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    Life Insurance for NRIs (Non-Resident Indians)

    Non-resident Indians or NRIs are valid Indian passport holders who are temporary residents of a foreign country. Such individuals may have dependents or loved ones in India as well as abroad. That’s why purchasing a NRI life insurance policy in India is a sensible way to secure the finances of family members no matter what their country of residence. Apart from pure protection policies like term life insurance, NRIs can also invest in instruments like savings plans, unit linked insurance plans, child plans and retirement plans in India, to name a few. Read on to know more about NRI Life insurance plans in India, their key features and benefits, documents required for purchase and more. ...Read More

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    Term Life Insurance

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    ₹ 2 Crore Term Plan

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    Disclaimer :

    Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan| The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan and is rounded off from Rs. 3,18,727 . ~1 Condition for special exit value: Option to receive all premiums paid back at the age of 55 years and post which the life cover also gets terminated. Total premiums paid towards the policy (excl. GST) will be the Special Exit Value payable at the age of 55 years in case the policy holder wishes to completely exit the policy. Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. the total premiums paid plus underwriting extra premiums paid plus loadings for modal premiums exclusive of all applicable taxes, cesses or levies. This value shall be applicable on the base cover premium only and not to additional optional benefits like ACI, Accident cover, Joint life cover and Voluntary Sum Assured Top-Up.

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    Written by

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    Rohit Ghosh

    Insurance Writer

    Rohit Ghosh has authored and reviewed several informative articles on Life and Term Insurance during his experience working with top Life Insurance brands. During his experience in the Life Insurance sector he has been responsible for formulation of several integrated marketing communication strategies. In his current role with Max Life Insurance he is responsible for website content and experience enhancement

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    Bhaskar Sinha

    Insurance Expert

    8+ years of experience in Life Insurance with expertise in Developing Life and Health Products, Digital Sales, Conducting effective trainings and Key Account Management.

    What is Life Insurance for NRIs?

    Life insurance for NRIs can be defined as life insurance plans specifically designed to cater to the unique protection needs of Non-resident Indians (NRIs) and their family members. These policies can be purchased from life insurance companies in India even though the applicant is residing temporarily in a foreign country. However, such the purchase and disbursals related to these life insurance plans are subject to FEMA (Foreign Exchange Management Act) guidelines and other applicable IRDAI (Insurance Regulatory and Development Authority of India) regulations.

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    Who is Eligible to Purchase NRI Life Insurance in India?

    Life insurance policies in India can be bought by different categories of applicants apart from resident Indians such as:

    Non-Resident Indians: These are citizens of India with a valid Indian passport who are temporarily residing in a foreign country.

    Person of Indian Origin (PIO)/Overseas Citizen of India (OCI): These terms refer to citizens of foreign countries other than Pakistan or Bangladesh who fulfill one of the below criteria –

    • Applicant had held an India passport earlier
    • The Applicant or his/her parents or grandparents were Indian citizens by virtue of the Citizenship Act, 1955 or Constitution of India
    • The applicant is the spouse of an Indian citizen

    Foreign Nationals: This refers to citizens of a foreign country who are residing in India.

    The above groups of applicants are allowed to purchase life insurance policies in India commonly referred to as NRI life insurance plans. The eligibility criteria and documentation required for these insurance plans may vary to some extent from one insurer to another. However, one must keep in mind that life insurers in India have to follow some rules and restrictions when offering NRI life insurance to residents of some countries. This list of prohibited countries is usually available on the life insurance company’s website.

    Why Should NRIs Purchase Life Insurance in India?

