms and Conditions please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws.

                  Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Tax benefits are eligible for tax exemption on fulfilling conditions mentioned under Section 10(10D) of income tax act 1961. Tax exemptions are as per our understanding of law and as per prevailing provisions of income tax at 1961. Policy holders are advised to consult tax expert for better clarification /interpretation. Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Tax benefits are subject to changes in tax laws. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.

                  Celeb disclaimer (if Rohit Sharma / Ritika Sajdeh image being used):

                  The Brand Ambassadors as depicted herein, have endorsed only the Axis Max Life Insurance Products and are not in any manner endorsing Axis Bank Limited and / or any other Bank Partner of Axis Max Life Insurance and do not have any kind of association or relationship with Axis Bank Limited and / or any other Bank Partner of Axis Max Life Insurance

                  Disclaimers for Market Linked Plans & Saving plans:

                  THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.

                  Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Axis Max Life Insurance is only the name of the insurance company and Axis Max Life Online Savings Plan (UIN: 104L098V06) is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.

                  Axis Max Life Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN: 104L098V06)

                  *1The aggregate annualized premium should not be more than 5 lakhs (one or more policies put together) for non-linked non-par savings insurance plan in any given year of policy term to be eligible for Section 10 (10D) exemption.

                  *3All claims that qualify for InstaClaim will be paid within 3 hrs from the date of submission of all mandatory documents else Axis Max Life will pay interest at prevailing Bank Rate as on beginning of Financial Year in which claim has been received for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at the beginning of the financial year in which death claim has been received. Mandatory Documents: Original policy document; Original/attested copy of death certificate issued by local municipal authority; Death claim application form (Form A); NEFT mandate form attested by bank authorities along with a cancelled cheque of bank account passbook along with nominee's photo identity proof; Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/Viscera Report (in case of accident death).

                  *#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid. The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

                  Privacy Policy

                  ^^On completion of policy term

                  The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.

                  Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day. Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification. Mandatory Documents:

                  > Original policy document

                  > Original/attested copy of death certificate issued by local municipal authority

                  > Death claim application form (Form A)

                  > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee’s photo identity proof

                  > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

                  1The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

                  2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

                  315% discount is applicable only on the first year premium for salaried employees with a corporate, purchasing Smart Term Plan Plus (UIN: 104N127V02). During policy issuance, Axis Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case. 15% discount (applied on standard male premium rates) is applicable for lifetime for females.

                  4InstaClaim TM is available for all versions of (UIN: 104N125V07). Mandatory Documents:

                  • Original policy document
                  • Original/attested copy of death certificate issued by local municipal authority
                  • Death claim application form (Form A)
                  • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee’s photo identity proof
                  • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

                  5Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition

                  6Applicable for Titanium variant of Axis Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 30,000/- per month (exclusive of all applicable taxes) with 7.45% return. Life Insurance is available with this product

                  7Available with Axis Max Life Smart Wealth Plan (UIN: 104N116V14)

                  8Available with Axis Max Life Smart Fixed-return Digital Plan (UIN: 104N123V05). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

                  9The percentage savings is for a regular pay Axis Max Life Smart Secure Plus Plan (A Non Linked Non Participating Individual Pure Risk Life Insurance Plan, UIN: 104N118V11)– Life Option for 1 Cr. life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

                  ##Tax conditions :

                  ##Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, fall under 30% income tax slab having taxable income less than Rs. 50 lakhs and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, fall under 30% income tax slab having taxable income less than Rs. 50 lakhs and Opt for Old tax regime.

                  CI Rider disclaimers:

                  AXIS MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN: 104B033V02) available as a rider on payment of additional premium.

                  >Extended cover of up to 85 years is available with gold and platinum variant only

                  @64 critical illnesses covered in platinum and platinum plus variant on payment

                  22 critical illnesses covered in gold and gold plus variant

                  *^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.

                  ~Conditions for premium break: Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

                  ~1 Conditions for Special exit value:

                  Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

                  ~2 Voluntary Top-up Sum assured:

                  Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

                  ^^*^^Free look period conditions:

                  The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

                  ^Individual Death Claim Paid Ratio as per audited financials for FY 2023-2024

                  #1A flat 15% discount on the premium will be applicable throughout the Premium Payment Term for Female Life Insured with Axis Max Life Smart Term Plan Plus (UIN: 104N127V02).

