When we think about our family’s financial future, the first question that comes to mind is – what will happen to my loved ones if I am not around tomorrow? Life is uncertain, but we can prepare for it with the right protection. This is where term insurance comes in.
Axis Bank, in partnership with Max Life Insurance, offers the Axis Bank Max Life Term Plan. It is a pure protection plan that ensures your family’s financial stability in case of your untimely death. Unlike traditional insurance that mixes savings with protection, a term plan focuses only on life cover, which makes it affordable and powerful.
This blog will explain all the important details about the Axis Max Life Term Plan – its features, eligibility, benefits, premium examples, claim process, and 20 FAQs that will clear most of your doubts.
What is the Axis Bank Max Life Term Plan?
The Axis Max Life Term Plan is a life insurance policy that provides a lump sum payout to your nominee in case of your death during the policy term. If you survive the term, there is usually no maturity benefit, unless you choose a special variant like Return of Premium.
It is designed for people who want to:
Secure their family’s lifestyle and day-to-day expenses
Protect their spouse, children, or parents from financial hardship
Cover liabilities such as home loans, car loans, or education loans
Get large coverage at affordable cost
Key Features
- High Coverage at Low Premiums – Get a sum assured of ₹1 crore or more at a fraction of the cost of other insurance plans.
- Flexible Policy Term – Choose coverage from 10 years to 40 years depending on your needs.
- Different Premium Payment Options – Pay monthly, yearly, limited years, or even in one go (single pay).
- Choice of Payouts – Nominee can receive money as lump sum, monthly income, or a mix of both.
- Optional Riders – Enhance protection with Critical Illness Rider, Accidental Death Rider, or Waiver of Premium Rider.
- Tax Benefits – Premiums qualify for deductions under Section 80C, and the payout is tax-free under Section 10(10D).
- Digital and Easy Purchase – Simple documentation, online premium calculators, and smooth Axis Bank branch support.
- Claim Settlement Trust – Max Life Insurance has one of the highest claim settlement ratios in India, which gives policyholders peace of mind.
Eligibility Criteria
Entry Age: 18 years to 65 years
Maximum Maturity Age: 85 years (up to 100 years in some variants)
Policy Term: 10 to 40 years
Sum Assured: Minimum ₹25 lakh; no upper limit (subject to approval)
Premium Payment: Regular, limited, or single pay options available
Benefits of Axis Max Life Term Plan
- Family Protection – Ensures your loved ones are financially stable even in your absence.
- Loan Protection – Helps clear outstanding liabilities like housing loan or car loan.
- Affordable Security – Cheaper than traditional insurance but provides larger coverage.
- Flexibility – Choose policy term, premium mode, riders, and payout type.
- Peace of Mind – You can focus on your work and goals knowing your family’s future is safe.
Example of Premiums
Premiums depend on your age, health, lifestyle, and coverage amount. To give you an idea, here are two examples for a ₹1 crore sum assured (non-smoker, healthy male):
At Age 20: Approx. ₹487 per month. Very affordable because younger age means lower risk.
At Age 50: Approx. ₹2,200 per month. Premium is higher because risk of health issues increases with age.
This shows why buying early is beneficial – you lock in a very low premium for the entire term.
Claim Process
Filing a claim is straightforward and transparent:
- Intimation – Nominee informs the insurer about the death of the policyholder.
- Submission of Documents – Policy document, death certificate, identity proof, and medical/hospital records if required.
- Verification – Insurance company reviews all details.
- Settlement – Once approved, the money is transferred to the nominee quickly.
Max Life is known for its fast claim settlement process, which provides additional confidence to policyholders.
Why Choose Axis Max Life Term Plan?
Trusted partnership between Axis Bank and Max Life Insurance
Wide coverage options up to ₹1 crore or more
Affordable for young earners, still valuable for middle-aged buyers
Flexibility in premium payments and claim payouts
Riders to customize your protection
Strong claim settlement ratio
Frequently Asked Questions (FAQs)
Q1. What is a term insurance plan?
It is a life insurance plan that only provides death benefit, not savings.
Q2. Who should buy Axis Max Life Term Plan?
Anyone with dependents such as spouse, children, or parents should consider it.
Q3. What is the minimum and maximum age to buy this plan?
Minimum entry age is 18 years, maximum entry age is 65 years.
Q4. What is the maximum coverage available?
You can opt for coverage of ₹25 lakh to several crores, depending on eligibility.
Q5. What if I survive the policy term?
You don’t get any payout in a basic term plan. However, in Return of Premium option, you get back premiums paid.
Q6. Can I increase my cover later?
Yes, some variants allow life stage benefits where you can increase cover after marriage or childbirth.
Q7. What if I cannot pay the premium on time?
There is a grace period, usually 15 to 30 days. If still unpaid, the policy may lapse.
Q8. Can I revive a lapsed policy?
Yes, you can revive within a few years by paying dues and completing formalities.
Q9. Is medical test compulsory?
It depends on your age, health, and coverage amount. Higher coverage usually requires medical tests.
Q10. Is accidental death covered?
Yes, basic plan covers it. You can also add an Accidental Death Benefit Rider for extra payout.
Q11. What is Critical Illness Rider?
It provides a lump sum payout if you are diagnosed with certain critical illnesses.
Q12. What is Waiver of Premium Rider?
If you become permanently disabled, all future premiums are waived but your cover continues.
Q13. Does the plan cover death due to COVID-19?
Yes, COVID-related death is covered.
Q14. Can NRIs buy this plan?
Yes, subject to specific rules and conditions.
Q15. How can premiums be paid?
Through online banking, credit/debit card, Axis Bank branches, ECS, or UPI.
Q16. What is the claim settlement ratio of Max Life?
It is above 99%, which means most claims are honored.
Q17. Are premiums tax-deductible?
Yes, under Section 80C.
Q18. Is the payout received by nominee taxable?
No, it is tax-free under Section 10(10D).
Q19. Can I surrender the policy?
Basic term plans don’t have surrender value. But some variants with return of premium may offer a benefit.
Q20. How much coverage should I choose?
Experts suggest 10–15 times your annual income, plus any outstanding loans.
Final Thoughts
The Axis Bank Max Life Term Plan is one of the most effective ways to secure your family’s financial future. It gives you high coverage at low cost, flexible payment options, optional riders, and a strong claim settlement record.
Whether you are 20 and just starting your career or 50 and looking for late protection, this plan can fit your needs. However, starting early not only gives you peace of mind but also saves you a lot in premium costs.
If financial protection of your loved ones is your priority, the Axis Max Life Term Plan is a smart choice.
