Guaranteed Tax Free* Monthly Income - Get guaranteed tax free* monthly income for
10 years (Payout Period) along with one time guaranteed Terminal Benefit at the end of
the Payout Period
Guaranteed Income that doubles after 5 years - Guaranteed Monthly Income offered
in first five years of the payout period is doubled in the remaining five years.
Immediate payout after policy term - Start enjoying monthly income benefit
immediately after the Policy Term (starting next year after all premiums have been paid).
Guaranteed Protection with choice of payout options on death - The plan offers you
life cover for the entire Policy Term by providing guaranteed death benefit. On death
during the Policy Term, the nominee will have an option to select either a) Lump sum
Death Benefit or b) Income for 10 years post death.
Flexibility to get monthly income as lump sum - The Plan offers you commutation
option wherein you can receive the present value of the survival and death benefit
respectively instead of the monthly payouts. This option can be availed anytime once the
monthly payout has been started.
*Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of
Premium or receipt of benefits by you. The monthly Income Benefit & Terminal Benefit may be
taxable subject to extra premium being loaded at underwriting stage.
Key features
Survival
Benefit
If the Policyholder has paid all the premiums as and when due and the life insured
has survived the Policy Term, then the policyholder is entitled to receive the
Survival Benefit as below:
Survival Benefit = Income Benefit + Terminal Benefit
Income Benefit
Income Benefit shall be payable during the 10 year Payout Period post completion
of the policy term in accordance with the tables below. This Income Benefit is
payable monthly and is expressed as a percentage of the Annualised Premium. The
Income Benefit payable monthly in the last 5 years of the payout period is twice the
Income Benefit payable monthly in the first 5 years of the payout period. The
Income Benefit shall accrue on the policy anniversary after the end of the policy
term.
TerminalBenefit
Terminal Benefit is a onetime payout payable at the end of Payout Period, which is
equal to:
- 125% of Annualised Premium in case of 6 years Policy Term variant;
- 200% of Annualised Premium in case of 12 years Policy Term variant
Extra premium, rider premium, service tax, cesses and any statutory levies are
excluded from Annualised Premiums used for calculating the Survival Benefit
above.
Instead of taking the Survival Benefit as a series of monthly payments, the
policyholder also has the option to avail the survival benefit in lump sum at the end
of the policy term, before the commencement of the payout period. On exercising
this option, the GMSA is paid to the policyholder. The policy shall terminate on the
payment of the GMSA.
GMSA is defined as the present value of survival benefits calculated at a discount
rate of 5.7% p.a. and is expressed in terms of one Annualised Premium. The GMSA
is always higher than the sum of the total annualised premiums payable over
thepolicy term for all entry ages and is guaranteed.
Annualised premium is exclusive of extra premium, riderpremium and Service tax &
Education Cess
Death Benefit
during the
Policy Term
Payable on death of the life insured during the Policy Term provided the policy is in
force.
In case of death of the Life Insured within the Policy Term, thebeneficiary shall
receive the following death benefit:
The lumpsum Death Benefit payable is equal to the Death Sum Assured, which is
defined as the higher of:
i) 10 times the Annualised Premium;
ii) 105% of Total Premiums paid;
iii) Guaranteed Maturity Sum Assured (GMSA), and
iv) Guaranteed Death Sum Assured (GDSA);
GDSA is higher than 10 times the Annualised Premium, 105% of Total Premiums
Paid and GMSA. Hence the lump sum Death Benefit is 12.75 times the Annualised
Premium and 18.50 times the Annualised Premium for a 6 year Policy Term and 12
year Policy Term variant respectively.
The Death Benefit is payable as a lump sum benefit to thebeneficiary. However,
instead of taking the death benefit as lump sum, the beneficiary also has the option
to avail the death benefit in monthly installments for a period of 10 years post the
date of death.
On exercising the option, the Death Benefit is paid as follows:
Variant Period
6years
Policy
Term
Death Benefit
(as % of
Annualised
Premium,
payablemonthly)
10yearsfollowing 165%/12
the date of death
of the Life
Insured
Term
of the Life
Insured
While receiving the Death Benefit in monthly installments, thebeneficiary can also
choose at a future date to commute all outstanding payouts and receive the present
value of the future outstanding payouts as a lump sum as provided under the
commutation option. The lump sum payment on commutation to the nominee after
discounting, will at least be equal to the death benefit less installments already paid
to the beneficiary. The policy shall terminate on payment of the commuted value.
Death Benefit There is no risk cover provided during the Payout Period. On the death of the Life
during the
Insured during the Payout Period, thebeneficiary will continue to receive the
Payout Period outstanding survival benefits (Income Benefit and Terminal Benefit). Additionally,
thebeneficiary has the option to receive the present value of outstanding survival
benefit (Income Benefit and Terminal Benefit) as lump sum as provided under the
Commutation Option. The lump sum payment on commutation will at least be equal
to the GMSA less installments already paid to thebeneficiary.
Commutation
Option
Eligibility
Minimum/
Maximum Age of
Life Insured at
Entry (age as on
last birthday)
Minimum Entry Age: 25 years for both 6 and 12 year Policy Terms
Maximum Entry Ages:
For 6 year Policy Term 60 years
For 12 year Policy Term 55 years
Maximum
For 6 year Policy Term 66 years
Maturity Age of the For 12 year Policy Term 67 years
Life Insured (age as
on last birthday)
Premium Payment This plan offers only regular premium payment option and has two premium
Term(s)
payment term options 6 years and 12 years. The Premium Payment Term for
the chosen option would be same as the Policy Term
Policy Term (s)
This plan has two Policy Term options 6 years and 12 years. The completion
of Policy Term will be followed by a Payout Period of ten (10) years (120
months)
Minimum
Guaranteed
Maturity Sum
Assured (GMSA)
Maximum
Guaranteed
Maturity Sum
Assured (GMSA)
Lump Sum Benefit on Maturity - Enjoy accrued bonuses along with terminalbonus on
maturity of the policy.
o Get lump sum benefit immediately on death to ensure financial security of your
loved ones.
o The Company also waives off all future premiums payable by you to ensure that
all benefits i.e. Guaranteed Monthly Income Benefit & Maturity Benefit are paid
to your beneficiary as and when due, thus, ensuring that your dreams for your
family are taken care of even in your absence.
Tax Benefit - Get tax benefits on all premiums paid and policy benefits received by you
as per the prevailing tax laws.
*Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of
Premium or receipt of benefits by you.
