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Max Life Whole Life Super Plan and Policy

Max Life Whole Life Super Plan and Policy - Max Life Whole Life Super plan is a traditional participating whole life insurance plan that allows a guaranteed protection up to the age of 100 years along with bonus additions that contribute to growth of investment. The plan is a limited premium paying policy that offers the option to include additional riders and thus increase risk cover.

Key features - Max Life Whole Life Super Plan and Policy

This traditional plan from Max Life has the following features

  • Sum assured - The Guaranteed Maturity Sum Assured is an amount that the policyholder achieves upon reaching the age of 100. Along with the same, Accrued Paid Up Additions (if any are also included. Terminal Bonus (if any) is also paid to the policyholder or nominee as the case may be. The minimum guaranteed maturity sum assured is Rs. 50,000 and there are no maximum caps for the same, subject to sufficient underwriting.

    Sum Assured Band

    Sum Assured Range (INR)

    1

    50,000 to 249,999

    2

    250,000 to 499,999

    3

    500,000 to 999,999

    4

    1,000,000 to 4,999,999

    5

    5,000,000 and above

  • Premium paying term - Premiums under this policy are payable for a duration of 10 years, 15 years or 20 years which accounts for the limited premium paying period
  • Premiums - Under this limited premium paying plan, the life insured needs to pay a minimum of Rs. 8500 annually in order to continue availing the benefits of the policy. The sample premium rates for a Guaranteed Maturity Sum Assured of Rs. 3,00,000 are as below-

    Age of Life insured (in years)

    10 Years

    15 Years

    20 Years

    35

    15,705

    11,742

    9,441

    45

    19,635

    14,844

    12,132

    55

    24,678

    18,969

    N/A

  • Premium paying modes - The premiums can be paid annually, semi-annually, quarterly or monthly and the modal factors for the same are 1.000, 0.520, 0.265, 0.090 respectively. Modal factors represent how the amounts paid towards premiums are affected through the multiplier numbers. The premium paying mode can be changed at any time during the payment term
  • Premium paying method - Premiums for the policy can be paid through internet banking, ECS, cheques, demand drafts, credit cards and other applicable transaction medium
  • Basis - This is a traditional linked whole life insurance, which means it allows the policyholder to garner benefits of investment through loyalty additions and bonuses offered through the plan, along with providing a life cover
  • Policy validity - The policy is valid for 100 years and the associated benefits are payable either to the policyholder or the nominee as the case may be
  • Add-on covers - A total of four optional add-on covers or riders can be availed along with this policy and they can serve to increase the risk cover offered in the main policy

Benefits - Max Life Whole Life Super Plan and Policy

This traditional policy from Max Life is aimed at providing many benefits to the policyholder and his/her family to aid in a secure financial future. The following are a detailed list of the benefits offered under this policy -

  • Death benefit - The death benefit under this plan is payable on the death of the life insured, provided the policy is in force. The policy terminates with the death of the life insured and the death benefit is a total of the following -
    • Guaranteed Death Benefit (higher of 11 times the annualised premium, 105% of all the premiums paid as on the date of the death of the life insured and Guaranteed Maturity Sum chosen at the time of policy inception
    • Accrued Paid Up Additions (if any)
    • Terminal Bonus (if any)
  • Maturity benefit - The maturity benefit under this plan is payable on survival of the life insured on the date of maturity (100 years of age of the life insured), provided the policy is in force and it will include Guaranteed Sum Assured, Accrued Paid Up Additions (if any) as well as Terminal Bonus (if any)
  • Surrender Benefit - The policy acquires a surrender value post the second year of the policy being in force and can be surrendered to obtain a Guaranteed Surrender Value. The amount thus payable as surrender benefit is at the discretion of the bank
  • Bonuses - Being a linked plan, this plan offers many bonuses and they are as follows -
    • Annual Bonus - Announced every year from the second policy year onwards, if applicable, this cash bonus is either paid to the policyholder, used to offset future premiums or purchase Paid Up Additions that increase added benefits
    • Paid Up Additions - If present under the policy, all or part of the accrued Paid Up Additions can be withdrawn by the policyholder
    • Terminal Bonus - If the policy has been in force for at least ten years, the terminal bonus is payable only once on maturity, surrender or death and in case of surrender, the bonus is paid in cash
  • Tax benefits - One might be eligible for availing tax benefits for premiums under Section 80C and for maturity/death benefits under Section 10(10D) as per the prevailing tax laws.

Eligibility - Max Life Whole Life Super Plan and Policy

The age criteria for the plan and associated riders can be summarised in the table mentioned below -

The minimum age at entry is 18 years and the maximum age at entry is depicted as below -

Policy/Rider

Premium Payment (in years)

Maximum Entry Age (in years)

Max Life Whole Life Super Plan (main policy)

10 years

60 years

15 years

55 years

20 years

50 years

Payor Rider

Same as main policy term

Same as main policy term

Term Plus Rider

Same as main policy term

Same as main policy term

Accidental Death and Dismemberment Rider

Same as main policy term

Same as main policy term

Waiver of Premium Plus Rider

Same as main policy term

Same as main policy term

Max Newyork Savings Life Insurance Plans and Policy

 

Max Newyork Child Insurance Plans
Max Life Future Genius Education Plan
Max Shiksha plus Super Plan
Max Newyork Retirement Plans
Max Life Forever Young Pension Plan
Max Life Guaranteed Lifetime Income Plan
Max Life Life Perfect Partner Super Plan
Max Newyork Growth Insurance Plans
Max Life Fast Track Super Plan

Max Newyork Savings Plans
Max Life Guaranteed Income Plan
Max Life Whole Life Super
Max Life Life Gain Premier
Max Newyork Group Insurance Plans
Max Life Group Gratuity Premier Plan
Max Life Group Super Life Premier in lieu of EDLI
Max Life Group Super Life Premier