                  #3Tax benefits as per prevailing tax laws, subject to change

                  Terms and conditions for availing 5% employee discount:

                  <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

                  Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns. The premiums & funds are subject to certain charges related to the fund or to the premium paid.

                  The premium shall be adjusted on the due date even if it has been received in advance.

                  For Total Installment Premium - Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

                  For Return of Premium - The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

                  For Riders - #Applicable Rider available on the payment of Additional Premium is Axis Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Health Insurance Rider | UIN: 104B033V02. Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

                  For Additional Benefits– ##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

                  *~Disclaimers

                  Axis Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30-year-old healthy male, non-smoker, 40 years’ policy term, 40 years’ premium payment term (exclusive of GST) for Axis Max Life Smart Secure Plus Plan.

                  ##Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

                  #With “Save the date”, you can choose to take your annual income to any special date in a year.

                  ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

                  ~Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

                  #~Term Insurance plan bought online directly from Axis Max Life Insurance has no commissions involved.

                  ~1Axis Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Life Insurance Plan | Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Axis Max Life Smart Secure Plus Plan | ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

                  @>Axis Max Life Critical Illness and Disability Rider (UIN 104B033V02) is available on payment of additional premium. It covers 64 critical illnesses under Platinum & Platinum Plus variant

                  #Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

                  ^1Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07) with a life cover of Rs. 50 lakh.

                  ^2Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07) with a life cover of Rs. 75 lakh.

                  ^3Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07) with a life cover of Rs. 1 Cr.

                  ^4Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07) with a life cover of Rs. 1.5 Cr.

                  ^5Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07) with a life cover of Rs. 2 Cr.

                  ^6Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07) with a life cover of Rs. 5 Cr.

                  ^7Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Term Plan Plus (UIN: 104N127V02) - Regular Cover with a life cover of Rs. 1 Cr.

                  ~*Disclaimer: Standard premium for 24-year old healthy female,non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07)

                  ^~Disclaimer: 5 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 31/07/2024

                  ^~The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back. The value of your policy depends on a number of factors including future investment performance. The amount shown is for a 30-year-old healthy male, with 10 years premium payment term, and 35 years policy term with Axis Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product).

                  *++Axis Max Life's Nifty Alpha 50 Fund tracks the NSE's Nifty Alpha 50 Index, subject to tracking error. The above values have been calculated by projecting historical returns of the Nifty Alpha 50 index, after adjusting for all expenses, except the tracking error, in Axis Max Life online savings plan (variant 1) for a 35-year-old male investing 10k per month for 10 years and maturity after 20 years. The calculations have been done using historical returns of the Nifty Alpha 50 index and may not be indicative of the future performance of Axis Max Life's Nifty Alpha 50 Fund. The above values have been calculated basis 10 year returns of 26.4% (30th Apr'24) of the Nifty Alpha 50 Index.

                  *+Nifty Mid-cap 150 Momentum 50 Index was launched in Aug’22. These are returns of benchmark indices and are not indicative of return on Axis Max Life Insurance’s Midcap Momentum Index fund. 10 year return of NIFTY Midcap 150 Momentum 50 Index as on 27/05/2024. Max Life Midcap Momentum Index Fund (SFIN: ULIF02802/01/24MIDMOMENTM104) is passively managed Index Fund that mirrors NIFTY Midcap 150 Momentum 50 Index.

                  *&10 year return of Nifty Smallcap 250 Quality 50 Index as on 30/04/2024. The past returns are extrapolation of index fund returns up to past 10 years using same formula (provided by NSE). The returns are not indicative of the future performance of the fund. Max Life Nifty Smallcap Quality Index Fund is passively managed Index Fund that mirrors Nifty Smallcap 250 Quality 50 Index. The objective of the fund is to invest in companies with similar weights as in the index and generate returns as closely as possible, subject to tracking error.

