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Max Life Maxis Super Plan

Max Life Maxis Super Plan is a non-participating unit linked insurance plan offered by Max Life Insurance.This plan can prove to be of great help when you are planning your finances. It automatically balances the debt and equity exposure of your investment and ensures that your future is happy and safe. It offers life insurance coverage, tax benefits and various investment options to policyholders. Premium for this policy starts from Rs.35,000*.

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

Eligibility - Who is the Max Life Maxis Super Plan for?

Max Life Maxis Super Plan can be availed only by people who fulfil the eligibility requirements mentioned below.

Type Individual, non-participating unit linked insurance plan
Minimum Age at Entry (age as on last birthday) 18 years
Maximum Age at Entry (age as on last birthday) 55 years
Maximum Age at Maturity (age as on last birthday) 70 years

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

The minimum and maximum Sum Assured offered by Max Life Maxis Super Plan is mentioned in the table below.

Minimum Sum Assured Rs.3,85,000
Maximum Sum Assured No Limit

The Sum Assured Multiples available for this plan are:

Age at entry Sum Assured Multiples
18 years – 34 years 11, 15 or 20 times of the Annualised Premium
35 years – 44 years 11 or 15 times of the Annualised Premium
45 years and above 11 times of the Annualised Premium

Max Life Maxis Super Plan offers the following 2 Premium Payment Term options:

  • 7 Pay Variant – 7 years.
  • 10 Pay Variant – 10 years.

Policyholders have to pay the premium annually. The policy term for this plan is 15 years.

Minimum Annualised Premium Rs.35,000
Maximum Annualised Premium No Limit

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

Plan Coverage – What the Max Life Maxis Super Plan Covers?

Max Life Maxis Super Plan is a life insurance plan that helps policyholders plan their finances by automatically balancing the debt and equity exposure. The plan provides the following benefits:

Benefit Details
Maturity Benefit Policyholders will receive an amount equal to the fund value on date of maturity, provided he/she has not used the settlement options. In this case, the fund value will calculated using the following formulae: Fund Value = Sum of Units Accumulated in Fund(s) X NAV of respective Fund(s) on the date of maturity. *If maturity date is a holiday (non-working) for the company, then next working day’s NAV will be considered.
Death Benefit In case of death of Life Insured during the policy term, then the company will pay Sum Assured and the Fund Value on the date of death. A minimum of 105% of premiums paid till the date of demise will be given.

Max Life Maxis Super Plan provides policyholders the option to invest in the following 5 funds:

Fund Name Government Securities Cash Instruments and Money Market Corporate Bonds Risk Rating Equity and Equity related securities Objective
Growth Fund 0% to 30% 0% to 40% 0% to 30% High 20% to 70% Investments across equities, corporate bonds, money market instruments and government securities.
Balanced Fund 20% to 50% 0% to 40% 20% to 40% Medium 10% to 40% Investments are primarily in debt instruments.
Growth Super Fund 0% to 20% 0% to 30% 0% to 20% High 70% to 100% 70% of invested in equities and 30% in debt instruments.
Secure Fund 50 to 100% 0% to 40% 0% to 50% Low Nil Investments in debt instruments. No equity investments.
Conservative Fund 50 to 80% 0% to 40% 0% to 50% Low 0% to 15% Primarily invests in debt instruments.

The plan allows policyholders to invest in Dynamic Fund Allocation in order to save their funds from market volatilities. In this type of investment strategy, the initial part of the policy term will have Equity Oriented Fund investments, which moves to conservative fund by term end. The assets under management will be held in a pre-decided proportion amongst Growth Super Fund and Secure Fund and will change depending on the maturity years. Policyholders can select this option only at the time of policy inception and they can opt out of it at any time during the policy term.

Dynamic Fund Allocation
Number of years to maturity Assets under management under Secure Fund Assets under management under Growth Super Fund
11 years to 15 years 30% 70%
6 years to 10 years 50% 50%
0 years to 5 years 70% 30%

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

Max Life Maxis Super Plan does not provide any add-on plans.

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

Suicide Exclusion – If any Life Insured dies by suicide within 12 months from the policy inception/revival date, then his/her policy will terminate immediately. The beneficiary/ nominee will only get the Fund Value on the date of demise.

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

Max Life Maxis Super Plan policy has many other important features. Some of them are mentioned below.