Survival BenefitSurvival Benefit: Income Benefit + Maturity Benefit where,
Income Benefit
Guaranteed monthly income equal to one twelfth (1/12th) of 10% of Sum Assured shall be
payable for 10 years (120 months) at each monthly anniversary commencing immediately after
completion of the Premium Payment Term.
Maturity Benefit
Accrued compound reversionary bonus (if any) plus terminalbonus (if any) shall be payable on
completion of the Policy Term
Death Benefit during the Policy TermFollowing shall be payable on death of the Life Insured:
1. Lump sum Benefit - Death Benefit shall be payable on the death of the Life Insured, where
Death Benefit is higher of:
i) 11 times the Annualised Premium*
ii) 105% of all the premiums paid till the date of death of the Life Insured
iii) Guaranteed Sum Assured on Maturity (Guaranteed Sum Assured on Maturity is equal to zero
(0) under this plan as all guaranteed benefits are payable as guaranteed monthly income for 10
years after completion of Premium Payment Term)
iv) Any absolute amount assured to be payable on death (this is equal to Sum Assured)
2. Policy Continuance Benefit - All due premiums, if any, coinciding or following the date of
death of the Life Insured shall be waived off and the policy will continue as it is and Guaranteed
Monthly Income Benefit & Maturity Benefit shall be payable to the beneficiary as and when due.
Policy shall participate in future bonuses.
How this plan works
Mr. Bajaj, aged 40 years, wishes to have an additional income and wants to ensure financial
protection in case of death. Thus, he invests Rs. 1,00,000 in Max Life Monthly Income
Advantage Plan on an Annual Mode. He opts for 12-year Premium Payment Term (22-year
Policy Term). Lets see how this plan would work for him:
Riders
Max Life Term Plus Rider (UIN 104B026V01) ) provides additional risk coverage in case of
death.
You have purchased a life insurance policy to ensure long term protection for you and your
family. However, life is full of uncertainties. We at Max Life Insurance understand this, which is
why we offer you a solution to make your protection planning more comprehensive. You can add
Max Life Term PlusRider to your life insurance policy (base plan) to provide additional
protection against an unfortunate incident. This rider provides additional death benefit in case of
your death. The benefits under this rider are payable along with the base plan benefit(s).
o Rider term cannot be greater than the outstanding Premium Payment Term of the
base policy. Please note that the minimum outstanding premium payment term of
the base policy should be a minimum of 5 years.
o Rider term cannot be greater than Maximum maturity age less entry age of Life
Insured at inception of the rider
The rider can be attached at inception of the base policy or at any time, concurrently with the
base policies' premium payment mode during the premium payment term of the base policy such
that the minimum rider term is 60 months (5 years).
For further details please refer to the Max Life Term Plus Rider Sales Brochure, Rider
Contract, Rider Rates & Rider Leaflet
----------------------------------------------------------------------------------------------------------Max Life Accidental Death & Dismemberment Rider (UIN - 104B027V01)provides lump
sum benefit in case of death/dismemberment due to accident.
You are planning to protect the financial future of your family through a life insurance plan.
However, life is full of uncertainties and you certainly don't want an accident to make a dent in
your financial planning. We, at Max Life Insurance, understand this, which is why we offer you a
solution to make your financial planning comprehensive.
You can add Max Life Accidental Death and Dismemberment Rider to your life insurance policy
(at any time, provided the remaining term of the base policy is at least 5 years) to provide
additional protection benefits in case you meet with an accident, leading to dismemberment or
death. The benefits under this riderare payable over and above the base plan benefits.
Rider Term
5 years to 52 years. The term of the rider shall be equal to or less than the
premium payment term of the base plan.
Maximum Maturity Age On policy anniversary coinciding with or immediately following the
(age as on last birthday) Policyholder attaining age of 70 years
Rider Benefit
(To know the detailed
events under which the
benefits are payable,
please refer to the sales
brochure attached below)
The loss of use of the particular limb/loss of sight must be documented for
an uninterrupted period of at least six months.
The rider will terminate when the Rider Sum Assured is paid either due to
dismemberment or due to death, whichever is earlier.
Premium Rate (per
annum)
Rs. 100 per Lac of Rider Sum Assured. The premium rate does not vary
with the age or gender of the Life Insured.
The rider can be attached at inception of the base policy or at any time, concurrently with the
base policies' premium payment mode during the premium payment term of the base policy such
that the minimum rider term is 60 months (5 years).
Key features
Get guaranteed life time protection
The plan offers you guaranteed protection for life till age 100 which continues to grow through
bonuses. On attainment of age 100, this plan gives you 100% of Guaranteed Maturity Sum
Assured along with Accrued Paid Up Additions (if any) and Terminal Bonus (if any).
Flexible premium payment terms
The plan offers you flexibility to choose your premium payment terms that suits your
requirement. You can choose either 10, 15 or 20 years as your premium payment term,
depending on your financial goals.
Flexible Bonus Option
The plan offers the flexibility to choose among the following bonus options basis your need:
Premium Offset Bonus declared is used to offset future premiums payable by you
Paid Up Additions Bonus declared is used to purchase additional sum assured that helps
you boost the maturity value through power of compounding. For more details, please
refer 'bonus features' in this document.
60 years
15 years
55 years
20 years
50 years
Maturity Age
(Age Last Birthday)
Policy anniversary following or coinciding with the life insured attaining age
100 years
The only available maturity age is 100 years
Minimum Premium
The minimum premium for the product (10/15/20 Pay) is Rs. 8,500 p.a.
excluding extra premium, modal extra, service tax and education cess.
Maximum Premium
Guaranteed
Maturity Sum
Assured
Rs. 2,28,191
At 8%
** This includes
Guaranteed
Maturity
Sum
Assured
along
with
non
guaranteed
accrued Paid Up
Additions
and
Terminal Bonus.
Mr. Gupta will
receive 100% of
Guaranteed
Maturity
Sum
Assured
as
guaranteed benefit along with non guaranteed Accrued Paid Up Additions (if any) and Terminal Bonus (if
any)
Death Benefit:
Mr. Gupta pays all his premiums, for 20 years, and dies at age 60, that is after 30 years after taking the
policy. In such a case the nominee under the policy receives:
Death Benefit At 4%
Breakup
At 8%
Rs. 5,00,000
Rs. 1,26,839
Rs. 7,76,921
Rs. 31,601
Rs. 6,58,440
Rs. 66,035
Rs. 13,42,956
Policy Term under this product is defined as 100 years minus the age at entry of the
life insured(age last birthday). This means that all policies will mature at policy
anniversary coinciding with or following the life insured attaining the age of 100
years.
