Max Life Maxis Super Plan

Key Features

• It is a ULIP plan with Limited Pay option of premium payment
• 11, 15 or 20 times the annual premium can be chosen as the Sum Assured as per requirement based on the age of the insured
• There is a Dynamic Fund Allocation option, under which the funds are initially maintained in Growth Super Fund and gradually transferred to Secure Fund towards policy maturity.
• This option maintains a specified ratio of fund value in Growth Super and Secure Fund which changes with increasing policy term
• The following funds are available for investment
  • Growth Super Fund
  • Growth Fund
  • Balanced Fund
  • Conservative Fund
  • Secure Fund

Benefits

• The insured will get the total Fund Value on Maturity which can be taken in instalments over a period of 5 years through the Settlement Option
• On death of the policyholder, Sum Assured + Fund Value subject to a minimum of 105% of all premiums paid till death is payable
• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

Details About Premium

Annual Premium in Rupees and Benefit Illustration for a term and PPT of 20 years

Policy Details

• Grace Period: 30 days grace is allowed for premium payment after which the policy lapses
• Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Linked Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges
• Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• 2 free Partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5,000
• 12 free Switches are allowed every year for switching between funds
• 6 free Premium Redirections are allowed every year for redirecting future premiums into another fund

Exclusions

• The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history and submit KYC documents.