Bankbazaar

Max Life Whole Life Super Plan

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 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
  • 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 has been summarised in the table mentioned below. The minimum age at entry is 18 years while the maximum age of entry varies and is given as follows:

Term of Premium Payment (in years) Maximum age of entry
10 years 60 years
15 years 55 years
20 years 50 years

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 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
  • GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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    Max Life Whole Life Super Plan Reviews

    Page 1 of 29 1 2 3 4 5
    • Max Life Insurance
      "Excellent insurance"
      0.5 5.0/5 "Blown Away!"
      My relation and friend circle chosen the life insurance policy from Max thats the reason i have chosen them. I have been paying the premium amount of Rs. 1 lakh for the annual payment mode. Total term period of the policy is 12 years. Through cheque, i made the premium.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 16, 2019
    • Max
      Max Life Insurance
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      I have taken my life insurance policy with ICICI bank,there service is quite good, their premium they have charged me was nominal, i pay premium on monthly basis, and their agent had properly explain about the plan benefits and policy ,so far i did not face any issue from them.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 09, 2019
    • Max Life Insurance
      "Good insurer"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX LIFE INSURANCE few month before taken. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payment through an online.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 05, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX INSURANCE before 11 years ago.The policy is for 20 years.I am paying premium in annual package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an online.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Jul 05, 2019
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I am using the term plan since from last few months and the reason for getting the policy is because of good returns. It is a term plan of maturity is of 30 years, premium paying for monthly once also the coverage is for self. I got the hard copy on time.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 05, 2019
    • Max Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance in MAX LIFE INSURANCE. The policy is for 55 years. I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 28, 2019
    • Max Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      MAX LIFE INSURANCE is the institue where i have taken the life insurance policy on 2015 also the name of the policy is MAX LIFE GAIN it has the maturity period of 20 years as the policy premium paying for yearly once and it gives the policy coverage for self.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 27, 2019
    • Max Life Insurance
      "Good service and good returns"
      0.5 5.0/5 "Blown Away!"
      Max Life policy is my long term policy. Overall market rate is good in this company. I get a returns upto 15% at this time. I have been investing the money of Rs. 1500 every month. Total coverage value is Rs. 5 lakhs. This is a tax benefitable policy. I make the premium through online.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 24, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a term insurance in MAX LIFE INSURANCE 2 years before. The policy is for 40 years. Now I am paying premium in the monthly package. While getting a policy my agent has given an information about the policy details. I use to do payments through an online. The policy coverage up to myself.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2019
    • Max Life Insurance
      "Pretty Good Policy"
      0.5 4.0/5 "Great!"
      I pay the premium amount of Rs. 50000 every year. Total term period is 12 years. I took the life insurance policy from Met LIFE. Once the maturity is over, i will get Rs. 6000 for every month for the next 10 years. This is a fixed value with guaranteed along with that 4% or 5% appreciation amount i will get which is an optional one. I make the premium through online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 14, 2019
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken life Insurance through Max life it is a Maturity benefit policy is for the tenure of 15years .The premium is paid online ,The premium is amount is Rs. 36000.The premium is paid on yearly basis ,policy is still active and the agent gave all the relevant details about the policy .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 07, 2019
    • Max Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance policy through Max Life directly This is a maturity policy is for the tenure of 10 years ,The premium is monthly basis,premium is very nominal ,The premium paid was yearly and then i have changed it as now monthly basis , Axis bank referred this Max life policy .I have received the policy documents on time.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 02, 2019
    • Max Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance policy through Max Life Insurance company directly.This is a maturity policy ,it is for the tenure 15years ,premium is very nominal ,policy documents got on time ,it will be closed after 15years.I have got all the required information about the policy .This policy is very useful .
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 02, 2019
    • Max Life Insurance
      "Good Service"
      0.5 2.0/5 "Expected more"
      I have taken Life insurance policy directly taken through Max Life Insurance company .The agent gave all information about the life insurance through the agent ,it is for the tenure of 8years ,The premium is paid through online ,premium is very nominal policy documents received on time ,The agent gave all the details .so far not faced any difficulties , I have closed this policy .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 30, 2019
    • Max Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Max Life insurance year policy through Online ,it is valid till age 50 years and i need to pay till 60years ,policy documents got on time ,The agent gave all information about the policy .The payment is done through online and using credit card for making the payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 29, 2019
    • Max Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I have been paying the premium recently with MAX LIFE for the term plan. The premium is good and they are providing better benefits than other insurer. The customer service is good. I make monthly premium of Rs.1900 through online. They have explained about the policy well.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 29, 2019
    • Max Life Insurance
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I have purchased the life insurance policy with the MAX LIFE INSURANCE where using it since from last 3 years the policy has the coverage for self and i have purchased the pension plan with this policy. The customer support is good also it is a good policy to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 28, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX LIFE INSURANCE for the past 3 years ago. The policy is for 30 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details and provided hard copy documents as well. I use to do payments through an agent. The coverage up to myself.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 26, 2019
    • Max Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in MAX LIFE INSURANCE. The policy is for 20 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. The coverage for my whole family members. Through an online I used to payments.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2019
    • Max Life Insurance
      "Best way to protect the family"
      0.5 5.0/5 "Blown Away!"
      I have term plan with Max life, per month I make Rs. 1900 it has term upto 50 years old, the sum assured for Rs. 1 crore to protect my family. I checked the claim settlement and grievance resolved ratio its good. They need improvement on support remain all fine, they do have waiver on the critical illness and disability.
      Was this review helpful? 0
      , pune
      Reviewed on May 21, 2019
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