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Insurance policy is a contract of protection/compensation by the insurer to the insured. It is designed to reimburse or compensate the insured party for the financial loss caused in event of death or damage to merchandise as mentioned in the insurance contract.

Broadly insurance can be classified in two categories:
First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types:
Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans.
Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance
Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan .
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Home > Life Insurance > Life Insurance Companies > Max Life Insurance > Level Term Policy

Max Life Insurance- Level Term Policy

The level term policy plan covers your life at a very low cost & protects your family under an unfortunate event of your death. Incase of unfortunate death of the policy holder, an amount equal to the sum assured will be given to the nominee.

Features of Level Term Policy
1. Entry Age- Minimum 18years & maximum 55years.
2. Policy Term- 5,10,15,20 or 25years or to age of 60years.
3. Sum Assured- Rs.2, 50,000 to Rs.5 Crore.
4. Premium Payment Option- Annual, Semi-annual, Quarterly, Monthly, Single.
5. Death Benefits- In case of the unfortunate death of the life insured during the term of the plan, an amount equal to the Sum assured is paid to the beneficiary.

Advantages of Level Term Policy- You are entitled to the following tax benefits under Income Tax Act 1961:
1) Under this your premiums are eligible for deduction u/s 80C up to Rs.1, 50,000/- every year.
2) The DD rider premiums are eligible for an additional deduction u/s 80D up to Rs.15, 000/- every year.
3) The claim amounts (from death) are eligible for tax exemption u/s 10(10D).
Disclaimer: Please note that the information provided is collected from sources publicly available & we believe to be reliable. The website doesn’t warrant the accuracy, reliability & absolute information available on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and Bimadeals does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.
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