Feature

Specification

Coverage

All individuals in accordance with Board approved underwriting policy of the Company

Minimum / Maximum Age of the Life Insured at Entry

(age as on last birthday)

Minimum - 21 years Maximum - 45 years

Maximum Maturity Age of the Life Insured

(age as on last birthday)

66 years

Moneyback Benefit

Four annual Guaranteed moneybacks each equal to 25% of Sum Assured payable in the last four years of Policy Term

Maturity Benefit

On maturity, the following benefit will be paid:
1.Accrued Paid Up Additions (if any) or Cash Bonus Dividends paid to policyholders from funds created out of profits realised by the company (if any),whichever is applicable, plus
2.Terminal Bonus Dividends paid to policyholders from funds created out of profits realised by the company (if any)

Please note, the Accrued Paid Up Additions and Terminal Bonus Dividends paid to policyholders from funds created out of profits realised by the company are payable under the Policy only if they have accrued on the Maturity Date and these amounts are not guaranteed. Any instalment of the Survival Benefits Payment which is due on the Maturity Date is guaranteed
The policy gets terminated after payment of the maturity benefit though monthly incomes remaining (if any) under settlement option shall continue, if not commuted.

Sum Assured

Minimum:

8 Pay variant : Rs. 3,27,000

Limited Pay variant : Rs. 2,12,000

(subject to minimum premium limit)

Maximum:

No limit, subject to limits determined in accordance with the Board approved underwriting policy of the Company

Minimum Annual Premium

For 8 Pay variant – Rs. 40,000

For Limited Pay variant (Policy Term less 3 years) – Rs. 20,000

The minimum premium is exclusive all applicable taxes, cesses and levies as imposed by the Government, modal extra and extra premium (if any)

Premium Payment Modes

Annual, Semi – Annual, Quarterly & Monthly premium payment modes.

The premium payment mode can be changed during the policy term provided the limits of minimum premium are adhered to and the Sum Assured remains unchanged but will be applicable from next policy anniversary.

Maximum Annual Premium

No limit.

Policy Term

Pick any term from 13 years to 21 years.

Death Benefit

Following shall be payable on death of the Life Insured during the Policy Term provided the Policy is in-force:-

Death Benefit; plus

Policy Continuance Benefit

1. Death Benefit is payable immediately on death of the Life Insured and is defined as higher of:

i)11 times the Annualised Premium,

ii)105% of all premiums paid as on the date of death of Life Insured,

iii)Guaranteed Sum Assured on Maturity

Sum Assured on maturity is equal to zero under this plan as all guaranteed benefits are payable in the form of 4 Survival Benefit’ mentioned under “Survival Benefit’

iv)Any absolute amount assured to be paid 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 and the Policy will continue as is and the Survival Benefit and Maturity Benefit shall be payable to the beneficiary. A person(s) designated by the policy owner to receive the proceeds of an insurance policy upon the death of the insured. as and when due. Policy shall participate in future bonuses.

Riders

1) Max Life Term Plus Rider (UIN-104B026V02) - Additional lumpsum death benefit in case of death of Life Insured

2) Max Life Accidental Death & Dismemberment Rider (UIN-104B027V02) - Lumpsump benefit in case of death/dismemberment of Life Insured due to accident

3) Max Life Wavier Of Premium Plus Rider (104B029V02) Wavier of all future premiums in case of an eventuality.