Key Features
Benefits
On death of the Life Insured, provided the rider is in force, the Rider Sum Assured shall be paid as lump sum along with base policy death benefit(s).
Guaranteed Death Benefit is defined as higher of:
10 times the Annualized Premium for Rider,
105% of all premiums paid for the Rider as on the date of death,
Rider Sum Assured."
No maturity or survival benefit is payable under this rider.
Eligibility
| Entry Ages (Age as on Last Birthday) | Minimum: 18 years
Maximum: 65 years |
| Maximum Maturity Age (Age as on Last Birthday) | 70 years |
| Rider Term | Minimum rider term: 5 years Maximum rider term: 35 years The rider term is subject to the following conditions: Rider term cannot be greater than the outstanding Premium Payment Term of the base policy. Please note that the minimum outstanding premium payment term of the base policy should be a minimum of 5 years. Rider term cannot be greater than Maximum expiry age less entry age of Life Insured at inception of the rider |
| Premium Payment Term | Same as Rider Term |
| Minimum Sum at Risk | Rs.50,000 |
| Maximum Sum at Risk | Rs.15,00,000 |
Surrender Value
The rider does not offer any surrender value
Loan facility is not available under this rider
In case of non-receipt of any premiums up to the expiry of grace period, the rider will lapse and no benefits shall be payable. Once the rider has lapsed, it can only be revived within a revival period of two years from the due date of first unpaid premium subject to the following conditions: The policyholder giving the Company a written request to revive the rider; and Policyholder paying all overdue premiums, together with interest and / or late fee determined by the Company from time to time (currently 8.0% per annum); The Policy holder producing an evidence of insurability at his/her own cost which is acceptable to the Company; and The revival of the rider shall take effect only after revival of the rider is approved by Max Life Insurance basis the Board-approved Underwriting Policy and communicated to the policyholder in writing. If a lapsed rider is not revived within two years or before the expiry of rider term, whichever is earlier, the rider shall be terminated and no value is payable to the policyholder. The revival of the rider shall take effect only if the base policy is in force or has been revived (if it was lapsed).
In case the premium is not paid by the premium due date, a Grace Period of 30 days from the due date (15 days in case of monthly mode) of first unpaid premium will be allowed. During this Grace Period, the risk cover will continue. Post that the rider will lapse.
