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Super Term Plan

Super Term Plan
A Traditional, Non - Participating, Regular Pay Term Insurance PlanUIN: 104N086V02

LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT.

Presenting Max Life Super Term Plan, a term plan that covers your family's needs and gives you an increasing Sum Assured option to cope with the rising inflation

Max Life Super Term Plan
4.1/5 based on 205 reviews
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    What this plan offers you

    • Option To Cope Up With Rising Inflation: Max Life Super Term Plan offers a unique Sum Assured option, where the Sum Assured increases by 5% every year at simple rate till the end of the Policy Term without any increase in the Premium. This helps your Life Insurance Plan cope with the rising inflation and in line with your upgrading life style.
    • Flexibility To Choose The Benefit Payout: On death of the Life Insured, the nominee can choose the Settlement Option:
      Option 1: He / she will have an option to receive the entire Death Benefit as lump sum
      Option 2: Receive 50% of Guaranteed Death Benefit as lump sum and 0.42% of Guaranteed Death Benefit as monthly income for 10 years increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death
    • Flexibility To Choose Between Policy Terms: Choose Policy Terms from a minimum of 10 years to maximum of 35 years
    • Comprehensive Insurance Cover At Affordable Rates: Max Life Super Term Plan offers comprehensive insurance cover at affordable rates to take care of your loved ones in case you are not around
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    Plan Benefits

    Maturity BenefitNo Maturity Benefit is payable under the plan
    Death BenefitPayable on Death of the Life Insured during the Policy Term provided the Policy is in force or the Reduced Insurance Cover is active. On the Death of the Life Insured anytime during the term of the Policy, the Company will pay the Guaranteed Death Benefit under the Plan.

    Guaranteed Death Benefit is defined as higher of:
    • 10 times the Annualised Premium,
    • 105% of all Premiums paid as on the Date of Death,
    • Guaranteed Maturity Sum Assured payable on Maturity Date,
    • Sum Assured effective on the Policy Anniversary previous or coinciding with the Date of Death

    Annualised Premium is defined as Premium inclusive of Extra Premium (if any) but exclusive of all taxes, cesses as applicable from time to time and any loadings for Modal Premiums and remains same irrespective of the Premium Payment Mode

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    Are you Eligible?

    Minimum/ Maximum Age of Life Insured at Entry (age as on last birthday)Minimum Age : 18 (Eighteen) years

    Maximum Age : 65 (Sixty Five) years
    Maximum Maturity Age of the Life Insured (age as on last birthday)75 (Seventy Five) years
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    How the Plan Works?

    1. Example for Level Sum Assured Option

    Mr. Sharma, 35 year old and healthy (non - smoker), opts for Max Life Super Term Plan. He chooses to buy Level Sum Assured option with a term of 30 years. He pays Rs. 16,500 as his yearly Premium for a Sum Assured of Rs. 1 Crore.

    Settlement Option 1

    On sudden demise of Mr. Sharma during 10th policy year (i.e. post payment of 10 annual premiums), his wife (nominee) opts to take the entire proceeds from the Policy from which she receives the lump sum amount of Rs. 1 Crore immediately.

    Click here to view Option 1.

    Settlement Option 2

    On sudden demise of Mr. Sharma during 10th policy year (i.e. post payment of 10 annual premiums), his wife (nominee), is not sure how to use the entire Death Benefit. Instead of taking the entire amount as lump sum, she plans to opt for the Settlement Option 2 where she will get Rs. 50 Lacs as lump sum immediately after death and the remaining Rs. 50 Lacs as monthly income (starting from next Policy Anniversary) increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death.

    Click here to view Option 2.

    *The income will start from the Policy Anniversary following the Date of Death.
    The above illustrations and stated values are only suggestive. Actual Premium amount and Sum Assured may vary depending on the age, health conditions and certain other factors.

    2. Example for Increasing Sum Assured Option

    Mr. Verma, 40 year old, healthy (non - smoker), opts for Max Life Super Term Plan. He wants a Protection Plan where the Life Cover increases every year to mitigate the impact of inflation. He opts for Increasing Sum Assured option with a term of 30 years. He pays Rs. 42,100 as his yearly Premium for an initial Sum Assured of Rs. 1 Crore. Now Mr. Verma's Sum Assured increases every year by Rs. 5 Lacs (5% of initial Sum Assured of Rs. 1 Crore) till the end of Policy Term.

    Settlement Option 1

    On sudden demise of Mr. Verma during 21st policy year (i.e. post payment of 21 annual premiums), his wife (nominee) opts to take the entire proceeds from the Policy as lump sum amount. In the 21st policy year, Mr. Verma’s Sum Assured has increased to Rs. 2 Crores (increase of Rs. 5 Lacs per annum) which will be paid to his nominee.

    Click here to view Option 1.

