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Max Life

Group Credit Life Secure

Max Life Group Credit Life Secure – Group Plans / Insurance

UIN 104N072V01

You want to be sure that all loans that you have sanctioned be repaid in full. While you are taking measures to ensure that defaults are kept to minimum and a recovery mechanism is in place, you need to insure yourself against non-payment by borrower on account of his/her death. The purpose of the Group Credit Life Secure plan is to provide cover against loan in the event of death during the period of coverage.

Max Life Group Credit Life Secure
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    Plan Benefits

    Benefit to the Policyholder/financial Institution – Group Credit Life Secure Plan is a product that ensures that in case of death of the borrower amount of loan outstanding (as per the option chosen) is paid out by Max Life Insurance Company Limited.

    Benefit to the loan borrower – In case of member's demise, the family does not have to surrender / forgo the asset since loan will be paid out for the amount of sum insured by Max Life Insurance Company Limited.

    Please note that the benefit is payable only in the event of death during the period of coverage and no Disability cover is provided under this policy.

    The Benefits at a glance

    • Death Benefit and Options On happening of the death by any cause (natural & accidental), the Company shall pay you as per the option as chosen by the member at the inception. The death benefit options are as follows
    • Decreasing Cover Death Option in accordance with the outstanding sum assured schedule as set at the commencement of the contract.
      Cover during the moratorium period is also available where the loan monthly installments begin after a defined moratorium period and therefore the Sum Assured is level till the end of the moratorium period and reduces thereafter as per the schedule as set at the commencement of the contract.
    • Level Cover Death Option Benefit formulae would be chosen in such a way that a minimum sum assured of Rs. 50,000 per member would be ensured at inception.
    • Moratorium Option Moratorium period option is available with Decreasing Cover Death Option only. Moratorium period may be chosen in multiples of 3(three) months. Minimum moratorium period allowed is 3(three) months.

    The Sum Assured is the initial amount of cover and will remain level throughout the moratorium period. After the moratorium period, Sum Assured will decrease during remainder of the coverage period (Total coverage term less moratorium period). The Sum Assured, as specified in the Certificate of Insurance will be payable irrespective of the actual loan outstanding.

    Surrender Benefit

    This is a single premium term insurance plan. If an individual assured member surrenders his/ her cover due to any reason, a surrender value would be paid. The surrender value payable at any point of time during the period of cover will be as follows:

    70% * Premiums received * (Unexpired risk period in months / Total Period of cover in months) * (Sum Assured applicable at time of Surrender1 / Sum Assured at inception)

    1 As per the schedule mentioned in certificate of insurance at the outset


    Are you eligible?

    • Minimum age at entry - 15 years (age last birthday)
    • Maximum age at entry - 69 years (age last birthday)
    • Maximum age at maturity - 70 years (age last birthday)
    • Minimum Policy Term – 2 year
    • Maximum Policy Term – Till age 70 years (age last birthday) subject to maximum of 30 years.
    • Minimum group size to initiate a group scheme – 50 members
    • Maximum group size – No limit
    • Event covered – Death (natural and accidental)
    • Minimum face amount - Rs. 50,000 per member
    • Maximum face amount – No Limit, but subject to underwriting
    • Minimum Premium - No Limit
    • Maximum Premium – No Limit
    • There should be a clear relationship between individual members and the group policyholder
    • Policyholder would be a legal authority to act on behalf of all members of group for the purpose of the group insurance contract
    • No Group should have been formed for the sole purpose of taking the insurance coverage


    Life insurance coverage is available in this product. Max Life Insurance Co. Ltd. is a joint venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd, 11th floor, DLF Square building, Jacaranda Marg, DLF Phase II, Gurgaon (Haryana) – 122002. Insurance is the subject matter of solicitation.
    Trade logos displayed above belong to Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co Ltd under a license.
    IRDAI - Registration No. 104.

    IRDAI clarifies to public that

    Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.


For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

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