Max Life Whole Life Super is a traditional participating whole life insurance plan offered by Max Life Insurance. It is a single life policy that provides protection up to 100 years of age, bonuses and death benefit. It helps in creating a legacy for the policyholder’s family. It also allows policyholders to withdraw money from the policy in case of any emergency. Policyholders can choose to add the following riders to this plan:
Premium for this policy starts from Rs.8,500* p.a. Apart from the above, policyholders can enjoy tax benefits on the premium and the benefits they receive from the policy.
*Premiums vary based on age, location, plan term and other factors.
Max Life Whole Life Super can be availed only by people who fulfil the eligibility requirements. The eligibility criteria for this Max Life savings policy is mentioned below:
|Type||Individual, Traditional participating whole life insurance plan|
|Minimum Age at Entry (age as on last birthday)||18 years|
|Maximum Age at Entry for 10 year policy term (age as on last birthday)||60 years|
|Maximum Age at Entry for 15 year policy term (age as on last birthday)||55 years|
|Maximum Age at Entry for 20 year policy term (age as on last birthday)||50 years|
|Maximum Age at Maturity (age as on last birthday)||100 years|
The guaranteed amount policyholders receive from the policy is called the Sum Assured. This policy has the following 5 Sum Assured Bands:
|Band 1||Rs.50,000 to Rs.2,49,999|
|Band 2||Rs.2,50,000 to Rs.4,99,999|
|Band 3||Rs.5 Lakhs to Rs.9,99,999|
|Band 4||Rs.10 Lakhs to Rs.49,99,999|
|Band 5||Rs.50 Lakhs and above|
The Sum Assured limits for Max Life Whole Life Super is mentioned in the table below.
|Minimum Guaranteed Maturity Sum Assured||Rs.50,000, provided the minimum premium is Rs.8,500|
|Maximum Guaranteed Maturity Sum Assured||No Limit|
Max Life Whole Life Super has 3 Premium Payment Terms, which are as follows:
The policy term for this plan is 100 years less age at entry. Policyholders can make the premium payment using annual, semi-annual, quarterly or monthly payment modes. They can choose to change the payment mode at any time during the policy term.
|Minimum Premium||Rs.8,500 p.a.|
|Maximum Premium||No Limit|
*Premiums vary based on age, location, plan term and other factors.
**The above rates are not inclusive of taxes, extra premium, cesses or levies.
Max Life Whole Life Super provides the following benefits:
|Maturity Benefit||It is paid if the Life Insured is alive on the date of maturity. Max Life Whole Life Super pays the following as maturity benefit: Accrued Paid Up Additions (if any) + Guaranteed Maturity Sum Assured + Terminal Bonus (if any)|
|Death Benefit||It is paid in case of death of the Life Insured during the policy term. Max Life Whole Life Super pays the following as death benefit:
Accrued Paid Up Additions (if any) + Guaranteed Death Benefit + Terminal Bonus (If any)
Here, Guaranteed Death Benefit is the higher of the following:
|Terminal Illness Benefit||If the Life Insured is diagnosed with a disease that will lead to his/her death within a period of 6 months from the date of diagnosis, then Max Life Insurance will pay the following benefits on the Policyholder’s request to the Life Insured: Guaranteed Maturity Sum Assured or Reduced Paid Up (RPU) Guaranteed Maturity Sum Assured up to 50% on the date of notification. Terminal Illness Benefit will be paid as per the terms and conditions of the policy. This benefit can be availed only once.|
|Surrender||The policy can be surrendered at any time after it receives the surrender value. It will acquire the surrender value on payment of the premium of first 3 years. Surrender Value is the higher of Special Surrender Value (SSV) or Guaranteed Surrender Value (GSV).
GSV = (GSV Factor x Total Premium Paid) + Guaranteed cash value of Paid Up Additions (PUA).
GSV factor is shown as a percentage of the premiums that has been paid in the table below.
|Non-Forfeiture Benefit: Reduced Paid Up (RPU)||After the policy gets the surrender value, it will become RPU if the policyholder fails to pay future premiums. The benefits will be reduced using the proportionate premium method.
Max Life Whole Life Super policyholders have the option to add the following riders to their policy:
|Max Life Accidental Death & Dismemberment Rider||This rider provides a lump sum benefit in case death or dismemberment is caused by an accident.|
|Max Life Term Plus Rider||This rider provides extra risk cover in case of death.|
|Max Life Waiver of Premium Plus Rider||This rider waives of all future premiums in case of an unfortunate event.|
Suicide Exclusion – If the Life Insured kills himself/herself within 12 months from the revival date or start of Max Life Whole Life Super, then his/her policy will terminate. In this case, Max Life Insurance will pay the following:
Max Life Whole Life Super policy has many other important features. Some of them are:
|Annual Bonus (Cash Bonus)||Max Life Whole Life Super offers 3 bonus options to policyholders. The option has to be selected during the proposal and can be changed at any time during the policy term. The options are:
|PUA Withdrawal Option||This feature allows policyholders to surrender and take PUA cash value in part or full. If withdrawn in part, then the balance will continue accruing bonuses. Minimum amount – Rs.5,000 Maximum amount – Depends on the PUA cash value that is available.|
|Terminal Bonus||It is an extra one-time bonus, which is paid on maturity, death or surrender (whichever occurs earlier). In case of surrender, the cash value of the bonus will be paid.|
|Grace Period||30 days for all modes except monthly mode. 15 days for monthly mode.|
|Freelook Period||15 days|
|Nomination||Nomination is allowed.|
|Policy Revival||Within a period of 2 years, starting from the first unpaid premium due date.|
Max Life Whole Life Super policyholders 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 Whole Life Super has many other benefits to offer other than the ones mentioned above. Some of these benefits are:
|SMS Updates||By activating this service, policyholders can get regular updates via SMS about their policy from the company.|
|Online Payment Facility||The company has made it easy for policyholders to pay their premiums. Policyholders can simply visit the company’s website and make the payment online.|
|Download Premium Receipt Facility||Policyholders can download premium receipts online on the website of the company.|
|Customer Care||The company provides 24x7 customer care service, which can be contacted via phone, SMS, email, etc.|
|Premium Calculator||Customers can calculate the premium before purchasing the policy using this tool. It is available for free on the company’s website.|
You should buy Max Life Whole Life Super from Max Life Insurance because it is a leading insurance company with over 15 insurance products to offer. The company has a presence all over India and is known for its service quality and customer-centric approach. Max Life Whole Life Super is the most popular out of all the insurance products sold by the company because it provides lifetime protection up to age 100 years and it will aid you in creating a legacy for your family. The company is popular for its customer service, which is available 24x7.
A. Yes, Annualised Premium includes extra premium, but excludes taxes and cesses.
A. The modal factors for the different premium payment modes are as follows:
A. If the policy become RPU, then all rider benefits will stop and PUA withdrawals will not be permitted.
A. No, Max Life Whole Life Super does not provide loan facility.
A. The Max Life Whole Life Super policy will lapse only if it has not received any surrender value and if a policyholder fails to pay the premium by the end of Grace Period.
A. Assignment is applicable for Max Life Whole Life Super, but it has to follow the provisions mentioned under Section 38 of Insurance Act 1938.
No, you cannot avail this policy through Distance Marketing.
A. To make a claim on Max Life Whole Life Super, you must submit the following documents to Max Life Insurance:
A. The claim request documents are available on the website of the company. You can download it from there.
A. To get more details about Max Life Whole Life Super, customers can visit the company’s website or contact the customer care service.