For many Indians, life insurance is still an idea that is not on people’s priority list. But, thanks to innovation in technology, people are becoming more and more aware and are realizing how prudent buying an insurance plan is. Also, the entry of numerous insurance companies into the insurance market has led to an increase in the awareness about the advantages of insurance.
For over a decade, Max Life Insurance has constantly endeavored to provide simple and easy-to-understand Insurance Plans to all its customers. Incorporated in 2000, the company is now one of the most significant names in the country’s insurance industry. A joint venture between Mitsui Sumitomo Insurance Co. Ltd and Max India Ltd., Max Life Insurance Company is currently India’s biggest insurance company in the private sector.
There is only one thing certain in life, and that is uncertainty. As the head of the family or as the breadwinner, it becomes imperative to ensure that your family is safe, not only in your presence, but also in your absence. If something happens to the breadwinner, the family should be financially independent to handle any eventualities and emergencies. An insurance policy lends financial support to your family in case of your untimely death.
Max Life Super Term Plan, is an insurance plan that promises to look after your family in case something happens to you. Not just that, this plan also works to fight inflation as it has a special feature of an increasing life cover. This pure protection plan offers the option to increase the sum assured by 5% every year, that too without increasing the premium amount, as long as the policy stays active.
Death Benefit
When an insured individual dies during the term of the insurance policy, a death benefit is received by the nominee. Under the Max Life Super Term Plan, the company pays Guaranteed Death Benefit, which is defined as the higher of:
The Sum Assured Bands are as follows:
Level Sum Assured
Here, the sum assured remains unchanged throughout the tenure of the policy.
Increasing Sum Assured
Here, on each policy anniversary, the sum assured increases at a simple rate of 5%.
Settlement Option
In case of death of the policyholder, the nominee has two options:
Option 1
The nominee can take the full death benefit as a lump sum amount.
Option 2
The nominee can take 50% of the Guaranteed Death Benefit as a lump sum amount and 0.42% of the Guaranteed Death Benefit as a monthly instalment for the next 10 years at an increasing rate of 8.5%.
However, at any point of time during the settlement period, the nominee can take the remaining payouts as a lumpsum. This amount will be discounted at the rate of 6.5% p.a.
Maturity Benefit
Max Life Super Term Plan is a pure term insurance plan, there is no maturity benefit. In simple words, if the policyholder survives the tenure of the policy, nothing shall be payable to him.
Reduced Insurance Cover
In case the policyholder has regularly paid the due premium instalments for the first 15 years, but not after that, then the Policy will not be cancelled but it will change into a Paid-Up policy. The nominee will then be eligible for a Reduced Insurance Cover. There is an option to revive the Reduced Insurance Cover within a period of 2 years.
Flexible Payout Options : In case of death of the policyholder during the term of the policy, the nominee receives the death benefit. The mode of payout is flexible, the nominee can receive either the entire sum assured as a lump sum amount or a combination of lump sum amount as well as monthly instalments.
Flexible Term of Policy : From a minimum of 10 years to a maximum of 35 years, the policyholder can select the policy term he finds to be the most suitable to his requirements.
Tax Benefits : All the tax benefits that are received are subject to the prevalent tax laws when making the payment. The premium that is paid towards Max Life Super Term Plan is exempted under Section 80 C and the death benefit received by the nominee is exempted under Section 10 (10D) of the Income Tax Act, 1961.
Premium Calculator : The presence of a Premium Calculator on the official website helps the applicant explore all the available scenarios when investing in the Max Life Super Term Plan.
Doorstep Expert Advice : A trained executive from Max Life Insurance will personally come and explain the different aspects of the plan, at a time decided by this applicant. A request for Doorstep Expert Advice can be made at the branch office or online.
A Comprehensive Insurance Plan at a Reasonable Price: Max Life Super Term Plan, as the name suggests is a Super plan. It offers a comprehensive cover of insurance at extremely affordable rates. Taking care of your family’s future has been made very easy by this insurance plan.
