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?

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 the highest among the following:

  • 11 times the Annualized Premium*

  • 105% of all premiums paid by Policyholder as on the date of Death of the Life Insured

  • Guaranteed Maturity Sum Assured 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.

*Annualized Premium includes extra premium (if any) but excludes all applicable taxes, cesses and levies as imposed by the Government as well as any loadings for modal premiums and remains same irrespective of the premium payment mode

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 wants to save systematically to create a fund for his family’s future needs. At the same time, he wants to have the freedom to withdraw money from this fund at any time. 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 premium comes out to be Rs. 50,000 (without taxes, levies and loading extra) with the annual mode of premium payment. For receiving Bonus, he opts for Paid - Up Additions (PUA). Here’s how his policy will provide returns over the years:

Age of Life Insured

Cash Value available for withdrawal (in Lakhs) at the end of year

Death Benefit (in Lakhs) at the beginning of year

(Guaranteed Death Benefit + Non-Guaranteed Bonus)

        @4%

@8%

@4%

@8%

35

         0.00

0.00

18.66

18.66

40

         0.22

0.57

19.26

21.26

50

         0.91

3.02

21.34

30.12

55

         1.40

5.25

22.19

35.39

60

         2.02

8.48

23.07

41.56

70

         3.64

19.37

24.95

57.24

75

         4.66

27.78

25.95

67.14

80

         5.81

38.71

26.98

78.71

90

         8.50

10.33

29.18

108.11

99

         12.13

126.02

31.31

143.70

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

20 years

 

 

Maximum Age at Entry

(Age at Last Birthday)

50 years

 

 

Minimum Age at Entry

(Age at Last Birthday)

 

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

Premium Limits

Minimum - Rs. 8,500 (excluding all applicable taxes, cesses and levies as imposed by the Government)

Maximum - No limit (subject to underwriting)

Guaranteed Maturity Sum Assured

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

Maximum - No limit (subject to underwriting)

Prospectus
Premium Rates Table
Policy Contract
Leaflet

Additional Benefits through Riders

Additional Benefits through Riders

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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

97.81%

97.81%

Individual death claims paid in FY'17 (Src: IRDAI Annual Report FY 2016-17)

Max Life Presence

143 Cities

143 Cities

With 210 offices

Sum Assured

₹3,77,572 Cr.

₹3,77,572 Cr.

In force (individual) till FY'17 (Src: Public Disclosure, FY2016-17)

Assets Under Management

₹44,370 Cr.

₹44,370 Cr.

Till FY'17 (Src: Public Disclosure, FY2016-17)

More reasons why our customers choose us

Let’s Connect

Let’s Connect

Buy an Insurance Plan
1800 200 5577
1800 200 3383 (Online Term Plan)

online@maxlifeinsurance.com
SMS 'LIFE' to 542524

Let us call you back
Customer Service
1800 200 5577

service.helpdesk@maxlifeinsurance.com
SMS 'QUERY' to 542524

Write to us
NRI Helpdesk
0124 - 2385240; 2542001; 3812932

nri.helpdesk@maxlifeinsurance.com