Max life Insurance plans

Max life Super Term Plan Insurance

A Non Linked Non Participating Term Insurance Plan, this is a pure protection life insurance plan that helps meet your need of financial security for the insured’s loved ones at a reasonable cost due to the unfortunate demise of the insured.

Max Life Term Life Insurance Review

Max Life Term Life Insurance
Distribution - Number of branches pan India (March 2019)
269
Entry Age Minimum/Maximum (Years)
18 / 60
Sum Assured Minimum / Maximum
10 lacs / Unlimited
Policy Term Minimum / Maximum (Years)
10 / 50
Solvency Ratio (FY 2018-19) *
2.42
Number of Policies Sold (Ind+Group) **
527,601
Number of Lives Covered (Ind+Group) **
6,438,358
Claims Settlement Ratio (Ind+Group) ***
99.22%
* - As per IRDAI data 2018-19 - The solvency ratio of an insurance company is the size of its capital relative to all the risk it has taken, which is all liabilities subtracted from total assets. In other words, solvency is a measurement of how much the company has in assets versus how much it owes.
** - as per L-25 Public Disclosure of Insurance Companies for 2019-20   |   *** - Claims Settlement Ratio = Claims Settled in the year / Claims Reported in the year - as per IRDAI data published

Max life Super Term Plan Insurance Overview

  • Key Features
  • Eligibility
  • Benefit Descriptions

Key Features of Super Term Plan Insurance

  • Comprehensive Insurance cover at affordable rates: The Plan offers a comprehensive insurance cover at affordable rates, to take care of loved ones of the insured.
  • Option to cope with rising inflation: The 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.
  • Lower Premiums for Non Smokers: We offer the joy of staying away from tobacco. Max Life Super Term Plan offers lower premium rates for Non-Smokers.
  • High Sum Assured discounts: With four different sum assured bands, Max Life Super Term Plan offers you lower rates in case you choose higher sum assured.
  • Lower rates for female life insured: The premium rates for females will be same as that of males with a five year age offset. Where the corresponding rate is not available, the lowest available age premium rate for male life will be used.

Eligibility criteria of Super Term Plan Insurance

Minimum/ Maximum Age of Life Insured at Entry Minimum Age : 18 years (age last birthday)
Maximum Age : 65 years (age last birthday)
Maximum Maturity Age of the Life Insured Regular Pay – 60 years
Pay till 60 – 50 years
Maximum Maturity Age (last birthday) 75years (age last birthday)
Policy Term (in years) 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 Payment Term (PPT) This is a Regular Premium paying product and the Premium Payment Term is same as the Policy Term.
Sum Assured Minimum Sum Assured - ₹25 Lakhs subject to minimum premium requirements
Maximum Sum Assured - No limit, subject to limits determined in accordance with the underwriting policy of the Company.
Please note that the Sum Assured will be available in multiples of ₹1 Lakh only.
Premium Payment Mode Annual, Semi – Annual, quarterly & monthly premium payment modes.
The modal factors are as follows:
Modal Factors
Premium Mode Factor
Annual 1.000
Semi-annual 0.513
Quarterly 0.261
Monthly 0.088
Sum Assured Bands (Higher) Band 1 – ₹25 Lakhs to ₹49 Lakhs
Band 2 – ₹50 Lakhs to ₹99 Lakhs
Sum Assured offer lower Premium Rates) Band 3 – ₹1 Crore to ₹4.99 Crore
Band 4 – ₹5 Crore and above
Premium rates per '000 Sum Assured vary basis the Sum Assured bands.
Premium Rates Premium Rates also vary basis the following parameters:
a) Males and females : The premium rates vary by gender of the Policyholder. The premium rates for females will be same as that of males with a five year age offset. Where the corresponding rate is not available, the premium rate available for lowest age for male life will be used.
b) Smokers / Non – smokers : The premium rates vary by smoker status.
c) Sub-standard lives : This Plan will be offered to all lives. However, substandard lives shall be rated up in accordance with underwriting policy of the Company.
d) Sum Assured Option chosen : The premium rates will vary basis the Sum Assured option chosen by the Policyholder (Level Sum Assured or Increasing Sum Assured) at Policy inception.

Benefit descriptions of Super Term Plan Insurance

Death Benfit Payable on death of the Life Insured during the Policy term provided the Policy is in-force or the Reduced Insurance Cover is active.
Guaranteed Death Benefit is defined as higher of:
  • 10 times the Annualised Premium,
  • 105% of all premiums paid as on the date of death,
  • Guaranteed Maturity Sum Assured payable on maturity date,
  • Sum Assured effective on the Policy anniversary previous or coinciding with the date of death.
The product offers following two options, to be chosen only at Policy inception:
  • Level Sum Assured: Under this option, the Sum Assured remains fixed throughout the Policy Term.
  • Increasing Sum Assured: Under this option, the Sum Assured increases by 5% p.a. at simple rate on each Policy Anniversary.
Settlement Option: On death of the Life Insured, the nominee will have two options:
  • Option 1: Take the full Guaranteed Death Benefit as lumpsum; or
  • 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 Policy anniversary following the date of death. At any time during the settlement period, the nominee shall have the right to commute the remaining payouts by submitting a written request to the Company. On receipt of such a request, the Company shall pay present value of all future payouts discounted at the rate of 6.5% p.a. to the nominee.
Survival / Maturity / Surrender Benefit No Benefit is payable under this particular plan.

Rider Benefit The insured has an option to add the following covers to enhance the coverage:
  • Max Life Accidental Death & Dismemberment Rider
  • Max Life Waiver Of Premium Plus Rider
Please refer to the respective Rider Prospectus (or www.maxlifeinsurance.com) for more details on Riders.

NonForfeiture Benefit - Reduced Paid Up (RPU) Benefit Upon discontinuance of premium within first 15 years; the Policy will lapse and no surrender value will be paid. However, once the Policyholder has paid in full first fifteen (15) years premium, then in case of non-payment of any further premium by default the Reduced Insurance Cover (RIC) shall become active.

Brochure

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Policy wordings

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CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2025