Payable immediately at the time of death of the Life Insured:

    It is defined as higher of:

• 11 times the Annualised Premium* plus underwriting extra premiums# (if any)

• 105% of (Total premiums paid**plus underwriting extra premiums plus loadings for modal premiums paid) as on the date of death of the life insured

• Guaranteed Sum Assured on Maturity**

• Any absolute amount assured to be paid on death#

  *'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.
  

  **“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.

  #The Guaranteed Sum Assured on Maturity under this product is 25% of the Sum Assured, which is the last annual money back payment paid at the maturity of the policy (end of policy term) as mentioned under ‘Money Back Benefits' in the prospectus.
  

##The absolute amount assured to be paid on death is equal to the sum assured (SA). This SA is the amount chosen by the policyholder basis which the premium amount for the policy is determined

    Key advantages under Death Benefit:

• The policy does not terminate after the death of the life insured

• You receive Policy Continuance Benefit, in which all due premiums, if any, coinciding or following the date of death of the Life Insured shall be waived and the policy will continue. The moneyback and maturity benefit shall be payable to the beneficiary as and when due. The policy shall also participate in future bonuses.

  You receive a Settlement Option under Death Benefit - the nominee can choose to receive the proceeds under the Death Benefit with the following settlement options:

• Lump Sum Benefit: The nominee can choose to take the entire Death Benefit as a lump sum payout
• Monthly Income for 135 months: The nominee can choose to take 1% of the Death Benefit as monthly income which will be payable for 135 months.

On maturity, the following benefit will be paid:

As a participating plan, this insurance plan will provide you with the following benefits on maturity:

• Accrued Paid Up Additions (PUA) (if any) or Cash Bonus (if any), whichever is applicable, plus
• Terminal Bonus (if any)
• Guaranteed Sum Assured on Maturity

where Guaranteed Sum Assured on Maturity is 25% of the Sum Assured which is the last 4 annual money back payment paid at the maturity of the policy (end of policy term) as mentioned under ‘Money Back Benefits’ in the prospectus. 

However, you may note that both the Terminal Bonus and PUAs are not guaranteed and are dependent on the company’s performance over the years. With these payouts, the policy gets terminated unless monthly incomes (if not commuted) are remaining under the settlement option.

Bonus Options:

1. Annual Bonus: You can choose to receive the annual cash bonus announced by Max Life in the following ways:

   1. Cash: You can receive the annual bonus in cash as and when declared by the company.

   2. Premium Offset - You can use the accumulated cash bonus to pay your future premiums.

   3. 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. Also, 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.
      

2. Terminal Bonus: Terminal Bonus is an additional bonus paid only once either on Surrender or at Maturity, provided the Policy has been in force for at least five years. In case you surrender the policy, you will get surrender value (if any) of the Terminal Bonus. In case of death of the life insured, the policy will continue, and the Terminal Bonus (if any) shall be payable only on Maturity.

 The Policyholder can take the Surrender Value of the accrued PUA (partially or in full). 

The remaining PUA will continue to participate in bonuses.

Minimum Withdrawal amount – Rs. 5,000

Maximum Withdrawal amount – Subject to maximum PUA cash value available

To match your child’s education needs, the policy offers you the flexibility to discount and/or defer the Moneyback payments.

We will proactively get in touch with you 6 months prior to the start of the Moneyback schedule. If you want to use this option, you can contact the company at least 3 months before the date of the first moneyback.

Four Moneybacks each totaling to 25% of the Sum Assured is payable in the last 4 policy years.