Axis Max Life Perfect Partner Super Plan

Key Features

• It is a participating plan with limited premium payment option
• Survival benefits are paid after the life assured attains 61 years of age and for 15 years thereafter
• Bonuses are declared form the end of the 2^nd policy year and can be availed in 3 options:
  • Purchase Paid-up Additions – the bonus can be used to increase the Sum Assured which also earn additional bonuses
  • Paid in Cash – the bonus can be availed in cash payouts every year
  • Premium Offset – the bonus can be used to offset subsequent premiums
• Terminal Bonus is also paid once on maturity or death

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Benefits

• Survival benefits accrue every year @ 7.5% of the Guaranteed maturity Sum Assured
• On death of the policyholder, Guaranteed Death Benefit + accrued Paid up Additions +Terminal Bonus, if any is paid
• Guaranteed Death Benefit is higher of 11 times the annual premium or 105% of all premiums paid or Guaranteed Maturity SA chosen at inception
• On Maturity, i.e. when the policyholder attains 75 years of age, the Guaranteed Maturity SA + Accrued Paid Up Additions + Terminal Bonus, if any is paid to the policyholder
• If the policyholder is diagnosed with a terminal illness, a lump sum benefit of 50% of the Guaranteed Maturity SA is paid immediately which is later offset form the benefits payable
• Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Details About Premium

Annual premium in Rupees for a SA of 3 lakhs

Policy Details

• Grace Period: 15 days’ grace period is allowed for premium payment in monthly mode and 30 days in other modes. If policyholder fails to make payment within the grace period, the policy lapses
• Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 2 / 3 full years’ premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.
• GSV = (GSV % of Premiums paid + GSV% of accrued Paid-up Additions) – Survival Benefits already paid
• SSV = Reduced paid-up SA * SSV Factor
• 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.

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Inclusions

• Loan is not available under the plan

Additional Features or Riders

• Axis Max Life Payor Rider is available under the plan

Exclusions

• In case of suicide committed within 12 months of policy inception or revival higher of  the premiums paid or the Surrender Value is refunded if the policy acquires a Surrender Value or total premiums paid is refunded where the policy has not acquired Surrender Value

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.