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Max Life Riders

Max Life Waiver of Premium Plus Rider

Ensure financial security for family, with future premiums waived off in case of death of the assured

Critical Illness Benefit

All future premiums under base policy waived off as a rider benefit for critical illness

Dismemberment Benefit

Future premiums under base policy and attached rider waived off

Death Benefit

Only if life insured and policyholder are different individuals

Minimum Premium

Rs. 2 per annum for age at entry of 18 years

Features and Benefits

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

Maximum - 65 years
Maximum Maturity Age
(age as at last birthday)
On policy anniversary coinciding with or immediately following the Policyholder attaining age of 70 years
Rider Term Minimum Rider Term: Same as base plan Premium Payment Term or remaining Premium Paying Term of base plan in case the Rider is not taken at inception, subject to a minimum Rider term of 5 years

Maximum Rider Term: Same as base plan Premium Payment Term, subject to a maximum of 35 years and Policyholder not exceeding age of 70 years (age as at last birthday)
Premium Payment Term Same as Rider Term
Premium Payment Modes The premium payment mode will be same as base plan. Modal factors applicable on modes are as follows:
Mode Modal Factors
Annual 1.000
Semi-annual 0.520
Quarterly 0.265
Monthly 0.090
Please note that modal factors are applicable for modes other than annual mode to cover for loss of interest arising out of policyholder not paying the entire premium upfront.
Minimum Premium The Minimum Annual Premium is Rs. 2 per annum for age at entry of 18 years (age as at last birthday), Rider Term of 5 years and Base Plan Premium of Rs. 1,000.
Maximum Premium The maximum Rider premium will be calculated basis the maximum base plan premium to which the Rider is attached.

The Rider premium shall, in no case exceed:

• 30% of premiums (including extra premium, if any) payable under the base policy when attached to a savings plan, and

• 100% of premiums (including extra premium, if any) payable under the base policy when attached to a term plan
Minimum Sum at Risk The minimum Sum at Risk amount is determined basis minimum annual premium of base plan along with attaching Riders (if any) of Rs. 1,000.
Maximum Sum at Risk The maximum Sum at Risk amount is determined basis maximum annual premium of base plan along with attaching Riders (if any) of Rs. 3,50,000
Rider Benefit Rider provides waiver for all future premiums under a policy and all other attaching Riders on earlier happening of either of the following events, provided the base policy and attaching Riders are in force:

• Critical Illness; or

• Dismemberment; or

• Death (only when Life Insured and Policyholder are different individuals)

Once the claim under this Rider is accepted and future premium(s) are waived; then in case of termination of base policy due to happening of any insured event or surrender (only if surrender value is available under the base policy), the present value of future premiums (if any) to be waived will be paid in addition to benefits under the base policy. The present value will be calculated at discount rate of 6.5%.
Sample Premium Rates (Premium Rates per Rs. 100 of annualised premium to be waived for standard Male Lives)

(Excluding Service Tax and Extra loading) Extra premium may be charged for sub standard lives.
In case the Life Insured and Policyholder are same
Age/Term (years) 10 15 20 30
25 0.68 1.14 1.53 2.08
30 0.89 1.55 2.11 3.05
35 1.31 2.34 3.24 4.77
40 2.12 3.81 5.30 7.61
45 3.51 6.34 8.75 -
50 5.83 10.44 14.23 -
In case the Life Insured and Policyholder are different
Age/Term (years) 10 15 20 30
25 1.38 2.33 3.11 4.17
30 1.67 2.90 3.96 5.61
35 2.31 4.13 5.74 8.50
40 3.59 6.54 9.16 13.49
45 5.97 10.91 15.24 -
50 10.03 18.20 25.19 -
The premium rates under the Rider are guaranteed for a period of five (5) years and can be revised thereafter seeking prior approval from IRDAI.

A discount of 10% on the premium payable in all years, for Rider is applicable on business procured through direct marketing channel.

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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