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Max Life Whole Life Super

As our life moves forward, our expenses continue to mount. We work hard to ensure that these expenses are not overwhelming at any life stage. However, we should always plan for future uncertainities - life insurance can help you stay financially strong during difficult times and provides protection to your family in your absence.

Max Life Whole Life Super insurance plan is a savings plan which helps you systematically raise a corpus for your family. The plan provides you a life cover which will keep growing with the addition of the company bonuses & will last till you are 100 years old.

 

3 reasons you should get this plan

  • You get a life insurance coverage till the age of 100 years
  • You get a guaranteed payout along with company bonuses at maturity
  • You get the flexibility to withdraw money to meet any financial commitment

What do I get with this plan?

What do I get with this plan?

Protection for a lifetime

Get a guaranteed protection which continues to grow through bonuses (non-guaranteed) till you turn 100

 

Maturity Benefit at Age 100

Get a guaranteed sum assured along with accrued bonuses at age 100

Terminal Illness Benefit

In case of terminal illness, get 50% of the Guaranteed Maturity Sum Assured (up to Rs. 10 Lakhs) across all policies which provide this benefit

Premium Payment Flexibility

Choose between 10/15/20 years Premium Payment Term options as per your convenience

Flexibility to Withdraw

Get flexibility to withdraw accumulated bonuses (cash value of the Paid-Up Additions) in case of any urgent need

Tax Benefits

Get tax deductions for your premiums and policy benefits based on the prevailing tax laws1

Here's all you need to know about the plan

Here's all you need to know about the plan

Insert Image Maturity Benefit

On completion of the policy term you will get a guaranteed payout along with applicable bonuses as the Maturity Benefit.

Maturity Benefit = Guaranteed Maturity Sum Assured + Accrued Paid Up Additions (PUA, if any) + Terminal Bonus (if any)

Guaranteed Maturity Sum Assured is the amount chosen by you at the time of policy inception and has following limits:

Minimum

Maximum

Rs. 50,000

(subject to minimum premium limits)

No Limit

(subject to limits determined by the Board approved underwriting policy of the company)

Accrued Paid Up Additions (PUA) are the bonus payouts payable in case you choose the PUA mode for receiving annual bonuses announced by Max Life Insurance (explained under Bonus Payout Options).

Terminal Bonus is an additional bonus paid only once, on earlier of Death, Surrender or Maturity, provided the policy is in force for at least 10 years.

 

Insert Image Death Benefit

On death during the policy term, your nominee will receive a guaranteed payout along with applicable bonuses as the Death Benefit and the policy will terminate.

Death Benefit = Guaranteed Death Benefit + Accrued Paid-Up Additions (if any) + Terminal Bonus (if any)

Guaranteed Death Benefit is defined as higher of:

  • 11 times the (Annualised premium* plus Underwriting Extra Premium***, if any)

  • 105% of all the (Total Premiums Paid** plus Underwriting Extra Premium*** plus Loading for modal premiums paid premiums paid by Policyholder as on the date of death of the life insured),

  • Guaranteed Maturity Sum Assured Guaranteed Sum Assured on Maturity chosen by the Policyholder at policy inception

Accrued Paid Up Additions (PUA) are the bonus payouts payable in case you choose the PUA mode for receiving annual bonuses announced by Max Life Insurance (explained under Bonus Payout Options).

Terminal Bonus is an additional bonus paid only once, on earlier of Death, Surrender or Maturity, provided the policy is in force for at least 10 years.

* “Annualised Premium” means Premium amount payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any and remains same irrespective of the premium payment mode

** “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.

***“Underwriting Extra Premium” means an additional amount charged by Us, as per Underwriting Policy, which is determined on the basis of disclosures made by Policyholder in the Proposal Form or any other information received by Us including medical examination report of the Life Insured

Insert Image Bonus Payout Options

You have the option to receive the annual cash bonus announced by Max Life Insurance in three different ways depending on your needs.

You have the option to receive the annual cash bonus announced by Max Life Insurance in three different ways depending on your needs.

You can choose to receive bonuses in the form of:

  • Cash: You can receive the annual bonus in cash as and when declared by the company.
  • Premium Offset - You can use the accumulated cash bonus to pay your future premiums.

Paid Up Additions (PUA) - You can use your bonus amount to purchase Paid Up Additions (PUA). Buying these PUA increase the policy’s cash value thereby increasing the living and death benefits under the policy. PUA are payable in full on Maturity of the policy. Also, these PUA will earn further bonuses to increase the value of the policy. In case of surrender, Surrender Value of the PUA will be paid to the Policyholder.

Insert Image Terminal Illness Benefit

In case of any terminal illness, 50% of the Guaranteed Maturity Sum Assured is paid immediately upon policyholder’s request.

In case the Life Insured is found to be suffering from a disease that is likely to lead to the Death of the Life Insured within 6 months of diagnosis in the opinion of a Registered Medical Practitioner and the concurrence of Company’s appointed doctor, the Company will advance 50% of the Guaranteed Maturity Sum Assured (up to maximum of Rs. 10 Lakhs  across all policies which provide this benefit) immediately upon Policyholder’s request.

Insert Image Tax Benefit

You may be entitled to certain applicable tax benefits on your premiums and policy benefits.

You are advised to check prevailing government norms for determining your tax exemptions1.

