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Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.
Corporate Office : Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.
Operation Center : Max Life Insurance Co. Ltd, Plot No. 90-A UdyogVihar, Sector 18, Gurugram (Haryana) - 122015.
Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.
Online Helpline - 0124 648 8900 (09:00 AM to 09:00 PM Monday to Saturday).
Email ids: firstname.lastname@example.org
*Life insurance coverage is available in this product. For more details on risk factors, Terms and Conditions please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws. Trade logo displayed belongs to Max Financial Services Ltd. and Axis Bank Ltd. respectively and with their consents, are used by Max Life Insurance Co.
Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Tax benefits are eligible for tax exemption on fulfilling conditions mentioned under Section 10(10D) of income tax act 1961. Tax exemptions are as per our understanding of law and as per prevailing provisions of income tax at 1961 . Policy holders are advised to consult tax expert for better clarification /interpretation. Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Tax benefits are subject to changes in tax laws. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.
Disclaimers for Market Linked Plans & Saving plans:
THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.
Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Max Life Online Savings Plan (UIN: 104L098V03) is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance advisor or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.
Max Life Smart Wealth Plan is a Non-Linked Non-Participating Individual Life Insurance Savings Plan (UIN 104N116V04)
*#Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The assumed rates of return (4% p.a. and 8% p.a.) shown in the illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The guaranteed and non-guaranteed benefits are applicable only if all due premiums .The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.
#^ The guaranteed benefits are applicable only if all due premiums are paid.
#* Tax benefits as per prevailing tax laws, subject to change.
*(a) "Protect a smile" initiative is applicable for all term plans i.e. Max Life Five Year Renewal & Convertible Term Insurance (Non Participating)- 104N001V01; Max Life Easy Term Policy- 104N002V01; Max Life Level Term Policy (Non-Participating/Non-Convertible)- 104N009V01; Max Life Platinum Protect-104N060V01; Max Life Platinum Protect II-104N060V02; Max Life Premium Return Term Plan- 104N069V01; Max Life Online Term Plan-104N078V01; Max Life Premium Return Protection Plan- 104N083V01; Max Life Smart Term Plan-104N113V01.
(b) 1 year education of an under privileged child will be funded as part of Max Life CSR initiatives.
**Standard Premium For 24-Year Old Healthy Male, Non-Smoker, 25 Years Policy Term, 25 Year Premium Payment Term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN: 104N118V02)
^^On completion of policy term
# The savings indicated is the maximum premium difference as compared with offline plan & depends on the variant purchased.
^*All claims that qualify for InstaClaim™ will be paid within 1 working day from date of submission of all mandatory documents else Max Life will pay interest at Bank Rate as on beginning of financial year in which claim has been received (4.65 % p.a. for FY’20) for every day of delay beyond one working day. Interest shall be at the bank rate that is prevalent at beginning of the financial year in which death claim has been received.
Claims for policies completed 3 continuous years. All mandatory documents should be submitted before 3:00pm on a working day.Claim amount on all eligible policies4 is less than Rs. 1 Crore. Claim does not warrant any field verification.Mandatory Documents :> Original policy document > Original/attested copy of death certificate issued by local municipal authority > Death claim application form (Form A) > NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee's photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)
~@ Age 30: Standard premium for 30 year old Healthy male, 1Cr life cover, 25 years policy term, 25 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN: 104N118V02)
Age 35: Standard premium for 35 year old Healthy male, 1Cr life cover 25 years policy term, 25 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN: 104N118V02)Disclaimer for 5% salaried discount
7CMO Asia BFSI Excellence Award 2019
5Criteria applicable only for “Term plans” for Graduate, Indian resident with declared income >= 10 lacs with CIBIL score >= 650 (salaried) and >= 700 (self-employed) with no disclosed medical condition
4InstaClaim TM is available for all versions of Max Life Online Term Plan (UIN 104N078V01); Max Life Smart Term Plan (UIN: 104N113V01 / 104N113V02/ 104N113V03/104N113V04) and Max Life Smart Secure Plus Plan (UIN:104N118V02). Mandatory Documents : • Original policy document • Original/attested copy of death certificate issued by local municipal authority • Death claim application form (Form A) • NEFT mandate form attested by bank authorities along with a cancelled cheque or bank account passbook along with nominee's photo identity proof • Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)
Tax conditions :
## Save 46,800 on taxes if the insurance premium amount is Rs.1.5 lakh per annum and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime ~# Save 54,600 on taxes if the insurance premium amount is Rs.1.5 lakh per annum for life cover and 25,000 for critical illness cover and you are a Regular Individual, Fall under 30% income tax slab having taxable income less than Rs. 50 lakh and Opt for Old tax regime.
