Benefit descriptions of Online Term Plan Plus Insurance
Death Benfit
The Death Benefit under Max Life Online Term Plan Plus is higher of
- 10 times the annualised premium
- 105% of all the premiums paid as on date of death or
- Minimum guaranteed sum assured on maturity or
- Absolute amount assured to be paid on death
Under this Plan, the “Minimum guaranteed sum assured on maturity” is zero and no benefit is payable on maturity of the Policy. Further, absolute amount assured to be paid on death will depend on the Death Benefit option chosen by the Life Insured at inception of the policy.
| Death Benefit options |
Death Benefit details (Provided policy is in force) |
Effective Total Protection Value
(please refer Brochure for workings)
|
| 1. Sum Assured |
100% of the policy Sum Assured paid immediately on death of Life Insured. |
100% of Sum Assured |
| 2. Sum Assured plus Level Monthly Income |
100% of the policy Sum Assured paid immediately on death of Life Insured
Plus
0.4% of the policy Sum Assured per month, for 10 years
|
148% of Sum Assured |
| 3. Sum Assured plus Increasing Monthly Incom
|
100% of the policy Sum Assured paid immediately on death of Life Insured.
Plus
Increasing monthly income for 10 years wherein the first year monthly income shall be 0.4% of the policy sum assured and shall increase every year by 10% p.a. (simple interest) of the first year monthly income.
|
169.6% of Sum Assured |
Critical Illness Benefit
Accelerated Critical Illness (CI) Benefit, one may choose a Sum Assured under CI benefit starting with minimum of ₹5 Lakh, in intervals of ₹5 Lakh, up to 50% of Sum Assured or ₹50 Lakh, whichever is lower.
The CI Sum Assured is payable on the first occurrence of detection of any of the specified Critical Illnesses. The CI Sum Assured shall accelerate the Death Benefit to the extent of the CI Sum Assured with the remaining Death Benefit payable on death.
Accelerated CI benefit is payable on diagnosis of any of the specified Critical Illness during the CI Benefit cover period, provided the policy is in-force and meets the terms and conditions (Please refer Annexure for further details).
Exception:
In case of Angioplasty, CI claim payment is limited to an amount of ` 5 lakh with the remaining CI Sum Assured payable on subsequent diagnosis of any one of the other specified Critical Illnesses.
Life Stage Event Benefit
The insured has the option to increase the Sum Assured in future basis Life Stage events like Marriage, Child Birth or House Loan. This option has to be selected at time of inception of policy. The increase will only be applicable once intimation is provided about the Life Stage change (along with the requisite proofs). The eligibility criteria for choosing this option are as follows:
- Sum Assured chosen by You at inception of the policy should be greater than or equal to ₹50 Lakhs.
- Payment of three full annual premium equivalents from the time of policy issuance of reinstatement
- Completion of three policy years from the time of policy issuance or reinstatement.
- For “Pay Till 60” premium payment variant, this option can only be exercised before the completion of the premium payment term.
| Event |
Additional Sum Assured as % of Original Death Benefit Sum Assured |
Marriage (One Marriage Only)
Child Birth (applicable for 2 children only)
|
50% of the Sum Assured exceeding not ₹50 lakhs
50% of the Sum Assured not exceeding not ₹25 lakhs
|
| House loan(only 1 instance during the lifetime of the policy) |
25% of the Sum Assured exceeding not ₹50 lakhs |
Please note that the total increase in the Sum assured over the policy lifetime shall not exceed ₹50 Lakhs. Further, the increase in Sum Assured shall not be lower than ₹25 Lakhs. The increase in Sum Assured shall not be subject to any medical examination.
Rider Benefit
The insured can now make their term cover more comprehensive by adding the below mentioned riders:
- Max Life Comprehensive Accident Benefit Rider: get additional cover by way of rider Sum Assured in case of Death or Dismemberment (impairments are listed under the Rider contract) due to accident. One has the option to add/remove this rider anytime during the policy term, subject to terms and condition of the rider.
- Max Life Waiver of Premium Plus Rider : get waiver of all future premiums under a policy and all other attaching riders on happening of earlier of either of the following events provided the base policy and attaching riders are in force:
- Critical Illness; or
- Dismemberment; or
- Death (only when Life Insured and Policyholder are different individuals, rider benefit will be paid on death of the Policyholder)
Please Note:-
- Total rider premium cannot be more that 100% of the base plan’s premium (including extra premium, if any)
- Under Comprehensive Accident Benefit Rider, the rider Sum Assured cannot exceed base plan’s Sum Assured.
Please go through the rider section on (Max Life Website) for more details on Riders.