                  ^*All claims that qualify for InstaClaim will be paid within 3 hrs from the date of submission of all mandatory documents else Axis Max Life will pay interest at prevailing Bank Rate as on beginning of Financial Year in which claim has been received for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at the beginning of the financial year in which death claim has been received. Mandatory Documents: Original policy document; Original/attested copy of death certificate issued by local municipal authority; Death claim application form (Form A); NEFT mandate form attested by bank authorities along with a cancelled cheque of bank account passbook along with nominee's photo identity proof; Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/Viscera Report (in case of accident death).

                  @1Standard premium for 20-year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate, purchasing via web link. During policy issuance, Axis Max life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case. | ~1 Get back all the premiums paid with Special Exit value. This can be exercised in any policy year starting 30th policy year, but not during the last 4 policy years. Available for minimum policy term of 40 years. Benefit available with special exit value - the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums exclusive of any applicable taxes, cesses or levies. This feature shall be applicable on the base cover premium only and not for additional optional benefits like Accident cover, Joint life cover, any attached riders and Voluntary Sum Assured Top-Up.

                  @2Standard premium for 20-year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate, purchasing via web link. During policy issuance, Axis Max life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case. | ~1 Get back all the premiums paid with Special Exit value. This can be exercised in any policy year starting 30th policy year, but not during the last 4 policy years. Available for minimum policy term of 40 years. Benefit available with special exit value - the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums exclusive of any applicable taxes, cesses or levies. This feature shall be applicable on the base cover premium only and not for additional optional benefits like Accident cover, Joint life cover, any attached riders and Voluntary Sum Assured Top-Up.

                  #*Axis Max Life Insurance’s Sustainable Wealth 50 Index Fund (SFIN: ULIF03223/12/24SUSTWEALTH104), which is a passively managed Index Fund that mirrors Axis Max Life Sustainable Yield Index, subject to tracking error. The fund value calculation is done by projecting historical returns of Axis Max Life Sustainable Yield Index, after adjusting for all expenses (except tracking error) in Axis Max Life Flexi Wealth Advantage Plan (UIN: 104L121V03) for a 30-year-old male investing 5k/10k per month for 20/10 years. The above values have been calculated assuming 25.2% p.a. gross investment returns as in Nov'24, which is the 10-year return of Axis Max Life Sustainable Yield Index. (back tested).

                  @3Standard premium for 20-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07)| The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate, purchasing via web link. During policy issuance, Axis Max life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

                  7Disclaimer: Rs. 1,00,29,587 after 14 years at policy maturity on monthly investment of Rs. 16,600 for 12 years for 30-year-old male with Axis Max Life Smart Wealth Plan – Long Term Variant. A non-linked non-participating individual life insurance savings plan. The guaranteed benefits are applicable only if all due premiums are paid. Total premiums paid is exclusive of GST. Life Insurance is available in this product.

                  @4Standard premium for 20-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Axis Max Life Smart Term Plan Plus (UIN:104N127V02)| The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate.

                  @5Disclaimer: Standard premium for 20-year old healthy female, non-smoker, 25 years policy term, 25 years premium payment term (exclusive of GST) for Rebalancing Cover Variant of Axis Max Life Smart Term Plan Plus (UIN:104N127V02) Sum Assured of 1 Cr | The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate. During policy issuance, Axis Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

                  @6Disclaimer: The policyholder will get back 200% of total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums (if any) (excl. of GST), if the policyholder exercises this option at policy year (Policy Term-10) only. This option will not applicable for Regular Pay and Pay Till 60. The minimum policy term will be 40 years for special exit value.

                  @7Disclaimer: Standard premium for 20-year old healthy male, non-smoker, 25 years policy term, 25 years premium payment term (exclusive of GST) for Rebalancing Cover Variant of Axis Max Life Smart Term Plan Plus (UIN:104N127V02)| The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate. During policy issuance, Axis Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

                  @8Disclaimer: Standard premium for 20-year old healthy male, non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Regular Cover Variant of Axis Max Life Smart Term Plan Plus (UIN: 104N127V02)| The above mentioned premium is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employees with a corporate, purchasing via web link. During policy issuance, Axis Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

                  Disclaimer: ~10 year CAGR of Nifty SmallCap 250 Quality50 index as on 24/07/2023. Max Life Nifty Smallcap Quality Index Fund is passively managed Index fund that tracks the Nifty SmallCap 250 Quality50 index (subject to tracking error).

