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    What is Life Insurance Policy?

    If you are wondering what is life insurance meaning, you should know that a life insurance policy is a contract between an individual and an insurance provider, in which the insurance company gives financial protection to the policyholder in exchange for monthly fees (known as premiums). Read on to learn more about life insurance definition and how it works. ...Read More

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    Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan| The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan and is rounded off from Rs. 3,18,727 . ~1 Condition for special exit value: Option to receive all premiums paid back at the age of 55 years and post which the life cover also gets terminated. Total premiums paid towards the policy (excl. GST) will be the Special Exit Value payable at the age of 55 years in case the policy holder wishes to completely exit the policy. Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums exclusive of all applicable taxes, cesses or levies. This value shall be applicable on the base cover premium only and not to additional optional benefits like ACI, Accident cover, Joint life cover and Voluntary Sum Assured Top-Up.

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    Written by

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    Rohit Ghosh

    Insurance Writer

    Rohit Ghosh has authored and reviewed several informative articles on Life and Term Insurance during his experience working with top Life Insurance brands. During his experience in the Life Insurance sector he has been responsible for formulation of several integrated marketing communication strategies. In his current role with Max Life Insurance he is responsible for website content and experience enhancement

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    Bhaskar Sinha

    Insurance Expert

    8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.

    What Are the Benefits of Life Insurance Plans?

    Once you get an understanding of what is life insurance meaning, as well as the different types of life insurance policies, you will find that there are 3 main advantages of getting the best life insurance policy that you should know about. Following are the 3 primary benefits offered by different types of life insurance policy:

    1. Financial Security

    Life is unpredictable and can be full of uncertainties. It is difficult to reduce the possibility of an unfortunate event like death. In such a scenario, the family faces financial constraints arising from the lack of a steady income.

    Investing in the best life insurance policy early on in life acts as a safety blanket during such eventuality. According to the life insurance definition, the insurance provider is obliged to pay the nominee or beneficiary the pre-defined sum assured. As a result, even in the policyholder’s absence, his family stays protected.

    Also Read: Benefits of Term Insurance Plans

    2. Long-Term Savings

    If one wants to make long-term investments, it’s important to think about life insurance meaning. Such insurance plans help you make systematic savings and create a corpus, which can be used for several reasons, such as building a new home, financing quality schooling for your child, and funding a child’s marriage expenses.

    What’s more, when you learn the life insurance definition, you will find some types of life insurance policies often offer monthly pay-outs in the form of annuities, which is an ideal way to aim at and achieve retirement goals.

    3. Investment Options

    Understanding the meaning of life insurance in your financial context will allow you to plan your investments efficiently as well. Life insurance providers offer Unit-Linked Investment Plans (ULIPs), which are mainly investment instruments based on the market linked returns and life insurance, meaning you can get dual benefits with a single financial product.

    These market-linked life insurance products provide significant gains during maturity, therefore making them ULIPs a reliable investment tool.

    4. Tax Benefits

    According to the life insurance definition, you are required to pay regular premiums to keep the policy active. With life insurance plans, you also get tax benefits under prevailing laws as per Income Tax Act, 1961. The life insurance premium paid can be availed as a tax deduction under Section 80C of the Income Tax Act, 1961 . You can avail of deduction up to Rs.1.5 lakh under Section 80C.

    Read More: Tax Benefits of Life Insurance Plans in India

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    What are the Different Types of Life Insurance?

    Now that you are aware of what is life insurance meaning and life insurance definition, you should check the main types of life insurance plans:

    • Term Life Insurance Plans – Pure risk covers
    • Unit linked insurance plan (ULIP) – Insurance as well as Investment opportunities
    • Endowment Plan – Insurance and Savings
    • Money-Back – Periodic returns alongside insurance cover
    • Whole Life Insurance – Whole life coverage to the life assured
    • Child's Plan – For achieving your child's life goals like education and marriage
    • Retirement Plan – Post-retirement income
    Let’s learn further and understand the specifics of different types of life insurance policies.

    1. Term Life Insurance Plans

    Term life insurance plans are the purest form of life insurance types as they offer life cover with no savings or profit elements. Term life insurance plans are the most affordable types of life insurance policies as premiums are relatively cheaper in comparison to other life insurance plans.

    Also Read: What is Term Insurance?

    2. Unit linked insurance plan (ULIP)

    One of the most unique life insurance types, a unit-linked insurance plan, is a thorough mixture of investment (market-linked returns) and insurance. As per the life insurance definition, the premium paid for the ULIP plan is partially used as a risk (insurance) cover and partially invested in different funds.

