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Max Life Whole Life Super

As life moves forward, everyday expenses continue to mount. You work hard to ensure that these expenses are not overwhelming at any stage of life. However, you should always plan for future uncertainties.  Life insurance can help you stay financially secured during difficult times and provide financial protection to your family in your absence.

Max Life Whole Life Super insurance plan is a savings plan that helps you systematically build a corpus for your family. The plan provides you with a life cover, which will keep growing with the addition of the company bonuses, and will last till you turn 100 years old.

 

3 Reasons Why You should Buy Max Life Whole Life Super Plan

  • You get life insurance coverage 100 years of age.
  • You get a guaranteed payout along with company bonuses at maturity.
  • You get the flexibility to withdraw money to meet any financial commitment.

What do You get with Max Life Whole Life Super Plan?

What do You get with Max Life Whole Life Super Plan?

All You Need to Know about Max Life Whole Life Super Plan

All You Need to Know about Max Life Whole Life Super Plan

Insert Image Maturity Benefit

On completion of the policy term, you will get a guaranteed payout along with applicable bonuses as the Maturity Benefit.

Maturity Benefit = Guaranteed Maturity Sum Assured + Accrued Paid Up Additions (PUA, if any) + Terminal Bonus (if any)

Guaranteed Maturity Sum Assured is the amount chosen by you at the time of policy inception and has the following limits:

Minimum

Maximum

Rs. 50,000

(subject to minimum premium limits)

No Limit

(subject to limits determined by the Board-approved underwriting policy of the company)


Accrued Paid-up Additions (PUA) are the bonus payouts payable, in case you choose the PUA mode for receiving annual bonuses announced by Max Life Insurance (explained under Bonus Payout Options).

Terminal Bonus is an additional bonus paid only once, on earlier Death, Surrender or Maturity, provided the policy is in force for a minimum of 10 years.

 

Insert Image Death Benefit

On death during the policy term, your nominee will receive a guaranteed payout along with applicable bonuses as the Death Benefit, and the policy will terminate.

Death Benefit = Guaranteed Death Benefit + Accrued Paid-up Additions (if any) + Terminal Bonus (if any)

Guaranteed Death Benefit is defined as higher of:

  • 11 times the (Annualised premium* plus Underwriting Extra Premium***, if any)

  • 105% of all the (Total Premiums Paid** plus Underwriting Extra Premium*** plus Loading for modal premiums paid by the Policyholder as on the date of death of the life insured)

  • Guaranteed Sum Assured on Maturity chosen by the Policyholder at policy inception

Accrued Paid-up Additions (PUA) are the bonus payouts payable in case you choose the PUA mode for receiving annual bonuses announced by Max Life Insurance (explained under Bonus Payout Options).

Terminal Bonus is an additional bonus paid only once, on earlier Death, Surrender or Maturity, provided the policy is in force for a minimum of 10 years.

* 'Annualised Premium' means Premium amount payable during a Policy Year chosen by the policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any and remains the same irrespective of the premium payment mode

** “Total Premiums Paid” means the total of all Premiums received, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums, and applicable taxes, cesses or levies, if any.

***“Underwriting Extra Premium” means an additional amount charged by Us, as per Underwriting Policy, which is determined on the basis of disclosures made by the policyholder in the Proposal Form or any other information we received, including medical examination report of the Life Insured

Insert Image Bonus Payout Options

You have the option to receive the annual cash bonus announced by Max Life Insurance in three different ways depending on your needs.

You have the option to receive the annual cash bonus announced by Max Life Insurance in three different ways depending on your needs.

You can choose to receive bonuses in the form of:

  • Cash: You can receive the annual bonus in cash as and when declared by the company.
  • Premium Offset - You can use the accumulated cash bonus to pay your future premiums.

