Max Life MAXIS Super
Product Info
UIN
104L081V01
Status
Active
Launch Date
22/11/2013
Withdrawn Date
Product Overview
- It helps the customer to maximize their savings in order to enable yourself to live life to the fullest, fulfill their wishes, and accomplish their own dreams.
- It provides a Life insurance coverage which gives the choice of protection cover basis age of the Life Insured.
- It also allows a Dynamic Asset Allocation mechanism to protect the investments against market volatility.
- It gives the flexibility to make a Partial Withdrawals to meet unplanned expenses.
Product Description
- This Policy is a Non-Participating Unit-Linked Insurance Plan.
- Option to choose the Premium Payment Term as per your convenience.
COMPARE & BUY SIMILAR PLANS
Unique Features
- The Plan offers sum assured plus fund value in case of death.
- The plan offers "Dynamic Fund Allocation" option in which funds are invested in equity and debt funds in a fixed proportion and the funds are switched from equity fund to secure fund systematically as per number of years left to the maturity.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 18 years | ||||
| Age at Entry (Max) | 55 years | ||||
| Maximum Maturity Age of the Life Insured (Age as of last birthday) | 70 years | ||||
| Policy Term | 15 years | ||||
| Premium Paying Term | 7 years to 10 years | ||||
| Premium Payment Mode | Annual mode only | ||||
| Minimum Annualised Premium | Rs 35,000 | ||||
| Maximum Annualised Premium | No limit | ||||
| Minimum Sum Assured | Rs 385,000 | ||||
| Maximum Sum Assured | No Limit, subject to underwriting, as per the Board approved underwriting policy of the Company | ||||
| Sum Assured multiples | Age of the Life Insured at entry (Age as of last birthday) |
Sum Assured Multiple(s) available | |||
| 18 to 34 years | 11, 15 or 20 times of Annualised Premium | ||||
| 35 to 44 years | 11 or 15 times of Annualised Premium | ||||
| 45 years & above | 11 times of Annualised Premium | ||||
OneInsure App Benefits
Store Digitally | Get Premium Reminders | Service and Claim assistances | Empower Nominee
Product Benefit
- Maturity benefit: Fund value is paid on maturity
- Death Benefit: Sum Assured plus Fund Value as on the date of death, subject to a minimum of 105% of all premiums paid
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Surrender | 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 | ||||||
| Top Up | Not available in this plan | |||||
| Partial Withdrawals | Minimum amount charged for the partial withdrawal is Rs 5000, and maximum is 50% of the fund value | |||||
| Switch: | Switch Units between available Funds at any time during the Policy Term, subject to a minimum Switch amount of ` 5,000. Maximum of twelve (12) Switches are allowed in a policy year and they are free of charge. | |||||
| Any time impose a complete or partial ban on switches, with prior approval from the Authority, for a time period not exceeding 30 days | ||||||
| the Company considers that it is appropriate to do so in order to maintain the stability of a Fund or Funds or is necessary to protect the interest of the Policyholders. | ||||||
| Settlement Option: | You may, at least fifteen (15) days prior to the Maturity Date, opt for a Settlement Option | |||||
| Company will continue to manage the Funds for you for a maximum period of five (5) years from the Maturity Date and make periodic payments. | ||||||
| The balance number of Units in the Fund at the start of the settlement period will be divided in equal installments for payout over the settlement period. | ||||||
| Discontinuance of Payment of Premium during First Five Policy Years | The Notice Period- In case the premium is not paid by the expiry of the Grace Period, the Company will, within 15 days of the expiry of the Grace Period | |||||
| Revive the policy within a period of two years from the Date of Discontinuance of the policy. | ||||||
| Complete Withdrawal (Surrender) from the policy without any risk cover | ||||||