    Depending on the policyholder’s risk tolerance, they can invest in different funds offered by the insurance provider. Then the insurance provider invests the collected amount into different money-market instruments such as shares and equities.

    3. Endowment Plan

    The endowment plan is a traditional types of life insurance policy that is a blend of insurance and savings.

    With life insurance types such as an endowment plan, if the life assured live longer than the policy period, the insurance company provides maturity benefit to the policyholder. Additionally, some endowment plans may offer periodic bonuses that are either paid on maturity or to the beneficiary in case of the policyholder’s untimely death.

    What is Life insurance Max Life Insurance.jpg

    4. Money-Back

    Money-back life insurance plans are a unique types of life insurance policy in which a portion of the sum assured is paid back directly to the insured at regular intervals as a survival benefit. This way, the policyholder can achieve short-term financial objectives.

    5. Whole Life Insurance

    Whole life insurance plans are amongst the life insurance types that cover the life insured for a lifetime, or in a few cases, up to the age of 100 years.

    At the time of purchasing a whole life insurance policy, the sum assured gets determined. During the purchase, a nominee is mentioned. In case of any unfortunate event, as per the whole life insurance definition, they get paid with the death claim and any bonuses, if applicable.

    Nevertheless, if the life assured lives longer than 100 years, the insurance provider gives the life insured with a maturity benefit equal to the endowment corpus.

    6. Child Plan

     Child life insurance plans aim at building a corpus for the future development of a child. Typically, such life insurance types helps in funding the education and marriage of a child.

    Such plans provide instalments annually or in one lump sum pay-out, following the major milestones of a child’s life. In case the insured parent meets with an untimely death during the policy term – future premiums are waived off, and the policy benefits continue without disruption.

    7. Retirement Plan

     Retirement life insurance plans support building a stable financial source for an individual’s retirement years. The purpose and meaning of life insurance for retirement is to help one become financially independent and live without any worry.

    Most retirement life insurance definitions fall under life insurance types that offer annual pay-out (by means of annuities) or a one-time lump sum pay-out (by means of commutation of the accumulated amount, up to the prescribed limits) on the completion of 60 years of age.

    In case of an eventuality, within the policy term, the insurer pays the insurance benefit to your family.

    How to Buy Life Insurance Online?

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    Now that you know what is life insurance meaning, you can proceed to buy life insurance online by following a simple and easy process. You can buy a life insurance plan online from Max Life Insurance following the below mentioned steps:

    Step 1: Log on to www.maxlifeinsurance.com and click on “Calculate Premium”.

    Step 2: Enter your personal information like Name, Mobile number, Gender, Smoker/Non-Smoker, Date of Birth, Annual Income. Click on “Calculate Now”.

    Step 3: Enter Life Cover amount, premium payment term and click on “Proceed”.

    Step 4: Select Riders and click on “Proceed”.

    Step 5: Enter all the essential information required and click on “Proceed”.

    Step 6: Select your Payment method and click on “Pay”.

    How to Choose the Best Life Insurance Policy?

    When you get an understanding of what is life insurance meaning and have recognised the need for life insurance, you should be aware of these simple steps to pick the best life insurance policy. Select the best available life insurance plans with these steps:

    What is Term Life insurance Max Life Insurance.jpg

    1. Get in Touch With An Insurance Consultant/ Provider

    Although this may sound insignificant, at the initial level, it is essential to involve a credible and knowledgeable insurance advisor or provider when seeking life insurance. The meaning of life insurance in your family’s future is significant, and therefore, it is a crucial decision.

    Many people are unlikely to decide on their own and need an insurance advisor’s expertise. Consumers of the insurance industry are more inclined towards digital media but still expect human interaction and recommendation [2] for such critical activities.

    2. Evaluate The Life Insurance Cover

    A life insurance provider can help you calculate the life cover amount (sum assured). They also evaluate your source of income, the number of dependents, any liabilities and your expenditure to arrive at a preferred life cover.

    Life insurance providers also help you choose the best insurance from amongst the different types of life insurance policies that are available in the market. This makes sure that you understand the meaning of life insurance for your family and receive an optimum life cover. Also, you can check your life insurance requirements with our online calculator.

    3. Compare Life Insurance Plans

    Learning about what is life insurance meaning, you must come across many insurance providers in the market who offer varied types of life insurance policies. One needs to make sure that they carefully choose the most suitable life insurance available.

    Before you make any decision, it is critical that you know the meaning of life insurance and also compare different types of life insurance policies to avail the best one available as per financial needs.

    What is Life Insurance Premium?

    Now that you are aware of what is life insurance policy, it is essential for you to know some of the most basic terms related to life insurance plans. Another essential aspect that you must know about is what is life insurance premium.