Coping with Inflation: The rate of inflation remains the main concern for everyone who plans to save for the future. Due to consistently rising inflation, what you save today, may not be sufficient tomorrow. Max Life Super Term Plan comes with a unique and very special feature of an Increasing Sum assured option. If the policyholder opts for this feature then, the sum assured of the plan increases every year at the rate of 5% per year, at a simple rate. Under this plan, on every policy anniversary, the sum assured is increased by 5%.
Non-Smokers can avail Lower Premiums: Being a non-smoker proves all the more beneficial as they can get the Max Life Super Term Plan at a lower premium rate.
High Sum Assured Benefits: Max Life Super Term Plan consists of 4 different bands of sum assured. The plan offers discounted premium rates when a higher sum assured is opted for.
Special Rates for Women Insured: The rate of premium for women is similar to the rates for men with an age offset. In case the corresponding rate is not available, then the lowest age premium rate for male life is used.
Simple Process of Application: Applying for Max Life Super Term Plan is very simple. The applicant can do it online or visit the nearest branch office.
Efficient Customer Care The company maintains a robust customer-centric attitude. The 24*7 customer assistance can be received via telephone, email or SMS too.
| Minimum age of Insured at the time of Entry | 18 years |
| Maximum age of Insured at the time of Entry | 65 years |
| Maximum Maturity age of Insured | 75 years |
| Minimum Policy Term | 10 years |
| Maximum Policy Term | 35 years |
There is a provision to attach Riders to the Max Life Super Term Plan. These riders greatly enhance the life cover that the policyholder wishes to create for his family. The following riders can be added to the basic Max Life Super Term Plan.
Max Life Waiver of Premium Plus (WOP) Rider
This rider offers the policyholder a waiver for all the upcoming premiums of the Max Life Super Term Plan riders. In case any of the following events occur, all the payments that are still to be made would be waived off.
Death (In case policyholder and insured are 2 separate individuals)
Critical Illness
11 critical illnesses are covered in this rider.
Dismemberment
In case the policyholder suffers any of the below-mentioned impairments
Max Life Accidental Death & Dismemberment Rider
On the condition that the base policy is active, the policyholder is eligible to the following benefits
Accidental Death Benefit
If the death of the insured is due to an accident, the sum assured under the rider will be paid to the nominee.
Accidental Dismemberment Benefit
In case the policyholder suffers any of the below-mentioned impairments
Grace Period : During the grace period, there is no late fee or interest charged. If the premium paying frequency is monthly, then the policyholder gets a grace period of 15 days and for other modes, the grace period is for 30 days. In case the policyholder dies during this period, the death benefit will still be paid out to the nominee after deducting the required amount.
Loan Facility : Max Life Super Term Plan does not provide any loan facility.
Free-look Period: When a policyholder buys Max Life Super Term Plan, he gets a 15 day free-look period, 30 days in case the policy is through distance marketing, to return the policy in case he is not satisfied with the terms and conditions of the policy. He will be returned the premium amount that he has paid, however, this amount is subject to a few deductions.
Policy Lapse : If in case the policyholder does not pay any of the due premium during the first 15 years premium, even in the grace period, the policy will then lapse.
Revival of Policy In case a policy lapses, it has to be renewed within a period of 2 years from the date of the first unpaid instalment. The policyholder would be required to apply for the renewal of the policy. He would also be required to pay all the due premiums along with the interest. The request will be accepted only once approved by the Company.
Section 45 of the Insurance Act After the passing of 3 years from the policy date or from the commencement of risk or revival, no insurance policy can be called in question on any basis.
Within 3 years from the policy date or from the commencement of risk or revival, an insurance policy can be called in question on the grounds of fraud.
