Max Life Super Term Plan

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• The monthly instalments increase at a simple rate of 8.5% p.a. and they can also be withdrawn in lump sum any time by the nominee in which case the amount will be paid after discounting it @ 6.5%.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

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

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.

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