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Max Life

Group Credit Life Premier Plan

Group Credit Life Premier Plan
Non Linked, Non Participating Single Pay Group Term Insurance PlanUIN: 104N095V01

Life is all about fulfilling your dreams for your loved ones. You plan to fulfill goals like your savings, children’s education, marriage and your peaceful retirement. We understand the significance of such milestones and secure your financial future from the burden of any loan taken to pursue your dreams towards accomplishment of these milestones. Max Life Group Credit Life Premier Plan, provides life cover to the borrowers of banks/ financial institutions under one group master policy and ensures that in case of death of the borrower, amount of loan outstanding (as per the option chosen) is paid out by Us.

Max Life Group Credit Life Premier
4.8/5 based on 4 reviews
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    Plan Benefits

    Benefit to the Financial Institution - Max Life Group Credit Life Premier 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 the insurer.

    • The product provides a value added feature of low cost protection along with the loan offering making it attractive for the customers
    • Safeguards against NPAs on account of an unfortunate event , like death of the borrower


    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 assured by the insurance company.

    • In case of an eventuality, the member's  family is relieved of the loan liability

    Please note that the benefit is payable only in the event of death during the period of coverage or in case of Total & Permanent Disability (TPD) caused due to accident provided the member has opted for Accelerated benefit

    The Benefits at a glance

    Death Benefit and Options The product in its basic form enables the member(s) covered under this scheme to protect himself/herself and his/her family from burdensome loan obligations in the unfortunate event of Death. It also protects the Bank from the increased default risk resulting from an unfortunate event of death of the borrower. The risk cover shall terminate post payment of the primary benefit.

    Level Cover* - The Risk Cover or Sum Assured will be 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 basis the SA Schedule and not the Actual Outstanding Loan Amount at the time of claim.

    Moratorium Option Moratorium period under the plan is available for both Level & Decreasing Cover, during which the members shall be given an option to service or not service interest payments. Moratorium Period of 1 (one) month to 10 (ten) years (in multiple of 1 month) can be chosen under the plan.

    Surrender Benefit

    The product ensures that the member and his/her loved ones are protected from the financial burden of loan in case of an eventuality. Thus, it is advised to continue the risk coverage through the term. The coverage shall continue as per the agreed terms & conditions even if the loan is repaid. However, if member surrender the risk cover due to foreclosure of loan, prepayment of loan or any other reason, a surrender value shall be paid.  The surrender value payable at any point of time during the coverage term will be derived as follows:

    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.

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    Are you Eligible?

    • Minimum age at entry - 14 years for Education Loan (age last birthday)
      18 years for all types of loans other than Education Loan (age last birthday)
    • Maximum age at entry - 75 years (age last birthday)
    • Maximum age at maturity - 77 years (age last birthday)
    • Minimum Policy Term - 2 years
    • Maximum Policy Term - 40 years
    • Minimum group size to initiate a group scheme - 50 members within a policy year
    • Maximum group size - No limits
    • Event covered - Death (natural and accidental)
    • Minimum face amount - Rs. 5000 per member
    • Maximum face amount - No Limit, but subject to underwriting
    • Minimum Premium - Rs. 0.81 per member assuming standard life and excluding taxes and cesses
    • 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
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    Disclaimer

    Max Life Insurance Co. 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 City Phase II, Gurugram (Haryana) – 122002. Extra Premium may be charged for substandard lives. Benefits are available provided all premiums are paid, as and when they are due. Service Tax, Education Cess and any other statutory levies would be levied as per applicable laws. Insurance is the subject matter of solicitation. Life Insurance Coverage is available in this Product. All Policy benefits are subject to policy being in force. For more details on risk factors, terms & conditions please read the sales brochure carefully before concluding the sale. Trade logos displayed above 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.

    Toll Free Number 18002005577

    IRDAI - Registration No. 104
    Max Life/WebInsert/Indigo/GCLP/February2017/231

     

    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

  • Lower charges
  • Guaranteed Loyalty Addition
  • Flexibility to choose from 4 fund options

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