| Type of Plan | Non-Linked, Non-Participating Term insurance Plan |
|---|---|
| Coverage | In accordance with the Company’s Board approved underwriting policy. |
| Premium Paying Term | The premium is paid for as long as the Policy Term continues. |
| Mode of Premium Payment | There are 4 modes of premium payment-Monthly, Quarterly, Bi-Annual and Annual. The policyholder provides the freedom to change the frequency of the premium payment. In such a case, modal factors are applicable. |
| Premium Rates | 1) Males and Females Max Life Super Term Plan offers a lower rate of premium charge for female customers. The rate of premium for women is similar to the rates for men with an age offset. In case the corresponding rate is not available, then the lowest age premium rate for male life is used. 2) Non-Smokers/Smokers Max Life Super Term Plan offers a lower rate of premium charge for non-smoker customers. 3) Option of Sum Assured The policyholder can choose between Level Sum Assured or an Increasing Sum Assured, at the time of buying the policy? |
| Minimum Sum Assured | INR 25 lakhs. However, this amount is subject to the minimum requirements of the premium. |
| Maximum Sum Assured | No upper limit, but it should be in the multiples of INR 1 lakh only. However, the amount is subject to the minimum requirements of the premium. |
| Non Smoker | Smoker | |||
|---|---|---|---|---|
| Age | Level SA in INR | Increasing SA in INR | Level SA in INR | Increasing SA in INR |
| 30 | 6,500 | 9,250 | 8,700 | 13,000 |
| 35 | 8,200 | 12,450 | 11,550 | 18,200 |
| 40 | 11,300 | 17,800 | 16,500 | 26,700 |
| 45 | 16,300 | 26,050 | 24,450 | 39,700 |
| 50 | 23,950 | 38,650 | 36,550 | 59,350 |
Here are the details of Annual Premium for a male, with a life cover of INR 50 lakhs and a policy term of 25 years. The premiums that are given below do not include taxes and other extra loadings.
When applying for Max Life Super Term Plan, these documents are required :
If the insured individual commits suicide within 1 year of issuance of the policy, the policy would be terminated. The Company in such a situation will pay an amount equal to the premiums paid to the nominee.
Max Life Super Term Plan is one of the most popular plans by Max Life Insurance. The benefits provided by the plan are extremely attractive and provide a feeling of assurance to the policyholder that even if something happens to him, his family will be financially secure. With over 2000 branches all over the country, the company is here to stay. With an aim to secure the financial future of all its customers and become the most respected insurance company, the company leaves no stone unturned to maintain a robust customer-centric attitude. Their hard-work is visible and Max Life Insurance Company is one of India's Most Respected Companies.
I am a non-smoker, do I get any extra benefits with Max Life Super Term Plan?
Being a non-smoker proves all the more beneficial for you, as you can get the Max Life Super Term Plan at a lower premium rate.
If I select a high sum assured, do I get a discount in the premium amount that I pay?
Yes, Max Life Super Term Plan consists of 4 different bands of sum assured. The plan offers discounted premium rates when a higher sum assured is opted for.
Can I apply for a loan under Max Life Super Term Plan?
No, there is no provision of asking for a loan.
If as the policyholder I outlive my Max Life Super Term Plan will I receive anything?
No, Max Life Super Term Plan is a pure term insurance plan, there is no maturity benefit. In simple words, if the policyholder survives the tenure of the policy, nothing shall be payable to him.
I have been paying my premiums for Max Life Super Term Plan, can I now change the mode of premium payment?
There are 4 modes of premium payment-Monthly, Quarterly, Bi-Annual and Annual. The policyholder can change the frequency of the premium payment by making a request to the insurer. In such a case, modal factors are applicable.
Under what circumstances can Max Life Super Term Plan lapse? Can I revive it?
If in case the policyholder does not pay any of the due premium during the first 15 years premium, even in the grace period, the policy will then lapse. Yes, you can revive it, but remember that it has to be renewed within a period of 2 years from the date of the first unpaid instalment. You would be required to apply for the renewal of the policy and also pay all the due premiums along with the due interest. The request will be accepted only once approved by the Company.
Can Max Life Super Term Plan offer a Surrender Value?
No, there is no such provision of a Surrender Value.
What is the maximum sum assured in Max Life Super Term Plan?
There is no upper limit, but the amount should be in the multiples of INR 1 lakh only. However, the amount is subject to the minimum requirements of the premium.
As a Nominee, how do I claim the Max Life Super Term Plan?
Inform the company or your agent about the death of the policyholder at the earliest. You can do so either online or by informing the nearest branch office. The required documents like Policy document, Bank Details, Proof of Death, Medical history need to be submitted. Generally, within 10 days the Company completes all legal work and the claim money is paid to the nominee.
