Axis Max Life Term Insurance FAQs

If you are unable to pay a premium for a term insurance plan, then you must do it within the 30 days grace period. If you do the same, you will not lose any benefit offered under the policy.

You must analyze your family’s specific requirements, keep into consideration your existing financial liabilities, research about different term plans online, and determine the policy term before buying a term insurance plan offered by Axis Max Life Insurance.

Yes. You can avail of tax benefits on the premium paid for term insurance plans offered by Axis Max Life Insurance for up to Rs. 1.5 Lakh per annum under Section 80C of the Income Tax.

Young individuals, newly married couple, and parents can buy term insurance plans offered by Axis Max Life Insurance.

The nominee, beneficiary or the assignee/ appointee in case of minor is entitled to receive the sum assured as mentioned by the assured in the proposal form.

You will receive your claim amount in online or offline mode as per your chosen option.

A claim can be intimated by providing information to Axis Max Life Insurance through the nearest Axis Max Life Insurance Branch office, by contacting your advisor(agent) or you can email Axis Max Life Insurance at claims.support@maxlifeinsurance.com.

You can submit your claim documents at the nearest Axis Max Life Life Insurance Branches.

As per the Insurance Regulatory Authority of India (IRDAI), all claims are to be settled within 30 days with all important documents. In case, further investigation is to be required then it may take up to 120 days to settle a claim.

In such cases, Axis Max Life Term would require proof of titles like a Succession certificate or Registered Will issued by the court.

It is best to intimate the Axis Max Life Term claim at the earliest after the policyholder’s death has happened. In the case of Fatal Disease and Critical Illness claims, claims should be intimated only after the 28-30 days of event occurrence.

As a basic rule, one should buy term life cover up to 10-12 times of their annual income.

A grace period of 30 days from the premium due is allowed according to the guidelines by the Insurance Regulatory Authority of India (IRDAI).

No. The duration of Axis Max Life Term Insurance cannot be changed once the policy is issued.

Yes, Non-Resident Indians (NRIs) can purchase Axis Max Life Term Insurance if they are Indian citizens, have at any time held an Indian passport, or a person who is legally wedded spouse of an Indian citizen.

Axis Max Life Insurance features a very high claim settlement ratio of 99.22% for the FY 2019-2020.

In case the nominee or beneficiary dies too after the death of the policyholder, without receiving the claim amount, then policy benefits are received by the legal representative, or heir or succession certificate holder.

Yes, you can hold multiple term life insurance plans to protect your family. Also, you are completely free to either purchase all the plans from a single insurance company or from multiple insurers.

Yes, the term insurance plans provide the deduction in tax on the premium of the insurance plan, according to Section 80 C of the Income Tax Act, 1961. The policyholders can claim income tax deductions premium paid towards term insurance plans for up to Rs 1.5 Lakh.

Yes, you can purchase term life insurance plans directly from the official website of Axis Max Life Insurance in a span of minutes.

The cost of Axis Max Life Term Insurance depends on the type of policy you choose, your age, the sum assured, health conditions, and the benefits you expect to receive when your term of the policy expires.

Age, pre-existing disease, gender, occupation, and cover-up to which age are the factors that affect the Axis Max Life Term Insurance premium.

The coverage of the Axis Max Life Term insurance plan should be adequate enough to cover your family’s financial needs in an unfortunate event. The ideal coverage should be 10 to 12 times your annual income.

Yes, Axis Max Life Term Insurance offers tax benefits under section 80C, section 80D, and section 10(10D) of The Income Tax Act.

The right time to buy the Axis Max Life Term Insurance plan is as early as possible. With the increasing age, the higher would be the term plan premium. The minimum age you can purchase a Axis Max Life Term Insurance plan is 18 years.

Axis Max Life Term Insurance plans offer critical illness cover, accidental death benefit cover, and future waiver of premium.

If you add riders to your Axis Max Life Term Insurance coverage, the premium calculated would increase because each Rider provides an additional benefit which comes with an additional cost for the additional coverage benefit that it provides. Therefore, the premium will increase as you add riders to your term insurance plans.

Smoking is hazardous for your body. It increases the chance of developing diseases like throat cancer or lung cancer. If you are a regular smoker you are at high risk to develop life-threatening disease so will have to pay a higher premium as compared to non-smokers.