How Does Plan Work
Rajiv Verma is a 35 years old married person. He has a child whose age is 1 year. He wants to save systematically and create a legacy for his child. He also wants a regular fund from which he can withdraw money in case the need arises. He decided to buy Max Life Whole Life Super Plan with a Guaranteed Maturity Sum Assured of Rs. 18.66 Lacs, and Premium Payment Term of 20 years. His Annual Premium comes out to be Rs. 50,000 (without taxes, levies and loading extra). The Bonus Option chosen is Paid - Up Additions.
MAX LIFE WHOLE LIFE SUPER OFFERS INCREASING DEATH BENEFIT AND LIQUIDITY THROUGH BONUS OPTION OF PAID - UP ADDITIONS
Customer Give and Get:
Rajiv gives = Rs. 10 Lacs
Rajiv gets on Maturity (@ 4%) = Rs. 31.6 Lacs; Rajiv gets on Maturity (@ 8%) = Rs. 1.48 Crores*The non - guaranteed assumed rates of returns chosen in the above example are 4% and 8% and the mode of premium payment is Annual.
**EOY - End of Year; BOY - Beginning of Year
Please Note –The Cash Value, Death Benefit, Maturity Benefit will change (reduce) if the customer withdraws money from the policy (by surrender of Cash Value of PUA) in between the policy term.
Kindly note that the example above are only an illustration and does not create any rights and / or obligations. The assumed non - guaranteed rates of return chosen in the above illustrations are 4% and 8%. These assumed rates of returns are not guaranteed and they are not the upper limit 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 Service Tax charges. Please note that Bonuses are NOT guaranteed and may be as declared by the Company from time to time.
Key Features
- Protection Till Age 100 Years – The plan offers you guaranteed protection which continues to grow through bonuses* till age 100 years
- Flexible Premium Payment Terms - Choose between 10 / 15 / 20 years Premium Payment Term options as per your convenience
- Lump Sum Payout at Age 100 - Maturity Benefit of 100% of Guaranteed Maturity Sum Assured along with Accrued Paid - Up Additions (if any) and Terminal Bonus (if any) at age 100 which acts as a legacy for your family
- 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 premiums Paid - Up Additions:
BonusDividends paid to policyholders from funds created out of profits re
- Flexibility to Withdraw Money to Meet Any of Your Life’s Milestones - 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 (PUA).
Key Benefits
- Maturity Benefit: On policy anniversary immediately following or coinciding with Life Insured attaining age of 100 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 benefit 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
- 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. In case of surrender, the cash value of Terminal Bonus
shall be paid.
Eligibility conditions and other restrictions
| Entry Ages (Age as on Last Birthday) |
Minimum: 18 years
Maximum:
10 Pay - 60 years
15 Pay - 55 years
20 Pay - 50 years |
| Maximum Maturity Age (Age as on Last Birthday) |
100 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
Surrender
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)
Loan
Loan facility is not available under this plan.
Revival
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 to time
- 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.
