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Max Life Life Perfect Partner Super Plan

Max Life Life Perfect Partner Super Plan Review

Max Life Life Perfect Partner Super Plan is a traditional participating money back plan, which offers Life insurance coverage till age 75 years, and Guaranteed Maturity Sum assured, upon survival and Maturity of the policy. Upon the death of the life assured, the nominee gets a lump sum amount.

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Guaranteed Maturity Sum
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Flexible Premium Payment Terms
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Flexible Bonus Options
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Key Features

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Get Guaranteed 212.5% of Guaranteed Maturity Sum Assured
Terminal Bonus (if any) on policy maturity at age 75 years.
Flexible Premium Payment Terms
Guaranteed Retirement for Your Spouse
Flexibility to Withdraw Money to Meet Any Exigencies
Guaranteed Protection throughout the Policy Term
Flexible Bonus Options

Benefits

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Maturity Benefit

On policy anniversary immediately following or coinciding with Life Insured attaining age of 75 years, the following benefit shall be paid:
Guaranteed Maturity Sum Assured + Accrued Paid - Up Additions (if any) + Terminal Bonus (if any)

Death Benefit

On death during the term of the policy, the following benefits will be paid:
- Guaranteed Death Benefit, plus
- Accrued Paid-up Additions (if any), plus
- Terminal Bonus (if any)

Guaranteed Death Benefit is defined as higher of: [ (11 times the Annualised Premium**) or (105% of all premiums paid by Policyholder as on the date of death of the Life Insured) or (Guaranteed Maturity Sum Assured chosen by the Policyholder at policy inception) ]

The policy will terminate in case of the death of the Life Insured

Get Guaranteed 212.5% of Guaranteed Maturity Sum Assured

7.5% of Guaranteed Maturity Sum Assured for 15 years from age 61 years to 75 years on each policy anniversary. 100% of Guaranteed Maturity Sum Assured plus accrued Paid - Up Additions (if any), plus Terminal Bonus (if any) on policy maturity at age 75 years.

Flexible Premium Payment Terms

Choose between 7/10/15/20 years Premium Payment Term Options as per your need

Guaranteed Retirement for Your Spouse

Purchase the product on your spouse’s name along with Max Life Waiver of Premium Plus Rider (UIN: 104B029V01). This will ensure that the policy continues with all its benefits in case of an eventuality (dismemberment, diagnosis of critical illness or death)

Flexibility to Withdraw Money to Meet Any Exigencies

You have the flexibility to withdraw the accumulated bonuses (cash value of the Paid - Up Additions) in case of any need*

Guaranteed Protection throughout the Policy Term

The plan offers you guaranteed protection which continues to grow through bonuses* till age 75 years

Flexible Bonus Options

Flexibility to choose your Bonus Options as per your need:
• Paid in Cash: Bonus declared will be paid to you in cash.
• Premium Offset: Bonus declared will be used to offset the future premiums
• Paid - Up Additions (PUA): Bonus will be used to purchase additional Sum Assured which increases the benefits under the policy.

Rider

Max Life Term Plus Rider (UIN - 104B026V01) provides additional risk coverage in case of death

Max Life Accidental Death & Dismemberment Rider (UIN - 104B027V01) provides lump sum benefit in case of death / dismemberment due to accident

Max Life Waiver of Premium Plus Rider (UIN - 104B029V01) provides waiver of all future premiums in case of an eventuality. Where the Policyholder is same as life insured, waiver of all future Premiums is provided in case of dismemberment or diagnosis of critical illness of the Life Insured / Policyholder, however, where the Policyholder & life insured are different; waiver of all future premiums is provided in case of dismemberment, diagnosis of critical illness or death of the Policyholder

How it works

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SURVIVAL AND MATURITY BENEFIT
Criteria:

Age – 35
Premium Payment Term – 20 years
Annual Premium – Rs. 60,000
Bonus Option – Paid-up additions
Benefits illustrated below:-

Type of Benefit Duration of Benefit Pay out @4% @8%
Survival From Age 61 years to 75 years Rs. 66,128 every year
Maturity Benefit Guaranteed Maturity Benefit At age 75 years Rs. 8,81,704 15,62,076* 55,85,174*

* This includes Guaranteed Maturity Sum Assured along with non-guaranteed accrued Paid up Additions and Terminal Bonus.

DEATH BENEFIT 
The guaranteed death benefit keeps on increasing with age. The Guaranteed Death benefit along with Accrued Paid up Additions and Terminal bonus at various ages of policy holder is as mentioned below:
Benefits illustrated below:-

Age of
Policy Holder (in Years)
(Guaranteed Death Benefit along with accrued Paid Up Additions and Terminal Bonus) at 4% Guaranteed Death Benefit along with accrued Paid Up Additions and Terminal Bonus) at 8%
35 8,81,704 8,81,704
50 12,93,754 19,74,672
60 16,90,012 32,58,418
70 18,52,135 48,60,262

Eligibility

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Entry ages  Minimum - 91 days
Maximum Entry Age with Premium payment term
PPT 7-10 years - 55 yrs
PPT 15 years    - 50 yrs
PPT 20 years   - 45 yrs
Maximum maturity Age 75 yrs
Minimum Premium Premium Payment Term
7 years
Minimum Premium (in years)
Rs. 20,000 per annum
10, 15 or 20 years Rs. 8,500 per annum
Maximum Premium Maximum - No limit (subject to limits determined in accordance with the Board approved underwriting policy of the Company)
Policy Term Up to age 75 years of Life Insured. Policy Term = 75 less age at entry of Life Insured
Premium Payment Term 7 years, 10 years, 15 years or 20 years
Guaranteed
Sum Assured
Minimum: Rs. 50,000 (subject to minimum premium limits)
Maximum: No limit (subject to underwriting policy)

FAQs

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angle down iconSurrender

1. This Policy shall acquire a Surrender Value provided,
i. if the Premium Payment Term of the Policy is 7 (Seven) years, then, all the due Premiums for the first 2 (Two) Policy Years have been received and applied by The Company on or after the due dates.
ii. If the Premium Payment Term of the Policy is 10 (Ten) years or 15 (Fifteen) years or 20 (Twenty) years, then, all the due Premiums for the first 3 (Three) Policy Years have been received and applied by the Company on or after the due dates.

2. You may request in writing to surrender this Policy, only if this Policy has acquired the Surrender Value

3. The Surrender Value (which is an amount payable on surrender of the Policy and which will be higher of Guaranteed Surrender Value or Special Surrender Value) will be payable subject to the condition that there are no statutory or other restrictions to the contrary.

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You are not entitled to any loan under this Policy

angle down iconLapsation of Policy

1. If the Premium is not received by the Company by the end of the grace period, this Policy shall lapse and no benefits shall be payable under this Policy and no rights can be exercised by you till the revival of this Policy.
2 If you revive the Policy, then the benefits and the rights under this Policy shall be revived.
3 However, if this Policy has acquired a Surrender Value and upon nonpayment of the overdue Premiums by You till the expiry of the grace period, then, this Policy shall not lapse and shall by default become a Policy under Reduced Paid-Up Mode.

angle down iconRevival of Policy

A lapsed Policy can be revived at our discretion, within 2 (Two) years from the due date of the first unpaid Premium:
i. on receipt of Your written request to revive this Policy by The Company;
ii. If you produce an evidence of insurability at your own cost which is acceptable to the Company; and
iii. On payment of all overdue Premiums (along with the service tax or any other taxes, cesses or levies, if any) to the Company with late fee and/or interest at such a rate as may be determined by the Company from time to time.