    There are quite a few reasons for NRIs to purchase life insurance plans in India. Some of the key ones are:

    • Ensuring financial security of dependents by compensating for loss of income in the case of the untimely demise of the policyholder
    • To ensure that the burden of any unpaid or outstanding debt at the time of the policyholder’s demise does not impact the finances of your dependents and/or loved ones
    • To diversify investments and avail the benefit of investing in a growing economy like India through the well-regulated Indian life insurance industry
    • For availing tax benefits under Section 80C of the Income Tax Act, 1961 on any income the policyholder might earning in India

    Benefits of Life Insurance for NRIs

    • Adequate financial coverage
    • Flexibility
    • Payment methods
    • Hassel-free experience
    • GST waiver of upto 18%

    Types of NRI Life Insurance Policies in India

    Non-resident Indians who want to purchase life insurance in India have a few different options to choose from depending on their unique requirement and life stage. Some of the popular types of NRI life insurance plans available in India are:

    NRI Term Plans: Term life insurance policies for NRIs offer death benefit similar to term plans offered to resident Indians. These are pure protection plans where the insurance company pays out the sum assured only if the policyholder does not survive the policy term. NRI term plans from most insurers also provide the option of availing add-ons like critical illness cover, accidental death and disability cover, etc. to enhance the coverage offered by the term insurance policy.


    Child Plans for NRI: NRIs can also purchase child plans to secure the future of their children in the case of unexpected demise of the policyholder. These life insurance plans are primarily designed to help NRIs save for key life goals of their children such as higher studies while providing add-on benefits like waiver of future premiums in case of the death of the policyholder parent.


    NRI Retirement Plans: Insurers in India also allow NRIs to invest in retirement plans that can provide a monthly income after retirement through purchase of annuities. These NRI plans can help them plan their retirement so that they can secure their finances even after they are no longer earning a regular income post-retirement.


    ULIPs for NRIs: Unit Linked Insurance Plans or ULIPs are type of insurance policy that combine the benefits of life insurance and investment in a single package. NRI ULIPs work in exactly the same way as ULIPs for Indian residents. So, the policyholder’s family members get death benefit in the case of the policyholder’s demise during the policy term. If the policyholder survives the policy term, they get returns based on the performance of the ULIP.

    Steps to buy Term Insurance for NRI

    •  Click here to provide the required details
    • Calculate your term insurance premium
    • Check your details and make payment

    What Max Life Insurance has to offer for NRIs?

    • Term Insurance :

      Comprehensive financial protection with Max Life Term Insurance

    • Guaranteed Savings Plan :

      7.5% Guaranteed tax-free returns with Max Life Guaranteed Life Insurance Plans

    • Market Linked Investment Plan :

      Up to 15.89% returns with Max Life High Growth Fund

    • Retirement Solutions :

      Plan a stress-free retirement with monthly income plans

    Cover Offered by NRI Life Insurance Policies Purchased in India

    Life insurance policies purchased in India offer similar cover to both NRIs and resident Indians. NRIs can choose a policy payment term of their choice as per available options offered by the life insurance company. The sum assured can also be chosen by the NRI applicant as per applicant’s requirement and the policyholder’s income criteria which can differ to some extent from one insurer to another. Others factors to keep in mind are the enhanced cover options provided through policy add-ons like critical illness cover, accidental death or dismemberment benefit, terminal illness cover, etc. Last but not the least, NRI life insurance policies also offer the option of choosing different death benefit payout options such as lump sum payout, installment payouts or a combination of the two depending on the applicant’s understanding of the expected future financial needs of the policy beneficiaries.

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    Documents Required for Purchasing NRI Life Insurance Plans in India

    The documentation requirements for NRIs purchasing life insurance policies in India are slightly different from the documents required if a resident Indian is purchasing a similar plan. While the list of documents required for KYC (Know Your Customer) requirements may differ slightly from one insurance company to another, below are some examples of address documents that can to be submitted purchasing a NRI life insurance policy:

    • Resident Card/National Identity Card issued by Government of country of resident (including passport with overseas address)
    • Driving License issued abroad containing overseas address
    • Telephone/Gas/Mobile/Water or other utility bill featuring overseas address
    • Copy of credit card statement with overseas address (max. 3 months old)
    • Copy of valid work permit/resident permit featuring overseas address
    • Employer’s certificate for proof of overseas address (also applicable to Merchant Navy applicants), etc.

    In addition to the above overseas address proof, NRI life insurance applicants would also need to provide valid age proof, income proof, copy of passport, and undergo a medical test/video medical test as part of the application process. The exact KYC process may vary to some extent from one life insurance company to another.

    How can NRI Purchase Life Insurance in India?

