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Max Life Group Credit Life Premier Plan

With ambition at our fingertips, it's no surprise that many of us turn to financial aid such as loans when pursuing dreams like owning a car or house. But, have you ever wondered what happens if an outstanding loan gets passed on to your family due to a tragedy?

For such situations, we offer Max Life Group Credit Life Premier Plan (UIN: 104N095V01), a group master policy for borrowers of banks/ financial institutions. In case of eventualities, Max Life pays the rest of the premiums so that your family doesn’t get the additional burden of paying off the loan liability besides undergoing emotional trauma. This plan helps lending institutions secure their assets and avoid loan defaults.

3 Reasons Why You Must Opt for Max Life Group Credit Life Premier Plan

  • Ensures liabilities don’t get passed on to your loved ones in case of your unfortunate demise
  • Saves banks/financial institutions from running into losses due to default payments in case of death of the policyholder
  • An attractive low-cost protection to cover against loans during uncertainties

What does Max Life Group Credit Life Premier Plan Offer to Members and Lending Institutions?

What does Max Life Group Credit Life Premier Plan Offer to Members and Lending Institutions?

All You Need to Know about Max Life Group Credit Life Premier Plan

All You Need to Know about Max Life Group Credit Life Premier Plan

Insert Image Death Benefit

Payable in case of death of the borrower due to any cause (natural or accidental)

This benefit protects the policyholder’s family from burdensome loan obligations and the bank from increased default due to the unfortunate event of the death of the policyholder.

The risk cover shall terminate after the payment of the primary benefit.

Level Cover* - The Risk Cover or Sum Assured will be the same throughout the Coverage Term. This is applicable only to interest-only loans

Decreasing Cover* - The Risk Cover or Sum Assured will reduce as per the Sum Assured Schedule (SA Schedule) derived using the Loan Interest Rate & the Coverage Term at the time of coverage inception. Our liability will be determined based on the Sum Assured (SA) schedule and not the Actual Outstanding Loan Amount at the time of claim.

 

Insert Image Moratorium Option

The time during the coverage term when the member does not make any payment towards the principal component of the loan.

The moratorium period under the plan is available for both Level and Decreasing Cover, during which the members shall be given an option to service or not service interest payments. A moratorium period of 1 (one) month to 10 (ten) years (in multiples of 1 month) can be chosen under the plan. The moratorium period must always be less than the coverage term.

Insert Image Surrender Benefit

Payable in case a member surrenders the risk cover due to foreclosure or prepayment of a loan or any other reason.

The surrender value payable at any point of time during the coverage term will be derived as follows:

Surrender Value = 70% of the Premium (excluding taxes and cesses) received in respect of member * Term Factor * SA Factor
where Term Factor = Unexpired Policy Term in months (ignoring days) divided by Original Policy Term in months

SA Factor = Outstanding Sum Assured (as per the Certificate of Insurance) divided by Maximum Sum Assured until the date of Surrender (as per the Certificate of Insurance)

The risk cover under the policy will cease after the surrender value has been paid.

 

Age at Entry

Minimum age at entry

For Education Loan

14 years (age as on last birthday)

For any other type of loan

(except education loan)

18 years (age as on last birthday)

Maximum age at entry

75 years (age as on last birthday)

Age at Maturity
 

Maximum age at Maturity

77 years (age as on last birthday)
Policy Term
 

Minimum Policy Term       

2 years                                            

Maximum Policy Term

40 years

Group Size to Initiate a Group Scheme
 

Minimum group size           

50 members within a policy year


Maximum group size

No limits

Face Amount (Per Member)
 

Minimum face amount

Rs. 5000 per member


Maximum face amount

No Limit, but subject to underwriting


Premium Amount
 

Minimum Premium  

Rs. 0.81 per member assuming standard life

and excluding taxes, cesses, and levies as imposed by the Government

Maximum Premium

No Limit

More Points to be noted

This policy covers both natural and accidental death-causing events.
There should be a clear relationship between individual members and the group policyholder.
The policyholder will have the legal authority to act on behalf of all the members of the group under the group insurance contract.
No group should have been formed for the sole purpose of insurance coverage.

Downloads Actions
Premium Rates Table        Download(1) - Maxlife Insurance
Policy Contract        Download(1) - Maxlife Insurance

Wondering Why Companies Invest in Group Insurance Plans?

Understand Group plans better

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments
Claims Paid Percentage

99.51%

99.51%

(Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)

Max Life's Presence

269 Offices

269 Offices

(Source: As reported to IRDAI, FY 2022-23)

Sum Assured

₹1,397,142 Cr.

₹1,397,142 Cr.

In force (individual) (Source: Max Life Public Disclosure, FY 2022-23)

Assets Under Management

₹122,857 Cr.

₹122,857 Cr.

(Source: Max Life Public Disclosure, FY 2022-23)

More reasons why our customers choose us
What customers have to say about our Group Plans
What customers have to say about our Group Plans

When my home loan got sanctioned, the first thing that came to my mind was getting a life insurance plan to cover up this loan. I checked a number of other life insurance options online but found this one very simple and effective. With Max Life Group Credit Life Premier Plan, I have to pay a very low premium to get a decent life cover. I feel more secure now!

Mr. Shinghal

Mumbai

Let’s Connect

Let’s Connect

Online Sales Helpline
0124 648 8900
 (09:00 AM to 09:00 PM Monday to Saturday)

service.helpdesk@maxlifeinsurance.com
SMS 'LIFE' to 5616188

Let us call you back
Customer Service Helpline
1860 120 5577
(9:00 AM to 6:00 PM Monday to Saturday)
  Chat with us

Please write to us in case of any escalation/feedback/queries.

Write to us
NRI Helpdesk
011-71025900; 011-61329950
(9:00 AM to 6:00 PM Monday to Saturday)

nri.helpdesk@maxlifeinsurance.com