Policy Purchase:

You start by purchasing the plan from Max Life Insurance. You choose the coverage amount, policy term, and any optional riders you want to add to enhance your coverage.

Payment of Premiums:

You pay regular premiums for the duration of the policy term. Premium payments can typically be made annually, semi-annually, quarterly, or monthly, depending on the policy terms.

Coverage Period:

During the coverage period, if the policyholder passes away, the designated nominee receives the death benefit, which is the sum assured chosen at the time of policy purchase. This benefit provides financial security to the family or dependents of the policyholder in the event of their untimely demise.

Optional Riders:

If you opt for additional riders like accidental death benefit, critical illness benefit, or disability benefit, you may receive extra coverage in case of specific events outlined in the rider.

Maturity Benefit:

If the policyholder survives the entire policy term, they receive the maturity benefit, which is a lump sum amount paid out at the end of the policy term. This amount can be used for various purposes, such as retirement planning or meeting financial goals.

Policy Surrender or Lapse:

Depending on the terms of the policy, you may have the option to surrender the policy before maturity or let it lapse due to non-payment of premiums. However, surrendering or lapsing the policy may result in the loss of benefits and may have financial implications.