Max Life Super Term Plan
(A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan; UIN:104N086V04)
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 (UIN: 104B027V03) – Get additional protection cover in case of accidental death or disability.
Max Life Waiver Of Premium Plus Rider (UIN: 104B029V03) – 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.
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: Max Life/YBL/Website/STP/ Jan 2020
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