Premium
Payment Term
Riders
Max Life Payor Rider (UIN: 104B013V04) provides policy continuance benefit in case of
death or disability of the payor. This rider can be taken only if the Policyholder is different from
life insured.
Rider Boundary conditions are as under:
Entry Ages (Age Last
Birthday)
Minimum 20 years
Maximum - 55 years
60 years
Premium Modes
Minimum/Maximum
Premium
Based on the minimum and maximum premium under the Base Policy and
any attaching rider.
However, the rider premium shall in no case exceed 30% of premiums
payable under the Base Policy.
why we offer you a solution to make your protection planning more comprehensive. You can add
Max Life Term PlusRider to your life insurance policy (base plan) to provide additional
protection against an unfortunate incident. This rider provides additional death benefit in case of
your death. The benefits under this rider are payable along with the base plan benefit(s).
o Rider term cannot be greater than the outstanding Premium Payment Term of the
base policy. Please note that the minimum outstanding premium payment term of
the base policy should be a minimum of 5 years.
o Rider term cannot be greater than Maximum maturity age less entry age of Life
Insured at inception of the rider
The rider can be attached at inception of the base policy or at any time, concurrently with the
base policies' premium payment mode during the premium payment term of the base policy such
that the minimum rider term is 60 months (5 years).
For further details please refer to the Max Life Term Plus Rider Sales Brochure, Rider
Contract, Rider Rates & Rider Leaflet
----------------------------------------------------------------------------------------------------------Max Life Accidental Death and Dismemberment Rider A non linked rider(UIN 104B027V01)
You are planning to protect the financial future of your family through a life insurance plan.
However, life is full of uncertainties and you certainly don't want an accident to make a dent in
your financial planning. We, at Max Life Insurance, understand this, which is why we offer you a
solution to make your financial planning comprehensive.
You can add Max Life Accidental Death and Dismemberment Rider to your life insurance policy
(at any time, provided the remaining term of the base policy is at least 5 years) to provide
additional protection benefits in case you meet with an accident, leading to dismemberment or
death. The benefits under this riderare payable over and above the base plan benefits.
Rider Term
5 years to 52 years. The term of the rider shall be equal to or less than the
premium payment term of the base plan.
Maximum Maturity Age On policy anniversary coinciding with or immediately following the
(age as on last birthday) Policyholder attaining age of 70 years
Rider Benefit
(To know the detailed
events under which the
benefits are payable,
please refer to the sales
brochure attached below)
The loss of use of the particular limb/loss of sight must be documented for
an uninterrupted period of at least six months.
The rider will terminate when the Rider Sum Assured is paid either due to
dismemberment or due to death, whichever is earlier.
Premium Rate (per
annum)
Rs. 100 per Lac of Rider Sum Assured. The premium rate does not vary
with the age or gender of the Life Insured.
The rider can be attached at inception of the base policy or at any time, concurrently with the
base policies' premium payment mode during the premium payment term of the base policy such
that the minimum rider term is 60 months (5 years).
For more details, please refer to the Max Life Accidental Death and Dismemberment Rider
Brochure, Rider Contract, Rider Leaflet
----------------------------------------------------------------------------------------------------------Max Life Waiver of Premium Plus Rider A Non-Linked Rider (UIN: 104B029V01)
You are planning for your family's financial future and have made the right choice by purchasing
a life insurance policy that ensures long-term financial protection for your family. While you
have taken the first important step, it is critical that the policy is continued for its entire term, in
order to enjoy the policy benefits. However, in case of any unfortunate event, how can you
ensure that the policy is continued and you and your family continue to avail its benefits as
promised? We at Max Life Insurance understand this and which is why we offer you a rider to
make your financial planning comprehensive.
You can add Max Life Waiver of Premium Plus Rider to your life insurance policy and get
waiver of all future premiums in case of Death, Disease or Dismemberment. The benefits under
this rider are payable over and above the base plan benefits.
Rider Term
Rider provides waiver for all future premiums under a policy and all other
attaching riders on earlier happening of either of the following events,
provided the base policy and attaching riders are in force:
Critical Illness; or
Dismemberment; or
Once claim under this rider is accepted and future premium(s) are waived;
then in case of termination of base policy due to happening of any insured
event or surrender (only if surrender value is available under the base
policy), the following benefits are payable:-
Minimum Premium
The Minimum Annual Premium is Rs. 2 per annum for age at entry of 18
years (age as at last birthday), RiderTerm of 5 years and Base Plan
Premium of Rs. 1,000.
Maximum Premium
The maximum rider premium will be calculated basis the maximum base
plan premium to which the rider is attached subject to maximum
of Rs. 3,50,000 per life.
The Max Life Waiver of Premium Plus Rider premium shall, in no case
exceed,
In your journey through life, you plan to fulfill various important goals like your children's
education and/or marriage, peaceful retirement life etc. At Max Life Insurance, we understand
the significance of these milestones and help you plan for them, financially.
Max Life Life Gain Premier will help you save systematically to build a corpus, which you can
utilize to fulfill the important goals of your life.
Key features
Flexible Premium Payment Terms and Policy Terms The plan offers you 6 options
to choose from, basis your need
o 6 or 8 years Premium Payment Terms with Policy Terms of 15 and 20 years
o 10 years Premium Payment Term with Policy Term of 20 years
o 12 years Premium Payment Term with Policy Term of 25 years
Flexible Bonus Options - The plan offers the flexibility to choose from 3 bonusoptions
basis your need.
Guaranteed Maturity Benefit - The plan offers 100% of Guaranteed Maturity Sum
Assured on maturity of the policy
Guaranteed Death Benefit - The plan offers a guaranteed death benefit to ensure
financial security of your loved ones in case of any exigencies
Terminal Illness Benefits - In case you are diagnosed to be suffering from a disease
which is likely to lead to death within six months, the Company will pay 50% of
Guaranteed Maturity Sum Assured (subject to maximum of Rs. 10 lacs) to you as an
advance
Guaranteed Solution For Your Child's Needs - Purchase the product on your spouse's
name along with Max Life Payor Rider (UIN: 104B013V04). This will ensure policy
continuance and availability of funds for your child's education / marriage at maturity
even in your absence
Flexibility To Withdraw Money To Meet Any Emergency - 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
PLAN BENEFITS
Events
How and
when are
benefits
payable?
Maturity Benefit
Death Benefit
Payable on On death during the term of the policy, the following benefits will
the death be paid:
of the Life
Insured
Guaranteed Death Benefit, plus
The policy will terminate in case of the death of the Life Insured.
