Max Life Comprehensive Accident Benefit Rider - Key Features
Max Life Comprehensive Accident Benefit Rider - Benefits
On death or dismemberment to the Life Insured due to accident, provided the rider is in force, the Rider Sum Assuredshall be paid as lump sum along
No maturity or survival benefit is payable under this rider.
How Does Plan Work
Mr. Kumar is a 35-year-old salaried professional, is married, and the couple has a 4-year-old child. He is a
responsible individual who always takes care of his family. In order to plan for his family’s financial security,
he buys Max Life insurance policy (Rs. 50 lacs sum assured with 20 years term), on his life with nominee as
his wife. Further, in order to ensure additional protection against accident, he also buys Max Life
Comprehensive Accident Benefit Rider (Rs. 20 lacs sum assured with 20 years term) at a nominal incremental
price.
Here are the following scenarios that can occur during the course of the policy of Mr. Kumar,
Kindly note that the above scenarios are only examples and do not in any way create any rights and/or obligations.- You may be entitled to certain applicable tax benefits on your premiums and Rider benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax consultation.
- Extra premium will be charged for substandard lives as per company’s underwriting policy.
Eligibility conditions and other restrictions
| Entry Ages (Age as on Last Birthday) | Minimum: 18 years Maximum: 60 Years |
| Maximum Maturity Age (Age as on Last Birthday) | 75 years |
| Rider Term | 10 years to 35 years. The term of the rider shall be equal to or less than the term of the base plan |
| Premium Payment Term | Same as Rider Term |
| Premium Rate | Rs. 63 per Lac of Sum Assured. The premium rate does not vary with the age or gender of the Life Insured. |
| Minimum Sum Assured | Rs. 50000 |
| Maximum Sum Assured | Rs. 1 Crore per life (subject to a maximum sum assured under the base plan). |
Max Life Comprehensive Accident Benefit Rider - 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 ride
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 unp
