A Life Plan
Max Life Whole Life Participating Plan (UIN: 104N004V01)
Life is a long journey and a companion who is with you at each milestone of the way, is welcome. So as you walk down the path of life, let Max Life Whole Life Participating™ Insurance Plan accompany you.
Max Life Whole Life Participating Insurance is a Traditional Plan which offers an insurance cover till age 100. This plan is designed to provide you a lifetime of security and provides you with the comfort that your near and dear ones will continue to live their lives in comfort without financial worries even when you are not around.
Key Benefits and Features
- Insurance cover up to age 100
- Option to Participate in Progressive Bonuses
- Tax benefits on premiums and maturity proceeds
- Additional protection through riders
From third policy year onwards, you may be eligible for bonus, and these will be paid out based on your choice of bonus option:
- Cash Bonus: Bonuses declared paid to policyholder in cash
- Premium Offset: Bonuses declared can be used to pay a part of the premium
- Paid Up Additions: Bonuses declared can be used to buy single premium endowment benefit, which inturn can increase the Sum Insured and this will mature along with base policy
Please note that bonuses are not guaranteed and may be declared by the Company from time to time.
Cash Surrender Value:
The accumulated Cash Surrender Value can be accessed to meet an unforeseen need even while the policy is in existence. It is paid after the policy has been in-force for atleast three years and provided all the due premiums have been paid for three years. The cash surrender value granted is not less than 30% of the Premiums (excluding the first year’s premium) received, but never more than base sum assured of the policy.
Option to participate in progressive bonuses:
It lets you purchase additional benefits in the form of paid-up additions. The sum insured together with paid-up additions in-force will be paid on maturity of the base policy or in the unfortunate event of death of the Life Insured.
Upon maturity, amount equal to Sum Assured along with accrued bonuses, (if any), is payable.
- On death of Life Insured upon attaining ten (10) years of age, an amount equal to Sum Assured along with Sum Assured of paid-up additions, if any, is payable
- On death of the Life Insured before attaining ten (10) years of age, there is refund of all the premiums received, together with interest at the rate of four (4) percent per annum, compounded annually, subject to maximum of Sum Insured.
If the policy has Surrender Value, policy can be surrendered for cash or any one of the following non-forfeiture options can be exercised:
- Reduced Paid-Up Insurance: A reduced paid up insurance is the amount of paid-up insurance, which can be purchased by utilizing the Surrender Value. This reduced paid-up insurance may acquire cash value. Such paid up policy is not entitled to any bonus.
- Extended Term Insurance: The Surrender Value will be used to buy a single premium Term Insurance equal to the current Sum Assured of this Policy for a term the Surrender Value can purchase. Such ETI is not eligible for bonus or cash value. The maximum term for this ETI cannot exceed the remaining term of this Policy. Should the Surrender Value be sufficient to buy a single premium Term Insurance for a term longer than the remaining term of this Policy then such excess amount will be paid in cash to the policyholder.
- Max Life Personal Accident Benefit Rider (UIN : 104C007V02) - Offers you additional benefit against death in an accident or Total and Permanent disability caused by an accident
- Max Life Term Rider (UIN: 104B019V01) – It allows you to buy an additional life cover.
- Max Life Dread Disease Rider (UIN : 104C010V02) - This rider provides additional benefit against dread diseases
- Max Life Waiver of Premium Rider (UIN: 104B018V01) - Waiver of future premiums in case of total disability of life insured due to injury or sickness
- Max Life Term Renewable and Convertible Rider (UIN: 104B012V01)- This rider offers renewable additional life cover for a 5 year term with an option to convert to a permanent insurance plan
- Max Life Payor benefit rider (UIN: 104B013V02): This rider guarantees the policy benefits, even if the proposer were unable to pay premiums due to either death or disability.
- Max Life Guaranteed Insurability Option (GIO) Rider (UIN: 104B009V01): This rider guarantees your insurability, by giving you the right to purchase additional insurance (of the nature as is your base policy) at different stages in your life without having to undergo any further medical examination.
- Max Life Option to Participate in Progressive Bonuses (UIN: 104B008V01): This options allows you to purchase additional benefits in the form of bonuses that will be paid on maturity of the base policy or in the unfortunate event of the death of life insured. Additionally, with this option you can continue to invest more funds without having to provide any further evidence of insurability.
(For more details on the riders and the various terms and conditions, please refer to the rider brochures)
Max Life Insurance Company Limited is a Joint Venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Life Insurance Co. Ltd., 11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurgaon - 122002 (Haryana). For more details on the risk factors, Terms and Conditions, please read the sales brochure carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws.
Insurance is the subject matter of solicitation. For further details, call Toll free number 1800-200-4006
This Life Insurance Product Is Offered and Underwritten By Max Life Insurance Co. Ltd. Life Insurance Coverage Is Available In This Product. The Life Insurance contract is between the Proposer and Max Life Insurance Co. Ltd.
Axis Bank Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Axis Bank Limited, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. Corporate Agent License No: 1891411
ARN No.: Max Life/Axis/Website/Content/WLP/02