Death Benefit: In case of death of the Life Insured during the term of the Policy, the nominee will be entitled to receive ₹2,00,000 as the death benefit.
Enrolment Modality: The cover shall be for the one year period stretching from 1st June to 31st May for which option to join and pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year. Delayed enrollment with payment of full annual premium for prospective cover is possible. 45 days lien may be considered from the date of enrolment to the date of occurrence of claim (Accidental deaths are to be excluded from this)
Policy Discontinuance: If the premium by the Scheme Renewal Date is not paid, this policy will lapse immediately with effect from the last unpaid premium due date.
Premiums before the end of the Scheme Renewal Date should be paid to ensure that the members continue enjoying the benefits of the Plan/ Cover. If due premium is not paid by the Scheme Renewal Date then cover ceases and the plan/membership terminates.
Termination: The insurance cover for the member shall terminate on any of the following events and no benefit will be payable there under following conditions:
- Expiry of Policy Term or Member Coverage Term and non-renewal thereafter
- Date of death of the member
- Date on which due premiums for this Cover remaining unpaid On Member attaining Maturity Age subject to annual renewal up to that date
- Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
- In case a member is covered through more than one account and premium is received by the Max Life Insurance inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
- If the insurance cover is ceased due to any technical reasons such as insufficient balance on the due date or due to any administrative issues, the same can be reinstated on receipt of the full annual premium, subject to conditions that may be laid down.
The policy can also terminate in accordance with the changes in the Rules of the Scheme notified by the Government of India under Pradhan Mantri Jeevan Jyoti Bima Yojana from time to time.
The policy does not offer any maturity or surrender benefit to the members.