    Non-resident Indians purchasing a life insurance plan in India can be broadly classified into 2 categories – those purchasing the policy in India and those purchasing from overseas. There are some key differences in the life insurance purchase process depending on which of these categories the applicant falls into as mentioned below:

    Purchase of Life Insurance Policy in India

    A non-resident Indian can purchase a life insurance policy from an Indian life insurance company while they are visiting India. In this case, the process of purchase is similar to that of a life insurance policy purchased by a resident Indian. The key difference is with respect to the KYC documents that the NRI will need to submit as mentioned in the earlier section and a proof of overseas address is also mandatory. Some life insurers do not allow NRIs residing in a few specific countries to purchase life insurance policies, while the premium amount can be higher if the applicant is residing in a country where there is known risks such as political instability.

    Purchase of Life Insurance Policy from Abroad

    If the NRI applicant is abroad at the time of making the life insurance application, the process works a bit differently in the case of most insurers. In such cases insurers may require the applicant to make the purchase through specific channels like their official website or via a Mail Order Business. Additionally, the insurance company may ask the applicant to provide KYC documents verified by an Indian embassy official/diplomat and a notary to ensure their authenticity. Once the documents have been verified and policy is issued after completion of other formalities, the life insurance plan will provide the coverage and benefits as per the guidelines of the insurer.

    Premium Payment Options for NRI Life Insurance Policies in India

    The payment of NRI life insurance policies can be done either using Indian rupee or various foreign currencies. NRIs can make premium payments in Indian currency by using cheques of NRE (Non-Resident External) Rupee Account or Non-Resident Ordinary (NRO) account.

    Alternately, many insurance companies in India also allow NRI policyholders to pay premiums directly from their overseas account into the insurer’s account in India using the SWIFT network. However, there can be some restrictions in terms of accepted currencies in the case of such international remittances.

    Many Indian life insurance companies also accept premium payments for policy renewal through international credit cards. Even in such cases, the first premium payment made at the time of purchase needs to be made through a NRE/NRO or Foreign currency account held with a bank in India.

    What are NRE and NRO Accounts for Non-Resident Indians?

    As mentioned earlier, NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts are required if one wants to purchase a NRI life insurance policy. Read on to know what these accounts are:

    Non-Resident Ordinary (NRO) Account

    This a bank account that allows NRIs to deposit and manage income they earn in India. NRIs can open this type of account either singly or jointly with another NRI or resident Indian. The interest earned from a NRO account is taxable and can be repatriated i.e. converted to foreign currency and transferred to country of residence of the NRI without any restriction. There are however some restrictions and limits on repatriation of principal amount deposited in a NRO account.

    Non-Resident External (NRE) Account

    NRE Account is a type of bank account for NRIs where foreign currency earning from country of residence can be deposited in India. The interest earned from NRE accounts is tax-free and the both account principal as well as interest earned from this type of account can be freely repatriated. This type of account allows joint holding comprising two NRI account holders. A NRE account allows NRIs to easily deposit foreign currency and withdraw in Indian rupee at a later date.

    Settlement Guidelines for NRI Life Insurance Plans

    In the case of NRI life insurance policies, bonus payouts, maturity proceeds, surrender value or payout of claims can be made in Indian rupees or in foreign currencies like US$, Euro, etc., depending on the choice of the claimant. However, insurers are required to follow some key rules with respect to such remittances:

    • Insurer remittance in foreign currency are allowed only as per the proportion of premiums that have been made in foreign currency
    • If premium payments are made in non-repatriable Indian rupees, payouts by the insurer are allowed only in India rupees credited to the NRO account of the beneficiary. This is also applicable in situations where death claims are settled in favor of non-resident nominees/assignees.

    There can be other remittance rules for NRI life insurance plans that can differ from one life insurance company to another.

    How are FATCA & CRS Applicable to Purchase of NRI Life Insurance?

    NRIs residing in the United States are required to comply with FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) rules as specified by the United States IRS (Internal Revenue Service) and India’s CBDT (Central Board of Direct Taxes) guidelines. The details of these guidelines are available on the official Income Tax Department and Reserve Bank of India (RBI) website. The key reason for implementation of FATCA/CRS compliance is to prevent US residents and citizens from avoiding tax in the US by parking wealth generated in the US in foreign countries.

