(A Non-Linked Participating Individual Life Insurance Savings Plan)
With Max Life Perfect Partner Super plan, take care of your partner’s financial needs with a life cover till you reach the age of 75 years and also enjoy stress-free post-retirement life through guaranteed** sum assured on maturity.
Get 212.5% of guaranteed** sum assured on maturity (through bonuses)
The flexibility to withdraw the accumulated bonus (cash value of Paid-Up-Additions) in case of any need
Guaranteed** life cover which continues to grow through bonuses till you reach age of 75 years
Guaranteed** Maturity 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
The minimum premium excludes underwriting extra premium, loadings for modal premiums and applicable taxes, cesses and levies, if any
Maximum: No Limit (subject to Board approved underwriting policy of the Company)
Policy Term: 75 years less Age at entry of Life Insured
Minimum: 91 days
Maximum: 45/50/55 years (based on premium payment term)
Maturity Age: 75 years
Death / Maturity Benefit:
On death during the term of the policy or on maturity (as the policyholder attains the age of 75 years or on the policy anniversary whichever happens later), 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 Premiums^^, if any
105% of total premiums paid^ plus underwriting extra premiums^^ plus loadings for modal premiums by Policyholder as on the date of death of the Life Insured
Guaranteed** Maturity Sum Assured chosen by the Policyholder at policy inception
The policy will terminate in case of the death of the Life Insured
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. Tax benefits are subject to change in tax laws
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)
For further details, please refer to respective rider prospectus.
Growing Life Cover through Annual Bonuses:
Bonuses (if any) 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) thereafter every year end
The Policyholder can take bonuses through any of the three options:
Purchase Paid Up Additions (PUA) – Bonus declared by the Company will be used to purchase Paid Up Additions
Paid In Cash - Bonus declared by the Company is paid out to the Policyholder as and when declared
Premium Offset - Bonus declared by the Company will be used to offset future premiums payable by Policyholder
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: shall be the premium amount payable in a policy year chosen by the policyholder, excluding underwriting extra Premiums, Rider Premiums, loadings for modal premium and applicable taxes, cesses and levies, if any
^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;
Flexible Premium Payment Options:
*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.
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
**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/LPPS/Web Page/Feb 2020
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