* Annualised Premium includes extra premium (if any) but excludes
service tax, education cess and any loadings for modal premiums and
remains same irrespective of the premium payment mode
Terminal Illness
Benefit
Life
Insured
suffering
from
Terminal
Illness
The product has a Cash Bonus system. Bonuses will be declared every
year from the end of 2nd policy year (24th policy month) on the
Guaranteed Maturity Sum Assured and from the end of 3rd policy year
(36th policy month) on accrued Paid-up additions (if any) and every
year end, thereafter. The Policyholder can take bonuses through
any of the three options :
Loan Facility
Value
p.a.compounded annually.
The minimum loan amount that can be granted under the policy at any
time will be Rs. 10,000. Upon grant of a loan under this Policy, the
Policy shall automatically be assigned in favour of the Company, till
the time the entire loan amount including interest, any fees or dues
towards such loan has been repaid to the Company. On such
repayment of the loan and accumulated interest, if any, the Policy will
be reassigned to the Policyholder.
In case the policyholder has availed a loan under his/her policy, at
anytime thereafter, should the loan together with interest thereon
exceed the surrender value, the policy shall terminate. However, the
policy shall not terminate and shall continue along with the insurance
cover in case all due premiums have been received by the Company or
the policy is fully paid up.
In case the policyholder has availed a loan under his/her policy, the
default bonus option will be Paid-Up Additions. The 'Paid in Cash' and
'Premium Offset'bonus option will not be available and
the bonusoption will be converted to 'Paid-Up Addition' automatically
and will continue to be the default bonusoption even after the loan
(including accumulated interest) has been repaid. Post such
repayment, you will be allowed to change the bonus option by
submitting a written request to the Company to affect the same. Also,
you will not be allowed to surrender the accrued Paid-Up Additions
unless the loan is paid back along with accrued interest.
All benefits payable (Surrender, Maturity or Death) will be first used
to offset the outstanding policy loan and interest prior to being paid to
the customer.
Please note that loan cannot be taken more than once in the policy
term, if loan is outstanding against the policy.
Policy is eligible for loan in the RPU status. However, if the loan +
interest is greater than the surrender value, the policy will terminate.
Tax Benefits: You may be entitled to certain applicable tax benefits on your
premiums and Policy benefits. Please note that all the tax benefits are subject to tax
laws prevailing at the time of payment of premium or receipt of benefits by you. It
is advisable to seek an independent tax consultation.
Available Issue
Ages (Age Last
Birthday)
Maximum
For 15 years Policy Term: 70 years
Maturity Age (Age For 20 years and 25 years Policy Term: 75 years
Last Birthday)
Step 1: Mr. Sharma chooses the 10-pay 20-year variant of Max Life Life Gain Premier
with his daughter Sameera's marriage as his goal.
Step 2: He chooses to save Rs. 50,000 every year, for a Guaranteed Maturity Sum
Assured of Rs. 5,84,317
Scenario 1:
Mr. Sharma pays all due policy premiums and survives till the end of the policy term.
Mr. Sharma gets the following on maturity of the policy:
Guaranteed Maturity Benefit: Rs. 5, 84,317
Accrued PUA:
Assuming 4% return: Rs. 68,907
Assuming 8% Return: Rs. 4,46,191
Terminal Bonus:
Assuming 4% return: Rs. 16,331
Assuming 8% Return: Rs. 25,763
Kindly note that the above case studies are only examples and do not in any way create
any rights and/or obligations.
The actual experience of the policy may be different from what is shown above. The
above scenarios are depicted at 4% and 8% investment returns.
Bonuses are non-guaranteed and are declared at the sole discretion of the Company.
Minimum Premium:
Minimum Premium
Payment Mode (In Rs.)
Annual
Semi-Annual
annually
Quarterly
Monthly
(Minimum Premium excludes service tax, education cess and extra premium, if
any)
Maximum Premium: No Limit,
Guaranteed
Maturity Sum
Assured
Premium Modes
Mode
Modal Factors
Annual
1.000
Semi-Annual
0.520
Quarterly
0.265
Monthly
0.090
Riders
Max Life Payor Rider (UIN: 104B013V04) provides policy continuance benefit
in case of death or disability of the payor. This rider can be taken only if the
Policyholder is different from life insured.
Minimum 20 years
Maximum - 55 years
60 years
Premium Modes
Minimum/Maximum
Premium
Based on the minimum and maximum premium under the Base Policy and
any attaching rider.
However, the rider premium shall in no case exceed 30% of premiums
payable under the Base Policy.
5 years to 52 years. The term of the rider shall be equal to or less than the
premium payment term of the base plan.
Maximum Maturity Age On policy anniversary coinciding with or immediately following the
(age as on last birthday) Policyholder attaining age of 70 years
Rider Benefit
(To know the detailed
events under which the
benefits are payable,
please refer to the sales
brochure attached below)
The loss of use of the particular limb/loss of sight must be documented for
an uninterrupted period of at least six months.
The rider will terminate when the Rider Sum Assured is paid either due to
dismemberment or due to death, whichever is earlier.
Premium Rate (per
annum)
Rs. 100 per Lac of Rider Sum Assured. The premium rate does not vary
with the age or gender of the Life Insured.
The rider can be attached at inception of the base policy or at any time, concurrently with the
base policies' premium payment mode during the premium payment term of the base policy such
that the minimum rider term is 60 months (5 years).
For more details, please refer to the Max Life Accidental Death and Dismemberment Rider
Brochure, Rider Contract, Rider Leaflet
----------------------------------------------------------------------------------------------------------Max Life Waiver of Premium Plus Rider A Non-Linked Rider (UIN: 104B029V01)
You are planning for your family's financial future and have made the right choice by purchasing
a life insurance policy that ensures long-term financial protection for your family. While you
have taken the first important step, it is critical that the policy is continued for its entire term, in
order to enjoy the policy benefits. However, in case of any unfortunate event, how can you
ensure that the policy is continued and you and your family continue to avail its benefits as
promised? We at Max Life Insurance understand this and which is why we offer you a rider to
make your financial planning comprehensive.
You can add Max Life Waiver of Premium Plus Rider to your life insurance policy and get
waiver of all future premiums in case of Death, Disease or Dismemberment. The benefits under
this rider are payable over and above the base plan benefits.
Rider Term
Once claim under this rider is accepted and future premium(s) are waived;
then in case of termination of base policy due to happening of any insured
event or surrender (only if surrender value is available under the base
policy), the following benefits are payable:-
Minimum Premium
The Minimum Annual Premium is Rs. 2 per annum for age at entry of 18
years (age as at last birthday), RiderTerm of 5 years and Base Plan
Premium of Rs. 1,000.