                  Disclaimer: @2Standard premium for 20-year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Axis Max Life Smart Total Elite Protection Term Plan (UIN: 104N125V07). **The above mentioned is the discounted monthly premium to be paid in 1st year. Discount is applicable only for salaried employee with a corporate, purchased via web link | ~1Get back 4.67 Lakhs premiums paid under Special Exit value at 36th Policy Year. This can be exercised in any policy year starting 30th policy year, but not during the last 4 policy years. Available for minimum policy term of 40 years. Benefit available with special exit value - the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums exclusive of any applicable taxes, cesses or levies. This feature shall be applicable on the base cover premium only and not for additional optional benefits like Accelerated Critical Illness, Accident cover, Joint life cover, any attached riders and Voluntary Sum Assured Top-Up| ~Singapore, Hong Kong, New Zealand, Australia, Canada, UAE, Oman, Qatar, Saudi Arabia, Kuwait, Sri Lanka, Maldives, Fil, Brunei, Taiwan, Mauritius, South Korea, Bahrain, China, France, Germany, Switzerland, Austria, Hungary, USA, UK, Japan, Belgium, Denmark, Spain, Greece, Ireland, Luxemburg, Italy, Netherlands, Finland, Sweden, Norway.

                  Disclaimer: @++ Axis Max Life’s NIFTY Momentum Quality 50 Fund (SFIN: ULIF03127/10/24MOMQUALITY104) is a passively managed Index Fund that mirrors NIFTY 500 Multicap Momentum Quality 50 Index, subject to tracking error. The fund value calculation is done by projecting historical returns of NIFTY 500 Multicap Momentum Quality 50 Index, after adjusting for all expenses (except tracking error) in Axis Max Life Online Savings Plan (UIN: 104L098V06) for a 30-year-old male investing 10k per month for 10 years. The above values have been calculated assuming 24.9% p.a. gross investment returns as on 16/10/2024, which is the 10-year return of NSE's NIFTY 500 Multicap Momentum Quality 50 Index (backtested)

                  ~4Subject to submission of all documents required for GST waiver. GST waiver/refund is not applicable for ULIP plans.

                  Disclaimer: **+NIFTY 500 Momentum 50 Index was launched in June'24. The past returns are back tested based on historical returns and formula (provided by NSE). These are returns of benchmark indices as on 11 June’24 and are not indicative of returns on Axis Max Life Insurance’s newly launched NIFTY 500 Momentum 50 Fund. Axis Max Life’s NIFTY 500 Momentum 50 Fund (SFIN: ULIF03014/08/24MOMENFIFTY104) is a passively managed Index Fund that mirrors NSE’s NIFTY 500 Momentum 50 Index, subject to tracking error. The fund value calculation is done by projecting historical returns of NSE’s NIFTY 500 Momentum 50 Index, after adjusting for all expenses (except tracking error) in Axis Max Life Online Savings Plan (UIN: 104L098V06) for a 30-year-old male investing 10k per month for 10 years. The above values have been calculated assuming 25% p.a. gross investment returns as on 11 June'24, which is the 10-year return of NSE's NIFTY 500 Momentum 50 Index (backtested).

                  Disclaimer: #^Axis Max Life Smart Innovation Fund (SFIN: ULIF03301/03/25INNOVATION104), which is an actively managed fund does not have any past performance benchmarks. The above values have been calculated for a 35-year-old male investing 10k per month for 10 years assuming 20.8% p.a. gross investment returns basis 5 years’ performance of existing active fund with Axis Max Life Insurance, as on date 31st Jan'25 after adjusting for all expenses in Axis Max Life’s Capital Guarantee Plan which is combination of Axis Max Life Online Savings Plan (UIN: 104L098V06) and Axis Max Life Smart Wealth Advantage Guarantee Plan (UIN: 104N116V13). | Investors in this plan are not offered guaranteed/ assured returns. | The Unit Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Unit Linked Insurance Products completely or partially till the end of the fifth year. The premium shall be adjusted on the due date even if it has been received in advance. Applicable taxes, cesses and levies as imposed by the government from time to time will be deducted from the premiums received or from the funds, as applicable.

