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  • Max Life Group Credit Life Secure Plan

    Max Life Insurance

    Max Life Group Credit Life Secure is a non-linked, single premium group term life insurance plan that allows a protection against non-repayment by borrower on the account of his/her unfortunate demise. As an added option, the plan offers a co-borrower cover as well, increasing the risk cover through a separate insurance scheme.

    Key features of Max Life Group Credit Life Secure

    This single premium group term life insurance plan from Max Life has the following features

    • Sum assured - The plan is a group credit insurance plan and covers all the loan amounts that have been availed by the members under this policy. The cumulative sum assured at any time will be the cover provided for all the loans taken during a moratorium period and will begin to decrease post that. The sum assured as specified in the Certificate of Insurance will be payable irrespective of the total loan outstanding. The minimum sum assured per member is Rs. 50,000 and there is no maximum cap for the same
    • Premium paying term - Premiums under this policy are payable once
    • Premiums - There are no minimum or maximum limits on the premiums to be paid and the amount of premium will depend on the sum assured chosen per member
    • Premium paying modes - Premiums for this policy can be paid as additional members join in and will be paid in a lump sum amount
    • Premium paying method - Premiums for the policy can be paid through transaction modes accepted by Max Life and viable for the interested policyholder
    • Basis - This is a non-linked group term life insurance plan that allows for protection against risks of non-repayments of loans due to an event of demise of the borrower
    • Policy validity - The policy is valid for the chosen policy term (minimum 1 year)

    Benefits of Max Life Group Credit Life Secure Plan

    This policy from Max Life is aimed at protecting the lender from unpaid loans in the case of unfortunate demise of the borrower. As such, the following are the list of the benefits offered under this policy -

    • Death benefit - On the insured member’s death, accidental or otherwise, the company pays an amount as per the option chosen by the insured member at the inception of the policy. The following options are available under this policy -
      • Decreasing Cover Death Benefit in accordance with the outstanding sum assured schedule as set at the commencement of the contract. While in the moratorium period, an option is available to keep the Sum Assured unchanged until the monthly repayments of the loan begin. The moratorium option is only applicable for this benefit option
      • Level Cover Death Benefit - Benefit option is chosen through a formula in a way that a minimum sum assured of Rs. 50,000 per member is ensured at inception

    • Surrender Benefit - It is a single premium payment plan. In case a member surrenders his/her cover, a surrender value would be paid. The surrender value thus paid will be calculated as follows - 70% of Premiums received x (Unexpired risk period in months/Total Period of cover in months) x (Sum assured applicable at time of surrender/Sum assured at inception)

    Eligibility Criteria for Max Life Group Credit Life Secure

    Eligibility criteria for this policy can be mentioned in the following table -

    Criteria

    Limits

    Age

    Minimum Entry Age - 15 years

    Maximum Entry Age - 69 years

    Minimum Maturity Age - 16 years

    Maximum Maturity Age - 70 years

    Policy Term

    Minimum Policy Term - 1 year

    Maximum Policy Term - Till 70 years, subject to maximum 30 years term

    Group Size

    Minimum - 50 members

    Maximum - No limit

    Other Max Life Insurance Group Plans

  • Group Super Life Premier Plan in lieu of EDLI
  • Group Super Life Premier
  • Other Poular Max Life Insurance Plans

  • Max Life Insurance Child Plans
  • Max Life Insurance Pension Plans
  • Max Life Insurance Investment Plans
  • Max Life Insurance Savings Plans
  • Max Life Insurance Group Plans
  • Max Life Term Insurance Plans
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