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LIFE INSURANCE COVERAGE IS AVAILABLE IN THIS PRODUCT

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 Sum of Annualised Premium* and underwriting extra premium (if any),
  • 105% of Sum of Total Premiums Paid, underwriting extra premiums and loadings for modal premiums(if any) as on the date of death of life insured,
  • 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

Annualised 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 annualised 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

Annualised 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 annualised 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 Underwriting Extra Premium, loading for modal premium, Rider Premiums and applicable taxes, cesses or levies if any.

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 Annualised 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 underwriting 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
 
   
Policy Contract  
   

Additional Benefits through Riders

Additional Benefits through Riders

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

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, brochure/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 - 104B027V04, prospectus)

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 Prospectus, UIN –104B048V01) Both Diagnosis and Death Cover is available only for the Life Insured

"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 that speak about our accomplishments

Why Choose Max Life

Here are some of the numbers that speak about our accomplishments
Claims Paid Percentage

99.51%

99.51%

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

Max Life's Presence

269 Offices

269 Offices

(Source: As reported to IRDAI, FY 2022-23)

Sum Assured

₹1,397,142 Cr.

₹1,397,142 Cr.

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

Assets Under Management

₹122,857 Cr.

₹122,857 Cr.

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

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

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 in case 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