                  Please note, while our website has been updated with the changed corporate name and brand identity, our product collaterals will be updated in due course. We regret any inconvenience caused.

                  Disclaimer: *6Check the Total Premium amount against the respective monthly premium values in the below table.

                  For Sum assured of 75 lakh, 1 crore, 1.5 crore and 2 crore, the below calculations are based on Axis Max Life Smart Total Elite Protection Term Plan (A Non Linked Non Participating Individual Pure Risk Life Insurance Plan, UIN:104N125V07). Monthly premium amounts are excluding GST and before any applicable discounts assuming Regular Pay and monthly payment mode..

                  Age of Male ApplicantPremium Amount for Rs. 75 lakh Term PlanPremium Amount for Rs. 1 crore Term PlanPremium Amount for Rs. 1.5 crore Term PlanPremium Amount for Rs. 2 crore Term Plan
                  SmokerNon-SmokerSmokerNon-SmokerSmokerNon-SmokerSmokerNon-Smoker
                  18 Years (PPT: 67 years)1,488/Month
                  Total Premium: 11.33 lakh
                  930/Month
                  Total Premium: 7.08 lakh
                  1,500/Month
                  Total Premium: 11.42 lakh
                  938/Month
                  Total Premium: 7.14 lakh
                  2,251/Month
                  Total Premium: 17.13 lakh
                  1,407/Month
                  Total Premium: 10.71 lakh
                  2,675/Month
                  Total Premium: 20.37 lakh
                  1,672/Month
                  Total Premium: 12.73 lakh
                  25 Years (PPT: 60 years)1,966/Month
                  Total Premium: 13.40 lakh
                  1,228/Month
                  Total Premium: 8.38 lakh
                  2,054/Month
                  Total Premium: 14.06 lakh
                  1,284/Month
                  Total Premium: 8.75 lakh
                  3,081/Month
                  Total Premium: 21.01 lakh
                  1,926/Month
                  Total Premium: 13.13 lakh
                  3,607/Month
                  Total Premium: 24.59 lakh
                  2,255/Month
                  Total Premium: 15.37 lakh
                  35 Years (PPT: 50 years)3,182/Month
                  Total Premium: 18.08 lakh
                  1,989/Month
                  Total Premium: 11.30 lakh
                  3,592/Month
                  Total Premium: 20.41 lakh
                  2,245/Month
                  Total Premium: 12.76 lakh
                  5,388/Month
                  Total Premium: 30.61 lakh
                  3,367/Month
                  Total Premium: 19.13 lakh
                  5,947/Month
                  Total Premium: 33.79 lakh
                  3,717/Month
                  Total Premium: 21.12 lakh
                  45 Years (PPT: 40 years)5,971/Month
                  Total Premium: 27.14 lakh
                  3,732/Month
                  Total Premium: 16.96 lakh
                  6,629/Month
                  Total Premium: 30.13 lakh
                  4,143/Month
                  Total Premium: 18.83 lakh
                  9,944/Month
                  Total Premium: 45.20 lakh
                  6,215/Month
                  Total Premium: 28.25 lakh
                  12,546/Month
                  Total Premium: 57.02 lakh
                  7,841/Month
                  Total Premium: 35.64 lakh
                  55 Years (PPT: 30 years)11,656/Month
                  Total Premium: 39.73 lakh
                  7,285/Month
                  Total Premium: 24.83 lakh
                  13,719/Month
                  Total Premium: 46.77 lakh
                  8,574/Month
                  Total Premium: 29.23 lakh
                  20,578/Month
                  Total Premium: 70.15 lakh
                  12,861/Month
                  Total Premium: 43.84 lakh
                  26,160/Month
                  Total Premium: 89.18 lakh
                  16,350/Month
                  Total Premium: 55.74 lakh
                  60 Years (PPT: 25 years)16,846/Month
                  Total Premium: 47.86 lakh
                  10,529/Month
                  Total Premium: 29.91 lakh
                  19,966/Month
                  Total Premium: 56.72 lakh
                  12,479/Month
                  Total Premium: 35.45 lakh
                  29,949/Month
                  Total Premium: 85.08 lakh
                  18,718/Month
                  Total Premium: 53.18 lakh
                  37,689/Month
                  Total Premium: 107.07 lakh
                  23,555/Month
                  Total Premium: 66.92 lakh

