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  • Max Life Whole Life Super Plan

    Max Life Insurance

    Max Life Whole Life Super plan is a traditional participating whole life insurance plan that allows a guaranteed protection up to the age of 100 years along with bonus additions that contribute to growth of investment. The plan is a limited premium paying policy that offers the option to include additional riders and thus increase risk cover.

    Key features of Max Life Whole Life Super Plan:

    This traditional plan from Max Life has the following features

    • Sum assured - The Guaranteed Maturity Sum Assured is an amount that the policyholder achieves upon reaching the age of 100. Along with the same, Accrued Paid Up Additions (if any are also included. Terminal Bonus (if any) is also paid to the policyholder or nominee as the case may be. The minimum guaranteed maturity sum assured is Rs. 50,000 and there are no maximum caps for the same, subject to sufficient underwriting

    Sum Assured Band

    Sum Assured Range (INR)

    1

    50,000 to 249,999

    2

    250,000 to 499,999

    3

    500,000 to 999,999

    4

    1,000,000 to 4,999,999

    5

    5,000,000 and above

    • Premium paying term - Premiums under this policy are payable for a duration of 10 years, 15 years or 20 years which accounts for the limited premium paying period
    • Premiums - Under this limited premium paying plan, the life insured needs to pay a minimum of Rs. 8500 annually in order to continue availing the benefits of the policy. The sample premium rates for a Guaranteed Maturity Sum Assured of Rs. 3,00,000 are as below-

    Age of Life insured (in years)

    10 Years

    15 Years

    20 Years

    35

    15,705

    11,742

    9,441

    45

    19,635

    14,844

    12,132

    55

    24,678

    18,969

    N/A

    • Premium paying modes - The premiums can be paid annually, semi-annually, quarterly or monthly and the modal factors for the same are 1.000, 0.520, 0.265, 0.090 respectively. Modal factors represent how the amounts paid towards premiums are affected through the multiplier numbers. The premium paying mode can be changed at any time during the payment term
    • Premium paying method - Premiums for the policy can be paid through internet banking, ECS, cheques, demand drafts, credit cards and other applicable transaction medium
    • Basis - This is a traditional linked whole life insurance, which means it allows the policyholder to garner benefits of investment through loyalty additions and bonuses offered through the plan, along with providing a life cover
    • Policy validity - The policy is valid for 100 years and the associated benefits are payable either to the policyholder or the nominee as the case may be
    • Add-on covers - A total of four optional add-on covers or riders can be availed along with this policy and they can serve to increase the risk cover offered in the main policy

    Benefits of Max Life Whole Life Plan:

    This traditional policy from Max Life is aimed at providing many benefits to the policyholder and his/her family to aid in a secure financial future. The following are a detailed list of the benefits offered under this policy -

    • Death benefit - The death benefit under this plan is payable on the death of the life insured, provided the policy is in force. The policy terminates with the death of the life insured and the death benefit is a total of the following -
      • Guaranteed Death Benefit (higher of 11 times the annualised premium, 105% of all the premiums paid as on the date of the death of the life insured and Guaranteed Maturity Sum chosen at the time of policy inception
      • Accrued Paid Up Additions (if any)
      • Terminal Bonus (if any)
    • Maturity benefit - The maturity benefit under this plan is payable on survival of the life insured on the date of maturity (100 years of age of the life insured), provided the policy is in force and it will include Guaranteed Sum Assured, Accrued Paid Up Additions (if any) as well as Terminal Bonus (if any)
    • Surrender Benefit - The policy acquires a surrender value post the second year of the policy being in force and can be surrendered to obtain a Guaranteed Surrender Value. The amount thus payable as surrender benefit is at the discretion of the bank
    • Bonuses - Being a linked plan, this plan offers many bonuses and they are as follows -
      • Annual Bonus - Announced every year from the second policy year onwards, if applicable, this cash bonus is either paid to the policyholder, used to offset future premiums or purchase Paid Up Additions that increase added benefits
      • Paid Up Additions - If present under the policy, all or part of the accrued Paid Up Additions can be withdrawn by the policyholder
      • Terminal Bonus - If the policy has been in force for at least ten years, the terminal bonus is payable only once on maturity, surrender or death and in case of surrender, the bonus is paid in cash
    • Tax benefits - One might be eligible for availing tax benefits for premiums under Section 80C and for maturity/death benefits under Section 10(10D) as per the prevailing tax laws

