Mr. Gupta (Policyholder and Life Insured) is 30 year old salaried employee. He wishes to buy an insurance to protect his life and also wants to save enough to create a legacy for his children. He chooses to buy Max Life Whole Life Super with a Guaranteed Maturity Sum Assured of Rs. 5,00,000, with a 20 year term. The premium for this policy is Rs. 12,405 to be paid per year.
Here are some scenarios that can happen
Living and Maturity Benefit:
|When will the benefit be paid||What will be the benefit?||How much will be the benefit?|
|At age 100|
(Policy anniversary post attaining the age)
|Guaranteed Maturity Sum Assured plus non guaranteed accrued Paid Up Additions (if any) plus non guaranteed Terminal Benefits (if any)|
|Maturity Benefit Breakup||At 4%||At 8%|
|Guaranteed Maturity Sum Assured||Rs. 5,00,000||Rs. 5,00,000|
|Non Guaranteed Accrued Paid Up Additions||Rs. 3,57,696||Rs. 40,63,819|
|Non Guaranteed Terminal Bonus||Rs. 42,885||Rs. 2,28,191|
|Total|| Rs. 9,00,581|| Rs. 47,92,010|
** This includes Guaranteed Maturity Sum Assured along with non guaranteed accrued Paid Up Additions and Terminal Bonus.
Mr. Gupta will receive 100% of Guaranteed Maturity Sum Assured as guaranteed benefit along with non guaranteed Accrued Paid Up Additions (if any) and Terminal Bonus (if any)
Mr. Gupta pays all his premiums, for 20 years, and dies at age 60, that is after 30 years after taking the policy. In such a case the nominee under the policy receives:
Death Benefit Breakup
Guaranteed Death Benefit*
Non Guaranteed Accrued Paid Up Additions
Non Guaranteed Terminal Bonus
* Guaranteed Death Benefit as illustrated below:
Year 10 = Max (11 X Annualised Premium, 105% X Total Premium Paid, Guaranteed Maturity Sum Assured)
= Max [(11 X 34,025), (105% X 34,025 X 10), (5,00,000)] = Rs. 5,00,000
Note : The death benefit shown here is taken into consideration that Mr. Gupta pays all his due premiums in time and the policy is in force.
The given example does not create any rights and/or obligations. The actual experience on the contract may be different from the illustrated. Some benefits are guaranteed and some benefits are variable with returns based on the future performance of the insurer. If the policy offers guaranteed returns then these will be clearly marked as guaranteed in the illustration table on this page. If your policy offers variable returns, then the illustration on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid. The premium mentioned is exclusive of service tax. Please note that Bonuses are NOT guaranteed and may be as declared by the Company from time to time.