Maximum Premium
The maximum rider premium will be calculated basis the maximum base
plan premium to which the rider is attached subject to maximum
of Rs. 3,50,000 per life.
The Max Life Waiver of Premium Plus Rider premium shall, in no case
exceed,
Group plans
Max Life Group Gratuity Premier Plan
Max Life Group Gratuity Premier Plan facilitates the employers to fund their gratuity liability in
the most effective manner. This plan helps the employer in the following ways:
The gratuity fund is built up systematically to meet the future gratuity payments
The fund will earn returns as per the performance of the funds opted by you. Better fund
performance will increase returns and reduce cost to the employer
Assistance in the formalities required for the formation of the trust and approval of the
fund.
Key Features:
Guaranteed Loyalty Addition of 0.1% per annum as a percentage of unit fund added at
the end of every monthiversary in case fund value is 10 crores and above.
Plan Benefit:
Events
How and
Size of such benefits / policy monies
when Benefits
are payable
Death of Member
Payable on
Subject to scheme rules, the benefit payable is accrued gratuity
death provided based on the salary at the time of death subject to availability
the policy is in of fund in the scheme plus an amount of Rs. 1,000 from the
force
Maturity of Member On retirement Subject to scheme rules, Accrued Gratuity based on salary at
or resignation retirement or resignation will be paid subject to availability of
of a member fund in the scheme.
from
employment
Surrender/Terminati Policy can be Fund value less applicable surrender charges.
on
surrendered /
of scheme
terminated at
any time by
giving a 3
month's notice.
Loyalty Additions
Guaranteed
Loyalty
addition is
payable only
in case policy
is in force.
Conservative Bond
Fund
Fund
Fund Management
0.40%
Charge (Per annum)
0.40% 0.45%
0.50%
Company may increase the fund management charge from time to time after clearance from
IRDAI but shall never exceed 1.35% of the Fund Value per annum.
*Above charges subject to Service Tax & Education Cess as per applicable laws.
Are You Eligible?
Sum Assured Fixed life insurance cover of Rs. 1,000 per member
The employer first creates a trust and appoints Trustees to administer the gratuity scheme.
However, it may be noted that the trust may or may not be created by employer.
Therefore under the Policy, either Trustees or the employer can be a Policyholder. The
Policyholder pays an initial contribution & annual contribution to Max Life Insurance
Company towards gratuity liability. Initial contribution is the contribution in respect of
any past service gratuity liability of the employer. This contribution may be paid at the
time of the policy issuance or at any time during the first five policy year in not more
than five annual installments. Annual contribution is the contribution in respect of any
gratuity liability accruing in respect of the service completed by the employees in the
current policy year. These payments would normally be based on upon the actuarial
advice to the Trustees by an Independent consulting actuary (who is not employed by
Max Life).
The Policyholder can invest the contributions in the investment funds offered by Max
Life Insurance. Currently Max Life Insurance offers 4(four) investment funds under this
scheme viz. Conservative Fund, Balanced Fund, Growth Fund and Bond Fund. Max Life
Insurance will open and manage a Unit Account for the Policyholder in which units are
allocated following the receipt of contributions and cancelled for the purpose of paying
gratuity benefit and charges.
It's an excellent tool for securing the employees' future against death
Employer may get tax advantage under Section 37 (1) A of the Income Tax Act, 1961.
Amount paid towards premium may be treated as a Business Expense.
Death
Maturity
NA
Nil
Surrender
Survival
Benefit
NA
NA
By opting for a Max Life Group Super Life Premier in lieu of EDLI the employer would
continue to pay the Administrative Charges of 0.01% under Account 22 to RPFC, however the
other contribution of 0.50% would no longer be required.
Are you eligible?
Rider
Max Life Group Accidental Death Benefit Premier Rider (UIN 104B024V01)
Maximum age at maturity - 66 years (Age last birthday). Maturity age will be
determined as on Policy anniversary following or coinciding 66 years of age
Maximum Sum Assured - Rs. 50,00,000 under any one Max Life Group product subject
to rider sum assured not exceeding base sum assured
Maximum Premium - Maximum premium under this rider , shall not exceed 30% of the
premium payable under the base policy, other than pension plan, where the rider premium
shall not exceed 15% of the premium payable under other the base policy.
Event covered - "Terminal Illness" is any condition from which an insured member is
suffering which, in the opinion of a Medical Practitioner and on approval of such an
opinion by the Company's appointed Medical Practitioner, is likely to result in the death
of the Life Insured within 6 (six) months from the date of such certification by a Medical
Practitioner. While this Policy is in-force, should the member be diagnosed with a
"Terminal Illness", the Company shall, at the Policyholder's intimation of claims for the
member of the group, pay 100% of the death benefit under the base plan of this rider,
subject to maximum of Rs. 50 lacs on the approval of Terminal Illness claim filed
Maximum age at maturity - 75 years (Age last birthday). The maximum cover ceasing
age for the rider is 75 years (age last birthday) as on policy anniversary.
Premium mode - The premium payment mode for the rider is the same as the base
policy premium payment mode. This rider allows annual, half-yearly, quarterly and
monthly premium paying modes.
Rider Sum Assured - Same as base plan's death benefit, subject to a minimum
of Rs. 5,000 per member and a maximum of Rs. 50 lakhs per member. Increase or
decrease in the rider sum assured will depend on the increase or decrease in the base plan
sum assured.
Maximum Premium - Maximum premium under this rider together with other riders,
shall not exceed
o 100% of the premium payable under the base policy when attached to a Group
Term plan,
o 15% of premium payable under the base policy when attached to a Group Pension
Plan
o 30% of premium payable under the base policy; when attached to any other plan
(other than Group Term and Group Pension plan
Max Life Group Critical Illness (Additional Benefit) Rider (UIN 104B031V01)
Event covered - The Critical Illness Additional Benefit is payable to the member insured
on request being received from the Policyholder only in respect of the first incidence in
the lifetime of Life Insured of one of the 12 specified Critical Illnesses being diagnosed
during the period of the cover and the Insured member surviving at least 30 days from the
date of first diagnosis.
The rider benefit is an additional benefit with the base policy benefit(s) remaining
unaltered on rider benefit payment. Critical Illness benefit is payable only once during the
lifetime of the member.
Premium mode - The premium payment mode for the rider is the same as the base
policy premium payment mode. This rider allows annual, half-yearly, quarterly and
monthly premium paying modes.