3The discount is applicable if you are a salaried employee with a corporate. During policy issuance, Max Life may call for proof of employment if required. In case proposer when asked is not able to prove the employment part, discount offer will be discontinued and additional premium as applicable will have to be paid for processing of the case.
CI Rider disclaimers:
MAX LIFE CRITICAL ILLNESS AND DISABILITY RIDER (UIN- 104B033V01) available as a rider on payment of additional premium.
>Extended cover of up to 85 years is available with gold and platinum variant only
@ 64 critical illnesses covered in platinum and platinum plus variant on payment
22 critical illnesses covered in gold and gold plus variant
6 The life insurer is eligible for a discount on renewal premium under regular pay variant by accumulating Healthy Weeks as per terms and conditions of the rider
*^Total premiums paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies and modal extra. Return of premium option is available on payment of additional premium.
Max Life Smart Secure Plus Plan (UIN: 104N118V02) A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan
~ Conditions for premium break : Available at an additional premium for policies with policy term greater than 30 years and premium payment term greater than 21 years. Option to skip paying premium for 12 months. 2 premium breaks will be available during the premium payment term separated by an interval of at least 10 years
~1 Conditions for Special exit value:
Option to receive all premiums paid back, at a specified point in the term of the policy (free of cost). Available when Return of Premium variant is not chosen. No additional premium to be paid.
~2 Voluntary Top-up Sum assured:
Option to double your insurance cover, basis underwriting, at the time of your need by increasing your sum assured up to an additional 100% of base sum assured, chosen at inception
^^*^^Free look period conditions:
The policyholder has a period of 30 days from the date of receipt of the policy document, to review the terms and conditions of the Policy, where if the policyholder disagrees to any of those terms or conditions, he / she has the option to return the Policy stating the reasons for his objections. The policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the company on medical examination of the lives insured and stamp duty charges.
^As per annual audited financials for the FY 21-22
2 Total premium will be charged at the time of the policy issuance (subject to underwriting’s decision).
3The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid
4Tax benefits as per prevailing tax laws, subject to change
Terms and conditions for availing 5% employee discount:
<Due to system constraints, employee is requested to select 5 Lakh and above income which can be changed to actual amount on the information page.
1 The 5% employee discount will be refunded to you once your policy is issued. Submit your documents for getting your policy issued and get 5% employee discount
9 The percentage savings is for a regular pay Max Life Smart Secure Plus Plan ( A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan, UIN - 104N118V02)– Life Option for 1 cr life cover for a 35 year old, non-smoker male for a policy term of 40 years vs a 10 year policy term with the same details’
· For Total Installment Premium - ** Total Installment Premium is the Premium payable as per premium paying frequency chosen, it excludes GST and applicable taxes, cesses or levies, if any; and includes loadings for modal premiums, Underwriting Extra Premium and Rider Premiums if any.
· For Return of Premium - ~ The Return of Premium Option is available on payment of Additional Premium. Premium does not include amount paid for riders and is excluding taxes, cesses and levies. Upon Policyholder's selection of Return of Premium variant this product shall be a Non-Linked Non-Participating Individual Life Insurance Savings Plan.
· For Riders - #Applicable Rider available on the payment of Additional Premium is Max Life Critical Illness and Disability Rider | Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Rider |UIN: 104B033V01 . Critical Illness and Disability Rider variant opted is Platinum Plus which covers 64 critical Illnesses. The rider cover will only be paid in scenarios where customer is diagnosed with listed 64 critical illnesses or total and permanent disability. Rider will terminate after major critical illness claim is paid to the policyholder. In case customer requests for cancellation of rider only, the solution as a whole will be cancelled and not just the individual rider.
· For Additional Benefits - ##On Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.
ARN - ARN/Web/01/21042021