| Dynamic Fund Allocation | Funds are maintained in Growth Super and Secure funds in a pre-defined proportion. This proportion changes by the way of switching as per the years left for maturity and matrix below | |||||
| Discontinue paying the Annualised Premiums | In case the premium is not paid by the premium due date, a Grace Period of 30 days from the due date of first unpaid premium will be allowed. | |||||
| In case the premium is not paid by the expiry of the Grace Period, the following provisions will apply | ||||||
| Dynamic Fund Allocation | Under this option, assets under management shall be maintained amongst Growth Super Fund and Secure Fund in a pre-defined proportion that changes depending upon the years left to maturity as per the matrix below | |||||
| Number of Years to Maturity | Funds in Growth Super Fund | Funds in Secure Fund | ||||
| 11-15 years | 70% | 30% | ||||
| 6-10 years | 50% | 50% | ||||
| 0-5 years | 30% | 70% | ||||
| Funds Available | Fund Name | Govt. Sec/Corporate Bonds/Money Market Instruments | Equity and Equity Related Securities | |||
| Growth Fund | 20%-60% | 40%-70% | ||||
| Growth Super Fund | 0%-30% | 70%-100% | ||||
| Balanced Fund | 60%-90% | 10%-40% | ||||
| Conservative Fund | 85%-100% | 0%-15% | ||||
| Secure Fund | 100% | NIL | ||||
| Policy Loan Provisions | Not available in this plan | |||||
Add-ons
Not available in this plan
Charges
| Charges | |||||
|---|---|---|---|---|---|
| Premium Allocation Charge | |||||
| Policy Year | Allocation Charge (as % of Premium) |
||||
| 1 to 5 years | 4% | ||||
| Year 6 & above | 2% | ||||
| Policy Administration Charge | This is a charge expressed as a percentage of premiums paid i.e. 0.24% of Annualised Premium per month for both variants | ||||
| This charge will inflate at 4% p.a. compounded annually from start of the 2nd | |||||
| Policy Year but will not be greater than ` 400 per month at any point during the Policy Term | |||||
| Fund Management Charge | |||||
| Name of The Fund | Charge (per annum) as % of Fund Value | ||||
| Growth Fund | 1.25% | ||||
| Growth Super Fund | 1.25% | ||||
| Balanced Fund | 1.10% | ||||
| Conservative Fund | 0.90% | ||||
| Secure Fund | 0.90% | ||||
| Surrender/Discontinuance Charge | |||||
| If Policy is Surrendered/ discontinued | Surrender/Discontinuance Charge shall be lower of the following | ||||
| As a % of Annualised Premium | As a percentage of Fund Value | Fixed amount (Rs.) | |||
| In 1st Policy Year | 6% | 6% | 6,000 | ||
| In 2nd Policy Year | 4% | 4% | 5,000 | ||
| In 3rd Policy Year | 3% | 3% | 4,000 | ||
| In 4th Policy Year | 2% | 2% | 2,000 | ||
| Note:- No Surrender/Discontinuance charge shall be levied from 5th Policy Year onwards. | |||||
| Mortality Charge | |||||
| Age | Mortality charge (Rs.) (per Rs.1,000 Sum Assured) |
||||
| 25 | 1.13 | ||||
| 30 | 1.17 | ||||
| 35 | 1.39 | ||||
| 40 | 2.05 | ||||
| Partial Withdrawal Charge | After the first five policy years, a maximum of two Partial Withdrawals are allowed in a policy year and both are free of charge. | ||||
| Switch Charge | A maximum of twelve Switches are allowed in a policy year and all are free of charge | ||||
| Any Other Charges | |||||
| Miscellaneous Charges | Service Tax and Education Cess is applicable on all charges as per the prevailing laws. | ||||
| Any further taxes and cess shall be passed on to you. | |||||
| Premium Redirection Charge | A maximum of six Premium Redirections are allowed in a policy year and all are free of charge. | ||||
Exclusions
Suicide:
- All risks under the Policy shall come to an end simultaneously and the Policy will terminate
- The Fund Value, as on the date of death, to the beneficiary will be paid(nominee/Policyholder, as the case may be).
Tax Benefits
Tax benefits are subject to the changes in tax laws. You may be entitled to certain applicable tax benefits on your premiums and Policy benefits.
Claim Process
Claim process of Max Life Maxis 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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