Max Life Group Total and Permanent Disability (Accident) Premier Rider(UIN:
104B030V01)
Event covered - In the event of "Total and Permanent Disability" within 180 days from
the date of Accident, subject to exclusions, the sum assured opted under this rider will be
paid in lump sum during the rider term or thereafter, provided the base policy and
the rider are in force at the time of the accident and diagnosis of Total and Permanent
Disability. The benefit is an additional payment to the base policy sum assured and paid
only once per cover irrespective of other injuries or disability.
A written intimation of the Accident should be given within 30 days of Accident to the
insurer
Premium mode - The premium payment mode for the rider is the same as the base
policy premium payment mode. This rider allows annual, half-yearly, quarterly and
monthly premium paying modes.
Maximum Premium - Maximum premium under this rider together with other riders
shall not exceed 100% of the premium payable under the base policy, other than pension
plan, where the rider premium shall not exceed 15% of the premium payable under other
the base policy.
Hassle free life insurance through additional insurance (Voluntary Top-up) cover option
and Free cover Limit(Free cover limit is the amount up to which a member is covered
under the Group Term Life policy without being subject to any medical checkup)
Death
In Lump Sum.
NA
Nil
Surrender
On member exiting from a scheme Proportionate premium for the unexpired period
of risk
Survival
Benefit
NA
NA
Minimum sum assured Rs. 1,00,000 for a scheme. Rs. 5,000 for a member
Maximum Entry Age: 74 years (age last birthday) for employer-employee groups ; 64
years (age last birthday) for non employer-employee groups
Maximum Maturity Age: 75 years (age last birthday) for employer-employee groups;
65 years (age last birthday) for non employer-employee groups.Maturity age/Cover
ceasing age will be determined as on Policy anniversary following or coinciding age
75/65 years, as the case may be
annum
per
scheme
excluding
extra
Rider
Max Life Group Accidental Death Benefit Premier Rider (UIN 104B024V01)
Maximum age at maturity - 66 years (Age last birthday). Maturity age will be
determined as on Policy anniversary following or coinciding 66 years of age
Maximum Sum Assured - Rs. 50,00,000 under any one Max Life Group product subject
to rider sum assured not exceeding base sum assured
Maximum Premium - Maximum premium under this rider , shall not exceed 30% of the
premium payable under the base policy, other than pension plan, where the rider premium
shall not exceed 15% of the premium payable under other the base policy.
Event covered - "Terminal Illness" is any condition from which an insured member is
suffering which, in the opinion of a Medical Practitioner and on approval of such an
opinion by the Company's appointed Medical Practitioner, is likely to result in the death
of the Life Insured within 6 (six) months from the date of such certification by a Medical
Practitioner. While this Policy is in-force, should the member be diagnosed with a
"Terminal Illness", the Company shall, at the Policyholder's intimation of claims for the
member of the group, pay 100% of the death benefit under the base plan of this rider,
subject to maximum of Rs. 50 lacs on the approval of Terminal Illness claim filed
Maximum age at maturity - 75 years (Age last birthday). The maximum cover ceasing
age for the rider is 75 years (age last birthday) as on policy anniversary.
Premium mode - The premium payment mode for the rider is the same as the base
policy premium payment mode. This rider allows annual, half-yearly, quarterly and
monthly premium paying modes.
Rider Sum Assured - Same as base plan's death benefit, subject to a minimum
of Rs. 5,000 per member and a maximum of Rs. 50 lakhs per member. Increase or
decrease in the rider sum assured will depend on the increase or decrease in the base plan
sum assured.
Maximum Premium - Maximum premium under this rider together with other riders,
shall not exceed
o 100% of the premium payable under the base policy when attached to a Group
Term plan,
o 15% of premium payable under the base policy when attached to a Group Pension
Plan
o 30% of premium payable under the base policy; when attached to any other plan
(other than Group Term and Group Pension plan
Max Life Group Critical Illness (Additional Benefit) Rider (UIN 104B031V01)
Event covered - The Critical Illness Additional Benefit is payable to the member insured
on request being received from the Policyholder only in respect of the first incidence in
the lifetime of Life Insured of one of the 12 specified Critical Illnesses being diagnosed
during the period of the cover and the Insured member surviving at least 30 days from the
date of first diagnosis.
The rider benefit is an additional benefit with the base policy benefit(s) remaining
unaltered on rider benefit payment. Critical Illness benefit is payable only once during the
lifetime of the member.
Premium mode - The premium payment mode for the rider is the same as the base
policy premium payment mode. This rider allows annual, half-yearly, quarterly and
monthly premium paying modes.
Max Life Group Total and Permanent Disability (Accident) Premier Rider(UIN:
104B030V01)
Event covered - In the event of "Total and Permanent Disability" within 180 days from
the date of Accident, subject to exclusions, the sum assured opted under this rider will be
paid in lump sum during the rider term or thereafter, provided the base policy and
the rider are in force at the time of the accident and diagnosis of Total and Permanent
Disability. The benefit is an additional payment to the base policy sum assured and paid
only once per cover irrespective of other injuries or disability.
A written intimation of the Accident should be given within 30 days of Accident to the
insurer
Premium mode - The premium payment mode for the rider is the same as the base
policy premium payment mode. This rider allows annual, half-yearly, quarterly and
monthly premium paying modes.
Maximum Premium - Maximum premium under this rider together with other riders
shall not exceed 100% of the premium payable under the base policy, other than pension
plan, where the rider premium shall not exceed 15% of the premium payable under other
the base policy.
GROWTH PLANS
Max Life Fast Track Super plan
Your investments need a product that helps you achieve your goals, by providing you with
portfolio strategies and multiple Fund options.
Presenting Max Life Fast Track Super, a product that helps you in planning your finances
better so that your future years are the best years of your life.
Key features
Option to choose Policy Term and Premium Payment Term as per your convenience
Systematic Fund Transfer and Dynamic Fund Allocation mechanism to protect your
investments against market volatility
Tax Benefits: You may be entitled to certain applicable tax benefits on your premiums and
Policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time
of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax
consultation.
PLAN BENEFITS
Events
How and when are benefits Size of such benefits / policy monies
payable?
Maturity
Benefit
Death Benefit Payable on the death of the In case of Death of the Life Insured anytime during the
Life Insured
5 Pay
Regular Pay
Minimum
Fixed Single Pay
Sum Assured
Rs. 125,000
5 Pay
Rs. 500,000
Regular Pay
Rs. 250,000
Maximum
Fixed No Limit, subject to underwriting
Sum Assured
Guaranteed Loyalty 0.30% of fund value shall be added to the fund
Additions
by creation of additional units, at the end of
every policy year starting from 11th policy year.
