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Max Life Whole Life Super Plan

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Plan Benefits

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

    Max Life Whole Life Super Plan Reviews

    Page 1 of 26 1 2 3 4 5
    • Max Life Insurance
      "Good for tax saving"
      0.5 4.0/5 "Great!"
      AXIS bank suggested Max life its good for the income tax benefits under 80c section, the premium amount is around Rs. 50,000 for 6 years term. On time I got the policy copy, the payment option is good, I need to wait for 20 years but pre closure option is available.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 18, 2019
    • Max Life Insurance
      "Okay Policy"
      0.5 4.0/5 "Great!"
      I have purchased a term insurance policy from MAX LIFE. I have selected the MAX company because they have higher rating on their claim ratio. I'm really happy about the sum assured amount. Total tenure period is fine. In 2015, i have purchased this policy. I'm really satisfied with the services.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jan 03, 2019
    • Max Life Insurance
      "Too Good policy"
      0.5 5.0/5 "Blown Away!"
      Just recently 5 months back, i have purchased this life insurance policy. I bought the money back policy from Max Life. Total tenure period of the policy is 11 years. There is no particular reason for choosing this policy. I pay the premium amount of Rs. 50000 in a year. I am making the premium through online.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 02, 2019
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my Term insurance with Max life insurance, there service is good, there agent had clearly explain me about the policy, and benefit coverage , and there premium amount they have charged me was nominal, the premium amount is for half yearly basis, i use to pay through off line mode
      Was this review helpful? 1
      , surat
      Reviewed on Dec 30, 2018
    • Max Life Insurance
      "They are good in market"
      0.5 2.0/5 "Expected more"
      I have purchased a life insurance policy in 2012 from Max life. Because of my boss recommendation and reputation of the company, i find the claim ratio was very good hence i chosen same. Max life premium is slight costlier than other. The customers are completely satisfied with their services. They have class set of policies according the premium amount.
      Was this review helpful? 1
      , mumbai
      Reviewed on Dec 29, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      MAX LIFE INSURANCE It is a good policy to access. The maturity period of this policy is for 15 years as it is very good added on that it is the user friendly policy to access. The premium i pay for yearly once with this policy. Also they provide coverage for self.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 26, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      The process is very good with the MAX LIFE INSURANCE as i have purchased the life insurance policy with this and also at the beginning the documentation is very good. The maturity period is for 30 years as the premium i pay for monthly once. This give the policy coverage for self.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 22, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I had taken this insurance policy almost five years back and the premium amount has been nominal as well. I have been paying the premium half yearly and the payment method has been simple as well. Their customer care services has also been helpful at times.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 17, 2018
    • Max Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken my life insurance policy with Max life insurance, there service is not up to the mark,there is so many confusing ,because of changing of multiple person, there is frequently changing on agent, and there is delay in process, and there is confusing in premium amount.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Dec 16, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken my money policy 2 years ago. I have selected the MAX because of the agent who explained me about the policy details. I pay the premium amount of Rs. 50000 per annum. I don't remember about the sum assured amount. This is the tax benefit policy. I pay the premium through cash in their branch office.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 03, 2018
    • Max Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance with Max Life and it was taken through an agent. This is a necessary for me and it was taken for tax benefits. The customer service is good. The policy coverage and plan benefits are fine, it could have been better. I make annual premium of around 30K.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 30, 2018
    • Max Life Insurance
      "Dissatisfied"
      0.5 1.0/5 "Really Bad"
      Its a fix guaranteed, I Have invested but I could take the capital amount if I cancel that policy. MY bank forced me but its not recommend from my end. The policy which I took its very disappointed, the customer service is good in one call they updated my KYC details. But the policy terms is not good I get my amount on retired age.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 30, 2018
    • Max Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have 2 life insurance policies with Max Life Insurance and am using the service for last 10 months. My friend is working in the company so I have taken the policy with them. I am paying the premium yearly 53K plus 24K through online. The policy is good.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Nov 29, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my life insurance with Max life insurance, it has been a month only, and they have charged me premium amount up to 50,000 it was nominal for me and it was based on yearly basis , there agent had explain me policy related norms clearly, overall service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2018
    • Max Life Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance policy with the MAX LIFE INSURANCE since from past 2010 where the tenuity period of this policy is for 20 years also the policy coverage is for self as well as the nominee. The customer service is very good and supportive.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 19, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Necessary policy for any human being"
      0.5 4.0/5 "Great!"
      I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
      Was this review helpful? 1
      , faridabad
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my Life insurance with Max life insurance , they have many service center near and the process was smooth and there premium they have charge is nominal , i do payment through on line or off line and there agent are very friendly in nature.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my term insurance with Max life insurance from last 3 month only, i use to pay premium on monthly bases and they have charge premium up to 1500 approximately and i do payment through on line and there overall service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 14, 2018
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