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Max Life Partner Care Rider

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Max Life Partner Care Rider


Key Features

In case of death of Life Insured, Sum of all future premiums payable under the base policy up to age 60 years, will be paid immediately on death to the nominee and the rider will terminate. If the base policy is in the grace period, the unpaid premium shall also be a part of the death benefit.


Rider Benefit

  • Death Benefit: In case of death of Life Insured, Sum of all future premiums payable under the base policy up to age 60 years, will be paid immediately on death to the nominee and the rider will terminate. If the base policy is in the grace period, the unpaid premium shall also be a part of the death benefit.
  • Maturity/Survival Benefit: No maturity or survival benefit is payable under this rider.


Eligibility Criteria

Entry Ages (Age as on Last Birthday) Minimum: 21 years
Maximum: 55 years
Maximum Maturity Age (Age as on Last Birthday) 60 years
Rider Term The term of this rider shall be equal to the premium payment term of the base plan, chosen at the inception of the base policy ( if the rider is attached to the base policy at a further date, then the term of the rider will be equal to the remaining premium payment term of the base policy.)
However, if the premium payment term under the base plan goes beyond the maximum maturity age of 60 years, the term of this rider shall be restricted to the number of policy years remaining for the policyholder to attain age 60 years last birthday.
Further the term under this rider shall be subject to a minimum term of 5 years and a maximum term of 39 years.
Premium Payment Term The premium payment term of this rider shall be equal to the term of the rider.
However, if the premium payment term under the base policy goes beyond the age of 60 years, the term of this rider shall be restricted to the number of policy years remaining till you attain the age of 60 years.
Minimum Sum at Risk Minimum Sum Assured (at any time during the policy term) for the rider is Rs.1,000.
Maximum Sum at Risk Maximum Sum Assured Is based on the maximum premium of the base policy. However, the sum assured under the rider will not exceed the sum assured under the base policy other than in case of pension plans.
 

Sample Illustration


Mr. Kumar is a 35 year old salaried professional. He is married and the couple has a 4 year old child. In order to plan for his retirement, he purchases Max Life Forever Young Pension Plan with a 20 year policy term. Mr. Kumar is the policyholder and Mrs. Kumar, his wife, is the nominee under the policy. Further, in order to ensure additional benefit due to his untimely death, Mr. Kumar also purchases Max Life Partner Care Rider. 

Surrender

The rider does not offer any surrender value

Loan

Loan facility is not available under this rider.

Revival

Same as base policy

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. Post that the rider will lapse.



 
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