Max Life Whole Life Super Plan is a conventional Whole Life Plan that offers life coverage till the insured turns 100 years. Thus you will be able to financially secure the future of your family as long as you live.
Save Upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD+
On the demise of the life insured, accrued paid-up additions, Guaranteed Death Benefit, and Terminal Bonus are paid to the nominee. The policy offers a guaranteed death benefit, which is higher of Maturity SA or 11 times of the annual premium or 105% of the total premiums paid.
When the policy reaches a Maturity period, Guaranteed Maturity SA along with accrued Paid-up Additions and Terminal Bonus are paid. The Terminal Illness Benefit offers 50% of the Sum Assured which is paid right away to the user if the policyholder gets diagnosed with any terminal ailment.
The policyholder enjoys Income tax benefits on the premium paid and under section 80C and claims received under 10(10 D) under Income Tax Act.
|
Minimum |
Maximum |
Entry Age (Last Birthday) |
18 years |
60 years |
Maturity Age (Last Birthday) |
- |
100 years |
Policy Term (PT) in years |
100 – entry age |
|
Premium Paying Term (PPT) in years |
10, 15, 20 |
|
Premium Paying Frequency |
Annual, half-yearly, quarterly, monthly |
|
Premium |
8500 |
No limit |
Sum Assured |
50,000 |
No limit |
Annual premium in Rupees
Age / PPT (years) |
10 |
15 |
20 |
35 |
15,705 |
11,742 |
9441 |
45 |
19,635 |
14,844 |
12,132 |
55 |
24,678 |
18,969 |
- |
Max Life Whole Life Super Plan - Policy Details
Grace Period: The policyholder gets a grace period of 15 days to pay the premium in monthly mode, and when it comes to other modes, there is a period of 30 days allowed to clear all dues. Moreover, if the insured fails to deposit the premium within the grace period, then the policy will lapse.
Surrender Advantage: The policyholder is permitted to give up the policy of paying the premium for complete 3 years. The Surrender Value acquires the higher among Special Surrender Value (SSV) or Guaranteed Surrender Value (GSV).
GSV = GSV% of total premiums paid + GSV % of accumulated paid-up additions
SSV = Reduced paid-up SA/1000 * SSV Factor
Discontinued Premium Payment
If the policyholder fails to pay the premium within the due date, then a period of 30 days is provided as a Grace period from the first due date (15 days for those who have opted for monthly mode) of premium payment. Moreover, you need to know that the risk cover will be active during this period.
Free Look Period:
There are times when we regret our decisions and wish we could have changed them. Well, this is possible in case of taking this policy, as those who are not satisfied with the terms and conditions after taking the policy have the option to abandon the plan within 15 days of receiving the documents of the policy. The only condition is that the user must not have made claims during this period.
Inclusions
The bonus Paid-up Additions that are under bonus feature can be withdrawn to a minimum sum of Rs. 5000.
Max Life Payor rider is accessible under the plan
Higher coverage is provided at Lower premium rates.
Exclusions
If the policy taker commits suicide within a year of taking the policy, then the company provides higher of the Surrender Value or the premiums paid. Moreover, in case of total premiums paid by the policyholder, the money is refunded, if the Surrender Value is not acquired by the policy.
Documents Required
To take the policy, you need to submit an Application form or a proposal form with proper medical records, KYC documents and address proof. There might be certain cases where you might have to undergo a medical examination, depending on your age or the sum assured you need/want.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
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