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About Max Life Super Term Plan

The Max Life Super Term Plan is a non-linked, non-participating term insurance plan. The plan takes care of your family’s financial needs in case of your untimely demise. In addition to that, it also helps the family cope with rising inflation with its unique increasing life cover option. With this option, your life cover starts increasing by 5% every year at a simple rate till the end of the policy term without any increase in the premium. This ensures that your family is able to meet ever-increasing expenses, even when you are not around.

Let’s understand this plan in brief before getting into its details:

Modes of Payment

  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly

Claim Settlement Ratio of the Insurer

97.81%

USPs of the Policy

  • Provides comprehensive insurance cover at affordable rates
  • Option to cope with rising inflation, because the plan offers a unique option that increases the sum assured by 5% every year at a simple rate up to the end of the policy term without increasing the premium amount
  • Lower premiums for non-smokers
  • Provides flexibility to choose the benefit pay-out as lump sum or lump sum + increasing monthly income, according to your needs
  • Tax benefits

Bonus Rate

-

Illustration

  • If a 30-year-old male (non-smoker) purchases this plan and wants a sum assured of INR 1 crore, s/he has to pay premiums as per the premium option selected. If the policyholder has selected the Level Sum Assured option, s/he will have to pay INR 13,700 (annually). If the Increasing Sum Assured option has been selected, s/he will have to pay INR 24,900 (annually).
  • If a 30-year-old male (smoker) purchases this plan and wants a sum assured of INR 1 crore, s/he has to pay premiums as per the premium option selected. If the policyholder has selected the Level Sum Assured option, s/he will have to pay INR 20,000 (annually). If the Increasing Sum Assured option has been selected, s/he will have to INR 37,600 (annually).

How Does the Plan Work?

The individual has to select the policy term for a minimum of 10 years to a maximum of 35 years. The individual has to select any one of the following sum assured options available under the plan:

  • Level Sum Assured – Where the sum assured remains fixed for the entire policy term
  • Increasing Sum Assured – Where the sum assured increases by 5% every year at a simple rate

The individual has to select any one of the following sum assured bands under the plan:

  • Band 1 – INR 25 to 49 lakhs
  • Band 2 – INR 50 to 99 lakhs
  • Band 3 – INR 1 to 4 crores
  • Band 4 – INR 5 crores and above

Now, let us understand the further actions of this plan with the help of various benefits it offers:

Death Benefits

In case of the unfortunate death of the policyholder during the policy term, the death benefit shall be payable. The death benefit will be the highest of:

  • 10 times annualized premium
  • 105% of all premiums paid till the date of the death of the policyholder
  • Guaranteed maturity sum assured payable on maturity
  • Sum assured effective on the previous policy anniversary or coinciding with the date of death
    Note: During the settlement period, the nominee can commute the remaining pay-outs by giving a written request to the company. When the company receives the request, the nominee will receive the present value of all future pay-outs discounted at 6.5% p.a.

Settlement Option

On the death of the policyholder, the nominee will have to choose any one of the following options:

  • Option 1: Take the full guaranteed death benefit as lump sum
  • 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) every year, starting from the policy anniversary following the date of death

Riders

The Max Life Super Term Plan offers the following riders:

  • Max Life Wavier of Premium Plus Rider
  • Max Life Accidental Death and Dismemberment Rider

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Why Should I Buy This Plan?

Besides the benefits mentioned earlier, here are some more features of this plan:

  • Tax benefits: Premiums paid under the plan would be exempt from tax under Section 80(C). The death/maturity/survival benefit received would be tax exempt under Section 10(10D) of the Income Tax Act.
  • Free-look period: The individual is advised to go through the policy thoroughly. If s/he finds any objections to the terms and conditions of the policy, s/he can cancel the policy within 15 days (free-look period) by giving a signed written notice to the insurance company stating the reasons for objection of the policy. The individual will be entitled to a refund of the premium paid, excluding a few charges like stamp duty charges.
  • Grace period: The plan provides a grace period of 30 days for yearly, half-yearly, and quarterly modes and 15 days for monthly mode from the due date of unpaid premium. If the premium is not paid within the grace period, the policy will get lapsed.
  • Policy revival: A lapsed or a reduced paid-up policy can be revived within 2 years from the last unpaid premium date, subject to the conditions mentioned by the company.

Who Should Buy This Plan?

The minimum entry age to buy this plan is 18 years, whereas the maximum entry age is 65 years. The Max Life Super Term Plan proves to be an ideal plan for it accommodates your requirements for a comfortable today by asking for limited premiums, while securing a bright tomorrow by offering high protection cover along with additional benefits.

Company Overview

Max Life Insurance Company is a joint venture between Max India Limited, an Indian multi-business corporate and Mitsui Sumitomo Insurance Company, a prominent insurance company from Japan. Max Life offers a wide range of long term savings and protection-oriented products and is one of the fastest growing Private life insurance companies in India. Max Life emphasizes on advice based sale process, customer centric approach, financial stability and investment expertise.

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