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A Non-Linked Participating Individual Life Insurance Savings Plan

UIN: 104N080V04

With Max Life Whole Life Super, get a plan that ensures cover till the age of 100 years and a legacy for the next generation

key attractions

Protection till age of 100 years

This 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

Flexible Withdrawal Options

Flexibility to withdraw the accumulated bonus (Cash value of Paid Up Additions) to meet unplanned expenses

Eligibility

  • Guaranteed Maturity Sum Assured:

    • Minimum: Rs. 50,000

    • Maximum: No Limit subject to limits determined in accordance with the Board approved underwriting policy of Max Life Insurance

  • Entry Age:

    • Minimum: 18 years

    • Maximum: Refer to the table below

Premium Payment Term

Maximum Entry Age(in years)

10

60

15

55

20

50

  • Maturity Age: 100 years

  • Policy Term: Up to age 100 years of Life Insured where Policy Term = [Age 100 - Age at Entry of Life Insured]

  • Premium Payment Term:

    • 10 years

    • 15 years

    • 20 years

Benefits

Death Benefit:

On death during the term of the policy, the following benefits 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* plus Underwriting ***Extra Premium, if any)

  • 105% of all the (Total Premiums Paid** plus Underwriting ***Extra Premium plus Loading for modal premiums paid as on the date of death of the Life Insured)

  • Guaranteed Sum Assured on Maturity chosen by the Policyholder at policy inception

The policy will terminate in case of the death of the Life Insured.

For example - Assume the Annualised Premium of a policy is ₹15,000. The monthly premium for such a policy would be ₹1,350 (i.e. ₹15,000 multiplied by modal factor of 0.09). The death benefit in both the cases i.e. for the policy taken in annual premium payment mode and that taken in monthly premium payment mode will be same and would be determined as higher of

  • 11 times ₹15,000 (Annualised Premium*)

  • 105% of total premium paid** as on the date of death

  • Guaranteed Sum Assured on Maturity

 

Maturity / Survival Benefit:

On maturity, that is, policy anniversary coinciding with or immediately following Life Insured’s 100th birthday, the following benefit will be paid:

  • Guaranteed Sum Assured on Maturity, plus

  • Accrued Paid Up Additions (if any), plus

  • Terminal Bonus (if any)

 

Rider:

  • Max Life Term Plus Rider (UIN – 104B026V03) - Additional risk coverage in case of death of Life Insured

  • Max Life Accidental Death & Dismemberment Rider (UIN – 104B027V03) - Additional benefit in case of death of Life Insured or dismemberment of Life Insured caused due to accident

  • Max Life Waiver Of Premium Plus Rider (UIN – 104B029V03)- Waiver for all future premiums under a policy on earlier happening of either of the following events, provided the policy is in force: a) Critical Illness; or b) Dismemberment; or c) Death (only when Life Insured and Policyholder are different individuals)

Please refer to the respective Rider Brochures (or www.maxlifeinsurance.com) for more details on Riders

 

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. Tax benefits are subject to change in tax laws. It is advisable to seek an independent tax advice.

 

Seamless Claim Settlement Process:

  • Nominee contacts Max Life and a dedicated Claims Relationship Officer is assigned to him / her to assist in the claims process.

*Annualised Premium means Premium amount payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any; and remains same irrespective of the premium payment mode.

**Total Premiums Paid means the total of all Premiums received, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums, and applicable taxes, cesses or levies, if any.

***Underwriting Extra Premium means an additional amount charged by us, as per Underwriting Policy, which is determined on the basis of disclosures made by Policyholder in the Proposal Form or any other information received by Us including medical examination report of the Life Insured

Payment Options

Flexible Premium Payment Options:

  • Premium Payment Term:

    • 10 years

    • 15 years

    • 20 years

  • Payment Mode:

    • Annual

    • Semi-Annual

    • Quarterly

    • Monthly

How Does It Work?

 

Illustration Disclaimer:

* Annualised Premium shall be the premium amount payable in a policy year chosen by the policyholder, excluding Extra Premium, Rider Premium, loading for modal premiums and applicable taxes, cesses and levies, if any.

# 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

1. 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 assumed rate of returns with 4% and 8% and these are not the upper or lower limits of what one can expect from this policy, as it is dependent on number of factors including future investment performance.

2. 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. Tax benefits are subject to change in tax laws. It is advisable to seek an independent tax advice.

3. Bonuses are non-guaranteed and are declared at the sole discretion of the Insurance Company.

For more information, please request for your Policy specific benefit illustration.

Disclaimers

^^The Guaranteed and Non-Guaranteed benefits are applicable only if all due premiums are paid.

 

LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT. THIS LIFE INSURANCE PRODUCT IS OFFERED AND UNDERWRITTEN BY MAX LIFE INSURANCE CO. LTD. THE LIFE INSURANCE CONTRACT IS BETWEEN THE PROPOSER AND MAX LIFE INSURANCE CO. LTD.

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Limited. Max Life Insurance Co. Ltd., 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) -122 002. For more details on the risk factors, terms and conditions, please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Insurance is a subject matter of solicitation. Trade logos displayed belong to Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co. Ltd. under a license. You can call us on our Customer Helpline No. 1860 120 5577, Website- https://www.maxlifeinsurance.com/ , SMS 'LIFE' to 5616188.

YES BANK Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Registered Office: YES BANK Limited, IFC - 2, 15th Floor, Senapati Bapat Marg, Elphinstone Marg (W), Mumbai – 400013. The purchase of a Max Life Insurance product by YES BANK’s customer is purely on a voluntary basis. As YES BANK is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.

IRDAI Certificate Regn. No. CA0125

IRDAI Regn. No: 104

ARN No.: Max Life/Yes Bank/WLS/Web Page/Feb 2020

BEWARE OF SPURIOUS / FRAUD PHONE CALLS!

  • IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.

  • Public receiving such phone calls are requested to lodge a police complaint.

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Documents Required

  • MaxLife Whole Life Super - Premium Table
  • Commission Disclosure
  • MaxLife Whole Life Super - Leaflet
  • Rider Prospectus (UIN - 104B029V03)
  • Rider Prospectus (UIN - 104B027V03)
  • Rider Prospectus (UIN - 104B026V03)
  • MaxLife Whole Life Super - Product Prospectus