• Max Life Whole Life Super Plan

    Life Insurance
    • Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
    • Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
    • Do more with plans that offer pure protection, retirement planning and investment options

    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:

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

    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.

    Eligibility - Who is the Max Life Whole Life Super for?

    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:

    (UIN:104N080V03)

    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

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

    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:

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

    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.

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

    Max Life Whole Life Super provides the following benefits:

    Benefit Details
    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:
    • 105% of all premiums that has been paid by the policyholder until date of demise.
    • 11 times of the annualised premium.
    • Guaranteed Maturity Sum Assured that the policyholder selected at the start.
    In case of death, the policy will terminate.
    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.
    Surrender Year GSV Factor
    1-2 Nil
    3 30%
    4-7 50%
    8 year + Minimum of [{50% + ((40% x (Surrender year - 7))/(policy term – 8))} or 90%]
    SSV will be equal or more than GSV and will be revised by the company from time to time. It is the sum of RPU Sum Assured/1000 x SSV Factor, Cash Value of PUA and Cash Value of Terminal Bonus. RPU Sum Assured = Guaranteed Maturity Sum Assured x (Total Premiums Paid/Total Premiums Payable). Cash Value of Terminal Bonus will be paid only in case of surrenders from 10th policy year end.
    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.
    • Death Benefit will be the sum of RPU Death Benefit and Accrued PUA. Here,
    RPU Death Benefit = Guaranteed Death Benefit x (Total Premiums Paid/ Total Premiums Payable
    • Maturity Benefit will be the sum of RPU Sum Assured and Accrued PUA.
    • Terminal Illness benefit will be calculated on RPU Sum Assured.

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

    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.

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

    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:

    • If policy has not acquired surrender value, then total premiums paid.
    • If policy has acquired surrender value, then higher of total premiums paid or SSV.

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

    Max Life Whole Life Super policy has many other important features. Some of them are:

    Particulars Details
    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:
    • Premium Offset – Here, the declared bonus is used to offset future premiums.
    • Paid In Cash – Here, the declared bonus is paid to the policyholder.
    • Purchase PUA – Here, the declared bonus is used to purchase PUA. The PUA will increase the death and survival benefits of the policy and is paid on death or maturity (whichever occurs earlier). PUA will also earn more bonuses to increase policy value. If policy is surrendered, then cash value of PUA will be given to the policyholders.
    In case of death of policyholder (provided Life Insured and policyholder are separate) and in case of Assignment of policy to an institution, the bonus option will change to PUA automatically.
    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.

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

    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.

    Other Benefits – How you can Save with the Max Life Whole Life Super?

    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’s customer care service 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.

     

    Why you should Buy the Whole Life Super from Max Life Insurance?

    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 from Monday to Saturday between 9.00 a.m. and 6.00 p.m.

    FAQs about Max Life Whole Life Super:

    1. Does Annualised Premium include extra premium?

      A. Yes, Annualised Premium includes extra premium, but excludes taxes and cesses.

    2. What are the modal factors for the different premium payment modes?

      A. The modal factors for the different premium payment modes are as follows:

      • 1.000 for annual mode.
      • 0.520 for semi-annual mode.
      • 0.265 for quarterly mode.
      • 0.090 for monthly mode.

    3. What will happen in case the policy becomes RPU?

      A. If the policy become RPU, then all rider benefits will stop and PUA withdrawals will not be permitted.

    4. Does Max Life Whole Life Super provide loan facility?

      A. No, Max Life Whole Life Super does not provide loan facility.

    5. Under what circumstances will Max Life Whole Life Super policy lapse?

      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.

    6. Is Assignment applicable for Max Life Whole Life Super?

      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.

    7. Can I avail this policy through Distance Marketing?

      No, you cannot avail this policy through Distance Marketing.

    8. How to make a claim on Max Life Whole Life Super?

      A. To make a claim on Max Life Whole Life Super, you must submit the following documents to Max Life Insurance:

      • Original policy document.
      • Claimant’s statement in the form prescribed by the company.
      • Death certificate issued by the municipal or local authority.
      • Claimant’s and Nominee(s) Identity proof with signature and photos.
      • Any other documents requested by the company.

    9. Where can I find the claim request documents?

      A. The claim request documents are available on the website of the company. You can download it from there.

    10. How to get more details about Max Life Whole Life Super?

      A. To get more details about Max Life Whole Life Super, customers can visit the company’s website or contact the customer care service.

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