The loyalty additions increase by 0.02%
(absolute) each year thereafter. The additional
units shall be created in different funds in
proportion of Fund Value at the time of credit.
Loyalty additions will be payable only on
Regular Pay for premium paying policies. In case
of revival of policies, the loyalty additions for
previous years will be paid based on the Fund
Value prevailing at the revival date.
18 years
Maximum Maturity
Age
(Age
Last
Birthday)
60 years
50 years
70 years
Example 1
Example 2
Example 3
35
35
35
20
10
10
20
Annualised Premium
Rs. 150,000
Rs. 75,000
Rs. 40,000
Rs. 172,728
Rs. 390,822
Rs. 1,007,325
Rs. 255,858
Rs. 539,900
Rs. 1,587,263
Premium
Payment
Mode:
Annual;
Standard
Life;
Fund
Chosen:
Balanced
Fund
Please note that the above assumed rates of return, 4% and 8%, are only scenarios at these rates
after recovering all applicable charges. These are not guaranteed and they are not the upper or
lower limits of returns of the Funds selected in your policy, as the performance of the Funds is
dependent on a number of factors including future investment performance. Applicable Service
Tax, Cess, and any other taxes as imposed by the government from time to time will be deducted
from the premium received
10 years for Single Pay/5 Pay and 20 years for Regular Pay
Maximum
Annualized
Premium
Single Pay
Rs. 100,000
5 Pay
Rs. 50,000
Regular Pay
Rs. 25,000
Key
Charges
and
Frequency
of
Charges
5 Pay
Regular Pay
4%
4%
4%
2-5
Not Applicable
3%
3%
6-10
Not Applicable
Not Applicable
3%
11-20
Not Applicable
Not Applicable
0%
Fund
Management
Charge
This is a charge levied as a percentage of the value of assets and shall be appropriated, usually
daily, by adjusting the Net Asset Value of the Fund. The rate to be levied will be equal to the
annual rate, as given above, divided by 365 and multiplied by the number of days that have
elapsed since the previous unit valuation date. The annual rate of Fund Management Charge is as
below.
Name of Fund
Growth
Super
(SFIN: ULIF01108/02/07LIFEGRWSUP104)
Fund 1.25%
High
Growth
(SFIN: ULIF00125/06/04LIFEGROWTH104)
Fund 1.25%
High
Balanced
(SFIN: ULIF00225/06/04LIFEBALANC104)
Fund 1.10%
Medium
Conservative
(SFIN: ULIF00325/06/04LIFECONSER104)
Fund 0.90%
Low
Secure
(SFIN: ULIF00425/06/04LIFESECURE104)
Fund 0.90%
Low
Secure
Plus
Fund 0.90%
(SFIN:
ULIF01628/04/09LIFESECPLS104)
- only available with Systematic Transfer Plan
Low
Discontinuance
Policy
(SFIN: ULIF02021/06/13LIFEDISCON104)
Low
Fund 0.50%
Policy
Administration
Charge
This is a charge expressed as a percentage of premiums paid for all variants and is levied at each
monthly anniversary by cancelling proportionate Units starting from the date of commencement
of policy.
Policy Administration Charge (% of Annualized/ Single Premium)
Premium Payment Term
Policy
Administration
Charge
5 Pay and Regular Pay- Annual 0.33% p.m. compounding at 4% p.a. from second year onwards up
mode
to a maximum of Rs.500 per month
5 Pay and Regular pay- Non 0.24% p.m. compounding at 4% p.a. from second year onwards up
Annual modes
to a maximum of Rs.500 per month
Mortality
Charge
Mortality charge is levied for providing risk cover to the Life Insured during the Policy Term.
On each monthly anniversary, appropriate number of Units are cancelled from the Unit Account
at their Unit Price starting from the date of commencement of the policy.
Sum at Risk = Maximum [Maximum (Sum Assured, 105% of Total Premiums Paid) - Fund
Value, 0]
Age (years)
25
30
35
40
45
50
Mortality charge
0.98
1.06
1.28
1.80
2.87
4.95
Surrender
Discontinuance
Charge
/ This charge shall be levied on the Fund Value at the time of Discontinuance of
Policy or effecting Complete Withdrawal (Surrende) whichever is earlier, as per
the following table:
Surrender
/
Discontinuance
Charge
This charge shall be levied on the Fund Value at the time of Discontinuance of Policy or
effecting Complete Withdrawal (Surrende) whichever is earlier, as per the following table:
For 5 Pay and Regular Pay
Policy Year Surrender Charge
1
5 & Above
Nil
Lower of 0.5% of Single pay premium or 0.5% of Fund Value or Rs. 5,000
Lower of 0.1% of Single pay premium or 0.1% of Fund Value or Rs. 2,000
5 & Above
Nil
Switch
A maximum of twelve Switches are allowed in any year and are free of charge
Charge
Premium Redirection
Charge
A maximum of six Premium Redirections are allowed in each policy year and are free of any
charge
Partial
Withdrawal
After the first five policy years, a maximum of two Partial Withdrawals are allowed in a policy
year and are free of any charge.
Service Tax and Education Cess is applicable on all charges as per the prevailing law. Any
further taxes and cess shall be passed on to the policyholder.
Comprehensive
Life
insurance
coverage
for
you
Get a life insurance cover of 10 times the Annualised Premium (for Limited and Regular
Pay options) from base policy. You can also opt for an additional life cover, with Max
Life Partner Care Rider.
Option to choose Premium Payment Term and Policy Term as per your convenience
Pay premiums for a limited period (one year or five years) or entire policy term; with
Policy Term options available from 10 years to 20 years (For Single Pay policies only 10
year Policy Term is available).
Your
choice
of
Funds
&
Investment
strategies
Choice of 5 (five) Funds for investors with different risk appetites. Alternatively you may
select one of two fund strategies of Systematic Transfer Plan andDynamic Fund
Allocation, to protect your investments against market volatilities
Low
charges
to
boost
your
returns
This product offers zero policy administration charge post 5 policy years (other charges
may apply).
Benefits:
Maturity
Benefit
Fund Value, as on Date of Maturity, provided Settlement Option has not been exercised, shall be
payable
Death
Benefit
On death of the Life Insured during the Policy Term, higher of Sum Assured (reduced by
applicable partial withdrawals) or Fund Value (As on the Date of Death), subject to a minimum
of 105% of all premiums paid, shall be payable
Guaranteed
Loyalty
Additions
and
Guaranteed
Wealth
Boosters
Guaranteed Loyalty Additions: The Company will pay additional percentage ofFund Value to
the Fund by creation of additional units, at the end of policy year.
