Max Life Group Credit Life Secure Plan

• Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
• Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
• Do more with plans that offer pure protection, retirement planning and investment options

Max Life Group Credit Life Secure Plan is a non-linked single premium group term life insurance plan offered by Max Life Insurance. The plan is ideal for providing cover against loans in the event of death of a group member, during the term of the policy. In other words, the product ensures that if a borrower faces death, the outstanding loan amount is paid out by the insurer; hence benefiting the financial institution, the policyholder, and the dependents of the borrower. It should be noted that the policy only provides death cover, and no disability cover is offered. The plan also offers various death benefit options, such as Decreasing Cover Death Option, Level Cover Death Option, and Moratorium Option.

Eligibility - Who is the Max Life Group Credit Life Secure Plan for?

In order to be eligible to purchase the Max Life Group Credit Life Secure Plan, the customer has to satisfy certain criteria with respect to his/her age and the level of coverage required. The eligibility conditions under the plan are as follows:

(UIN:104N072V01)

The ages mentioned above are with respect to the last birthday of the life assured.

The plan can be availed only by a group of members who have a clear relationship with each other and the group policyholder. The policyholder should have the legal authority to purchase the policy on behalf of all the members. Groups that are formed only for taking the insurance coverage will not be eligible.

Sum Assured and Premium Range – What you Get and What it Costs?

Sum Assured is the guaranteed amount of money that the life assured receives from the insurance policy. The sum assured for the Max Life Group Credit Life Secure Plan is as follows:

This amount is paid to the nominee/beneficiary at the death of the life assured.

The minimum and maximum premiums that are contributed towards the policy have no limits.

Plan Coverage – What the Max Life Group Credit Life Secure Plan Covers?

Max Life Group Credit Life Secure Plan has various death benefit options, as detailed below. The member is required to select the required option at the inception of the policy.

Add-On Plans – Additional Coverage Under the Max Life Group Credit Life Secure Plan:

Max Life Group Credit Life Secure scheme does not offer any add-on plans.

Exclusions - What the Max Life Group Credit Life Secure Plan Doesn’t Cover?

Suicide Exclusion – In the event of death due to suicide within one year from the inception of the policy, irrespective of the mental condition of the member, the insurance coverage will come to an end. The death benefit payable will not be less than 80% of the premiums received by Max Life Insurance, in respect of the group member.

Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

Max Life Group Credit Life Secure Plan has many other important features. Some of them are:

Tax Benefits – How you can Save with the Max Life Group Credit Life Secure Plan?

Premiums paid towards the Max Life Group Credit Life Secure Plan and the payouts availed are eligible for tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961. However, these regulations are subject to change and you are advised to consult a tax advisor for updated tax guidelines.

Other Benefits – How you can Save with the Max Life Group Credit Life Secure Plan?

Apart from the benefits listed above, the Max Life Group Credit Life Secure Plan has the following advantages:

Why you Should Buy the Group Credit Life Secure Plan from Max Life Insurance?

Buying Max Life Group Credit Life Secure Plan from Max Life Insurance can help lenders in protecting their finances from non-payment by a borrower, on account of his/her unprecedented demise. Max Life Insurance has a presence all around the country, with above 2,000 branches. They also utilise the latest technology for processing claims and provide a bouquet of benefits to customers in the form of regular policy updates, online payments, fund performance summary, etc.

Frequently Asked Questions (FAQs):

1. What is the application procedure for this insurance policy?

   A. An individual who is eligible to apply should submit the relevant documents to the insurance company as evidence of insurability. Medical examination will be performed on individuals whose total sum assured exceeds the non-medical limit.

2. When will the insurance be terminated?

   A. The insurance of a member will automatically cease when:

   • The policy reaches expiry date
   • The insurer fulfills the death claim
   • The member requests for the surrender of the policy

3. Does the company provide a certificate of insurance to each member of the group?

   A. Yes, Max Life Insurance issues an individual certificate of insurance to each member under the policy. If there is any discrepancy between this certificate and the terms and conditions in the policy, the policy terms will prevail.

4. Can this policy be assigned to another individual?

   A. No, it is not possible to assign the Max Life Group Credit Life Secure policy to someone else.

5. What is the dispute redressal procedure under the policy?

   A. All grievances or queries from customers will be addressed by the insurer’s helpdesk, or at the office mentioned below:

   Max Life Insurance Company Limited

   Plot 90A, Sector 18, Gurgaon, 122015,

   Haryana, India.

   Tel No: 0124-4219090

   Email: service.helpdesk@maxlifeinsurance.com

6. How do I pay the premium towards the policy?

   A. Max Life Insurance enables customers to pay premiums through various modes, such as:

   Through ECS on an annual, semi-annual, quarterly, or monthly basis.

   Through drop boxes at several locations in the city.

   Through IVR at the helpline number 1860 120 5577.

   Through the website of the insurer.

   At branch locations across the city.

7. What is distance marketing?

   A. Distance marketing refers to the sale of insurance policies through channels that do not involve face-to-face interactions. The sale of policies through the internet and telephone are some examples of distance marketing.

8. For group policies, who will be the recipient of the claim benefit?

   A. In the case of the Max Life Group Credit Life Secure Plan, which is a lender-borrower scheme, the outstanding loan amount will be paid in favour of the master policyholder and the balance claim amount will be paid in favour of the registered nominee.

9. When does the company decline claims?

   A. Max Life Insurance declines claims when the member does not disclose any material information at the start of the policy, which would have impacted the issuance or revival of the policy. In addition, if he/she does not fulfill the terms and conditions in the contract, the claim will be declined.

10. What documents are required for requesting a surrender of policy?

    A. The documents required for a surrender request are:

    • Surrender form
    • Copy of ID proof
    • Original policy
    • If the premium payment was through NEFT, the request cancelled cheque is to be submitted with a copy of the bank passbook and an attestation from the bank on the account details.