    FATCA/CRS declaration is currently mandatory for any NRI based in the US who is purchasing any type of life insurance policy in India. This declaration has a standardized format and needs to be filled out and submitted to the life insurance company along with the life insurance proposal form. Some of the key details that need to be provided in the FATCA/CRS declaration are – TIN (Taxpayer Identification Number), Country of Tax and overseas address of the applicant.

    Why Choose Max Life

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    99.51% Claims Paid Percentage

    (Source: Individual Death Claim Paid Ratio as per Audited Financials for FY 2022-2023)

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    ₹1,397,142 Cr. Sum Assured

    In force (individual) (Source : Max Life Public Disclosure, FY 2022-23)

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    ₹122,857 Cr. Assets Managed

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    Frequently Asked Questions (FAQs)

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    Yes. Non-resident Indians can purchase life insurance policy in India provided the applicable fulfill all applicable eligibility criteria specified by the insurance company.

    Yes. Premiums paid for NRI life insurance policies are eligible for tax deduction under Section 80C of the Income Tax Act, 1961. However, this tax deduction can only be used to reduce tax liability on the income that NRI policyholders earn in India.

    Yes, NRI life insurance plan death benefits are paid by the insurer irrespective of the policyholder’s location at the time of death. This is however subject to all applicable terms and conditions specified in the life insurance policy document.

    Most insurers do not charge higher premiums to NRI policyholders in comparison to resident Indians provided the applicant profile is similar. However, premiums can be higher for NRIs who are residing in countries that are considered to be higher risk due to civil unrest, military issues, unstable government, etc

    The sum assured offered under NRI life insurance policies differ based on the applicant profile. Currently the maximum sum assured offered for NRI plans by many life insurance companies in India goes up to Rs. 2 crore.

    Yes, most insurance companies in India have dedicated helplines to allow NRIs easy access to customized services. In the case of Max Life Insurance, NRI applicants can get their queries about life insurance policies answered through the following ways:

    • a) NRIs can send an email with their queries to – nri.helpdesk@maxlifeinsurance.com
    • b) To contact Max Life Insurance customer service by phone, NRIs can call (+91)124-3812932 (charges applicable)
    • c) Additional information is also available on the official website – www.maxlifeinsurance.com

    Yes, NRI life insurance policy purchases incur Goods and Services Tax (GST) at the flat rate of 18% irrespective of the type of policy purchased.

    ARN: PCP/LINRI/200723

    Sources:

    www.axisbank.com/progress-with-us/money-matters/save-invest/nre-or-nro-which-account-best-suits-your-needs

    www.hdfclife.com/insurance-knowledge-centre/term-insurance/how-nris-buy-term-insurance-in-india

    www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=8096#2

    Customer Reviews

    Max Life Term Plan

    “Max Life has helped me to identify the best term plan with adequate Life Cover for protecting my family’s future financial and giving me the peace to enjoy my present existence in this earth. Max Life has helped me to save through Endowment plans, thereby giving me a Guaranteed money at different stages of my life”

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    Max Life Term Plan

    “Over all online policy purchase process was easy and purpose form filling process was easy and online premium payment process was easy”

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    Max Life Term Plan

    “Max Life Term Plan is first proper Term Plan to take care of me and my Family. With Max, I am at Peace of Mind with Max Life. I trust you and your Processes. I am Happy to have this Relationship. Manoj”

    Manoj Chandwani

    Max Life Term Plan

    “Life Insurance Products provide arrangements for future events and there are various requirements at different life stages. For events that are to occur beyond 10 yrs, Life Insurance products are the only option. Keeping above in mind, I have Term Insurance, Endowment products taken almost 19 yrs ago and they will give Tax Free Lump sum amounts; I have Guaranteed Income Products and also Annuity Plan. For little better return on my investment I have ULIP plans. I have products, that will provide 25 - 50 thousand every year on my Grand Children’s birthdate - Annual Gift from grandparents when we will not be around”

    Ashok Shah

    Max Life Term Plan

    “I had one endowment plan and one term plan with maxlife and I believe in making the difference with the help of MAXLIFE”

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    Max Life Term Plan

    “Thanks for the opportunity to secure life with Max Life, the best term plan comparatively in the market which i opted today and seen that, this plan assisting many with the good claim settlement ratio by Max Life a trusted term insurance company.”