Particulars Details
Switch Minimum amount - Rs.5,000.
Premium Redirection Policyholders can use this feature to redirect their future premium between the funds available at any time by submitting a request in writing.
Partial Withdrawal Minimum amount – Rs.5,000. Maximum amount – 50% of Fund Value (as on withdrawal date, provided fund value after withdrawal is equal to or more than 1 annualised premium or 25% of Single premium).
Grace Period Monthly payment mode – 15 days. Other payment modes – 30 days.
Settlement Option Policyholders can use this option at least 15 days before the date of maturity, after which Max Life Insurance will manage funds for the policyholders for a maximum of 5 years (from date of maturity) and also make payments. The company must receive instructions from policyholders about the settlement period and payout frequency. Under this option, the balance Units present in the Fund at the start of the settlement period will be divided in equal parts. *During this period, no risk cover is provided and Fund Management Charge has to be paid.
Freelook Period 15 days.
Policy Revival Within 2 years from date of discontinuance.
Nomination Nomination is permitted.

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

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

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

Customer Care 24x7 customer care service is offered by the company. Customers can contact the customer care team for any policy or claims related queries.
Expert Advice Customers can get expert advice at their doorstep. To avail this service, they have to simply contact the company.
Download Premium Receipt Facility Max Life Maxis Super Plan owners can download their premium receipts online from the website of the company.
SMS Updates Customers can receive updates from the company regularly about their policy via SMS. To get the updates, they have to simply request the company to initiate the service for them.
Online Payment Facility Customers can easily pay their premium online on the website of the company.

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

You should buy Max Life Maxis Super Plan from Max Life Insurance because it helps policyholders plan their finances by balancing their debt and equity exposure. It provides multiple investment options to policyholders, shorter premium payment terms and risk cover choice. The company is a leading life insurance company in India with over 2,000 branches spread across the country. Max Life Insurance is known for employing superior technology to fasten the claims process compared to its rivals. Out of all the insurance products that it offers, Max Life Maxis Super Plan is the most popular.

FAQs about Max Life Maxis Super Plan:

  1. How many fund switches are allowed in a policy year?

    A. A maximum of 12 fund switches are allowed in a policy year.

  2. How many Partial Withdrawals are allowed in a policy year?

    A. Policyholders can make 2 Partial Withdrawals in a policy year.

  3. What is the charge for Switch option?

    A. The company does not charge fee for the Switch option.

  4. How many Premium Redirections are allowed in a policy year?

    A. Six Premium Redirections are allowed for free in a policy year.

  5. What is the Premium Allocation Charge for Max Life Maxis Super Plan?

    A. The Premium Allocation Charge for the different variants of Max Life Maxis Super Plan is:

    Premium payment Term Policy year – 1 to 5 From 6th policy year
    7 Pay 4% 2%
    10 Pay 4% 2%
  6. What is the discontinuance or surrender charge for Max Life Maxis Super Plan?

    A. The discontinuance or surrender charge for Max Life Maxis Super Plan is:

    Policy Year Surrender Charge
    1 It is the lower of the following:
    • Rs.6,000.
    • 6% of Fund Value.
    • 6% of Annualised Premium.
    2 It is the lower of the following:
    • Rs.5,000.
    • 4% of Fund Value.
    • 4% of Annualised Premium.
    3 It is the lower of the following:
    • Rs.4,000.
    • 3% of Fund Value.
    • 3% of Annualised Premium.
    4 It is the lower of the following:
    • Rs.2,000.
    • 2% of Fund Value.
    • 2% of Annualised Premium.
    5 and above Nil
  7. Does Max Life Maxis Super Plan offer rider option, loan facility and Top Up Option?

    A. No, Max Life Maxis Super Plan does not offer rider option, loan facility and Top Up Option.

  8. What is Mortality Charge?

    A. Max Life Insurance imposes Mortality Charge for providing risk cover.

  9. What is the charge for Partial Withdrawal?

    A. The company does not charge any fee for Partial Withdrawals.

  10. How can I make a claim on Max Life Maxis Super Plan?

    A. To make a claim on Max Life Maxis Super Plan, you have to submit the documents mentioned below to Max Life Insurance:

    • Written claim notice.
    • Claimant’s statement in the form prescribed Max Life Insurance.
    • Death Certificate issued by the municipal or local authority.
    • Original policy document.
    • Valid self-attested address and ID proof of the Nominee(s) or claimant.
    • Valid certificate or order of succession issued by a competent court. It should mention that the claimant is allowed to collect the amount due under the Policy.
    • Other documents requested by the company.