    Life insurance definition refers to premium as the amount that you pay to the insurance company. In return, life insurance company provides your family with financial protection in case of your untimely demise during the policy term.

    How Much Life Insurance Do You Need?

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    Besides understanding the meaning of life insurance plans, you should also evaluate how much life insurance cover do you actually need. It is common to have questions such as what is life insurance cover, what is life insurance add ons, and know what is life insurance features.

    While it is impossible to put a definitive rupee value on human life, it is still necessary for you to measure how much you are worth to get the right life insurance plans. You can measure your human life value (HLV) by assuming what it would take for your family to be financially stable in your absence.

    In life insurance jargon, Human Life Value or HLV is the sum assured and the monetary estimation of the policyholder's life worth.

    The basic method of calculating the human life value includes two steps:

    1. Add all expenses such as household expenses and everyday life expenses

    2. Calculate future obligations (such as outstanding loans)

    The addition of the figures mentioned above gives an estimation of human life value that is your life insurance policy’s sum assured.

    Human Life Value Calculator

    Which Financial Goals Can You Secure with Life Insurance?

    Just knowing what is life insurance meaning and life insurance definition may not be enough to understand your unique requirements. Life Insurance plans help complete numerous financial objectives of an individual and his family. Some goals of an individual that the best life insurance policy helps fulfil:

    • Financial protection against loss of life
    • Education for Children
    • Child’s Marriage
    • Owning/Buying a House
    • Post Retirement Pension or regular income

    These are only a handful of financial goals that you can achieve with the help of life insurance plans. Life insurance plans are pretty versatile. You can plan for your stated life goals and align your insurance to help you achieve those, e.g., you can utilise the corpus created out of an endowment plans (traditional or market-linked) to say, pay for a house at a future date.

    Get Insured to Stay Secured

    Purchasing a life insurance policy is a necessity in our times. While many buy in different types of life insurance policies, not all know about the many benefits, it offers. In your absence, the meaning of life insurance is to support your family in times of difficulty and gives them financial assistance.

    Moreover, investing in the life insurance policy encourages a disciplined habit of savings. Thus, it enables one to create a significant corpus.

    Life insurance policies from Max Life Insurance help safeguard your financial future and lets you earn multiple other benefits. So, choose to buy life insurance policy now and stay secured!

    Life Insurance Policy FAQs

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    If you know what is life insurance meaning, you must know that life insurance plan may not seem like necessary, but it sure is a smart choice in this uncertain time. It provides your family members with financial protection at the time of your untimely demise. Not only this, but life insurance definition also includes various other benefits, including tax exemptions on premium paid.

    Yes. As per life insurance definition, you pay a certain amount as a premium regularly to the insurer. You can avail of tax deduction up to Rs.1.5 lakh under Section 80C of the Income Tax Act, 1961, for the life insurance premium paid. Tax benefit are subject to change as per are prevailing tax laws.

    The different types of life insurance policy available in India are as follows:

    • Term Life Insurance Plans
    • Unit linked insurance plan (ULIP)
    • Endowment Plan
    • Money-Back
    • Whole Life Insurance
    • Child's Plan
    • Retirement Plan

    Nominee is the family member or relative who will receive or who will be entitled to the insurance plan benefit i.e., Sum Assured after the untimely demise of the policyholder.

    You can opt for either one-time premium payment (annually) or regular premium payments which include monthly/quarterly/semi-annually.

    As a policyholder, you have an option to nominate more than one induvial for your policy. However, on doing so, the pay-out amount gets divided evenly between the nominees, and each gets their respective share in a legal manner.

    Yes, when you have more than one nominee, the pay-out they receive gets equally divided amongst them. However, different types of life insurance policies have different terms and conditions, so it is better to check such things with your insurance provider to assess life insurance meaning for your loved ones.

    Depending on many factors such as your chosen option of premium payment, add on riders, age, and medical conditions, the premium amount you need to pay towards your insurance differs.

    Typically, most insurance plans can be bought by anyone over the age of 18, however, depending on the policy terms and conditions as well as the insurer, the maximum age limit may vary.

    In case of the policyholder’s (life assured) untimely death, the nominees or assignee must immediately send a claim intimation to the insurance provider. Some mandatory documents required are:

    • Original insurance policy documents
    • Original/attested copy of death certificate issued by local municipal authority
    • Death claim application form (Form A)
    • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook
    • Nominee’s photo identity proof such as a copy of Passport, PAN card, Voter identity card, Aadhar (UID) card, etc.

    Rule of thumb for life insurance policies suggests that one must invest in life insurance plans with a sum assured that is 10 to 12 times their annual income. However, the life insurance meaning can differ from person to person as every individual has uniquely distinctive financial conditions.

