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Max Life Super Term Plan
How Does Plan Work
Example for Level Sum Assured Option
Mr. Sharma, 35 year old and healthy (non - smoker), opts for Max Life Super Term Plan. He chooses to buy Level Sum Assured option with a term of 30 years. He pays Rs. 16,500 as his yearly Premium for a Sum Assured of Rs. 1 Crore.
Settlement Option 1: On sudden demise of Mr. Sharma during 10th policy year (i.e. post payment of 10 annual premiums), his wife (nominee) opts to take the entire proceeds from the Policy from which she receives the lump sum amount of Rs. 1 Crore immediately.
Settlement Option 2: On sudden demise of Mr. Sharma during 10th policy year (i.e. post payment of 10 annual premiums), his wife (nominee), is not sure how to use the entire Death Benefit. Instead of taking the entire amount as lump sum, she plans to opt for the Settlement Option 2 where she will get Rs. 50 Lacs as lump sum immediately after death and the remaining Rs. 50 Lacs as monthly income (starting from next Policy Anniversary) increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death.
Example for Increasing Sum Assured Option
Mr. Verma, 40 year old, healthy (non - smoker), opts for Max Life Super Term Plan. He wants a Protection Plan where the Life Cover increases every year to mitigate the impact of inflation. He opts for Increasing Sum Assured option with a term of 30 years. He pays Rs. 42,100 as his yearly Premium for an initial Sum Assured of Rs. 1 Crore. Now Mr. Verma's Sum Assured increases every year by Rs. 5 Lacs (5% of initial Sum Assured of Rs. 1 Crore) till the end of Policy Term.
Settlement Option 1: On sudden demise of Mr. Verma during 21st policy year (i.e. post payment of 21 annual premiums), his wife (nominee) opts to take the entire proceeds from the Policy as lump sum amount. In the 21st policy year, Mr. Verma’s Sum Assured has increased to Rs. 2 Crores (increase of Rs. 5 Lacs per annum) which will be paid to his nominee.
Settlement Option 2: On sudden demise of Mr. Verma during 21st policy year (i.e. post payment of 21 annual premiums), his wife (nominee), instead of taking the entire amount as Lump sum, opts for the Settlement Option 2. In the 21st policy year, Mr. Verma’s Sum Assured has increased to Rs. 2 Crores (increase of Rs. 5 Lacs per annum) so his wife will get Rs. 1 Crore as lump sum immediately after death and the remaining Rs. 1 Crore as monthly income (starting from next Policy Anniversary) increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death
Option To Cope Up With Rising Inflation: Max Life Super Term Plan offers a unique Sum Assured option, where the Sum Assured increases by 5% every year at simple rate till the end of the Policy Term without any increase in the Premium. This helps your Life Insurance Plan cope with the rising inflation and in line with your upgrading life style.
Flexibility To Choose The Benefit Payout: On death of the Life Insured, the nominee can choose the Settlement Option:
Option1: He / she will have an option to receive the entire Death Benefit as lump sum
Option 2: Receive 50% of Guaranteed Death Benefit as lump sum and 0.42% of Guaranteed Death Benefit as monthly income for 10 years increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death
Flexibility To Choose Between Policy Terms: Choose Policy Terms from a minimum of 10 years to maximum of 35 years
Comprehensive Insurance Cover At Affordable Rates: Max Life Super Term Plan offers comprehensive insurance cover at affordable rates to take care of your loved ones in case you are not around
COMPARE THIS PLAN WITH OTHER TERM PLANS
Maturity Benefit : No Maturity Benefit is payable under the plan
Death Benefit : Payable on Death of the Life Insured during the Policy Term provided the Policy is in force or the Reduced Insurance Cover is active. On the Death of the Life Insured anytime during the term of the Policy, the Company will pay the Guaranteed Death Benefit under the Plan.
