Max Life Group Credit Life Premier Plan

Dreams and aspirations come as a part and parcel of every individual. Financial aid through loans help us realize these dreams be it about buying a lavish car, a house of our own or studying abroad. But, ever thought what will happen if the outstanding loan gets passed onto our family in case of any eventualities?

 

For such situations, we offer Max Life Group Credit Life Premier Plan, a group master policy for borrowers of banks/ financial institution. 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 to secure their assets and avoid loan defaults.

3 reasons why you must opt for this plan

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

What do members and lending institutions get with this plan?

What do members and lending institutions get with this plan?

Here’s all you need to know about this plan

Here’s all you need to know about this plan

Insert Image Death Benefit

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

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

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 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

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. Moratorium Period of 1 (one) month to 10 (ten) years (in multiple of 1 month) can be chosen under the plan. Moratorium period must always be less than the coverage term

Insert Image Surrender Benefit

Payable in case member surrenders the risk cover due to foreclosure or prepayment of 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 amoun

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 a 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 taking the insurance coverage.

Downloads Actions
Leaflet

Prospectus

Policy Contract

Premium Rates Table        

Wondering why do companies invest in group insurance plans?

Understand Group plans better

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

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

97.81%

97.81%

Individual death claims paid in FY'17 (Src: IRDAI Annual Report FY 2016-17)

Max Life Presence

143 Cities

143 Cities

With 210 offices

Sum Assured

₹3,77,572 Cr.

₹3,77,572 Cr.

In force (individual) till FY'17 (Src: Public Disclosure, FY2016-17)

Assets Under Management

₹44,370 Cr.

₹44,370 Cr.

Till FY'17 (Src: Public Disclosure, FY2016-17)

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

Buy an Insurance Plan
1800 200 5577
1800 200 3383 (Online Term Plan)

online@maxlifeinsurance.com
SMS 'LIFE' to 542524

Let us call you back
Customer Service
1800 200 5577

service.helpdesk@maxlifeinsurance.com
SMS 'QUERY' to 542524

Write to us
NRI Helpdesk
0124 - 2385240; 2542001; 3812932

nri.helpdesk@maxlifeinsurance.com