Max Life Super Term Plan

Life is unpredictable. Knowing the future is not in our hands, but planning for the future is. You need to plan for your family’s future beforehand to make them financially prepared to handle any eventualities.


Max Life Super Term Plan is one such unique plan which can take care of your family’s financial needs in case something were to happen to you. In addition to that, it also helps the family to cope up with rising inflation with its unique increasing life cover option. With this option, your life cover starts increasing by 5% every year at simple rate till the end of the policy term without any increase in the premium. This ensures that your family is able to meet ever-increasing expenses, even when you are not around.

 

3 reasons you should buy this plan

  • Meets your family’s needs and counters inflation with an increasing life cover option
  • Provides comprehensive insurance cover at affordable rates
  • Let you choose the benefit payout as lumpsum or lumpsum plus increasing monthly income according to your needs

What do I get with this plan?

What do I get with this plan?

Here’s all you need to know about this plan

Here’s all you need to know about this plan

Insert Image Death Benefit

Payable at the time of death of the life insured, during the policy term (provided the policy is in force or the reduced insurance cover is active).

  1.  The guaranteed death benefit under this plan is defined as higher of:

    • 10 times the premium paid over an year, excluding all applicable taxes, cesses, and levies as imposed by the Government; it remains same irrespective of your premium payment mode
    • 105% of all Premiums paid as on the Date of Death,
    • Guaranteed Maturity Sum Assured payable on Maturity Date,
    • Sum Assured effective on the Policy Anniversary previous or coinciding with the Date of Death

Insert Image Maturity Benefit:

No Maturity Benefit is payable under the plan

Scenario 1: Death benefit with Fixed Sum Assured Option

Let’s take an example of Mr. Sharma, 35 year old and healthy (non - smoker), who opts for Max Life Super Term Plan. He chooses to buy Level Sum Assured option with following plan details:

Policy Term: 30 years

Annual Premium: Rs. 16,500

Sum Assured: Rs. 1 crore

On sudden demise of Mr. Sharma during 10th policy year (i.e. post payment of 10 annual premiums), his wife (or the nominee) can opt to take up the death benefit in the following ways:

1. By choosing lumpsum payout option

His wife (or the nominee) can opt to take the entire proceeds of the Policy, i.e. Rs. 1 crore as lumpsum amount immediately after Mr. Sharma’s death.

2. By choosing lumpsum with monthly income payout option

His wife (or the nominee) can opt to take half the amount as lumpsum immediately and the remaining 50% as monthly income (starting from next Policy Anniversary after the date of death) increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death.

Scenario 2: Death benefit with Increasing Sum Assured Option

Let’s take an example of Mr. Verma, 40 year old, healthy (non - smoker), who wants to buy a plan which provides an increasing Life Cover to withstand inflation. He opts for Max Life Super Term Plan with Increasing Sum Assured option with the following plan details:

Policy Term: 30 years

Annual Premium: Rs. 42,100

Sum Assured: Rs. 1 crore which increases every year by Rs. 5 Lakhs (5% of initial Sum Assured of Rs. 1 Crore) till the end of Policy Term

On sudden demise of Mr. Malhotra during 21st policy year (i.e. post payment of 21 annual premiums), the sum assured has increased to Rs. 2 Crores. His wife (or the nominee) can take up the death benefit in following ways:

1. By choosing lumpsum payout option

His wife (nominee) opts to take the entire proceeds of the Policy as lump sum amount. In the 21st policy year immediately after Mr. Verma’s death.

2. By choosing lumpsum with monthly income payout option

His wife (nominee), instead of taking the entire amount as Lump sum, opts to take 1 crore, i.e., half the amount as lump sum immediately after death and the remaining Rs. 1 Crore as monthly income (starting from next Policy Anniversary) increasing at 8.50% p.a. (simple rate) every year starting from the policy anniversary following the date of death.

