1) The Death Benefit under Max Life Online Term Plan Plus is higher of: Life cover.
- 10 times the annualised premium*
- 105% of all the premiums paid as on date of death
- Minimum guaranteed sum assured on maturity
- Absolute amount assured to be paid on death
Under this Plan, the ‘Minimum guaranteed sum assured on maturity’ is zero and no benefit is payable on maturity of the Policy.
Further, absolute amount assured to be paid on death will depend on the Death Benefit option chosen by the Life Insured at inception of the policy.
Max Life Online Term Plan Plus is a pure term plan that provides only death benefit on death of Life Insured, provided the policy is in force. The plan provides option to choose from the following 3 death benefit options. You can choose the suitable death benefit at the time of purchase only.
There is no maturity benefit or surrender benefit under the plan.
The monthly income will be payable each month on the anniversary date, starting from the first Policy Anniversary post the date of death of the Life Insured.
In case Accelerated Critical Illness (CI) Benefit claim has been paid, the Sum Assured shall be reduced to the extent of the claim paid out on account of Accelerated CI Benefit. However, the level/increasing monthly income shall remain unchanged.
This option has to be selected by you at time of inception of policy. The increase will only be applicable once you provide the intimation about the Life Stage change (along with the requisite proofs).
The eligibility criteria for choosing this option are as follows:-
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- Sum Assured chosen by you at inception of the policy should be greater than or equal to Rs. 50 Lakhs.
- Payment of three full annual premium equivalents from the time of policy issuance of reinstatement
- Completion of three policy years from the time of policy issuance or reinstatement.
- For 'Pay Till 60' premium payment variant, this option can only be exercised before the completion of the premium payment term.
The Life Stage Events covered along with the applicable Sum Assured limits are mentioned in the table below:-
Please note that the total increase in the Sum assured over the policy lifetime shall not exceed Rs. 50 Lakhs. Further, the increase in Sum Assured shall not be lower than Rs. 25 Lakhs. The increase in Sum Assured shall not be subject to any medical examination.
The premium payable corresponding to the increased Sum Assured will be determined basis the remaining policy term and attained age, subject to maximum entry age and minimum policy term conditions. The premium rates for increase in Sum Assured as a result of Life Stage Event will be determined basis the Sum Assured band of the policy applicable to the total sum assured inclusive of the Life Stage Benefit.
Mr. Jignesh, aged 28 years, purchased this plan for his wife, Kokila, and child, Jigisha for a sum assured of Rs. 1 crore. However, sadly, Mr. Jignesh passes away at the age of 38.
Kokila contacts Max Life and a personalized claim relationship officer ensures the claim is processed, and the promised lumpsum of Rs. 1 crore is paid to Kokila within 10 days. Not only this, the family continued to receive the promised monthly payout, increasing 10% each year, for the next ten years without any hitches.
Max Life stands by families in their moment of crisis, making sure they never let go.
Max Life gives you the choice to customize the term plan to suit your needs. You can choose how the insurance cover amount is paid to the family in the event of your death:
1. Basic Life Cover - Your family get the money as a lump sum payout that can help cover immediate liabilities
2. Basic Life Cover + Monthly Income - In addition to the lump sum payout, your family will get a regular, tax-free monthly income for the next ten years. This plan helps the family manage day-today household expenses like school fees, groceries etc
3. Basic Life Cover + Increasing Monthly Income - In this option, the monthly income increases by 10% each year which will keep it 'inflation proof'.
If you feel confident that your family is financially savvy and will be able to manage future cash flows, you can opt for basic life cover. Otherwise, it is recommended to go for the income option. The additional premium of these options is only marginally higher. If you take into account the 10 year income in addition to the life cover, the effective cost per lac of payout actually comes to be cheaper than the basic life cover
Riders options provide an afforable and effective option to improve the comprehensiveness of your cover. Although riders can be added anytime during the policy term, however, it is advisable to carefully choose the riders that meet your requirements.
You can choose from the following options:
1. Max Life Waiver of Premium Plus Rider (UIN:104B029V02) - All future premiums waived in case of specified critical illness/disability/death of the policyholder. Cost Rs 23 p.m.*
2. Max Life Comprehensive Accident Benefit Rider (UIN -104B025V02) - Get additional protection for accident leading to dismemberment or death. Cost Rs 67 p.m.* for additional coverage of Rs 10 Lacs
Copyright @2016 Max Life insurance Co. Ltd. All Rights Reserved. An ISO 9001:2008 Certified Company.
Max Life Insurance Co. Ltd. is a Joint Venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Registered Office: 419, Bhai Mohan Singh Nagar, Railmajra, Tehsil Balachaur, District Nawanshahr, Punjab -144 533. Corporate Office: Max Life Insurance Co. Ltd., 3rd, 11th and 12th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram (Haryana) - 122002. Operation Center: Max Life Insurance Co. Ltd, Plot No. 90-A Udyog Vihar, Sector 18, Gurugram (Haryana) - 122015.
Helpline: 1860 120 5577 (9:00 A.M to 6:00 P.M Monday to Saturday) * Call charges apply. Online Term Plan Helpline: 1800 200 3383. Fax Number:0124-4159397.
Unit Linked Insurance Products (ULIPs) are different from the traditional insurance products and are subject to the risk factors. The premium paid in the Unit Linked Life Insurance Policies is subject to investment risks associated with capital markets and the NAVs of the units may go up or down based on the performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. Max Life Insurance is only the name of the insurance company and Online Savings Plan is only the name of the unit linked life insurance contract and does not in any way indicate the quality of the contract, its future prospects or returns. Please know the associated risks and the applicable charges from your Insurance agent or the Intermediary or policy document of the insurer. The various funds offered under this contract are the names of the funds and do not in any way indicate the quality of these funds, their future prospects or returns.
Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business.
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Assumed rates of return (4% and 8%) are not guaranteed and they are not the upper or lower limits of what you might get back, as the value of your policy is dependent on a number of factors including future investment performance.
THE LINKED INSURANCE PRODUCTS DO NOT OFFER ANY LIQUIDITY DURING THE FIRST FIVE YEARS OF THE CONTRACT. THE POLICYHOLDER WILL NOT BE ABLE TO SURRENDER/WITHDRAW THE MONIES INVESTED IN LINKED INSURANCE PRODUCTS COMPLETELY OR PARTIALLY TILL THE END OF FIFTH YEAR.
Insurance is the subject matter of solicitation. For more details on the risk factors, Terms and Conditions, please read the sales and rider prospectus carefully before concluding a sale. Tax benefits are eligible for tax exemption on fulfilling conditions mentioned under Section 10(10D) of income tax act 1961. Tax exemptions are as per our understanding of law and as per prevailing provisions of income tax at 1961. Policy holders are advised to consult tax expert for better clarification /interpretation. Please note that all the tax benefits are subject to tax laws at the time of payment of premium or receipt of policy benefits by you. Tax benefits are subject to changes in tax laws. The monthly Income Benefit and Terminal Benefit may be taxable subject to extra premium being loaded at underwriting stage.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI clarifies to public that:
• IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums.
• Public receiving such phone calls are requested to lodge a police complaint.