Guaranteed Wealth Booster: Apart from the Guaranteed Loyalty Additions the company will
also pay Guaranteed Wealth Boosters to the Policyholder, which is additional percentage of Fund
Value to be added to the Fund by creation of additional units, at the end of policy year. The
additional percentage will be determined by the premium paid by the Policyholder
Are You Eligible?
Entry
(Age as on Last Birthday)
Age
Minimum:
Maximum:
18
years
55
Maximum
(Age as on Last Birthday)
Premium Payment Term
Maturity
Age
Single
Pay
/ 70
Limited
Pay
(5 Years)
Regular Pay
Scenario
65 Example 1
Example 3
35
35
45
Premium
Payment 20 Pay / 20 10 Pay / 10 5 Pay / 10 years
Term / Policy Term years
years
Annualised Premium 2,00,000
5,00,000
7,50,000
Sum Assured
50,00,000
75,00,000
20,00,000
Total
Maturity Rs. 55,39,908 Rs. 56,19,760 Rs. 43,14,504
Benefit (@4%)
Total
Maturity Rs. 86,84,295 Rs. 70,16,474 Rs. 59,21,370
Benefit (@8%)
Standard Male Life, Premium Payment Mode: Annual, Fund Chosen: Balanced Fund
Please note that the above assumed rates of return, 4% and 8% are only scenarios atthese rates
after recovering all applicable charges. These are not guaranteedand they are not the upper or
lower limits of returns of the Fund Optionselected in your policy, as the performance of the
Funds is dependent on anumber of factors including future investment performance. Applicable
ServiceTax, Cess, and any other taxes as imposed by the government from time to timewill be
deducted from the premium received
About Premium Payment
Premium Payment Term / Premium Payment Policy Term (years)
Policy Term
Term
Single Pay
Limited
Years)
10
Pay
Regular Pay
Annualised Premium
Minimum: Rs. 2,
Maximum:
(5 10 to 20
10 to 20
No
00,000;
limit
Single
Pay:
One
time
Premium
Payment
Limited Pay (5 Years) or Regular Pay: Annual, Semi-Annual, Quarterly
& Monthly
Premium Bands
Single
Pay:
1.25
times
Single
premium
Limited Pay (5 Years) / Regular Pay: Higher of (10 times Annualised
Premium or 0.5 X Policy Term X Annualised Premium)
The premium allocation charge is levied as a percentage of each premium paid. The
rate of premium allocation charge for different variants is as follows:
Premium Allocation charge as a percentage of each premium paid
Policy
year Single Limited
Pay
variant
variant
Annua Non
Annual Non Annual Mode
l Mode Annual Mode
Mode
1
3%
5%
4.5%
5%
4.5%
NA
5%
4.5%
5%
4.5%
3 to 5 NA
4%
3.5%
4%
3.5%
Fund
Management
Charge
6 to 10 NA
NA
NA
4%
3.5%
11 & NA
there
after
NA
NA
Nil
Nil
Growth
Super
Fund 1.25%
(SFIN:
ULIF01108/02/07LIFEGRWSUP104)
High
Growth
Fund 1.25%
(SFIN:
ULIF00125/06/04LIFEGROWTH104)
High
Balanced
Fund 1.10%
(SFIN:
ULIF00225/06/04LIFEBALANC104)
Medium
Conservative
Fund 0.90%
(SFIN:
ULIF00325/06/04LIFECONSER104)
Low
Secure
Fund 0.90%
(SFIN:
ULIF00425/06/04LIFESECURE104)
Low
Secure
Plus
Fund 0.90%
(SFIN:
ULIF01628/04/09LIFESECPLS104)
- only available with Systematic
Transfer Plan
Low
Discontinuance
Policy
Fund 0.50%
(SFIN
:
ULIF002021/06/13/LIFEDISCON104
)
- only available in case of policy
discontinuance in first five policy
years
Low
Policy
This is a fixed charge for all variants and is levied at each monthly anniversary by
Administratio cancelling proportionate Units starting from the date of commencement of policy.
n Charge
Premium
Payment Year 1 to 5
Year 6 onwards
Term
Single Pay
Mortality
Charge
Nil
Nil
Mortality charge is levied for providing risk cover to the Life Insured during the
Policy Term. This charge is unisex and is levied on the attained age of the Life
Insured on the Sum at Risk and these charges are guaranteed for the entire Policy
Term.. On each monthly anniversary, appropriate number of Units are cancelled from
the Unit Account at their Unit Price starting from the date of commencement of the
policy.
Sum at Risk = Max [ Max {Sum Assured, 105% of all premiums paid} Total Fund
Value,
0]
Please note that for the purpose of the above definition, Sum Assured reduced by
partial withdrawals, if any, shall be considered.
Mortality
Sample Ages (Years) (per Rs. 1,000 Sum at Risk)
25
0.79
30
0.84
35
1.03
40
1.44
45
2.30
50
3.96
charge
Surrender
/ This charge shall be levied on the Fund Value at the time of Discontinuance of policy
Discontinuanc or effecting Complete Withdrawal (Surrender) whichever is earlier, as per the
e Charge
following table:
For Limited Pay (5 Years) and Regular Pay
Policy
Year
Surrender Charge
5
& Nil
above
Surrender Charge
5
& Nil
above
Switch Charge There are unlimited number of switches available and all are free of charge
Premium
Redirection
Charge
A maximum of six Premium Redirections are allowed in each policy year and are
free of any charge.
Partial
Withdrawal
Charge
After the first five policy years, a maximum of two Partial Withdrawals are allowed
in a policy year and are free of any charge.
Rider Charge In case you have opted for Max Life Partner Care rider, a rider charge will be levied
on
the rider sum
at
risk
every
month
by
cancelling
units.
Rider Sum at Risk is defined as sum of future premiums payable till the end of
Premium Payment Term or You attaining age 60 years, whichever is lower.
Service Tax and Education Cess are applicable on all charges as per the prevailing law. Any
further taxes and cess shall be passed on to the Policyholder.
Riders
Max Life Partner Care rider (UIN:104A023V01)
Max Life Partner Care rider (UIN:104A023V01) is available with this plan. Sum of all future
premiums payable under the base policy or till Life Insured attains an age of 60 years (whichever
is earlier), will be paid immediately on Life Insureds death and the rider will terminate.
Please Note The Rider is available for Limited Pay & Regular Pay variants and has to be
attached at Policy inception only. Please refer the Rider Brochure for more details on the Rider