In an increasingly uncertain world, it is your top priority to ensure that your family continues to enjoy financial security and a comfortable lifestyle even in your absence. Life Insurance can help ease your worries. It ensures that your loved ones are adequately provided for and that their financial well being is taken care of, if you are not around.
Max Life Super Term Plan is a pure protection life insurance plan that helps you meet your need of financial security for your loved ones at a reasonable cost. It guarantees the financial protection of your loved ones in your absence.
Key Features:
- Option to cope with rising inflation: Max Life Super Term plan offers a unique increasing Sum Assured option, where the Sum Assured increases by 5% per annum (at simple rate) on each Policy Anniversary till the end of policy term. This feature ensures that your life insurance Plan is able to cope with the rising inflation and increases in line with your upgrading lifestyle.
- Flexibility to choose the benefit payout: On death of the Life Insured thenominee will have an option to take the death benefit as 100% lumpsum or 50% lumpsum and remaining 50% as income for 10 years which will increase at 8.5% (at simple rate) per annum.
- Flexibility to choose between policy terms – Choose from policy terms from a minimum of 10 years to maximum of 35 years.
- Comprehensive Insurance cover at affordable rates: Max Life Super Term Plan offers a comprehensive insurance cover at affordable rates, to take care of your loved ones in case you are not around.
Are You Eligible?
| Minimum/ Maximum Age of Life Insured at Entry (age as on last birthday) | Minimum Age : 18 (Eighteen) years
Maximum Age : 65 (Sixty Five) years |
| Maximum Maturity Age of the Life Insured (age as on last birthday) | 75 (Seventy Five) years |
| Premium Payment Term | This is a Regular Premium paying plan that is Premium Payment Term is same as Policy Term. |
| Policy Term | Minimum Policy Term: 10 years
Maximum Policy Term: 35 years The policyholder will have the option to choose a term between 10 years to 35 years, with intervals of 1 year. |
| Premium | Minimum Premium – The minimum premium for the product is Rs. 5,000 p.a. excluding extra premium, modal extra, service tax and education cess.
Maximum Premium – No limit, subject to the Board approved underwriting policy of the Company. |
| Sum Assured | Minimum Sum Assured – Rs. 25 Lacs subject to minimum premium limits
Maximum Sum Assured – No limit, subject to the Board approved underwriting policy of the Company. Please note that the Sum Assured will be available in multiples of Rs. 1 Lac only. |
How The Plan Works:
1.Example for Level Sum Assured
Mr. Sharma is 35 Year old healthy male (non smoker), opts for Max Life Super Term Plan. He selects the Lev Assured option and is ready to pay premiums for 30 years. He pays Rs. 16,500 as his yearly premium for a S of Rs. 1 Crore.
Here are the following scenarios that can now happen during the course of the Policy of Mr. Sharma.
| Scenarios | Dies during the Policy term |
| Pays all his due premiums | In case of death, his nominee will get:
Guaranteed Death Benefit which is Rs. 1 Cr. and his Policy will .terminate. The nominee can choose from lumpsum option or lumpsum plus income option. |
| Stops paying premium after the payment of 10 annual premiums. | None. |
| Stops paying premium after the payment of 15 annual premiums. | In case of death, his nominee will get:
Reduced Insurance Cover. The Reduced Insurance Cover is calculated as under: RIC = [{(Policy Year of discontinuance of Premium – 1) / Policy Term} – 0.25] X Guaranteed Death Benefit Policy Year of discontinuance of premium = 16 yrs RIC Now, in case Life Insured dies, anytime between year 16 to year 30, the Nominee will get Rs. 25 Lacs and the Policy will terminate. The nominee can choose from lumpsum option or lumpsum plus income option. |
2.Example for Increasing Sum Assured
Mr. Verma is 40 Year old healthy male (non smoker), opts for Max Life Super Term Plan. He wants a protection plan where the life cover increases every year to mitigate the impact of inflation. He opts for Increasing Sum Assured option and chooses a term of 30 years. He pays Rs. 42,100 as his yearly premium for a initial Sum Assured of Rs. 1 Crore. Now Mr. Verma’s Sum Assured increases every year by Rs. 5 Lacs (5% of initial Sum Assured of Rs. 1 Crore) on every Policy anniversary till the end of Policy Term.
Here are the following scenarios that can now happen during the course of the Policy of Mr. Verma.
| Scenarios | Dies during the Policy term |
| Pays all his due annual premiums | In case of death, his nominee will get:
Guaranteed Death Benefit which is equal to Sum Assured as of last Policy anniversary. The nominee can choose from lumpsum option or lumpsum plus income option. |
| Stops paying premium after the payment of 10 annual premiums. | None. |
| Stops paying premium after the payment of 15 annual premiums. |
In case of death, his nominee will get: Reduced Insurance Cover. The Reduced Insurance Cover is calculated as under: RIC = [{(Policy Year of discontinuance of Premium – 1) / Policy Term} – 0.25] X Guaranteed Death Benefit Policy Year of discontinuance of Premium = 16 yrs RIC = [{(16-1)/30} – 0.25] X 1,70,00,000 Now, in case Life Insured dies, anytime between year 16 to year 30, Nominee will get Rs.42.5 Lacs and the Policy will terminate. The nominee can choose from lumpsum option or lumpsum plus income option. |
**Important Notes
- Kindly note that the above case studies are only examples and do not in any way create any rights and/or obligations.The actual experience on the contract may be different from given above. The guaranteed and non-guaranteed benefits are applicable only if all due premiums are paid. The premium mentioned is exclusive of service tax.
- Extra premium will be charged for substandard lives as per Company’s board approved underwriting Policy.
About Premium Payment:
Minimum Premium: Annual premium paying mode – Rs. 5000
Premium Mode: Max Life Super Term Plan offers you various modes of premium payment to choose from as per your convenience. Here’s an overview of the different premium payment modes and the modal factors
| Modal Factors | |
| Premium Mode | Factor |
| Annual | 1.000 |
| Semi-annual | 0.520 |
| Quarterly | 0.265 |
| Monthly | 0.090 |
Premium Payment Term – This is a Regular Premium paying plan that is Premium Payment Term is same as Policy Term.
Sample premium
| Examples of annual premium (in Rs.) for a life cover (Sum Assured) of Rs. 50 lacs for a 25 year term, for healthy male. Please note the premium rates are exclusive of service tax, cesses, levies, loading for modal extra and loading for extra premium. | |||||
| Non Smoker | Smoker | ||||
| Age | Option 1 ( Rs. ) |
Option 2 ( Rs. ) |
Option 1 ( Rs. ) |
Option 2 ( Rs. ) |
|
| 30 | 6,500 | 9,250 | 8,700 | 13,000 | |
| 35 | 8,200 | 12,450 | 11,550 | 18,200 | |
| 40 | 11,300 | 17,800 | 16,500 | 16,700 | |
| 45 | 16,300 | 26,050 | 24,450 | 39,700 | |
| 50 | 23,950 | 38,650 | 36,550 | 59,350 | |
| Option 1 | Level Sum Assured | ||||
| Option 2 | Increasing Sum Assured | ||||
Please note that the premium rates are exclusive of service tax, education cess, and statutory levies, if any.
