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  • Max Life Waiver of Premium Plus Rider

    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

    The Max Life Waiver of Premium Plus Rider is a non-linked rider plan. The Max Life Waiver of Premium Plus Rider plan ensures that the policyholder and his/her loved ones always stay protected under the insurance coverage. Even if the policyholder encounters death in an unfortunate event, the Max Life Waiver of Premium Plus Rider plan ensures that the loved ones of the policyholder stay protected under the plan.

    When the policyholder adds the Max Life Waiver of Premium Plus Rider plan to his/her insurance policy, he/she can enjoy waiver of future premiums in case any of the following events take place:

    • If the Life Insured and Policyholder are same:
      • Diagnosis of 11 critical illnesses (specified).
      • Dismemberment.
    • If the Life Insured and Policyholder are different.
      • Death.
      • Diagnosis of 11 critical illnesses (specified).
      • Dismemberment.

    Eligibility – Who is the Max Life Waiver of Premium Plus Rider plan for?

    In order to buy the Max Life Waiver of Premium Plus Rider plan, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

    Parameters Criteria for eligibility
    Minimum age at entry 18 years
    Maximum age at entry 65 years
    Maximum age at maturity 70 years

    Sum Assured and Premium Range – What you get and what it costs?

    Sum Assured – It is the amount that is paid out after the term of the policy ends. In case of an unfortunate event where the assured encounters death, the sum assured is received by the nominee or the beneficiary.

    Premium – The premium is the amount that is paid by the policyholder at one go or regular intervals to keep the policy running. Premium payment modes that can be availed under the Max Life Waiver of Premium Plus Rider plan are monthly, quarterly, half-yearly and annually. If the age at entry is 18 years, the minimum yearly premium is Rs.2 per annum. The base plan premium is Rs.1,000 and the Rider Term is 5 years.

    Premium payment term Same as the rider term
    Premium payment modes Monthly, quarterly, half-yearly and annually
    Minimum premium If the age at entry is 18 years, the minimum yearly premium is Rs.2 per annum. The base plan premium is Rs.1,000 and the Rider Term is 5 years
    Maximum premium The maximum premium for the rider is calculated on the basis of base plan’s maximum premium to which the Max Life Waiver of Premium Plus Rider plan is linked.

    Disclaimer – Premiums may vary depending upon factors like term of plan, location, age, etc.

    Plan Coverage – What the Max Life Waiver of Premium Plus Rider Plan covers?

    Max Life Waiver of Premium Plus Rider plan ensures that the policyholder does not have to pay for any future premiums applicable under the base policy and the attached riders. In order to avail the waiver, one of the following events must take place. The events are mentioned below:

    • Dismemberment – If the base policy and the Max Life Waiver of Premium Plus Rider plan are active, the future premiums will not have to be paid by the policyholder if the following impairments (one or more) are suffered by the insured individual. These impairments must be there for at least a period of 180 days. It must be termed permanent by a registered medical practitioner. The impairments are mentioned below:
      • Irrecoverable or total loss of one eye or both eyes.
      • Loss of use or amputation of one foot above the ankle and one hand above the wrist.
      • Loss of use or amputation of both feet above ankles.
      • Loss of use or amputation of both hands above wrists.
    • Critical Illnesses – There are 11 different critical illnesses that are covered under this policy rider. These are mentioned below:
      • Cancer of a specified severity.
      • First heart attack.
      • Repair of valves or open heart replacement.
      • Open chest CABG.
      • Kidney failure followed by need for dialysis.
      • Coma of a specified severity.
      • Stroke that results in permanent symptoms.
      • Bone marrow transplant or major organ transplant.
      • Paralysis of the limbs (permanent).
      • Disease of the motor neurone with symptoms.
      • Multiple Sclerosis.
    • Death (only when policyholder and life insured are different people).

    Exclusions – What the Max Life Waiver of Premium Plus Rider Plan does not cover?

    • Suicide Exclusion – In case the policyholder, whether insane or sane, commits suicide within a period of 12 months from the revival date of the policy or the commencement date of the policy, 100% of the premiums will be paid out by the company. Service tax and education cess will be deducted from the payout as applicable. However, this is only applicable when the life insured and the policyholder are two different people.
    • Critical Illness Exclusion:
      • Survival period – None of the benefits are paid out under the Max Life Waiver of Premium Plus Rider plan in case the policyholder encounters death within a span of thirty days from critical illness diagnosis date.
      • Waiting period – None of the benefits are paid out under the Max Life Waiver of Premium Plus Rider Plan in case the policyholder encounters death within a span of ninety days from the revival date of the Max Life Waiver of Premium Plus Rider plan or the commencement date of the Max Life Waiver of Premium Plus Rider plan.
    • Other Exclusions:
      • Self-inflicted injury or suicide attempt, whether the policyholder is insane or sane.
      • Infections with HIV (Human Immunodeficiency Virus) or AIDS (Acquired Immune Deficiency Syndrome).
      • Involvement in criminal act, assault, breach of law or illegal act.
      • All congenital conditions.
      • Solvent or alcohol abuse or intake of drugs that have not been specified by an registered medical practitioner.
      • Act of foreign enemy, invasion, war, hostilities, mutiny, civil war revolution, rebellion, riots, insurrection, etc.
      • Taking part in flying activities other than as a passenger, cabin crew or pilot in a scheduled aircraft that is licenced.
      • Taking part in hazardous sports or activities like mountaineering, bungee jumping, parachuting, etc.
      • Exposure to nuclear contamination, explosives or nuclear fuel materials.

    Other Key Features of Max Life Waiver of Premium Plus Rider Plan:

    Grace period A 30 day grace period can be availed for the payment of premiums. However, for the monthly premium payment mode, a grace period of 15 days can be enjoyed.
    Free look period Free look period for the Max Life Waiver of Premium Plus Rider is same as the base plan to which it is attached.

    Tax Benefits – How you can save under the Max Life Waiver of Premium Plus Rider Plan?

    Tax benefits are available under the Max Life Waiver of Premium Plus Rider Plan as per the prevailing tax laws. It is highly advisable that you speak with your tax advisor to know more about the tax benefits available under Max Life Waiver of Premium Plus Rider plan.

    Why you should buy the Max Life Waiver of Premium Plus Rider plan from Max Life?

    Max Life Insurance is one of the top insurance providers in this country. The insurance solutions offered by this company come with a myriad of benefits and features. The Max Life Waiver of Premium Plus Rider plan ensures that the policyholder and his/her loved ones always stay protected under the insurance coverage. Even if the policyholder encounters death in an unfortunate event, the Max Life Waiver of Premium Plus Rider plan ensures that the loved ones of the policyholder stay protected under the plan. The rider plan is tailored to take care of your insurance needs.