Adding security benefits to accounts

In case of death of the Life Insured during the term of the Policy, the nominee will be entitled to receive Rs. 2,00,000 as the death benefit.

The policy does not offer any maturity or surrender benefit to the members.

* This product can be offered to those individuals who hold a valid account with the participating bank / post office

* In case of multiple accounts held by an individual in one or different banks / post office, the person would be eligible to join the scheme through one account only

* In case a member is covered through more than one account and premium is received by us inadvertently, insurance cover will be restricted to Rs 2,00,000 only and the premium received towards duplicate insurance shall be forfeited

* The plan is a one year contract and can be renewed at the then prevailing premium rates and terms and conditions mutually agreed by the master Policyholder and Max Life Insurance Company

* For new members enrolling into the scheme, the risk will not be covered during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.

* Sum Assured for the member of a scheme cannot be increased or decreased and shall remain unchanged throughout the period of contract

* New members can be added into the scheme after the initial enrolment period with the payment of pro-rata premium and consent form. 

If an individual member exits from the group due to reasons other than death, nothing shall be payable..

On surrender of the master policy - Master Policyholder can discontinue the scheme by giving one month notice. No fresh enrolments shall be allowed after the expiry of the notice period, however, for the existing members insurance cover will continue till the end of the policy anniversary.

The cover under this Policy cannot be revived once the same has been terminated. However, a Member may rejoin subject to satisfying the eligibility criteria and Waiting Period of 45 (forty-five) days from the Effective Date of Coverage will again be applicable.

The risk coverage on the life of a Member shall terminate upon happening of any of the following events whichever occur first:-

a. On death of the insured member

b. On attaining age 55 years (age nearest birthday) as on the annual renewal date

c. Closure of account with the Bank / Post Office or insufficiency of balance to keep the insurance in force

d. In case a member is covered through more than one bank / post office and the premium is received by the company inadvertently, insurance cover shall be restricted to Rs. 2 Lakh and the premium paid for the duplicate insurance(s) shall be liable to be forfeited