Scenario 3: Survival Benefit

In the fortunate cases when the policyholder survives till the end of the policy term, you (the policyholder) or the nominee don’t receive any sum as a part of this plan. This plan primarily aims to cover your family in the event of death.

 

Minimum/ Maximum Age of Life Insured at Entry
(age as on last birthday)

Minimum Age: 18 (Eighteen) years

 

Maximum Age: 65 (Sixty Five) years

Maximum Maturity Age of the Life Insured
(age as on last birthday)

75 (Seventy Five) years

Premium Payment Term & Modes

This is a Regular Premium paying plan. Premium Payment Term is same as Policy Term. This product allows Annual, Semi - Annual, Quarterly and Monthly Premium Payment Modes.

Policy Term

Minimum Policy Term: 10 years

Maximum Policy Term: 35 years

(i.e. The policyholder will have the option to choose a term between 10 years to 35 years, with intervals of 1 year.)

Premium

Minimum Premium - The Minimum Premium for the product is Rs. 5,000 p.a. excluding Extra Premium, Modal Extra, all applicable taxes, cesses and levies as imposed by the Government as applicable from time to time.

Maximum Premium - No limit, subject to the limits determined in accordance with Board approved underwriting policy of the Company.

Sum Assured

Minimum Sum Assured - 25 Lakhs subject to Minimum Premium limits

Maximum Sum Assured - No limit, subject to the limits determined in accordance with Board approved underwriting policy of the Company.

Please note that the Sum Assured will be available in multiples of Rs. 1 Lakh only

Premium Rates

Premium Rates vary basis the following parameters:

a) Gender

The premium rates vary by gender of the Policyholder. The premium rates for females will be same as that of males (with a five year age offset). In case the corresponding rate is not available, the lowest available age premium rate for male life will be used.

b) Smokers / Non – Smokers

The premium rates vary by smoker status (viz. Non - Smoker and Smoker)

c) Sub - Standard Lives

This product will be offered to all lives. However, sub - standard lives shall be rated up in accordance with the Board approved underwriting policy of the Company.

d) Sum Assured Option Chosen

The premium rates will vary basis the Sum Assured option chosen by the Policyholder (Level Sum Assured or Increasing Sum Assured) at policy inception

Sample Premium Amount

Examples of Annual Premium (in Rs. ) for a Life Cover (Sum Assured) of Rs. 50 Lakhs, 25 year term, healthy male. Please note the premium rates are exclusive of all applicable taxes, cesses, levies as imposed by the Government,loading for modal extra and loading for extra premium

 

Non - Smoker

Smoker

Age

Level Sum Assured
(
Rs. )

Increasing Sum Assured
(
Rs. )

Level Sum Assured
(
Rs. )

Increasing Sum Assured
(
Rs. )

30

6,500

9,250

8,700

13,000

35

8,200

12,450

11,550

18,200

40

11,300

17,800

16,500

26,700

45

16,300

26,050

24,450

39,700

50

23,950

38,650

36,550

59,350

Downloads    Actions    
Leaflet 
 
   
Policy Prospectus
 
   
Premium Rates Table  
   
Policy Contract  
   

Additional Benefits through Riders

Additional Benefits through Riders

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: 104B029V02, prospectus)

Max Life Accidental Death & Dismemberment Rider

Get additional protection cover in case of accidental death or disability.

(For further details, please refer to Max Life Accidental Death & Dismemberment Rider, UIN - 104B027V02, prospectus)

"Still think that a term insurance plan is only meant for the family’s sole bread-earner?"

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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
See what people have to say about our Super Term Plan
See what people have to say about our Super Term Plan

My father had bought this plan long time back when I was in school. We never understood the importance of spending money on this plan until I lost my father in the last winters. It was all so sudden and devastating but thanks to this insurance plan, we could pay off all liabilities using the lumpsum option. Now, we receive monthly income which helps us in meeting our daily expenses. Thanks to Max Life for helping us when we badly needed a financial support.

 

Mr. Ravi, 23 years

Coimbatore, 13 July 2009

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