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:
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.
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 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:
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.
Max Life Life Perfect Partner Super Plan provides the following benefits:
|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:
|Maturity Benefit||On maturity, the following will be paid:
|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:
|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:
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.|
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:
Max Life Life Perfect Partner Super Plan policy has many other important features. Some of them are:
|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:
|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.|
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.
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.|
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.
A. Annualised Premium is the total of Annual premium and extra premium.
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.
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 Assured is equal to Guaranteed Maturity Sum Assured x (Total Premiums Paid/Total Premiums Payable).
A. No, Max Life Life Perfect Partner Super Plan does not provide loan facility.
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.
A. Yes, Assignment is applicable for this policy, provided it follows the provisions mentioned in Section 38 of Insurance Act 1938.
A. When the policy becomes reduced paid-up, then all rider benefits will stop and PUA withdrawal with not be permitted.
A. The Modal Factors for the different premium payment modes are as follows:
A. To make a claim, people have to submit the following to Max Life Insurance:
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.