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    Max Life Term Plan

    “My experience has been great with Max Life Term Plan. I truly believe that it is the best term insurance that I have chosen for financial security.”

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    “I bought the best Max Life Smart Secure Term Plan! from your team. Thanks for the assistance. ”

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    BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

    IRDAI clarifies to public that:

    • • IRDAI is not involved in activities like selling insurance policies, announcing
      bonus or investment of premiums.
    • • Public receiving such phone calls are requested to lodge a police complaint.

    IRDAI - Registration No. 104. ARN/Web/01/21042021 Category: Life. Validity: Valid.
    Corporate Identity Number (CIN):U74899PB2000PLC045626.
    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. Ltd

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    Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Axis Bank Limited.

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     Max Life Insurance Co. Ltd. 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002.

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    Customer Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply.

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    Max Life Insurance is integrated with licensed NBFC FinVu(Cookiejar Technologies Pvt. Ltd. for sharing policy details with regulated Financial Information Users within the Account Aggregator ecosystem after obtaining the Policy holder's consent. Read more about Account Aggregator framework here.

    *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 UNIT 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: 104L098V05) 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 agent 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 Online Savings Plan is a Unit Linked Non Participating Individual Life Insurance Plan (UIN104L098V05)

    *#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 are paid.The Maturity Benefit shown in the illustrative example are inclusive/exclusive of taxes.

    ^*Disclaimer: Applicable for Titanium variant of Max Life Smart Fixed-return Digital (Premium payment of 5 years, Policy term of 10 years) and a healthy female of 18 years old paying Rs.3,60,000/- annually (exclusive of all applicable taxes)

     

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    ^^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 nominees photo identity proof > Discharge/Death summary attested by hospital authorities or FIR & Post Mortem Report/viscera report (in case of accidental death)

    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 (UIN:104N118V06). 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 nominees 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.

     ~ 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.

    ^Individual Death Claim Paid Ratio as per audited financials for FY 2022-2023

    8https://www.moneycontrol.com/news/business/economy/buy-term-insurance-now-as-rates-may-rise-from-april-1-4930921.html

    2Total 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 - 104N118V06)– 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’

    ~*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:104N118V06)

    **Healthy non-smoking male, 24 years, 2 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~~Healthy non-smoking male, 24 years, 1 cr cover,25 years policy term,25 year premium payment term, exclusive pf GST for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    Max Life Smart Wealth Plan| A Non-Linked, Non-Participating, Individual Life Insurance Savings Plan| @Rs.9,68,800/- as lump sum at the end of 15 years, for 35 years old healthy male.

    ARN - ARN/Web/01/21042021

    Past performance of the investment funds do not indicate the future performance of the same. Investors in the Scheme are not being offered any guaranteed / assured returns.The premiums & funds are subject to certain charges related to the fund or to the premium paid.

    The premium shall be adjusted on the due date even if it has been received in advance.

    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.

    *~Disclaimer | Max Life Smart Secure Plus Plan. A non-linked non-participating individual pure risk premium life insurance plan |Benefit available with special exit value -Total premium paid inclusive of any extra premium but exclusive of all applicable taxes, cesses or levies & modal extra. The premium calculated as per Standard premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 years premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan.

    6

    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 30,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

    ##

    Policy continuance benefit is not available with lifelong wealth variant. **The accrued income will be accumulated on an annual basis at the prevailing reverse repo rate (publish on RBI’s website).

    #

    With “Save the date”, you can choose to take your annual income to any special date in a year.

    ***Available with early wealth variant. Income benefit will be paid as per selected plan terms.

    ~

    Accidental death benefit is available in call variants except for Single premium variant. Life insurance coverage is available in this product.

    #~

    Term Insurance plan bought online directly from Max Life Insurance has no commissions involved.

