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Max Life Life Perfect Partner Super Plan

Life Insurance
  • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
  • Claim up to Rs. 1,50,000 deduction under section 80C**
  • Choose between annual and monthly premium payment options

Max Life Life Perfect Partner Super Plan is a traditional participating money back life insurance plan offered by Max Life Insurance. This single life insurance plan offers guaranteed maturity sum assured of 212.5%. It provides maturity benefit, death benefit, terminal illness benefit, surrender benefit, tax benefit, flexible premium payment terms and bonus options. Policyholders can extend the protection by adding the following riders to their plan:

  • Max Life Payor Rider.
  • Max Life Accidental Death & Dismemberment Rider.
  • Max Life Term Plus Rider.
  • Max Life Waiver of Premium Plus Rider.

Premium for 7 years payment term starts from Rs.20,000* p.a. and premium for 10 years, 15 years or 20 years payment term starts from Rs.8,500* p.a.

*Premiums vary based on age, location, plan term and other factors.

Eligibility - Who is the Max Life Life Perfect Partner Super Plan for?

Max Life Life Perfect Partner Super Plan can be availed only by people who fulfil the eligibility requirements. The eligibility criteria for this policy is mentioned below:

Type Individual, Savings, Traditional participating money back life insurance plan
Minimum Age at Entry (age as on last birthday) 91 days
Maximum Age at Entry for 7 years and 10 years Premium Payment Term (age as on last birthday) 55 years
Maximum Age at Entry for 15 years Premium Payment Term (age as on last birthday) 50 years
Maximum Age at Entry for 20 years Premium Payment Term (age as on last birthday) 45 years
Age on Maturity (age as on last birthday) 75 years.

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

Sum Assured is the amount that policyholders receive from the policy. The minimum and maximum Sum Assured offered by this Max life pension policy is:

Minimum Sum Assured Rs.50,000, if the minimum premium is Rs.8,500 and premium payment term is 10 years,15 years or 20 years and Rs.20,000, if the premium payment term is 7 years.
Maximum Sum Assured No Limits

Sum Assured Bands for this policy is mentioned below:

Guaranteed Maturity Sum Assured Bands
Band 1 Below Rs.1,00,000
Band 2 Rs.1,00,000 to Rs.2,49,999
Band 3 Rs.2,50,000 to Rs.4,99,999
Band 4 Rs.5,00,000 and above

Max Life Life Perfect Partner Super Plan has the following Premium Payment Terms:

  • 7 years.
  • 10 years.
  • 15 years.
  • 20 years.

The policy permits annual, semi-annual, quarterly and monthly premium payment modes. The payment mode can be changed anytime during the policy term.

Minimum Premium Rs.20,000 p.a. if premium payment term is 7 years. Rs.8,500 p.a. if premium payment term is 10 years, 15 years or 20 years.
Maximum Premium It depends on maximum sum assured and age.

*Premiums vary based on age, location, plan term and other factors.

**Premium amount mentioned in the table above does not include extra premium, modal extra, tax, cess or levies.

Plan Coverage – What the Max Life Life Perfect Partner Super Plan Covers?

Max Life Life Perfect Partner Super Plan provides the following benefits:

Benefit Details
Survival Benefit Guaranteed Survival Benefits = 7.5% of Guaranteed Maturity Sum Assured is paid from age 61 years to 75 years (15 years).
Death Benefit On death of the Life Insured during the policy term, the following is paid:
  • Guaranteed Death Benefit, plus
  • Terminal Bonus (if there is any), plus
  • Accrued Paid-up Additions (if there are any).
Guaranteed Death Benefit is higher of the following:
  • 105% of all premiums paid as on death of death.
  • 11 times of the annualised premium.
  • Guaranteed Maturity Sum Assured selected by the policyholder at the start of the policy.
On death of Life insured, the policy will terminate.
Maturity Benefit On maturity, the following will be paid:
  • Accrued Paid-up Additions (if there are any), plus
  • Guaranteed Maturity Sum Assured, plus
  • Terminal Bonus.
Terminal Illness Benefit If Life Insured is diagnosed with Terminal Illness, which will lead to his/her death within a period of 6 months, then the company will pay the benefits as follows: Guaranteed Maturity Sum Assured (or RPU Guaranteed Maturity Sum Assured) of up to 50% on date of intimation. *Terminal Illness Benefit will be paid as per the terms and conditions of the company.
Surrender Benefit It is paid at the time of surrender of policy. The plan acquires Surrender Value as follows:
  • If premium payment term is 7 years, then after the first 2 full year premiums are paid.
  • If premium payment term is 10 years, 15 years and 20 years, then after the first 3 full year premiums are paid.
Surrender Value is the higher of the following:
  • Guaranteed Surrender Value.
  • Special Surrender Value.
Reduced Paid Up (RPU) Benefit Premium is discontinued after the policy gets a surrender value. Guaranteed Maturity Sum Assured is reduced using the following proportionate premium method: RPU Sum Assured = (Total Premiums Paid/Total Premiums Payable) x Guaranteed Maturity Sum Assured. Apart from the above, the following benefits is reduced using the same method:
  • Death Benefit – If Life Insured dies when the policy is under RPU mode, the following will be paid:
    • RPU Death Benefit, plus
    • Accrued Paid Up Additions (if there are any)
RPU Death Benefit = Guaranteed Death Benefit x (Total Premiums Paid/ Total Premiums Payable)
  • Survival Benefit – 7.5% of RPU Sum Assured.
  • Maturity Benefit – On maturity during RPU mode, the following will be paid:
    • Accrued Paid Up Additions (if there are any), plus
    • RPU Sum Assured.
  • Terminal Illness Benefit – It will be calculated on the RPU Sum Assured.

Add-On Plans – Additional Coverage Under the Max Life Life Perfect Partner Super Plan:

Max Life Life Perfect Partner Super Plan offers the following Rider options to policyholders:

Max Life Payor Rider In case of death or total disability of Policyholder, this Rider will waive off all future premiums. It will ensure that the Life Insured receives all the benefits that are due under the policy.
Max Life Term Plus Rider In case of death, this Rider provides extra risk coverage.
Max Life Accidental Death & Dismemberment Rider If Death or Dismemberment is caused due to an accident, then this policy offers lump sum benefit.
Max Life Waiver of Premium Plus Rider It waives off all future premiums in case of an unfortunate event. If Policyholder and Life Insured is same, then premiums are waived in case of critical illness or dismemberment. If Policyholder and Life Insured are different, then premiums will be waived in case of critical illness, dismemberment or death of the policyholder.

Exclusions - What the Max Life Life Perfect Partner Super Plan Doesn’t Cover?

Suicide Exclusion – If the Life Insured dies by suicide within 12 months from the revival date or start of the policy, then his/her policy will terminate immediately. In this case, the company will pay one of the following:

  • If policy has acquired surrender value, then higher of total premiums paid or Special Surrender Value (includes extra premium and excludes taxes and cesses).
  • If policy has not acquired surrender value, then total premiums paid (includes extra premium and excludes taxes and cesses).

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

Max Life Life Perfect Partner Super Plan policy has many other important features. Some of them are:

Particulars Details
Annual Bonus (Cash Bonus) Bonus will be declared by the company every year on the Guaranteed Maturity Sum Assured, starting from the end of 2nd policy year or 24th month and on accrued Paid-up Additions every year end from the end of 3rd policy year or 36th month. Policyholders can receive the bonuses through any one of the following options:
  • Purchase Paid Up Additions – Here, bonus declared is used to buy Paid Up Additions (PUA). The PUA increases the death, surrender and maturity benefits and is paid is full on death or maturity (whichever occurs earlier). If policy is surrendered, the cash value of PUA is paid to the policyholder.
  • Paid In Cash – Here, bonus declared is paid to the policyholder.
  • Premium offset – Here, bonus declared is used to offset the future premiums.
In case of death of policyholder (if Life Insured and Policyholder are different) and in case of Assignment of policy to any institution, the bonus option will change to PUA automatically.
Paid Up Additions Withdrawal This option allows policyholders to surrender and take in cash the accrued PUA in full or in part. The remaining PUA will continue accruing bonuses. Minimum Withdrawal – Rs.5,000. Maximum Withdrawal – Depends on the maximum Paid Up Additions cash value that is available.
Terminal Bonus It is an extra bonus that is paid only once. It is paid on surrender, death or maturity (whichever occurs earlier), provided the policy has completed 10 years.
Grace Period 15 days for monthly payment mode. 30 days for all other payment modes.
Freelook Period 15 days.
Nomination Policyholders are permitted to choose a nominee.
Policy Revival Policy can be revived within 2 years from the 1st unpaid premium due date.

Tax Benefits – How you can Save with the Max Life Life Perfect Partner Super Plan?

Owners of Max Life Life Perfect Partner Super Plan can enjoy tax benefits under the Income Tax Act of 1961 in the form of Deductions and Exemptions. Deductions can be claimed under Sections 80C, 80CCC, 80D and 80DD of the IT Act and Exemptions can be claimed under Section 10 (10D) of the IT Act.

*Tax Benefits are dependent on the tax laws and may change at any time. It is advisable to consult someone who is an expert in tax matters.

Other Benefits – How you can Save with the Max Life Life Perfect Partner Super Plan?

Max Life Life Perfect Partner Super Plan has many other benefits to offer other than the ones mentioned above. Some of these benefits are:

SMS Updates If policyholders activate this service, then they will get regular updates related to their policy via SMS from the company.
Online Payment Facility Premium for this policy can be easily paid online on the website of the company.
Download Premium Receipt Facility Premium receipts can be downloaded easily from the website of the company. This facility helps policyholders in saving time and paper.
Customer Care The company offers 24x7 customer care service. Customers can access the service via call, SMS, email or letter.
Premium Calculator This tool can be used by customers before they purchase the policy to calculate the amount of premium they will be paying as part of this policy.

Why you Should Buy the Life Perfect Partner Super Plan from Max Life Insurance?

You should buy Max Life Life Perfect Partner Super Plan from Max Life Insurance because it is a savings plan that will not only provide you with life protection, but also help you invest and plan your finances well. Max Life Insurance is a leading insurance company that offers over 15 insurance products. Among all the products, Max Life Life Perfect Partner Super Plan is the most popular. The company has over 2,000 branches across India, which makes it easily accessible. Max Life Insurance is known for its customer-centric approach and service quality. It offers 24x7 customer support team, which you can contact for any claims or policy related queries.

Frequently Asked Questions (FAQs):

  1. What is Annualised Premium?

    A. Annualised Premium is the total of Annual premium and extra premium.

  2. What is Guaranteed Surrender Value?

    A. Guaranteed Surrender Value or GSV is a percentage of the total paid premiums plus guaranteed cash value of accrued PUA less survival benefits that has already been paid.

  3. What is Special Surrender Value?

    A. Special Surrender Value (SSV) is equal or greater than GSV. It is determined from time to time by the company. SSV is not guaranteed and may be revised. It is the sum of the following:

    • Reduced Paid Up Sum/1000 x SSV Factor, where

    Reduced Paid Up Sum Assured is equal to Guaranteed Maturity Sum Assured x (Total Premiums Paid/Total Premiums Payable).

    • Cash value of Terminal bonus (it will be paid if surrendered from 10th policy year-end).
    • Cash value of PUA.
  4. Does Max Life Life Perfect Partner Super Plan provide loan facility?

    A. No, Max Life Life Perfect Partner Super Plan does not provide loan facility.

  5. Under what circumstances will the policy lapse?

    A. The policy will lapse if the premium is not paid by the end of Grace Period and if the policy has not receive a surrender value.

  6. Is Assignment applicable for this policy?

    A. Yes, Assignment is applicable for this policy, provided it follows the provisions mentioned in Section 38 of Insurance Act 1938.

  7. What will happen when the policy becomes reduced paid-up?

    A. When the policy becomes reduced paid-up, then all rider benefits will stop and PUA withdrawal with not be permitted.

  8. What are the Modal Factors for the different premium payment modes?

    A. The Modal Factors for the different premium payment modes are as follows:

    • For annual premium payment mode, the Modal factor is 1.000.
    • For semi-annual premium payment mode, the Modal factor is 0.520.
    • For quarterly premium payment mode, the Modal factor is 0.265.
    • For monthly premium payment mode, the Modal factor is 0.090.
  9. How to make a claim?

    A. To make a claim, people have to submit the following to Max Life Insurance:

    • Claimant’s statement in the form prescribed by the company.
    • Your original policy document.
    • Death certificate issued by the municipal or local authority.
    • Claimant’s and Nominee(s) Identity proof. It should have their photographs and signatures (to be submitted in case of death).
    • Any other documents requested by the company.
  10. Where can I find more information about this policy?

    A. You can find more information about this policy on the website of Max Life Insurance. You can also visit any branch of the company or contact the customer service department for more details.