Max Life Perfect Partner Super is a non-linked participating individual life insurance savings plan which protection for life insurance coverage till the age of 75 years.
The key features of this plan are:
The key benefits of this plan are:
Survival Benefit - Provided the policy is in force, 7.5% of Guaranteed Maturity Sum Assured will be paid from age 61 to 75 (for 15 years).
Maturity Benefit - Provided the policy is in force, the following benefit will be paid on the life insured’s 75th birthday:
Death Benefit - In case of death of the policyholder, the following benefits will be paid to the nominee:
i) Guaranteed Death Benefit, plus ii) Accrued Paid-up Additions (if any), plus iii) Terminal Bonus (if any)
The Guaranteed Death Benefit is defined as higher of:
“Annualised Premium” is the premium amount payable in a policy year chosen by the policyholder.
Terminal Illness Benefit - In case the life insured is diagnosed with a life threatening illness in which death is imminent within 6 months, up to 50% of the Guaranteed Maturity Sum Assured (Face Amount) at the date of intimation (or RPU Guaranteed Maturity Sum Assured if applicable), subject to maximum cumulative amount of Rs. 10 lakhs under all policies, will be paid to the life insured.
Terminal Illness benefit can be availed only once during the policy term.
The eligibility criteria for this plan are:
| Criteria | Details | ||||||||
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| Age at Entry | Minimum Age at entry: 91 days Maximum Age at entry:
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| Maturity Age | 75 years | ||||||||
| Sum Assured | Minimum: Rs. 50,000, subject to minimum premium of Rs. 8,500 for policies with premium payment term of 10/15/20 years and Rs. 20,000 for policies with premium payment term of 7 years No such limit on maximum amount |
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| Sum Assured Bands | Guaranteed Maturity Sum Assured Bands
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| Annual Bonus | 1. Purchase Paid Up Additions (PUA) - Bonus declared by the insurer will be used to purchase Paid Up Additions. These PUA increase the maturity, surrender and death benefits under the policy and will be payable in full on the earlier of death or maturity 2. Paid In Cash - Bonus declared by the insurer is paid out to the policyholder as and when declared 3. Premium Offset - Bonus declared by the insurer will be used to offset future premiums payable by the policyholder 4. Terminal Bonus - Terminal Bonus is an additional bonus paid only once, on earlier of death, surrender or maturity, provided the policy has been in force for at least ten complete policy years |
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| Rider Options |
| Criteria | Details | |||||||||||||||||||||||||
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| Policy Term | To age 75 years of the Life Insured (Policy anniversary following or coinciding the life insured attaining age 75 years) Policy Term: 75 years less Age at entry of Life Insured |
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| Premium Payment Term | 7 years, 10 years, 15 years or 20 years | |||||||||||||||||||||||||
| Premium Modes and Modal Factors | Annual, semi-annual, quarterly and monthly premium paying modes. The modal factors are as follows:
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| Minimum Premium |
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| Premium Rates at Sample Ages |
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Surrender - The policy acquires a Surrender Value post payment of first two full year premiums. The surrender value will be higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) where Guaranteed Surrender Value (GSV) is equal to percentage of total premiums Paid plus loadings for modal premiums paid as in the table below plus guaranteed cash value of accrued paid up additions (if any) less survival benefits already paid to the policyholder.
| Year of surrender | % of Total Premiums paid plus loadings for modal premiums paid |
|---|---|
| 1 | Nil |
| 2 | 30% |
| 3 | 35% |
| 4-7 | 50% |
| 8 | Minimum of [ { 50% + ( (40% X (N-7)) / (Policy Term - 8) ) } or 90% ] N is the Policy Year of Surrender Graduating linearly from 50% to 90% during the last two policy years |
The following documents are required for this plan:
Retirement is an important and unavoidable part of human life. It is only natural that you and your family want to stay worry-free post retirement. Max Life Life Perfect Partner Super Plan is a good insurance plan which will help you fulfill your future needs and secure your partner’s life, even in the case of eventualities.
Suicide Exclusion - If the Life Insured, whether minor/major and whether sane or insane, dies by suicide within 12 months of the effective date of risk commencement or the date of revival of policy, the policy shall terminate immediately and the insurer will pay:
