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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Max Life Life Perfect Partner Super Plan - Key Features
Max Life Life Perfect Partner Super Plan - Benefits
On policy anniversary immediately following or coinciding with Life Insured attaining age of 75 years, the following benefit shall be paid:
G
On death during the term of the policy, the following benefits will be paid:
- Guaranteed Death Benefit, plus
- Accrued Paid-up Additio
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 Assu
Choose between 7/10/15/20 years Premium Payment Term Options as per your need
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 con
You have the flexibility to withdraw the accumulated bonuses (cash value of the Paid - Up Additions) in case of any need*
The plan offers you guaranteed protection which continues to grow through bonuses* till age 75 years
Flexibility to choose your Bonus Options as per your need:
• Paid in Cash: Bonus declared will be paid to you in cash.
• Premium Offset
Max Life Term Plus Rider (UIN - 104B026V01) provides additional risk coverage in case of death Max Life Accidental Death & Dismemberment
How does the plan work?
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 Conditions and Other Restrictions
| 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) |
|
Max Life Life Perfect Partner Super Plan - FAQs
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.
You are not entitled to any loan under this 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.
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.
