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Max Life Life Gain Premier Plan
How Does Plan Work
Let us look at some examples - Below mentioned premium rates and benefits are assumed for a healthy male (without loading, levies, cesses and taxes). This is assuming that premium has been paid for entire Premium Payment Term, Bonus Option chosen is Paid - Up Additions and no cash value of Paid – Up Additions has been withdrawn.
This includes Guaranteed Maturity Sum Assured along with non – guaranteed accrued Paid - Up Additions and Terminal Bonus. Kindly note that the above are only illustrations and do not create any rights and / or obligations. The assumed non - guaranteed rates of return chosen in the above illustration are 4% and 8%. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance. The actual experience on the contract may be different from the illustrated. The guaranteed and non - guaranteed benefits are applicable only if all due premiums are paid. The premiums mentioned above are exclusive of levies, cesses and taxes. Please note that Bonuses are NOT guaranteed and may be as declared by the Company from time to time. The Bonus Option chosen is Paid - Up Additions.
Flexible Premium Payment Terms and Policy Terms – Choose between the following options as per your need. 6 or 8 years Premium Payment Terms with Policy Terms of 15 and 20 years10 years Premium Payment Term with Policy Term of 20 years12 years Premium Payment Term with Policy Term of 25 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 cashPremium Offset:
Bonus declared will be used to offset the future premiumsPaid - Up Additions (PUA):
Bonus will be used to purchase additional Sum Assured which increases the Living and Death Benefits under the policy
Maturity Benefit - Maturity Benefit of 100% of Guaranteed Maturity Sum Assured along with Accrued Paid - Up Additions (if any) and Terminal Bonus (if any) at the end of Policy Term to fulfil the desired milestone in life
Guaranteed Solution For Your Child's Needs - Purchase the product on your spouse's name along with Max Life Waiver of Premium Plus Rider (UIN: 104B029V01). This will ensure policy continuance and availability of funds for your child's education / marriage at maturity in case of an eventuality (dismemberment, diagnosis of critical illness or death)
Flexibility To Withdraw Money To Meet Any Emergency - You have the flexibility to withdraw the accumulated bonuses (cash value of the Paid - Up Additions) in case of any need. This is applicable if the bonus option chosen is Paid - Up Additions
Maturity Benefit: 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, plusAccrued 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
Terminal Illness Benefit: In case the Life Insured is found to be suffering from a disease that is likely to lead to the Death of the Life Insured within six months of diagnosis in the opinion of a Registered Medical Practitioner and the concurrence of Company’s appointed doctor, the Company will advance 50% of the Guaranteed Maturity Sum Assured (upto maximum of `10 Lacs across all policies which provide this benefit) immediately upon Policyholder’s request
Terminal Bonus: Terminal Bonus is an additional bonus paid only ONCE, on earlier of Death, Surrender or Maturity, provided the policy is in force for atleast 10 years
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Eligibility conditions and other restrictions
Entry Ages (Age as on Last Birthday)
Minimum Age: 18 years
Maximum Age: 55 years for 15/20 year Policy Term,
50 years for 25 year Policy Term
Maximum Maturity Age (Age as on Last Birthday)
For 15 years Policy Term: 70 years
For 20 years and 25 years Policy Term: 75 years
Additional Features and Benefits
Riders Available - 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 mentioned below:-
Policyholder diagnosed with 11 Specified critical illnesses
Policy holder suffering from Dismemberment
Death of Policyholder (only in case when Life Insured & Policyholder are different)
What happens if
The Policy cannot be surrendered before it has acquired the Surrender Value. However, if the Policy has been
surrendered post it has acquired the Surrender Value, then the same shall be payable to you. Surrender Value is defined as the higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)
Policy loans will be available under this product subject to a maximum of 50% of Special Surrender Value as per existing Terms and Conditions of policy loans at Max Life Insurance. The company will charge an interest rate on the loan, currently 11% p.a.compounded annually. The minimum loan amount that can be granted under the policy at any time will be Rs. 10,000.
After a policy has acquired Surrender Value, the policy shall not lapse. In case of premium discontinuance, the policy will by default become Reduced Paid Up (RPU). A Reduced Paid Up policy can be revived within a revival period of two years from the due date of first unpaid premium subject to the following conditions:
You paying all overdue premiums, together with interest and / or late fee determined by us from time totime (currently 8.0% per annum compounded annually)
The Life Insured producing an evidence of insurability at his/her own cost which is acceptable to Us
The revival of the Policy shall take effect only after revival of the policy is approved by Max Life
Insurance and communicated to you in writing. Once the policy has been revived, all the accrued
bonuses and benefits will get reinstated to original levels, which would have been the case had the policy
remained premium paying all throughout.
If a reduced paid up policy is not revived within two years of it becoming reduced paid up, then the policy
cannot be revived and will continue as reduced paid up for the rest of its policy term.
Discontinue Paying Premium
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.