Term insurance is the simplest and purest form of life insurance. Under this plan, you opt for insurance coverage for a fixed duration; if you pass away during this period, the sum assured is paid out to the beneficiary (nominee) you have designated. It is a “pure protection” plan that contains no investment or savings component, making it highly affordable.
Axis Max Life Insurance’s claim settlement ratio of 99.65% makes it a trustworthy choice. The company commenced its operations in the year 2000 and currently maintains a network of over 269 offices across India.
Step-by-Step Process: How to Buy Term Insurance Online?
The process of purchasing term insurance from Axis Max Life Insurance is entirely digital and hassle-free. You can complete it in just a few minutes, right from the comfort of your home.
Start with Premium Calculation
First, visit the official Axis Max Life Insurance website and click on the “Term Insurance” section. Here, you will find an online calculator. This calculator provides an estimated premium based on details such as your age, gender, annual income, and tobacco/nicotine consumption habits.
The key factors influencing the premium calculation are: Age (the younger you are, the lower the premium), Lifestyle (non-smokers pay a lower premium), Occupation, and the Sum Assured.
Step 1: Fill in the Required Details
After using the calculator, you will need to provide the following details during the application process:
- First Name and Last Name
- Mobile Number and Email Address
- Gender and Date of Birth
- Education Type and Occupation
- Annual Income
- PIN Code and PAN Number
Step 2: Select the Sum Assured and Policy Term
Generally, you should choose insurance coverage that is at least 10–12 times your annual income. Axis Max Life Insurance offers coverage options ranging from ₹1 crore up to ₹7 crore or more.
The policy term typically ranges from 10 to 35 years. It is advisable to select a term that extends up to your retirement age or covers the duration required to fulfill your financial obligations (such as home loans, children’s education, etc.).
Step 3: Add Riders (Additional Coverage)
Axis Max Life Insurance offers several riders that you can add to your base policy for a nominal additional premium:
- Premium Waiver Plus Rider – This rider waives all future premiums in the event of a critical illness, dismemberment, or the death of the policyholder. It covers 11 critical illnesses, such as cancer, heart attack, kidney failure, stroke, coma, etc.
- Accidental Death and Dismemberment Rider – Provides an additional payout in the event of death or bodily injury caused by an accident.
- Critical Illness and Disability Rider – This rider not only offers financial protection but also includes wellness benefits such as regular health check-ups and mental health counseling.
Step 4: Upload Required Documents
This is the most crucial step. You will need to upload documents to verify your identity, address, age, and income.
Step 5: Pay the Premium
Once all the information and documents have been submitted, you can proceed to make the payment online. Axis Max Life Insurance offers multiple payment options: Credit Card, Debit Card, Net Banking, and Digital Wallets. After payment, the company may request a medical test (physical examination), which is generally free of cost and conducted right at your home.
Detailed List of Documents – For All Categories
Document requirements vary based on your specific category (Salaried, Self-Employed, Homemaker, Student, NRI).
Proof of Identity and Address (Any one of the following)
- Passport (Both front and back sides)
- Voter ID Card
- Aadhaar Card
- Driving License
- Letter issued by UIDAI or NPR
- Utility Bill (Electricity, Landline, Gas) – Not older than 2 months
Proof of Age (Any one of the following)
- Passport or Birth Certificate
- PAN Card
- 10th or 12th Grade School Leaving Certificate
- Bar Council ID Card
- Central/State Government Employee ID Card
Precautions While Applying
The process for Axis Max Life Insurance is largely simple and digital; nevertheless, there are certain key points that should be kept in mind:
- Free-Look Period: You have a window of 30 days after receiving the policy document. If you are not satisfied with the terms and conditions of the policy, you may cancel it and receive a full refund of the premiums paid (provided no claim has been filed).
- Grace Period: An additional grace period of 30 days is provided after the premium due date, during which the premium can be paid without incurring any late fees or penalties.
- Surrender Value: A pure term insurance policy does not have any surrender value. It serves solely as a means of protection, not as an investment instrument.
- Choose the Right RM: Generally, purchasing a policy through a direct advisor from the company is considered safer than doing so through bank employees, as company advisors typically possess a deeper understanding of the product.
Offline Process
If you find the online process challenging or require personalized assistance, you may opt for the offline method:
Branch Visit: Visit your nearest Axis Max Life Insurance branch to fill out the application form.
Customer Care: Call the toll-free number 1860-120-5577.
Via App: Download the official mobile application of Axis Max Life Insurance.
Conclusion
In today’s digital age, obtaining term insurance from Axis Max Life Insurance has become incredibly easy. Whether you are a salaried professional, self-employed, a homemaker, or a student—while the documentation and procedures may vary slightly depending on your specific category—the fundamental process remains the same and straightforward for everyone.
Most importantly, secure your term insurance as early as possible. At the age of 18, a cover of ₹1 crore starts at just ₹400 per month, whereas at the age of 35, the same coverage can be significantly more expensive. Consider this a small investment in your family’s future—an investment that will ensure their financial security in your absence.