Paid-up Additions (PUA) - You can use your bonus amount to purchase Paid-up Additions (PUA). Buying these PUA increases the policy’s cash value thereby increasing the living and death benefits under the policy. PUA are payable in full on the Maturity of the policy. These PUA will earn further bonuses to increase the value of the policy. In case of surrender, the Surrender Value of the PUA will be paid to the Policyholder.

Insert Image Terminal Illness Benefit

In case of any terminal illness, 50% of the Guaranteed Sum Assured of Maturity will be paid immediately upon the policyholder’s request.

In case the Life Insured is found to be suffering from a disease that is likely to lead to the Death of the Life Insured within 6 months of diagnosis in the opinion of a Registered Medical Practitioner and the concurrence of the Company’s appointed doctor, then the Company will advance 50% of the Guaranteed Maturity Sum Assured (up to a maximum of Rs. 10 Lakhs  across all policies which provide this benefit) immediately upon policyholder’s request.

Insert Image Tax Benefit

You may be entitled to certain applicable tax benefits on your premiums and policy benefits.

Please check prevailing government norms for determining your tax exemptions1.

 

Rajiv Verma is a 35 years old married man. He has a 1-year-old child. He wants to save systematically for his child’s future. He also wants a regular fund from which he can withdraw money in case the need arises. He decides to buy Max Life Whole Life Super Plan with a Guaranteed Maturity Sum Assured of Rs. 18.66 Lakhs, and a Premium Payment Term of 20 years. His Annualised Premium comes out to be Rs. 50,000.

The Bonus Option chosen is Paid Up Additions.

Age of Life Insured

Cash Value Available for Withdrawal in Lakhs (EOY)"

Death Benefit in Lakhs (Guaranteed Death

Benefit and Non-Guaranteed Bonus)(BOY)"

      @4%

@8%

@4%

@8%

35

         0.00

0.00

18.66

18.66

40

         0.22

0.56

19.24

21.19

50

         0.89

2.94

21.29

29.82

55

         1.37

5.10

22.12

34.92

60

         1.96

8.22

22.98

40.86

70

         3.55

18.68

24.81

55.89

75

         4.54

26.72

25.78

65.33

80

         5.66

37.14

26.78

76.34

90

         8.27

67.15

28.91

104.12

99

         11.79

119.74

30.98

137.56

       

        

        **EOY - End Of Year, BOY- Beginning Of Year

Please note: The Cash Value, Death Benefit, and Maturity Benefit will change (reduce) if the customer withdraws money from the policy (by Surrender of Cash Value of PUA) in between the policy term.

*Kindly note that the example above is only an illustration and does not create any rights or obligations. The assumed non-guaranteed rates of return chosen in the above illustrations are 4% and 8%. These assumed rates of returns 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 actual experience on the contract may be different from the illustration above. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid. The premiums mentioned above are exclusive of all applicable taxes, cesses, and levies as imposed by the Government. Please note that Bonuses are NOT guaranteed and may be as declared by the Company periodically.

 

Premium Payment Term

10 years

15 years

20 years

Maximum Age at Entry

(Age at Last Birthday)

60 years

55 years

50 years

Minimum Age at Entry

(Age at Last Birthday)

 

18 years

18 years

18 years

Policy Term

Up to age 100 years of Life Insured

Policy Term = 100 less age at entry of Life Insured

Premium Payment Terms

10/15/20 years

Premium Payment Modes

Annual, Semi - Annual, Quarterly and Monthly

Annualised Premium* Limits

Minimum - Rs. 8,500 p.a

Maximum - No limit (subject to underwriting)

Guaranteed Sum Assured on Maturity

Minimum - Rs. 50,000 (subject to minimum premium limits)

Maximum - No limit (subject to underwriting)

 

*“Annualised Premium” means Premium payable during a Policy Year chosen by the Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any, and remains the same irrespective of the premium payment mode.

Prospectus Download - Maxlife Insurance
Premium Rates Table Download - Maxlife Insurance
Policy Contract Download - Maxlife Insurance
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Additional Benefits through Riders

Additional Benefits through Riders

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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

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