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Max Life Riders

Max Life Term Plus Rider

Get additional death benefit to enhance life protection; so your family is financially secure after you

Additional Death Benefit

Payable along with the base plan benefit(s)

Minimum Rider Sum Assured

Rs. 50,000

Minimum Premium

Rs. 91 per annum for age at entry of 18 years

Premium Payment Term

Equal to the Rider Term, that is equal to the outstanding Premium Payment Term of the base policy

Features and Benefits

Type of Rider A Non Linked rider
Entry Ages Minimum - 18 years (as at last birthday)

Maximum - 65 years (as at last birthday)
Maximum Maturity Age The maximum maturity age for the Rider is 70 years (age last birthday) as on policy anniversary, subject to the Rider termination conditions.
Rider Term Minimum Rider Term: 5 years

Maximum Rider term: 35 years

The Rider Term is subject to the following conditions:

• Rider Term cannot be greater than the outstanding Premium Payment Term of the base policy. Please note that the minimum outstanding premium payment term of the base policy should be a minimum of 5 years

• Rider Term cannot be greater than Maximum maturity age less entry age of Life Insured at inception of the Rider
Premium Payment Term The premium payment term of the Rider shall be equal to the Rider Term, which is equal to outstanding Premium Payment Term of the base policy
Premium Payment Modes Annual, Semi-Annual, Quarterly, and Monthly

Please note that the premium payment mode will be the same as the base plan. The applicable modal factors are as below:

Mode Modal Factors
Annual 1.000
Semi-annual 0.520
Quarterly 0.265
Monthly 0.090
Rider Attachment The Rider can be attached at inception of the base policy or at any time, concurrently with the base policies’ premium payment mode during the premium payment term of the base policy such that the minimum Rider term is 60 months (5 years)
Minimum Annual Premium The Minimum Annual Premium is Rs. 91 per annum for age at entry of 18 years Premium (age last birthday), Rider Term of 5 years and Rider Sum Assured of Rs. 50,000
Maximum Annual Premium As per maximum Rider Sum Assured of Rs. 15 Lac and age of Life Insured.

The Maximum Annual Premium for standard life is Rs. 46,287 per annum for age at entry of 65 years (age last birthday), Rider Term of 5 years and Rider Sum Assured of Rs. 15 Lacs.

The Term Plus Rider premium shall, in no case exceed 30% of premiums (including extra premium, if any) payable under the base policy, other than pension plan, where the Rider premium shall not exceed 15% of the premium payable under the base policy.
Minimum Sum Assured Rs. 50,000
Maximum Sum Assured Rs. 15,00,000, subject to a maximum of base plan’s Guaranteed Death Benefit as at the inception of the base policy.
Premium Rate The Rider is available for sale to both males and females. The premium rates vary by gender of the policyholder. For female lives, a 3-years age setback over males will be used to determine premium rates. However, where the corresponding rate is not available, the lowest available premium rate for males will be used.

The Rider premium rates are uni-smoker. However, sub standard lives will be subject to extra mortality loading in accordance with Board approved underwriting policy of the Company. Sample premium rates (excluding Service Tax and Education Cess)

Premium Rates per Rs. 1000 Sum Assured for Standard Life, Male
Age (Years) Policy Term (Years)
5 10 15 20 25 30 35
25 2.02 2.08 2.40 2.54 2.60 2.75 2.98
35 2.70 2.92 3.60 4.10 4.54 5.03 5.57
45 5.79 6.70 8.44 9.54 10.39 - -
55 14.39 16.09 19.93 - - - -
65 30.86 - - - - - -
Free Look Period The Policyholder has a period of fifteen (15) days from the date of receipt of the policy document, to review the terms and conditions of the policy, where if you disagree to any of those terms and conditions, you have the option to return the policy stating the reasons for your objection. The Policyholder shall be entitled to a refund of the premiums paid, subject only to deduction of a proportionate risk premium for the period of cover and the expenses incurred by the Company on medical examination of the Life insured and stamp duty charges
Suicide Clause Notwithstanding anything stated herein, if the Life Insured whether sane or insane, dies by suicide within 12 months of the effective date of inception of coverage or the date of revival of Rider, the Rider shall terminate immediately. In such cases, the Company shall pay 100% of total Premiums paid (inclusive of extra premiums, if any, but exclusive of Service Tax and Education Cess) to the beneficiary.

For more details on Revival Conditions, Grace Period and Non-forfeiture, please refer to the Rider Brochure available at

Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited 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). IRDAI Registration No. – 104. For more details on the risk factors, Terms and Conditions, please read the detailed product and rider brochures (available at 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 Rider is offered and underwritten by Max Life Insurance Co. Ltd. Life Insurance coverage is available in this Rider. 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. IRDAI Corporate Agent License No: CA0069. The purchase of a Max Life Insurance product by Axis Bank's customer is purely on a voluntary basis. As Axis Bank is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.


IRDAI clarifies to public that

  • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums
  • IRDAI does not announce any bonus

Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.

ARN :Max Life/Axis/Website/Content/Term Plus/ Apr 2016




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