    Settlement Option 2

    On sudden demise of Mr. Verma during 21st policy year (i.e. post payment of 21 annual premiums), his wife (nominee), instead of taking the entire amount as Lump sum, opts for the Settlement Option 2. In the 21st policy year, Mr. Verma’s Sum Assured has increased to Rs. 2 Crores (increase of Rs. 5 Lacs per annum) so his wife will get Rs. 1 Crore as lump sum immediately after death and the remaining Rs. 1 Crore as monthly income (starting from next Policy Anniversary) increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death.

    Click here to view Option 2.

    *The income will start from the Policy Anniversary following the Date of Death.
    The above illustrations and stated values are only suggestive. Actual Premium amount and Sum Assured may vary depending on the age, health conditions and certain other factors.

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    About Premium Payment:

    Premium Payment Term & ModesThis is a Regular Premium paying plan. Premium Payment Term is same as Policy Term. This product allows Annual, Semi - Annual, Quarterly and Monthly Premium Payment Modes
    Policy TermMinimum Policy Term: 10 years
    Maximum Policy Term: 35 years
    The policyholder will have the option to choose a term between 10 years to 35 years, with intervals of 1 year.
    PremiumMinimum Premium - The Minimum Premium for the product is Rs. 5,000 p.a. excluding Extra Premium, Modal Extra, all taxes and cesses as applicable from time to time.
    Maximum Premium - No limit, subject to the limits determined in accordance with Board approved underwriting policy of the Company.
    Sum AssuredMinimum Sum Assured - Rs. 25 Lacs subject to Minimum Premium limits
    Maximum Sum Assured - No limit, subject to the limits determined in accordance with Board approved underwriting policy of the Company.
    Please note that the Sum Assured will be available in multiples of Rs. 1 Lac only
    Premium RatesPremium Rates vary basis the following parameters:
    a) Gender
    The premium rates vary by gender of the Policyholder. The premium rates for females will be same as that of males with a five year age offset. Where the corresponding rate is not available, the lowest available age premium rate for male life will be used
    b) Smokers / Non – Smokers
    The premium rates vary by smoker status (viz. Non - Smoker and Smoker)
    c) Sub - Standard Lives
    This product will be offered to all lives. However, sub - standard lives shall be rated up in accordance with the Board approved underwriting policy of the Company
    d) Sum Assured Option Chosen
    The premium rates will vary basis the Sum Assured option chosen by the Policyholder (Level Sum Assured or Increasing Sum Assured) at Policy inception
    Sample Premium AmountExamples of Annual Premium (in Rs. ) for a Life Cover (Sum Assured) of Rs. 50 Lacs, 25 year term, healthy male. Please note the premium rates are exclusive of Service Tax, cesses, levies, loading for modal extra and loading for extra premium
    Non - SmokerSmoker
    AgeOption
    1 ( Rs. )
    Option
    2 ( Rs. )
    Option
    1 ( Rs. )
    Option
    2 ( Rs. )
    306,5009,2508,70013,000
    358,20012,45011,55018,200
    4011,30017,80016,50026,700
    4516,30026,05024,45039,700
    5023,95038,65036,55059,350
    Option 1Level Sum Assured
    Option 2Increasing Sum Assured
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    Max Life Accidental Death & Dismemberment Rider (UIN: 104B027V01)
    provides lump sum benefit in case of death / dismemberment due to accident

    For further details, please refer to the Max Life Accidental Death & Dismemberment Rider Brochure, Rider Contract & Rider Leaftet

    Max Life Waiver of Premium Plus Rider (UIN: 104B029V01)
    provides waiver of all future premiums in case of an eventuality. Where the Policyholder is same as life insured, waiver of all future Premiums is provided in case of dismemberment or diagnosis of critical illness of the Life Insured / Policyholder, however, where the Policyholder & life insured are different; waiver of all future premiums is provided in case of dismemberment, diagnosis of critical illness or death of the Policyholder

    For further details, please refer to the Max Life Waiver of Premium Plus Rider Brochure, Rider Contract, Rider Rates & Rider Leaftet

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    Disclaimers

    Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd., 11th Floor, DLF Square Building, Jacaranda Marg, DLF Phase II, Gurgaon (Haryana) – 122002. For more details on risk factor, Terms and Conditions, please read the sales brochure carefully before concluding a sale. Insurance is the subject matter of solicitation. 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 change in tax laws. 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.
    IRDAI - Registration No. 104.
    Max Life/WebInsert/Indigo/STP/March2016/189

    BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS / FRAUDULENT OFFERS
    IRDAI clarifies to public that

 

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

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3 reasons why you should buy this plan

  • Cover your family’s needs with a term plan that gives you an increasing Sum Assured option to cope with the rising inflation
  • Comprehensive Insurance cover at affordable rates
  • Flexibility to choose the benefit payout as lumpsum or lumpsum plus increasing monthly income

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