Max Life - Life Perfect Partner Super
Product Info
UIN
104N077V01
Status
Active
Launch Date
21/08/2013
Withdrawn Date
Product Overview
- This plan gives the interest to invest and to make asset creation.
- This plan helps you to take acre of the future need for the child education or marriage.
- It simplifies your financial planning and saving needs.
- This policy gives you life cover, money back features and also maturity benefits.
Product Description
- A Traditional Participating Money Back Life Insurance Plan.
- Life Insurance Coverage which provides choice of protection cover on the basis of the age of the Life Insured.
- Option to choose Premium Payment Term as per your convenience.
COMPARE & BUY SIMILAR PLANS
Unique Features
- Plan pays 7.5% of the Guaranteed Sum Assured for 15 years starting from the 61st year till the 75th year.
- Plan also provides annual bonus from 3rd year which can be taken every year or can be used to adjust against yearly premiums or can be added back to the policy to boost Guaranteed Maturity Sum Assured.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 91 days | ||||
| Age at Entry (Max) | 70 years(Age last birthday) | ||||
| Max age of Maturity | Till age 100 years | ||||
| Maximum Age at entry | |||||
| Premium Payment Term (in years) | Maximum entry age (age last birthday) | ||||
| 7 and 10 years | 55 years | ||||
| 15 years | 50 years | ||||
| 20 years | 45 years | ||||
| Policy Term | To age 75 years of the Life Insured (Policy anniversary following or coinciding the life insured attaining age 75 years) Policy Term : 75 years less Age at entry of Life Insured |
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| Premium Payment Term (PPT) | 7 years, 10 years, 15 years or 20 years | ||||
| Maturity Age | Policy anniversary following or coinciding with the life insured attaining age 75 years. | ||||
| Premium Modes and Modal Factors | |||||
| Modal Factors | |||||
| Premium Mode | Factor | ||||
| Annual | 1 | ||||
| Semi-annual | 0.52 | ||||
| Quarterly | 0.265 | ||||
| Monthly | 0.09 | ||||
| Note: The Premium Payment mode can be changed during the Policy term. | |||||
| Minimum Premium | |||||
| Premium Payment Term (in years) |
Minimum Premium | ||||
| 7 years | Rs 20,000 per annum | ||||
| 10, 15 or 20 years | Rs 8,500 per annum | ||||
| Note: The above minimum premium excludes extra premium, modal extra, service tax and education cess. | |||||
| Maximum Premium | As per maximum sum assured and age (subject to Board approved underwriting policy of the Company). | ||||
OneInsure App Benefits
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Product Benefit
- Maturity Benefit:
Guaranteed Maturity Sum Assured + Accrued Paid-up Additions (if any) + Terminal Bonus
- Survival Benefit:
Guaranteed Survival Benefits is 7.5% of the Guaranteed Maturity Sum Assured payable from age 61 to 75yrs (for 15 years).
- Death Benefit:
On the death during the term of the policy, the following benefits will be paid - Guaranteed Death Benefit + Accrued Paid-up Additions (if any) + Terminal Bonus.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Surrender | The policy acquires a Surrender Value as follows: For policy with premium payment term of 7 years: After payment of first two full year premiums For policies with premium payment term of 10, 15 and 20 years: After payment of first three full year premiums |
|||||
| Any other Feature | ||||||
| Guaranteed Surrender Value | ||||||
| Year of surrender | % of Total Premiums paid | |||||
| 1 | Nil | |||||
| 3-Feb | 30% | |||||
| 7-Apr | 50% | |||||
| 8 year + | Minimum of [ { 50% + ( (40% X (N-7)) / (Policy Term - 8) ) } or 90% ] Wherein N is the Policy Year of Surrender |
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| Revival of Lapsed Policy | A lapsed policy can be revived, within 2 years from the due date of the first unpaid Premium. | |||||
| Guaranteed Death Benefit is defined as higher of: | 105% of all the premiums paid by Policyholder as on the date of death of the life insured. | |||||
| Guaranteed Maturity Sum Assured chosen by the Policyholder at policy inception. | ||||||
| Sum Assured Limits | Minimum: Rs 50,000, & minimum premium of Rs 8,500 for policies with premium payment term of 10/15/20 years and Rs 20,000 for policies with premium payment term of 7 years. | |||||
| The minimum premium excludes extra premium, modal extra and service tax. | ||||||
| Maximum: No Limit (subject to Board approved underwriting policy of the Company. | ||||||
| Sum Assured Bands | ||||||
| Guaranteed Maturity Sum Assured Bands | Band 1 – Less than `Rs 1,00,000 | |||||
| Band 2 –Rs 1,00,000 to Rs 2,49,999 | ||||||
| Band 3 – Rs 2,50,000 to Rs 4,99,999 | ||||||
| Band 4 – Rs 5,00,000 and above | ||||||
| Premium Rates at sample ages | ||||||
| Age of the Life Insured | 7 years Premium Payment Term | 10 years Premium Payment Term | 15 years Premium Payment Term | 20 years Premium Payment Term | ||
| 10 | 35,322 | 26,328 | 17,100 | 12,003 | ||
| 35 | 53,499 | 39,471 | 27,420 | 21,015 | ||
| 45 | 69,354 | 50,514 | 36,303 | 28,968 | ||
| 55 | 92,553 | 68,019 | NA | NA | ||
| Annual Bonus | Annual Bonuses (if any) is declared every year from the end of 2nd policy year (24th policy month) on the Guaranteed Maturity Sum Assured and from the end of 3rd policy year (36th policy month) on accrued Paid-up addition (if any) thereafter every year end. | |||||
| There are 3 ways of taking this bonus | Paid in Cash – Bonus will be paid in cash | |||||
| Premium Offset – Will be adjusted towards future premium | ||||||
| Paid-up additions (PUA) – Additional Sum Assured will be purchased to boost Guaranteed Maturity Sum Assured. | ||||||
| Paid-up Additions withdrawal Option | Minimum Withdrawal amount – Rs 5,000 | |||||
| Maximum Withdrawal amount – Subject to maximum PUA cash value available | ||||||
| Terminal Bonus | Payable only once on earlier of Death, Surrender, or Maturity | |||||
Add-ons
- Max Life Payor Rider:
The rider provides policy continuance Benefit in case of death or disability of the policy holder (payor). This rider can be taken only if the Policyholder is different from life insured.
Exclusions
Exclusion in Max Life - Life Perfect Partner Super Plan:- The rider provides policy continuance Benefit in case of death or disability of the policy holder (payor). This rider can be taken only if the Policyholder is different from life insured.
Tax Benefits
Service Tax and education cess will be charged extra as per applicable rates
Claim Process
Know claim process of MAx Life - Life Perfect Partner Super Plan
Company Overview
Max Life Insurance, one of the leading life insurers, is a joint venture between Max India Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max India is a leading Indian multi-business corporate, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance Group, which is amongst the top general insurers in the world.
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