Max Life Term Plan vs LIC Term Plan

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( — December 3, 2021) —

Imagine a situation when you come home and see your family waiting for you. Your kids come running to you to give that warm hug, while your spouse is happy to see this scene and you can see that satisfaction on her face. From the house that you have recently bought to the luxury car that you drive, to the school that your kids are students of; everything is just perfect. Now imagine that your kids are waiting for you, your spouse is getting making continuous calls but is not able to reach you. They are worried. They get a call and find out that you passed away in a car accident. Your spouse, who was financially dependent on you, now has no clue about clearing the loan that you took to buy the house lately. Since the children are in international schools, the fees are very high; and now it is difficult for her to pay the fees consistently. The family’s world falls apart.

Well, this may sound like the script of a short movie or play but many families have experienced this situation. None of us have any idea about what may happen tomorrow. We must be prepared for our future every minute, especially when we have a family to take care of. And one of the best ways to do that is by buying a term insurance policy. When you buy a term insurance policy, you can be certain about the finances of your family, even if are not around them anymore. If a policyholder of a term insurance policy dies within the period of the term plan, the beneficiaries can claim the sum assured. The beneficiaries are mostly spouses and children. And if the policy is bought under MWP Act, it is sure that only the beneficiaries can claim the sum assured and not any creditor.

The confusion that many policy buyers go through is choosing a particular term insurance policy. Various term insurance policies provide death benefits to the nominees. However, if you want to stick only to the promising insurance companies, then you can choose any policy from Max Life Insurance or LIC Term Insurance. Let us discuss Max Life Insurance vs LIC Term Insurance, and see which one is better.

Max Life Insurance Term Plans

  • Max Life term insurance policies are very carefully designed to provide comprehensive protection to the family of the policyholder from death, diseases, and disability.

  • There are three types of term insurance plans which include Max Life Online Term Plan Plus, Max Life Super Term Plan, and Max Life Smart Term Plan, which have been designed to match the needs of the customers.

  • As you take a term plan, you can increase the life cover with your increasing needs. You can also choose from several other premium payment options.

  • The Max Life term plans provide long-term coverage till the age of 85 years. Some plans also come with maturity benefits which can be received in the form of a return of premiums.

  • Max Life term plans also come with the option for adding riders to the current policy so that the scope of the base coverage is broadened.

LIC Term Insurance

  • The two exclusively designed term insurance plans from LIC are LIC Tech term plan and LIC Jeevan Amar. These are non-participating, non-linked, and totally risk-proof.

  • The LIC term plans come with flexible premium payment options, which include single premium, limited premium, and regular premium.

  • Female policy buyers and non-smokers can buy the LIC term insurance plans at discounted premium rates.

  • To increase the policy coverage, policyholders can add riders.

If you want to buy a Max Life term insurance policy or a LIC term insurance policy, you can visit the website of IIFL. You can compare each of them thoroughly and then decide to buy one.