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Max Life Super Term Plan

Max Life Super Term Plan is a traditional Term Insurance plan which provides lump sum benefits if the policyholder passes away and this provides a strong financial support to the policyholder’s family at a very reasonable cost.

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Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
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The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
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In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Max Life Super Term Plan - Key Features

  • This Plan is pure term insurance plan that offers regular options paying the premium.
  • There are 2 Sum Assured options 1 & 2 where Level Sum Assured is offered in Option 1 & Increasing Sum Assured in Option 2
  • In Option 2, the Sum Assured increases by 5% p.a. at a simple rate every year

Max Life Super Term Plan - Benefits

  • On death of the policyholder, Guaranteed Death Benefit is payable which is higher of 10 times the annual premium or 105% of all premiums paid till death or Guaranteed Maturity SA or Sum Assured effective on the policy year before or in the year of death.
  • The nominee can avail the entire death benefit in a lump sum amount or avail 50% of the benefit in a lump sum and the rest 50% in equal monthly instalments @ 0.42% of the Guaranteed Death Benefit for 10 years post death.
  • The monthly instalments increase at a simple rate of 8.5% p.a. and they can also be withdrawn in lump sum any time by the nominee in which case the amount will be paid after discounting it @ 6.5%. As a policyholder, you get to leverage Income tax benefits as per Income Tax Act.

Max Life Super Term Plan - Product Specification

 

Minimum

Maximum

Entry Age (Last Birthday)

18 years

65 years

Maturity Age (Last Birthday)

-

75 years

Policy Term (PT) in years

10

35

Premium Paying Term (PPT) in years

Equal to policy term

Premium Paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

5000

No limit

Sum Assured

25,00,000

No limit

Details About Premium

Annual premium in Rupees for a SA of 50 lakhs and 25 year term under Options 1 – Level SA and Option 2 – Increasing SA

Age (in years)

Option 1

Option 2

Non-smoker

Smoker

Non-smoker

Smoker

30

6500

8700

9250

13,000

35

8200

11,550

12,450

18,200

40

11,300

16,500

17,800

26,700

45

16,300

24,450

26,050

39,700

50

23,950

36,550

38,650

59,350


Max Life Super Term Plan - Policy Details

  • Grace Period:  A grace period of 15 days is allowed for paying the premium in monthly mode and 30 days in other modes.
  • Surrender Benefit: There is no surrender value offered under this plan.
  • Additional benefits or Riders: Non-smokers are given premium discounts High sum assured levels get rebates Low premium rates for female insurance taker

Exclusions:

There are unfortunate cases when the policyholder commits suicide within a year of taking up then in these cases the nominee receives the total premiums paid.

Documents Required:

To take the policy, you need to submit KYC documents along with address proof to support the proposal form. Moreover, a medical examination is necessary in a case of the amount assured and the age of the person who wishes to take the policy.

Free Look Period:    

There are certain times when we wish that we would not have made certain choices. This is not possible in most of the cases, but it is possible in this case as this policy allows you to revoke it after fifteen days of receiving the policy documents, on the condition that no claim was made till date.

You may also like to read: Max Life Term Insurance Plans

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