Max Life Super Term Plan
Provide a secure financial future for your loved ones, while enabling them to cope up with rising inflation.
1 . Why This Plan?
Meets your family’s needs and counters inflation with an increasing life cover option
Provides comprehensive insurance cover at affordable rates
Flexible payout as lumpsum or lumpsum plus increasing monthly income according to your needs
2. Sum Assured and Eligibility
Sun Assured (Base Cover): Min: Rs. 25 Lakhs; Max. - No limit (subject to limits determined in accordance with the Board approved underwriting policy of Max Life Insurance).
Two Options: Level Sum Assured (Sum Assured remains fixed throughout the Policy Term) and Increasing Sum Assured (Sum Assured increases by 5% p.a. at simple rate on each Policy Anniversary
Entry Age : Min. 18 years, Max. 65 years
Policy Term: Min. 10 years, Max. 35 years
3. Death Benefit :
Multiple Settlement Options:
Option 1: Nominee can take the full Guaranteed Death Benefit as lumpsum
Option 2: Nominee can take 50% of the Guaranteed Death Benefit as lump-sum and 0.42% of Guaranteed Death Benefit as monthly income for 10 years (settlement period) increasing at 8.5% p.a. (simple) every year starting from Policy anniversary following the date of death. At any time during the settlement period, the nominee shall have the right to commute the remaining payouts
4. Maturity Benefit
No maturity / surrender benefit under the plan.
As a pure term plan the product provides only death benefit in case of unfortunate death of the life insured, provided the policy is in force.
5. Get Tax Benefits:
As per the prevailing tax laws, the premium paid is eligible for tax exemption under section 80 C as per the Income Tax Act 1961. Death benefits received by the policyholder’s nominee are also tax free.
6. Flexible Premium Payment Options:
Regular Pay - Premium payment term will be the same as the policy term
Payment Mode: Annual, Semi-Annual, Quarterly and Monthly.
7. Add Riders:
Max Life Accidental Death & Dismemberment Rider – Get additional protection cover in case of accidental death or disability.
Max Life Waiver Of Premium Plus Rider – Get waiver of all future premiums in case of critical illness/ dismemberment/ death.
* (For further details, please refer to the Max Life Waiver of Premium Plus Rider Brochure/Prospectus) . *Death waiver applicable only when life insured and policy holder are different
8. 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.
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