Max Life Group Credit Life Secure Plan

As a lending institution, your loan can transform someone’s life and turn his/her dream into reality. But, there are tough times too when lender’s family might be left just with a legacy of liabilities. Eventually, not only the family but the overall finances of your company also suffer. Though you take all the necessary measures to keep such defaults to the minimum through recovery mechanism, you need to insure your lent assets against non-payment by the borrower, on his/her death.

 

Choose Max Life Group Credit Life Secure Plan, a plan that provides cover against loan in the event of borrower's death during the period of coverage.

 

3 reasons why you must opt for this plan

  • Saves banks/financial institution from default payments in case of death of the policyholder
  • An attractive low-cost value added plan to cover against loan during uncertainties
  • Safeguard borrower’s family from paying-off the rest of the loan liabilities in case of eventualities

What does this plan offer?

What does this plan offer?

Here’s what you need to know about this plan

Here’s what 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 your bank/financial institution from running into losses due to increased default in the event of unfortunate demise of the policyholder by any cause (natural and accidental).

There are two kinds of death options available, our company shall pay you as per the option chosen by you at the inception of the policy. Here are the options:

Decreasing Cover Death Option This is set in accordance with the outstanding sum assured schedule as set at the commencement of the contract.
Cover during the moratorium period is also available where the loan monthly installments begin after a defined moratorium period, and therefore the Sum Assured is level till the end of the moratorium period and reduces thereafter as per the schedule

Level Cover Death option Benefit - Under this option, a minimum sum assured of Rs. 50,000 per member is ensured at inception.

Please note that the benefit is payable only in the event of death during the period of coverage and no Disability cover is provided under this policy.

Insert Image Surrender Benefit

Payable in case member surrenders the risk cover due to foreclosure or prepayment of loan or any other reason

As this is a single premium term insurance plan, a surrender value will have to be paid if an individual assured member surrenders his/ her cover due to any reason.The surrender value payable at any point of time during the coverage term will be derived as follows:
Surrender Value = 70% * Premiums received * (Unexpired risk period in months / Total Period of cover in months) * (Sum Assured applicable at time of Surrender# / Sum Assured at inception)

#As per the schedule mentioned in certificate of insurance at the outset

Insert Image Co-borrower Cover Option

In the event of the death of the primary borrower/ co-borrower due to suicide, cover on the other life will continue as they are independent insurance covers.

Under this option, cover on lives of the primary borrower and co-borrowers will be considered as separate insurance covers to the extent of the total loan amount subject to necessary financial and medical underwriting requirements. This would be referred to as co-borrower cover option. Both the co-borrowers must individually satisfy the eligibility conditions to become a member.

No Limit, but subject to underwriting

Age at Entry

 

Minimum age at entry

15 years (age as on last birthday)

Maximum age at entry

69 years (age as on last birthday)

Age at Maturity

 

Maximum age at Maturity

70 years (age as on last birthday)

Policy Term

 

Minimum Policy Term

1 year

Maximum Policy Term

Till 70 years (age as on last birthday) subject to maximum of 30 years.

Group Size to initiate a Group Scheme

 

Minimum group size

50 members within a policy year

Maximum group size 

No limit, subject to underwriting

Minimum face amount

Rs. 50,000 per member

Maximum face amount

 

Face Amount (Per Member)

 

Premium Amount

 

Minimum Premium

No limit

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 the 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.

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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 companies have to say about our Group Plans
What companies have to say about our Group Plans

Our customers are our priority. We keep coming up with new plans and policies every day to meet their needs. A loan protection insurance is something which we thought of introducing recently. Actually, we were coming across many customers who were fearful about their family’s plight in case remaining loan amount get passed onto them in case anything unfortunate happens with them. This definitely had to be addressed, and Max Life Credit Life Secure seemed to be the perfect plan to secure both customers’ future and our assets. Now, we offer this as an add-on to all the loan applicants.

 

Product Head, A leading lending institution

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

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Customer Service
1800 200 5577

service.helpdesk@maxlifeinsurance.com

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NRI Helpdesk
0124 - 2385240; 2542001; 3812932

nri.helpdesk@maxlifeinsurance.com