 

Rajiv Verma is a 35 years old married person.He has a child whose age is 1 year. He wants to save systematically and create a legacy for his child. He also wants a regular fund from which he can withdraw miney in case the need arises. He decided to buy Max Life Whole Life Super Plan with a Guaranteed Maturity Sum Assured of Rs. 18.66 Lakhs, and Premium Payment Term of 20 years. His Annualised Premium comes out to be Rs. 50,000 The Bonus Option chosen is Paid Up Additions.

Age of Life Insured

Cash Value Available for Withdrawal in Lakhs (EOY)"

Death Benefit in Lakhs (Guaranteed Death

Benefit and Non-Guaranteed Bonus)(BOY)"

      @4%

@8%

@4%

@8%

35

         0.00

0.00

18.66

18.66

40

         0.22

0.56

19.24

21.19

50

         0.89

2.94

21.29

29.82

55

         1.37

5.10

22.12

34.92

60

         1.96

8.22

22.98

40.86

70

         3.55

18.68

24.81

55.89

75

         4.54

26.72

25.78

65.33

80

         5.66

37.14

26.78

76.34

90

         8.27

67.15

28.91

104.12

99

         11.79

119.74

30.98

137.56

       

        

        **EOY - End Of Year, BOY- Beginning Of Year

Please note: The Cash Value, Death Benefit, and Maturity Benefit will change (reduce) if the customer withdraws money from the policy (by Surrender of Cash Value of PUA) in between the policy term.

*Kindly note that the example above are only an illustration and does not create any rights and / or obligations. The assumed non - guaranteed rates of return chosen in the above illustrations are 4% and 8%. These assumed rates of returns are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance. The actual experience on the contract may be different from the illustrated. The guaranteed and non - guaranteed benefits are applicable only if all due premiums are paid. The premiums mentioned above are exclusive of all applicable taxes, cesses and levies as imposed by the Government. Please note that Bonuses are NOT guaranteed and may be as declared by the Company from time to time.

 

Premium Payment Term

10 years

15 years

20 years

Maximum Age at Entry

(Age at Last Birthday)

60 years

55 years

50 years

Minimum Age at Entry

(Age at Last Birthday)

 

18 years

18 years

18 years

Policy Term

Upto age 100 years of Life Insured

Policy Term = 100 less age at entry of Life Insured

Premium Payment Terms

10/15/20 years

Premium Payment Modes

Annual, Semi - Annual, Quarterly and Monthly

Annualised Premium* Limits

Minimum - Rs. 8,500  p.a

Maximum - No limit (subject to underwriting)

Guaranteed Sum Assured On Maturity

Minimum - Rs. 50,000 (subject to minimum premium limits)

Maximum - No limit (subject to underwriting)

 

*“Annualised Premium” means Premium amount payable during a Policy Year chosen by Policyholder, excluding Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any and remains same irrespective of the premium payment mode.

Prospectus Download - Maxlife Insurance
Premium Rates Table Download - Maxlife Insurance
Policy Contract Download - Maxlife Insurance
Leaflet Download - Maxlife Insurance

Additional Benefits through Riders

Additional Benefits through Riders

Max Life Term Plus Rider

Add Max Life Term Plus Rider to enhance protection against any unfortunate incident which may cause death. This rider benefit available above the base plan life cover. (For further details, please refer to Max Life Term Plus Rider, UIN - 104B026V03, prospectus)

alt text Downloads

Max Life COVID19 One Year Term Rider

Get financial protection from the uncertainty of COVID 19, with a lump sum pay out on COVID-19 diagnosis or death after COVID Diagnosis (For further details, please refer to the Max Life COVID19 One Year Term Rider

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Max Life Accidental Death & Dismemberment Rider

Extend the protection cover for your family in case of an accident leading to dismemberment or death. (For further details, please refer to Max Life Accidental Death & Dismemberment Rider, UIN - 104B027V04, prospectus)

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Max Life Critical Illness and Disability Rider (UIN: 104B033V01)

Max Life brings a comprehensive insurance plan that covers up to 64 critical illnesses along with total and permanent disability coverage. You can choose the best variant for you from the five available variants. You will be also be eligible for a discounted renewal premium based on the number of steps monitored on Max fit app. You can even choose to get a cover up to age 85 years. (For further details, please refer to Max Life Critical Illness and Disability Rider, UIN – 104B033V01, prospectus/brochure

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Max Life Waiver of Premium Plus (WOP) Rider

Get waiver of all future premiums in case of critical illness/ dismemberment/ death. (For further details, please refer to the Max Life Waiver of Premium Plus, UIN: 104B029V04, prospectus)

Downloads

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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

99.34%

99.34%

(Source : Max life annual audited financials FY 21-22)

Max Life Presence

269 Offices

269 Offices

(Source : As reported to IRDAI, FY 21-22)

Sum Assured

₹1,174,515 Cr.

₹1,174,515 Cr.

In force (individual) (Source : Max Life Public disclosure, FY 21-22)

Assets Under Management

₹1,07,510 Cr.

₹1,07,510 Cr.

(Source : Max Life Public disclosure, FY 21-22)

More reasons why our customers choose us

Let’s Connect

Let’s Connect

Online Sales Helpline
0124 648 8900
 (09:00 AM to 09:00 PM Monday to Saturday)

service.helpdesk@maxlifeinsurance.com
SMS 'LIFE' to 5616188

Let us call you back
Customer Service Helpline
1860 120 5577
(9:00 AM to 6:00 PM Monday to Saturday)
  Chat with us

Please write to us incase of any escalation/feedback/queries.

Write to us
NRI Helpdesk
011-71025900; 011-61329950
(9:00 AM to 6:00 PM Monday to Saturday)

nri.helpdesk@maxlifeinsurance.com