                   

                   

                  Age of Female ApplicantPremium Amount for Rs. 75 lakh Term PlanPremium Amount for Rs. 1 crore Term PlanPremium Amount for Rs. 1.5 crore Term PlanPremium Amount for Rs. 2 crore Term Plan
                  SmokerNon-SmokerSmokerNon-SmokerSmokerNon-SmokerSmokerNon-Smoker
                  18 Years (PPT: 67 years)1,488/Month
                  Total Premium payable: 11.33 lakh
                  930/Month
                  Total Premium payable: 7.08 lakh
                  1,500/Month
                  Total Premium payable: 11.42 lakh
                  938/Month
                  Total Premium payable: 7.14 lakh
                  2,251/Month
                  Total Premium payable: 17.13 lakh
                  1,407/Month
                  Total Premium payable: 10.71 lakh
                  2,675/Month
                  Total Premium payable: 20.37 lakh
                  1,672/Month
                  Total Premium payable: 12.73 lakh
                  25 Years (PPT: 60 years)1,707/Month
                  Total Premium payable: 11.64 lakh
                  1,067/Month
                  Total Premium payable: 7.28 lakh
                  1,744/Month
                  Total Premium payable: 11.89 lakh
                  1,090/Month
                  Total Premium payable: 7.43 lakh
                  2,616/Month
                  Total Premium payable: 17.84 lakh
                  1,635/Month
                  Total Premium payable: 11.15 lakh
                  2,972/Month
                  Total Premium payable: 20.26 lakh
                  1,858/Month
                  Total Premium payable: 12.67 lakh
                  35 Years (PPT: 50 years)2,617/Month
                  Total Premium payable: 14.87 lakh
                  1,636/Month
                  Total Premium payable: 9.29 lakh
                  2,905/Month
                  Total Premium payable: 16.50 lakh
                  1,815/Month
                  Total Premium payable: 10.32 lakh
                  4,357/Month
                  Total Premium payable: 24.76 lakh
                  2,723/Month
                  Total Premium payable: 15.47 lakh
                  4,801/Month
                  Total Premium payable: 27.28 lakh
                  3,000/Month
                  Total Premium payable: 17.05 lakh
                  45 Years (PPT: 40 years)4,794/Month
                  Total Premium payable: 21.79 lakh
                  2,996/Month
                  Total Premium payable: 13.62 lakh
                  5,061/Month
                  Total Premium payable: 23.00 lakh
                  3,163/Month
                  Total Premium payable: 14.38 lakh
                  7,591/Month
                  Total Premium payable: 34.50 lakh
                  4,744/Month
                  Total Premium payable: 21.56 lakh
                  9,496/Month
                  Total Premium payable: 43.16 lakh
                  5,935/Month
                  Total Premium payable: 26.98 lakh
                  55 Years (PPT: 30 years)8,883/Month
                  Total Premium payable: 30.28 lakh
                  5,552/Month
                  Total Premium payable: 18.93 lakh
                  10,102/Month
                  Total Premium payable: 34.44 lakh
                  6,314/Month
                  Total Premium payable: 21.52 lakh
                  15,153/Month
                  Total Premium payable: 51.66 lakh
                  9,471/Month
                  Total Premium payable: 32.29 lakh
                  19,378/Month
                  Total Premium payable: 66.06 lakh
                  12,111/Month
                  Total Premium payable: 41.29 lakh
                  60 Years (PPT: 25 years)12,611/Month
                  Total Premium payable: 35.83 lakh
                  7,882/Month
                  Total Premium payable: 22.39 lakh
                  14,826/Month
                  Total Premium payable: 42.12 lakh
                  9,266/Month
                  Total Premium payable: 26.32 lakh
                  22,239/Month
                  Total Premium payable: 63.18 lakh
                  13,899/Month
                  Total Premium payable: 39.49 lakh
                  27,941/Month
                  Total Premium payable: 79.38 lakh
                  17,463/Month
                  Total Premium payable: 49.61 lakh