Guaranteed Death Benefit is defined as higher of:
10 times the Annualised Premium,
105% of all Premiums paid as on the Date of Death,
Guaranteed Maturity Sum Assured payable on Maturity Date,
Sum Assured effective on the Policy Anniversary previous or coinciding with the Date of Death
Eligibility conditions and other restrictions
Minimum/ Maximum Age of Life Insured at Entry (age as on last birthday)
Minimum Age : 18 (Eighteen) years Maximum Age : 65 (Sixty Five) years
Maximum Maturity Age of the Life Insured (age as on last birthday)
75 (Seventy Five) years
Premium Payment Term & Modes
This is a Regular Premium paying plan. Premium Payment Term is same as Policy Term. This product allows Annual, Semi - Annual, Quarterly and Monthly Premium Payment Modes
Minimum Policy Term: 10 years Maximum Policy Term: 35 years
The policyholder will have the option to choose a term between 10 years to 35 years, with intervals of 1 year.
Minimum Premium - The Minimum Premium for the product is Rs. 5,000 p.a. excluding Extra Premium, Modal Extra, all taxes and cesses as applicable from time to time. Maximum Premium - No limit, subject to the limits determined in accordance with Board approved underwriting policy of the Company.
Minimum Sum Assured - Rs. 25 Lacs subject to Minimum Premium limits Maximum Sum Assured - No limit, subject to the limits determined in accordance with Board approved underwriting policy of the Company.
Please note that the Sum Assured will be available in multiples of Rs. 1 Lac only
Premium Rates vary basis the following parameters:
a) Gender: The premium rates vary by gender of the Policyholder. The premium rates for females will be same as that of males with a five year age offset. Where the corresponding rate is not available, the lowest available age premium rate for male life will be used
b) Smokers / Non – Smokers: The premium rates vary by smoker status (viz. Non - Smoker and Smoker)
c) Sub - Standard Lives: This product will be offered to all lives. However, sub - standard lives shall be rated up in accordance with the Board approved underwriting policy of the Company
d) Sum Assured Option Chosen : The premium rates will vary basis the Sum Assured option chosen by the Policyholder (Level Sum Assured or Increasing Sum Assured) at Policy inception
Sample Premium Amount
Examples of Annual Premium (in Rs. ) for a Life Cover (Sum Assured) of Rs. 50 Lacs, 25 year term, healthy male. Please note the premium rates are exclusive of Service Tax, cesses, levies, loading for modal extra and loading for extra premium
Rider: Max Life Accidental Death & Dismemberment Rider (UIN: 104B027V01)
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
For further details, please refer to the Max Life Waiver of Premium Plus Rider brochure, contracts, rates and leaflet
What happens if
The Policy does not acquire surrender value throughout the Policy Term and therefore, there is no amount payable to You upon surrender of the Policy.
You are not entitled to any loans under this Policy.
LAPSATION OF POLICY
If during the first 15 (Fifteen) Policy Years from the Date of Commencement, if the Premium is not received by the end of the grace period, the Policy will lapse and no benefits under the Policy will be payable.
REVIVAL OF POLICY
3.1 A lapsed Policy or a Policy under Reduced Paid Up Mode can be revived at Our discretion, within the Revival Period:
on receipt of Your written request to revive the Policy by Us;
if You produce an evidence of insurability of Life Insured at Your own cost which is acceptable to Us; and
on payment of all overdue Premiums (along with the service tax or any other taxes, cesses or levies, if any) to Us with late fee and/or interest at such rate as may be determined by Us from time to time.
3.2 The revival of the lapsed Policy or a Policy under Reduced Paid Up Mode will take effect only
after We have approved the same in accordance with Our board approved underwriting policy and communicated Our decision to You in writing. All the benefits under the Policy
will be restored upon such revival without interest.
3.3 If a lapsed Policy is not revived within the Revival Period, this Policy will terminate without
value, on the expiry of the Revival Period.
3.4 If a Policy under Reduced Paid Up Mode is not revived within the Revival Period then, it will
continue to be under Reduced Paid Up Mode for the remaining part of the Policy Term.
3.5 The Policy cannot be revived beyond the Policy Term.
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