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InsuranceYes bank Max Life Insurance plan

Yes bank Max Life Insurance plan

Yes, bank Max Life Insurance plan is a corporate agent, yes bank has enlisted Yes bank Max Life Insurance plan in its insurance products.

Under Yes bank’s individual criteria of personal banking tab, insurance products are listed. The variations and divisions of life insurance are overwhelming. These are indeed designed for the diverse community of India. However, including other companies’ life insurance plans, you will also find Max Life’s plans.

You can find life insurance based on life stages and per need. Max Life provides Saral Jeevan Bima, Smart Secure Plus, and Smart Wealth Plan in the protection criteria.

However, there are various Max Life insurance products for a child’s future, savings & income, retirement, health, and wealth creation. Let’s take a little trip to Yes bank and Max Life to know more.

Yes bank and Max Life

This bank is one of the partners of Max Life that works as a composite corporate agent. You can find a long and diverse list of life insurance plans on Max Life’s webpage. Covering all of them would not be a good idea here. Both Yes bank and Max life have put documents related to the plans. Therefore, we will instead try to cover the most highlighted life insurance plans of Max Life.

Max Life’s diverse plans on life insurance

Max Life mainly focuses on term life insurance. It has made term life diversified with different options and benefits. Nevertheless, there are five kinds of life insurance arranged in Max Life. These are term life, ULIP, child, endowment, and retirement plans.

Under the term plans, there are four criteria. Other than Smart Secure Plus and Saral Jeevan, there are term plans for the return of premium and critical illness. Max life got plan variants for term insurance too. They are basic terms, term insurance according to monthly income, growing monthly income, and so on. Moreover, it has a group term policy too.

Stay tuned to learn some internal design of the multi-diverse Yes bank Max Life Insurance plan and its features.

Some selected life insurance plans for an overview

We have selected some appealing Yes bank Max Life Insurance plan to showcase their features.

Smart Secure Plus from Max Life

This life insurance plan is a non-linked, non-participating, and individual product of pure risk.

Here, this life insurance is smart because you can design the premium and death benefit according to your choice.

You can convert this pure risk product into saving plans if you apply the return of the premium variant. Nonetheless, you need to include this option from the initiation of the policy. The insured will get the total premium with the extra underwriting premiums and voluntary assured sums. It comes with some drawbacks, too, as the insured can’t claim ACI, accident, secondary life, or any rider benefit.

Individuals aged 18 to 65 years are fit to apply. The maturity age for base death benefit and accident cover is 85 years. ACI or Accelerated Critical Illness benefit maturity age is 75 years.

The minimum and maximum term period is ten years and 67 years for basic coverage. ACI requires at least ten years policy term and a 50 years max. You will get accident coverage after five years and within 67 years.

Basic coverage of this plan assures a minimum of Rs 20 lakhs for a death benefit. It will be Rs 10 lakhs for a secondary life if you choose joint life. ACI provides min coverage of Rs 5,00,000, and accident coverage provides min. Rs 50,000.

There are different payment options available for premiums. You can choose single, regular, or limited pay (5, 10, 12, 15 years). Various modes of payment such as per month, per quarter, annual and semi-annual are available. You can check here or read the prospectus to look for more elaboration.

Saral Jeevan Bima in Max Life

This plan is included in Yes bank Max Life Insurance planunder the protection term life of protection tab. It is also a pure risk premium product of Max Life. Any Saral Jeevan Bima mainly focuses on simplifying plan design. This plan also offers flexible payment options for premiums. You can choose regular, limited (5 & 10 years), or single payment.

There are flexible options for choosing the term period between 5 to 40 years. Minimum and maximum sum total assurance are Rs 5,00,000 and Rs 25,00,000 (with conditions), respectively. Individuals between 18 and 65 years are qualified for this policy plan. You are welcome to check out its leaflet for additional details.

Smart Wealth Plan in Max Life

This life insurance plan works as a savings plan. Smart Wealth is also a non-linked and non-participant product for individuals. According to the term, the insured starts earning a benefit after a few years.

There are four flexible plan options available in this plan. These are a) lump sum, b) short-term income, c) long-term income, and d) whole-life income. The minimum eligible age for these options is 91 days, five years, four years, and 40 years (for regular pay). And the max access age is 60 years for the first three and 65 years for whole life income.

The minimum annual regular premium payment is Rs 11,000 for the first three and Rs 50,000 for whole life income. It takes at least 18 years for maturation for the first three options. And whole life income takes 50 years to mature.

There is a different percentage of death benefit and a different calculation for maturity benefit. You can know complex numbers and estimates from the leaflet or prospectus.

Conclusion

We didn’t want to flood you with all the confusing terms. Instead, some aspects of the plans may give you a better understanding of Yes bank Max Life Insurance plan. In addition, different rider options are available in Max Life’s different policy plans. It has the option for a waiver of the premium. Moreover, critical illness and accidental death riders are some others. Not every rider is open to every plan, in any case.

Max life had a claim ratio of 99.34% in 2021-2022. On its website, Max life has included a helpline for online sales, NRI, and customer service. You can directly contact them for any inquiries.

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 [Ma1]

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