    ~1

    Max Life Smart Secure Plus Plan, A non-linked non-participating Individual Pure Risk Premium Life Insurance Plan| Standard Premium for 30 year old healthy male, non-smoker, 40 years policy term, 40 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan| ~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. Option to receive all premiums back (exclusive of GST). Flexibility of exiting the plan early. Special Exit Value cover applicable till age 68 & above (of your age). T&C Apply.

    6

    Applicable for Titanium variant of Max Life Smart Fixed-return Digital plan (Premium payment of 5 years and Policy term of 10 years) and a healthy male of 18 years paying Rs. 30,000/- per month (exclusive of all applicable taxes) with 7.50% return. Life Insurance is available with this product.

    **

    Max Life Critical illness and Disability (UIN- 104B033V01) available as a rider on payment of additional premium. 64 critical illnesses covered in platinum and platinum plus variant on payment.

    *

    Available on Payment of Additional Premium. The accident cover will only be paid in scenarios where death occurs due to accident.

    7

    Available with Max Life Smart Wealth Plan (UIN: 104N116V08)

    8

    Available with Max Life Smart Fixed-return Digital Plan (UIN:104N123V04). The guaranteed benefits are available with selected life insurance plans & are applicable if all due premiums are paid.

    **Disclaimer: 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:104N118V06) with a life cover of Rs. 50 lakh.

    **Disclaimer: 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:104N118V06) with a life cover of Rs. 75 lakh.

    **Disclaimer: 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:104N118V06) with a life cover of Rs. 1.5 Cr.

    **Disclaimer: 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:104N118V06) with a life cover of Rs. 2 Cr.

    **Disclaimer: 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:104N118V06) with a life cover of Rs. 5 Cr.

    **Our Life insurance policies cover COVID-19 life claims under life insurance claims, are subject to applicable terms and conditions of the policy contract and extant regulatory framework.

     

    Disclaimer~*Standard premium for 24-year old healthy female,non-smoker, 25 years policy term, 25 year premium payment term (exclusive of GST) for Max Life Smart Secure Plus Plan (UIN:104N118V06)

    ~^Disclaimer: 5 year return (CAGR – Compound Annualised Growth Rate) from Max Life High Growth Fund (ULIF01311/02/08LIFEHIGHGR104) as on 31/05/2023| 2Nifty Midcap Free Float 100% (5-year return) | For more details on risk factors, terms and conditions and products offered.

    ^~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. The value of your policy depends on a number of factors including future investment performance. The amount shown is for a 30-year-old healthy male, with 10 years premium payment term, and 35 years policy term with Max Life Online Saving Plan (Unit Linked Non Participating Individual Life Insurance Plan | Life Insurance is available in this product).

    **Disclaimer | Max Life Smart Secure Plus Plan. A Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan. | **Standard Premium for 24 Year Old Healthy Female, Non-smoker, 25 Years Policy Term, 25 Year Premium Payment Term (exclusive of GST) for Max Life Smart Secure Plus Plan. | For Male, the Total premium to be paid in 25 years is Rs.2.09 lakhs (exclusive of GST). ~As compared to the similar modal points of Male, Female has to pay Rs.13,800 lesser premium than male for the entire policy term (exclusive of GST).

    ~3Disclaimer: A 35 year old female opting for a life cover of Rs. 1 Cr till the age of 75 years pays Rs. 3,319 monthly for 10 years while a 35 year old male will pay Rs. 4,168 monthly for 10 years

    7Disclaimer : Rs. 1,00,29,587 after 14 years at policy maturity on monthly investment of Rs. 16,600 for 12 years for 30 year old male with Max Life Smart Wealth Plan – Long Term Variant. A non-linked non-participating individual life insurance savings plan. The guaranteed benefits are applicable only if all due premiums are paid. Total premiums paid is exclusive of GST. Life Insurance is available in this product. ARN: WP/SWP/250723.

    Disclaimer: ~10 year CAGR of Nifty SmallCap 250 Quality50 index as on 24/07/2023. Max Life Nifty Smallcap Quality Index Fund is passively managed Index fund that tracks the Nifty SmallCap 250 Quality50 index (subject to tracking error).