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Life Insurance

Max Life Super Term Plan

(UIN: 104N086V03)

A Non Linked Non Participating Term Insurance Plan

Option to cope up with rising Inflation via Increasing Sum Assured option

Flexibility to choose Death Benefit payout – ‘Lumpsum’ or ‘Lumpsum + Monthly Income’

Flexibility to choose Policy Term – 10 to 35 years

Comprehensive Insurance cover at affordable rates

Features and Benefits

Features Max Life Super Term Plan
Type of Plan A Non Linked Non Participating Term Insurance Plan
Coverage All individuals in accordance with Board approved underwriting policy of the Company
Minimum / Maximum Age of Life Insured at Entry (Age as on Last Birthday) Minimum Age: 18 (Eighteen) years
Maximum Age: 65 (Sixty Five) years
Maximum Maturity Age of the Life Insured (Age as on Last Birthday) 75 (Seventy Five) years
Premium Payment Term & Modes This is a Regular Premium paying plan. Premium Payment Term is same as Policy Term. This product allows Annual, Semi-Annual, Quarterly and Monthly Premium Payment Modes
Policy Term Minimum Policy Term: 10 years; Maximum Policy Term: 35 years

The Policyholder will have the option to choose a term between 10 years to 35 years, with intervals of 1 year
Premium Minimum Premium - The Minimum Premium for the product is Rs 5,000 p.a. excluding all applicable taxes, cesses and levies as imposed by the Government and Extra Premium, Modal Extra, Service Tax and Education Cess

Maximum Premium - No limit, subject to the Board approved underwriting policy of the Company
Sum Assured Minimum Sum Assured - Rs 25 Lacs subject to Minimum Premium Limits

Maximum Sum Assured - No limit, subject to the Board approved underwriting Policy of the Company

Please note that the Sum Assured will be available in multiples of Rs 1Lac only
Premium Rates Premium Rates vary basis the following parameters:

a) Gender
The premium rates vary by gender of the Policyholder. The premium rates for females will be same as that of males with a five year age offset. Where the corresponding rate is not available, the lowest available age premium rate for male life will be used

b) Smokers / Non – Smokers
The premium rates vary by smoker status (viz. Non Smoker and Smoker)

c) Sub-Standard Lives
This product will be offered to all lives. However, sub standard lives shall be rated up in accordance with the Board approved underwriting policy of the Company

d) Sum Assured Option Chosen
The premium rates will vary basis the Sum Assured option chosen by the Policyholder (Level Sum Assured or Increasing Sum Assured) at Policy inception
Sample Premium Amount Examples of Annual Premium (in Rs.) for a Life Cover (Sum Assured) of Rs. 50 Lakhs for a 25 year term, healthy male. Please note the premium rates are exclusive of  Taxes, cesses and levies as imposed by Government from time to time, loading for modal extra and loading for extra premium
Age Non-Smoker Smoker
Option 1 (in Rs.) Option 2 (in Rs.) Option 1 (in Rs.) Option 2 (in Rs.)
30 6,500 9,250 8,700 13,000
35 8,200 12,450 11,550 18,200
40 11,300 17,800 16,500 26,700
45 16,300 26,050 24,450 39,700
50 23,950 38,650 36,550 59,350
Option 1: Level Sum Assured Option
Option 2: Increasing Sum Assured Option
Survival / Surrender Benefit No Survival / Surrender Benefit is available under this plan
Sum Assured Options The product offers following two options, to be chosen only at Policy inception:
  • Level Sum Assured: Under this option, the Sum Assured remains fixed throughout the Policy Term
  • Increasing Sum Assured: Under this option, the Sum Assured increases by 5% p.a. (simple rate) on each Policy Anniversary without increase in Premium amount
Settlement Option On Death of the Life Insured, the nominee has two options:

Option 1: Take the full Guaranteed Death Benefit as lump sum; or

Option 2: : Take 50% of the Guaranteed Death Benefit as lump sum and 0.42% of Guaranteed Death Benefit as monthly income for 10 years (Settlement Period) increasing at 8.5% p.a. (simple rate) every year starting from Policy Anniversary following the Date of Death

In case Option 2 is selected, at any time during the Settlement Period, the nominee shall have the right to commute the remaining payouts by submitting a written request to the Company. On receipt of such a request, the Company shall pay present value of all future payouts discounted at the rate of 6.5% p.a. to the nominee
Reduced Insurance Cover The Policy offers Reduced Insurance Cover from Policy year 16 onwards in case Policyholder discontinues payment of Premiums after paying Premium for 15 years. This feature is only available for Policy term greater than equal to 16 years. Reduced Insurance Cover is calculated as:

Reduced Insurance Cover = [ { (Policy Year of Discontinuance of Premium – 1) / Policy Term } – 0.25 ] X Guaranteed Death Benefit

Life Insurance Coverage Is Available In This Product.

This Life Insurance Product is Offered and Underwritten by Max Life Insurance Co. Ltd.

The life insurance contract is between the Proposer and Max Life Insurance Co. Ltd.

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, Gurugram - 122002 (Haryana). IRDAI Registration No. – 104. For more details on the risk factors, Terms and Conditions, please read the Prospectus 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

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 Certificate Regn 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.

ARN: Max Life/Axis/Web Content/STP/ Jan 2018

BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS

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

 

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