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Max Life Life Perfect Partner Super Plan

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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.

 

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

 
Key Features
- 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
 
COMPARE THIS PLAN WITH OTHER PENSION PLANS


 
Benefits
 
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
 
 
Additional Benefits
 
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.
 
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)
 
 
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
 
 
Surrender
 
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.
 
 
Loans
You are not entitled to any loan under this Policy
 
 
Lapsation 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.
 
 
Revival 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.
 
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