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  • Max Life Super Term Plan

    Max Life Term Insurance

    The Super Term Plan from Max Life Insurance Company is a simple term plan that pays out a death benefit to your dependents in the unfortunate event of your demise. The plan has a unique new Increasing Sum Assured option, wherein the Sum Assured increases by 5% on the completion of every policy year, till the end of the term. The feature is added as an option for those who wish to combat the effects of inflation.

    Key Features of Max Life Super Term Plan

    • Flexibility to choose policy term from 10 years to 35 years.
    • Flexibility to choose death benefit payout – the dependents can either take the benefit as 100% lump sum payment, or 50% as a lump sum and the remaining 50% over the next 10 years, increasing at 8.5% p.a. simple rate.
    • Affordable premiums and high sum assured options.
    • Minimum policy term is 10 years.
    • Maximum policy term is 35 years.
    • Policy term can be anywhere between 10 and 35 years, rising in intervals of 1 year only.
    • Premium payment term will be equal to the policy term.
    • Minimum premium payable is Rs.5,000 excl. modal extra, extra premium, cess, tax, etc.
    • There is no limit on the maximum premium payable, as it is dependent on the Board approved underwriting policy of Max Life Insurance Company.
    • Minimum sum assured is Rs.25,00,000.
    • There is no limit on the maximum sum assured, as it is dependent on the Board approved underwriting policy of Max Life Insurance Company.
    • Sum assured can be raised in multiples of Rs.1,00,000 only.
    • Level Sum Assured for those who want a regular term insurance plan, and Increasing Sum Assured options for those who want their benefit payout to also combat the effect of inflation.

    Benefits of Max Life Super Term Plan

    1. Death Benefit:

      In the unfortunate event of the death of the life insured, the dependents or nominees as named will be eligible to receive the death benefit from the company, which will be:

      • Under Level Sum Assured option: Guaranteed Death Benefit (Sum Assured).
      • Under Increasing Sum Assured option: Guaranteed Death Benefit (Sum Assured)

    Example

    1. Mr. Babu has a wife and child, and is the only earning member of his family. He decides to invest in a life insurance policy so that his family will not suffer financial insecurity in the event of his death. He chooses the Max Life Super Term Plan from Max Life Level Sum Assured option for a Sum Assured of Rs.1,00,00,000 and a policy term of 30 years. His annual premium works out to Rs.16,500 based on factors such as his age, policy term, sum assured chosen, etc.

      If Mr. Babu dies, his nominees will be entitle to receive the death benefit of the sum assured of Rs.1,00,00,000 from the company – which can be taken as:

      • A 100% lump sum payout, or
      • As a 50% lump sum payout with the remaining 50% paid over the next 10 years with increments of 8.5% every year.
    2. Mr. Babu has a wife and child, and is the only earning member of his family. He decides to invest in a life insurance policy so that his family will not suffer financial insecurity in the event of his death. He chooses the Max Life Super Term Plan Increasing Sum Assured option for a Sum Assured of Rs.1,00,00,000 and a policy term of 30 years. His annual premium works out to Rs.42,100 for an initial sum assured of Rs.1,00,00,000. Mr. Babu’s sum assured increases by Rs.5,00,000 every year (5% of 1,00,00,000) till the end of the policy term.

      If Mr. Babu dies, his nominee will be entitled to receive the sum assured as on the last policy anniversary.

      If Mr. Babu dies in the 21st policy year prior to the 21st policy anniversary, his nominee will be entitled to receive Rs.2,00,00,000.

      The benefit payout can be taken as:

      • A 100% lump sum payout, or
      • As a 50% lump sum payout with the remaining 50% paid over the next 10 years with increments of 8.5% every year.

    FAQ

    1. Are there any riders available with this policy?

      Yes, the Max Life Waiver of Premium Rider is available with this policy – it waives off all future due premiums in case of death, dismemberment, or disease.

    2. What are the modal factors for different premium payment modes?
      • Annual – 1.00.
      • Semi – annual – 0.52.
      • Quarterly – 0.265.
      • Monthly – 0.09.
    3. Are there any discounts on premium for living a healthy lifestyle?

      Yes, non-smokers get preferential premium rates as compared to those for smokers.

    4. How long is the grace period for premium payments for this plan?

      There is a grace period of 30 days for all premium paying modes except monthly mode – which has a grace period of 15 days – for the payment of overdue premium.

    5. What are the premium paying modes and premium paying term for the rider?

      Same as base plan.

      *Please note that all amounts, tenures, repayment requirements, time frames, interest rates, other rates, charges, fees, ceilings, requirements, criteria, features, benefits, exclusions, calculations, ratios, ratings, terms and conditions mentioned above are as of January, 2016, and are subject to change at any time. All banks / NBFCs / insurance providers / financial service providers / companies, etc. mentioned above retain all rights to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at their own discretion. You are requested to reconfirm the same with your chosen bank / company / NBFC / insurance provider / financial service provider, etc. before making any financial commitments.

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