    Yes, it is possible to cash out your life insurance by leveraging cash value withdrawals, or opting for a loan against your policy, or surrendering your insurance plan.

    The meaning of life insurance paid-up value is a lowered proportionate of the sum assured of the insurance, which includes the number of premiums paid as well as the total number of premiums. In case the premium payment for any specific types of life insurance policy is not made on time, and the policy lapses, then the specific policy obtains a Paid Up Value.

    Typically, to revive or reinstate a lapsed life insurance policy, the policyholder must send forward an application to the concerned insurance company. After the application, the insurance provider may propose submitting a standard revival form.

    However, depending on individual insurance company’s internal policies, the option to reinstate a lapsed life insurance policy may or may not be available.

    In case the nominee passes away before the policyholder, a request for change of nominee should be filed by the policyholder. For all kinds of insurance, it is the responsibility of the policyholder to ensure that the particulars about their nominee is updated on their insurance.

    However, if the policyholder’s insurance allows multiple nominees, and one of them meets with an untimely demise, then the pay-out is given to the other active nominee. Note that this depends on the terms and conditions of the insurance plan and internal policies of the insurance company.

    Financial experts always recommend that you buy a life insurance policy as early in your life as possible. This is because, buy purchasing a life insurance plan when you are young like in your early 20s, you can keep your life insurance premium low. However, you should also consider additional factors like your current income, number of dependents, etc. before you make the purchase. As a result, the right age to get life insurance cover can vary significantly from one individual to another.

    Critical illness cover is usually offered as an optional rider, but some life insurance companies in India currently offer this benefit as the default option. On opting for this rider, you get cover in case you develop critical illnesses like cancer, heart disease, liver and kidney disorders, etc. While opting for the critical illness rider can increase your premium, the potential payout may help you manage your medical expenses better if you develop such critical illnesses.

    ARN NO: Jan23/Bg/23T

    Sources:

    [1]www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo4&mid=2

    [2]www.pwc.in/assets/pdfs/consulting/financial-services/competing-in-a-new-age-of-insurance.pdf

    www.livemint.com/insurance/news/at-what-age-should-i-get-life-insurance-11654918694543.html

    www.canarahsbclife.com/blog/life-insurance/all-you-need-to-know-about-critical-illness-benefit-under-life-insurance.html


    Disclaimer:

    Savings mentioned are indicative of the maximum premium difference when the same plan/variant is bought offline

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      THE UNIT LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.

      Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Max Life Online Savings Plan (UIN: 104L098V05) is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.

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      *#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends 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 Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

      ^*Disclaimer: Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy female of 18 years old paying Rs.3,60,000/- annually (exclusive of all applicable taxes)

       

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      The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.

      ^*All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (4.65 % p.a. for FY’20) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.

      Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.Mandatory Documents :> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

      7CMO Asia BFSI Excellence Award 2019

       

      5Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition

      4InstaClaim TM is available for all versions of (UIN:104N118V05). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominees photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

      ##

      Tax conditions :

      Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.

      3The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.

      CI Rider disclaimers:

      MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.

      >Extended cover of up to 85 years is available with gold and platinum variant only

      @ 64 critical illnesses covered in platinum and platinum plus variant on payment

      22 critical illnesses covered in gold and gold plus variant

      6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider

      *^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.

       ~ Conditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years

      ~1 Conditions for Special exit value:

      Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.

      ~2 Voluntary Top-up Sum assured:

      Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception

      ^^*^^Free look period conditions:

      The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.

      ^Individual Death Claims Paid Ratio as per IRDAI Annual Report FY 2021-2022

      8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

      2Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).

      3The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid

      4Tax benefits as per prevailing tax laws, subject to change

      Terms and conditions for availing 5% employee discount:

      <Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.

      1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount

      9

      The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V05)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’

      ~*Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V05)

      Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

      ARN - ARN/Web/01/21042021

      Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

      The premium shall be adjusted on the due date even if it has been received in advance.

      For Total Installment Premium -**Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.

      For Return of Premium -~The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.

      For Riders -#Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.

      For Additional Benefits -##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      ##

      Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

      #

      With “Save the date”, you can choose to take your annual income to any special date in a year.

      ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

      ~

      Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

      #~

      Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

      ~1

      Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~1 Conditions for special exit value: Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of premium variant is not chosen. No additional premium to be paid. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

      6

      Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 20,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

      **

      Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

      *

      Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

      7

      Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

      8

      Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V03). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 50 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 75 lakh.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 1.5 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 2 Cr.

      **Disclaimer: Standard premium for 24-year old healthy male, non-smoker, 25 years policy term,25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V05) with a life cover of Rs. 5 Cr.

      **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.