    Eligibility Criteria for Max Life Whole Life Super Plan:

    The age criteria for the plan and associated riders can be summarised in the table mentioned below -

    The minimum age at entry is 18 years and the maximum age at entry is depicted as below -

    Policy/Rider

    Premium Payment (in years)

    Maximum Entry Age (in years)

    Max Life Whole Life Super Plan (main policy)

    10 years

    60 years

    15 years

    55 years

    20 years

    50 years

    Payor Rider

    Same as main policy term

    Same as main policy term

    Term Plus Rider

    Same as main policy term

    Same as main policy term

    Accidental Death and Dismemberment Rider

    Same as main policy term

    Same as main policy term

    Waiver of Premium Plus Rider

    Same as main policy term

    Same as main policy term

    How Max Life Whole Life Super Plan Works?

    Mr. A is a 30 year old salaried professional who wishes to have a secure retirement option as well as ensure he provides aptly for his family.

    He opts for Max Life Whole Life Super Plan with a Guaranteed Maturity Sum Assured of Rs. 5,00,000. From among the terms of 10 years, 15 years and 20 years of limited premium payment, he chooses the 20 year term and an annual payment mode. The premium for his policy turns out to be Rs. 12,405 annually (not inclusive of taxes and any other charges).

    The scenarios for Mr. A could be as follows -

    Scenario 1 - Mr. A pays all the premiums and survives till the end of the maturity period.

    Time of Payment of Benefit

    Benefit

    Amount of Benefit

    At 100 (Policy anniversary post attaining the age)

    Guaranteed Maturity Sum Assured plus non guaranteed accrued paid up additions (if any) plus non guaranteed terminal bonus (if any)

    Maturity Benefit Breakup

    At 4%

    At 8%

    Guaranteed Maturity Sum Assured

    Rs. 5,00,000

    Non Guaranteed Accrued Paid Up Additions

    Rs. 3,57,696

    Rs. 40,63,819

    Non Guaranteed Terminal Bonus

    Rs. 42,885

    Rs. 2,28,191

    Total

    Rs. 9,00,581

    Rs. 47,92,010

    Mr. A will receive a sum of Rs. 9,00,581 or Rs. 47,92,010 as Maturity Benefit at 4% or 8% respectively. These amounts are indicative and do not include any taxes or charges.

    Scenario 2 - Mr. A pays all his premiums for 20 years and died at the age of 65. The nominee in this case will receive the death benefits as depicted below -

    Death Benefit Breakup

    At 4%

    At 8%

    Guaranteed Death Benefit

    Rs. 5,00,000

    Non Guaranteed Accrued Paid Up Additions

    Rs. 1,26,839

    Rs. 7,76,921

    Non Guaranteed Terminal Bonus

    Rs. 31,601

    Rs. 66,035

    Total

    Rs. 6,58,440

    Rs. 13,42,956

    The Guaranteed Death Benefit is calculated as follows -

    Year 10 = Maximum of (11 times Annualised Premium or 105% of total premiums paid or Guaranteed Maturity Sum Assured)

    = Maximum of [(11 x 34,025) or (105% x 34,025 x 10) or (5,00,000)] = Rs. 5,00,000

    Riders:

    Four riders can be availed along with this policy and premiums for the same are payable on the same terms as of the main policy. The three optional riders are as follows -

    • Payor Rider - In case the policyholder is different than the life insured, this rider allows policy continuance benefit

    • Term Plus Rider - This rider pays an additional benefit in the case of the death of the life insured

    • Accidental Death and Dismemberment Rider - This rider provides additional protection in case of an unfortunate accident and subsequent death or disability

    • Waiver of Premium Plus Rider - In case of death, disability or critical illness, this rider allows future premiums to be waived off on the main policy as well as associated riders including itself

    Other Max Life Insurance Saving Plans

  • Max Life Guaranteed Income Plan
  • Max Life Life Gain Premier
  • Max Life Future Secure II Savings Plan
  • 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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