Max Life Term Plan Or LIC Term Plan: Which Is Better?
Uncertainties are a part of human life that can lead to financial difficulties. For example, unfortunate events such as death, accidents, and terminal illnesses can jeopardize a family in many ways. In such situations, people should know how to protect their children and spouses effectively. A term plan is an ideal choice for those who want to ensure high protection for their families. It is the purest form of life insurance that offers several benefits to a policyholder.
When choosing a term plan, one should choose the right company which caters to the needs of a policy buyer. Max life insurance and LIC are the two topmost insurance companies in India that provide a variety of term plans for policy buyers. On the other hand, they should consider comparing LIC vs Max Life Term Plan to know the differences between the two. This Max life insurance vs LIC comparison will help a lot while investing money according to their needs. Not only that, it provides ways to select a plan depending on the requirements.
What are the features of the Max Life Term Plans?
1. Three Plan Variants
The Max Life Term Insurance plans are available in three variants that satisfy the needs of a policyholder. They include Max Life Online Term Plan, Max Life Premium Protection Plan, and Max Life Smart Term Plan.
2. Increased Coverage
Max Life Term Insurance provides increased life cover to policyholders depending on the growing needs and they can choose from several other payment options.
3. Customizable Payouts
The max lite term plan offers customizable payouts to policyholders based on their choices that will help accomplish goals to a large extent. They include a basic cover, life cover with increasing monthly income, and a life cover with monthly income.
4. Rider Options
The plan provides rider options for policyholders such as permanent disability, accidental death benefit, and terminal illness coverage.
5. Waiver of Future Premiums
The max life insurance term plan offers a waiver of future premiums to policyholders in case of terminal illness or dismemberment. Also, the plan allows non-smokers to pay low premiums that give ways to save more money.
6. Tax Benefits and Exemptions
Policyholders can avail of tax benefits on premium amounts and policy maturity benefits thereby showing methods to gain more advantages with a MAX life insurance online term plan.
7. Coverage Till the Age of 85
The Max Term Plan offers coverage for policyholders till 85 with maturity benefits in the form of a return of premiums.
8. Long Cover Duration
Policy buyers can choose cover duration between 10 years and 50 years based on their requirements.
9. Easy Claim Process
The max term insurance plan provides ways to claim amounts in easy steps that will help receive amounts as soon as possible.
10. Affordable Protection
The plan offers affordable protection to policyholders and they can choose coverage from 25 lakhs to 100 crores.
What are the features of LIC Term Plans?
1. Two Plan Variants
The LIC term insurance plan is available in two variants that cater to the needs of policy buyers.
2. Flexible-Premium Payout Options
The LIC Term Policy offers flexible premium payout options for customers when they want to buy the same.
3. High Discounts
Female policy buyers and non-smokers can buy the plan at high discounts thereby showing ways to reduce expenses significantly.
4. Hassle-free Buying and Settlement Process
The LIC term insurance policy allows customers to buy the same in simple steps and policyholders to claim the amounts as soon as possible.
5. Rider Benefit Option
The LIC Online Term Plan comes with a rider benefit option enabling a person to enhance his/her insurance coverage effectively.
6. High Settlement Ratio
LIC has high settlement ratios among public insurance companies allowing policyholders to gain more advantages.
What is the Best Insurance Plan to Buy?
Both Max life insurance and LIC provide different types of term plans for customers in the markets with various features. While the Max term insurance plan offers coverage up to 85 years, LIC provides coverage up to 75 years. It is wise to compare the features between them before investing money. Anyone who wants to choose customizable payouts can choose the term plans offered by the Max life insurance company.
LIC term plan has some restrictions when compared to the Max Online term plan. Although both plans provide death benefit coverage, it is important to know how they will benefit a nominee from different sources.
Things to Consider while Buying a Term Insurance Plan
While purchasing a term insurance plan, customers should keep certain things in mind that will help claim amounts with ease.
Age is the most important factor to consider while purchasing a new term plan from the market, be it a Max Life Plan or LIC term insurance online. This is because insurers will determine their premiums based on the age and lifestyle of a person. Customers should also evaluate the expenses that will occur at different life stages.
2. Payout Options
Policy buyers should know the payout options in detail before choosing a plan which will help a lot to overcome unwanted complications. Max life insurance term insurance offers various payout options for policyholders such as lump sum benefit and regular monthly income.
3. Choosing the Right Insurer
Choosing the right insurer is very important while buying a term insurance plan. A policy buyer should read reviews of insurance companies online which will help a lot to gain more ideas. Working with the right insurer allows a person to get maximum coverage against critical illnesses and accidental death.
4. Policy Duration
Policy buyers should know the duration of plans before buying them. Selecting a term plan with the right duration allows a policyholder to pay premium amounts on time.
Buying a term insurance plan is a wise decision because it allows a policyholder to gain more advantages. At the same time, it is necessary to choose the best term plan from the markets after doing complete research. Even though Max Insurance Term Plan and LIC life term insurance policies are suitable for policy buyers, they should compare them properly by doing a Max Life vs. LIC comparison. This, in turn, gives ways to focus more on the financial goals and other things that will help lead a trouble-free life.