| Death Benefit |
On death during the term of the policy, the following benefits will be paid:
- Guaranteed Death Benefit, plus
- Accrued Paid-up Additions (if any), plus
- Terminal Bonus (if any)
Guaranteed Death Benefit is defined as higher of:
- 11 times the Annualised Premium*
- 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
The policy will terminate in case of the death of the life insured.
*Annualised Premium includes extra premium (if any) but excludes all taxes, cesses and levies as imposed by the Government from time to time and any loadings for modal premiums and remains same irrespective of the premium payment mode.
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| Survival Benefit |
Guaranteed Survival Benefits = 7.5% of Guaranteed Maturity Sum Assured payable from age 61 to 75 (for 15 years)
Please note that these payouts will happen on policy anniversaries coinciding with or immediately following the life insured attaining the above mentioned ages.
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| Maturity Benefit |
On maturity, that is, policy anniversary coinciding with or immediately following Life Insured’s 75th birthday, the following benefit will be paid:
- Guaranteed Maturity Sum Assured, plus
- Accrued Paid-up Additions (if any), plus
- Terminal Bonus (if any)
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| Terminal Illness Benefit |
While this Policy is in force (including RPU mode), should the Life Insured be diagnosed to be suffering from a disease which, in the opinion of a Registered Medical Practitioner and the concurrence of Company’s appointed doctor, is likely to lead to the death of the Life Insured within six months from the date of such certification from the registered medical practitioner (“Terminal Illness”), the Company shall, at the Policyholder’s request, pay the Benefits to the Life Insured under this policy as follows:
- Up to 50% of the Guaranteed Maturity Sum Assured (Face Amount) at the date of intimation (or RPU Guaranteed Maturity Sum Assured if applicable), subject to maximum cumulative amount of ₹10 lakhs under all policies which provide for the Terminal Illness Benefit, then in force with the Company. The Terminal Illness Benefit paid will be offset from the policy proceeds at the time of termination of the policy (Death, Surrender or Maturity). Terminal Illness benefit can be availed only once during the policy term During the period of survival of the Life Insured all premiums due shall be paid to keep this policy in force and the bonuses will be paid on the original Guaranteed Maturity Sum Assured.
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| Rider Benefit |
- Max Life Term Plus Rider
- Max Life Accidental Death & Dismemberment Rider
- Max Life Waiver Of Premium Plus Rider
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| 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
The surrender value will be higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV).
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| Non-Forfeiture Benefit: Reduced Paid-up (RPU) |
Once the policy acquires surrender value as mentioned above, by default the policy will become RPU in case of non-payment of any due premium.
The Guaranteed Maturity Sum Assured will be reduced using the proportionate premiums method as mentioned below.
Reduced Paid Up (RPU) Sum Assured = (Total Premiums Paid less Extra Premium (if any) less Rider Premium (if any)) / Total Premiums payable less Extra Premium (if any) less Rider Premium (if any))) X Guaranteed Maturity Sum Assured
This will also impact the Death Benefit and Maturity Benefit. Kindly refer the prospectus for more detailed working.
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| Annual Bonus (Cash Bonus) |
The Policyholder can take bonuses through any of the three options
- Purchase Paid Up Additions (PUA) - Bonus declared by the Company will be used to purchase Paid Up Additions. These PUA increase the maturity, surrender and death benefits under the policy and will be payable in full on the earlier of Death or Maturity.
- Paid In Cash - Bonus declared by the Company is paid out to the Policyholder as and when declared.
- Premium Offset - Bonus declared by the Company will be used to offset future premiums payable by the Policyholder. In case the cash bonus is not sufficient to pay the full premium, then Policyholder will have to pay the balance premium to keep the policy in force. In case the cash bonus is higher than premium payable, the Company shall refund the excess to the policyholder.
The bonus option will automatically change to PUA, if not already the case, under following scenarios:
- In the event of death of Policyholder; only if the Policyholder is different from the Life Insured
- In case of Assignment of the Policy to any institution (and not any individual)
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| Paid-up Additions withdrawal Option |
The Policyholder can surrender and take the cash value of the accrued PUA (if any) in partial or in full. The remaining PUA (if any) will continue to participate in bonuses.
- Minimum Withdrawal amount – ₹5,000
- Maximum Withdrawal amount – Subject to maximum PUA cash value available
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| Terminal Bonus |
Terminal Bonus is an additional bonus paid only ONCE, on earlier of Death, Surrender or Maturity, provided the policy has been in force for at least ten complete policy years. |
